MyPayrollHR CEO Arrested, Admits to $70M Fraud

Re:MyPayrollHR CEO Arrested, Admits to $70M Fraud by noir_lord on Friday September 27, 2019 @01:19PM (#21094123)

Because in some parts of the world banking is a historical pile of hacks on hacks on hacks held together with bailing wire and twine.

Also banking is a hugely complex problem involving two of the hardest things to deal with, money and people.

It's particularly the case where you have a lot of small banks geographically spread out running a variety of legacy systems all of which talk to each other in weird and whacky ways.

I'm surprised kiting still works though.

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Re:MyPayrollHR CEO Arrested, Admits to $70M Fraud by nunja on Friday September 27, 2019 @01:35PM (#21094284)

It would be amazing if someone could come with a useful technology that solves this particular set of problems. Something like a public distributed ledger where all transactions are validated by a majority of actors in a trustless system ... oh wait.

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Re:MyPayrollHR CEO Arrested, Admits to $70M Fraud by pavel_lishin on Friday September 27, 2019 @02:00PM (#21094516)

Gosh, if only that system didn't have its own huge set of drawbacks.

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Re:MyPayrollHR CEO Arrested, Admits to $70M Fraud by xeromal on Friday September 27, 2019 @01:40PM (#21094338)

If the world used that system, we'd run out of electricity

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Re:MyPayrollHR CEO Arrested, Admits to $70M Fraud by madrix999 on Friday September 27, 2019 @02:17PM (#21094695)

And probably ruin the planet in under 10 years if everyone got on the mining craze

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Re:MyPayrollHR CEO Arrested, Admits to $70M Fraud by xeromal on Friday September 27, 2019 @02:22PM (#21094761)

Yeah, I can't even imagine. haha.

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Re:MyPayrollHR CEO Arrested, Admits to $70M Fraud by sp332 on Friday September 27, 2019 @04:16PM (#21095860)

You don't have to mine Bitcoin to send and receive Bitcoin.

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Re:MyPayrollHR CEO Arrested, Admits to $70M Fraud by spookthesunset on Friday September 27, 2019 @05:59PM (#21096647)

> wait

I'll wait! 'Cause if it got even remotely adopted and mainstream, I'll be waiting... for years or decades.... before I can ever hope to make a single transaction.

Yup. Nothing like Satoshi's Glorious Blockchain and its blazing fast 4 transaction per second reference implementation that is Bitcoin.

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Re:MyPayrollHR CEO Arrested, Admits to $70M Fraud by opportune on Friday September 27, 2019 @05:33PM (#21096480)

Yeah and we can secure it by requiring people to waste huge amounts of electricity to prove their stake in the system!

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