Re:ShadowBrokers: The NSA Compromised the SWIFT Network
by kasey_junk on Friday April 14, 2017 @06:52PM
(#14118030)
The idea that the stability of banks is largely determined by their internet security is not something anyone who is familiar with bank operations believe. Breaches, fraud, inside jobs (and much more commonly) errors in SWIFT or other electronic communications are assumed to be happening by the banks.
Double entry accounting, auditing, charge backs and correction protocols are all normal, standard and expected in even the smallest credit unions and the amount of dollars spent on these things at the larger financial institutions is staggering. That is essentially the job of a bank. To back stop that we have insurance and regulatory bodies working to prevent and mitigate losses. Again, this is normal and expected.
The thing those of us who have worked in banks find so funny about Bitcoin isn't that it solves some issues that banks don't know about or does something clever. Its how unprofessional the whole thing is. It doesn't account for hardly any of the real world problems of the banking system.
> Which fiat bank will be the first Mt Gox?
Depends on what you mean? A bank that is brought down by theft by its employees? That was such a big problem in the early banking world that banks competed on the edifices and security theater to prove it didn't happen at their bank...150 years ago or more.
Double entry accounting, auditing, charge backs and correction protocols are all normal, standard and expected in even the smallest credit unions and the amount of dollars spent on these things at the larger financial institutions is staggering. That is essentially the job of a bank. To back stop that we have insurance and regulatory bodies working to prevent and mitigate losses. Again, this is normal and expected.
The thing those of us who have worked in banks find so funny about Bitcoin isn't that it solves some issues that banks don't know about or does something clever. Its how unprofessional the whole thing is. It doesn't account for hardly any of the real world problems of the banking system.
> Which fiat bank will be the first Mt Gox?
Depends on what you mean? A bank that is brought down by theft by its employees? That was such a big problem in the early banking world that banks competed on the edifices and security theater to prove it didn't happen at their bank...150 years ago or more.