BitFinex down due to Bitcoin security breach - 120k BTC stolen

Re:BitFinex down due to Bitcoin security breach - 120k BTC s... by 300bps on Tuesday August 02, 2016 @08:58PM (#12214716)

I know in the US you are used to ACH which is dreadful, but in the UK everyone is used to faster payments which allows you to send £100k to anywhere in the UK, often fee free, within 2 hours.

My understanding is that the inconvenience of ACH is by design - they are security delays. If you need to send money from one account to another instantly, you use a wire. If you have the amount of money in your account that is typical of people that need to send wires, they are often freely included with your higher-end checking account. Wires send the money instantly.

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Re:BitFinex down due to Bitcoin security breach - 120k BTC s... by seanp2k2 on Tuesday August 02, 2016 @10:57PM (#12215267)

They send instantly after you sign the document and fax it back, after the bank manager approves the large amount, etc. It still takes a few hours to do the paperwork in my experience.

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Re:BitFinex down due to Bitcoin security breach - 120k BTC s... by adanto6840 on Wednesday August 03, 2016 @09:18AM (#12217694)

A good bank will allow you to do wires directly from their internet banking suite (commonly requiring 2-factor auth before using their wire-related tools).

I commonly see wires hit within ~30 seconds of hitting the "confirm" button, and almost always within <=5 minutes, and that's between separate US banks.

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Re:BitFinex down due to Bitcoin security breach - 120k BTC s... by pjc50 on Wednesday August 03, 2016 @05:08AM (#12216670)

'Faster payments' for me has a sort of 2FA: first payment to a given recipient causes the bank to call me (automated, not human), and I have to enter the code read out over the phone in order to process the transfer.

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