Seriously, how the fuck is this ok?
This is becoming the norm for crypto exchanges and peer to peer services like Venmo. There is no way in hell I'm handing over my bank credentials to some third party. Now you have to have burner bank accounts to just faciliate dealing with different services.
I don't care who the hell Plaid is, and what they do with the credentials, this is not ok.
Posted Using LeoFinance Beta
Lol they can try... But yeah all info online gets stolen someday
Oh man this fucks with me so badly. I haven't used a centralised exchange in a while because of this.
I pretty much stopped using any of that stuff. The amount of data collection and insecurity on everything is down right disturbing.
I refuse to use it, but getting more and more difficult to avoid
I hear ya, it's like everyones trying to pass the buck on security and everyones trying to collect every bit of information possible. Which is totally weird that people are ok with that after yelling and screaming about Facebook etc. Don't give them the satisfaction 💪
They are endorsed by the bankers and other financial institutions.
There is no escape.
I get where you are coming from. I have used Plaid in the past and I haven't had much issue with it. I had to use it for Coinbase to be able to move money in and out of my fiat accounts. It will be nice when one day we don't need to deal with any of this Fiat bridge for Fiat in general stuff.
Posted Using LeoFinance Beta
Doesn't matter if you had success or no problems, it is not ok to force people to hand over their bank username and password.
I don't disagree there.
I completely agree, I went to a sports game last week with a bud of mine and paid for his ticket online. Safe to say when he paid me for the ticket, I was disturbed and annoyed at Plaid running a muck on my Cashapp.
I don't understand the point of this in the first place, why is it incorporated and what exactly does it do? Because my finance apps were fine way before this Plaid stuff was implemented.
Move to El Salvador.
I wish I could move.
Holy fuck that sucks oO
So stupid.
I got KYC'd yesterday After doing a trade. Talk about sneaky.
Posted using Dapplr
KYC is to be expected, it is virtually impossible to avoid it with more than a couple dollars. This is literally forcing you to give your bank account username and password so you can withdraw.
😯 Ridiculous!
Screw Plaid; and Bank of America. And all banks for that matter.
Posted using Dapplr
Is this the new norm they expect everyone to adhere to now? I just don't trust anything that asks for too much and bank details is one of them. Hope you find a solution.
Posted Using LeoFinance Beta
I have a solution just see this popping up more and more as the recommended option
the more they crack down on collecting personal information the more they create the demand for truly anonymous transactions
Congratulations @theycallmemarky! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
Your next target is to reach 3000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
What is this for and why are you using it?
This seems like a disaster waiting to happen...
Plaid is a well know and "safe" way to link your bank account to allow third parties (typically money tranferers like exchanges and Venmo) to transfer money to and from your bank account. To do so, you need to give your username and password of your bank account to Plaid on behalf of the money tranferer (they never see it, Plaid does).
Plaid claims to encrypt it and store it safely, and as far as I know nothing has happened thus far. In some cases, just the initial "linking" gives them enough access they never actually need the password anymore, and you can in fact change it and they still can access your account.
It is built with good intensions, but the road to hell is built on good intentions. It is a very poor breach of personal security and I refuse to ever take part in it, but it is becoming harder to avoid as more and more parties are using it under the promise it is safe.
It just makes no sense, what company is requiring you to use this service?
This is the reason bank accounts have an account # and routing # so you don't have to give anyone your bank account login info...
I haven't been required to use it, but it is 10x easier to use it. I avoid it.
Bittrex for example now uses it.
Their argument is routing and account number isn't enough proof that you own the account. It also makes it 10x harder to get your money out. Win Win for them.
yeah that is crazy, these corporations just try to make it as difficult as possible for people to move their money around...
Blame BlackRock!!
The future!!!
How far away are we from a system that just exchanges what you have for what the merchant wants? Will fiat ever be incorporated? It seems like fiat will continue to become a more evil necessity for the next decade or so and since there are so many of us trying to lock ourselves out of it we should at least keep a mechanism in place to get in and out as we need to.
One of the points of cryptocurrency is to put control back in our hands, and while gaining control over the entire system is moot, now, as ours is superior, we need control to move through all environments as we please, as far as I'm concerned.
I personally can’t see crypto replacing fiat. Can you imagine your mother or grandmother trying to protect their keys?
Also transaction fees and wild price swings.
That's a fair point, but I think it only extends the timeline.
However, I'm not sure it applies to me, as I'm nearing 50 and my mom and one grandmother have passed. I suspect the other has, too, but I haven't confirmed.
I also feel like your reply only furthers my point. The fiat system is an arena that has to be navigated until we get to the point we can just disregard and go around it.
The thing is, there will be a solution to it, centralization, like bank issued cards funded by Bitcoin or custodian wallets. And people will use it.
Imagine losing your house cause you misplaced or had your key stolen. Most people can’t even keep track of their car keys.
Lol... but I don't want that solution.
I'm not against custodial services as rule, it's just the vulnerability to authoritarian overreach that makes it a deal breaker.
Corruption is an ever-present threat but the market can keep it in check if it's free to.
I hadn't thought about the house issue, but I can see it being a headline. Having some kind of insurance against that isn't a bad idea, as long as the insurance policy doesn't eventually eat the house anyway.
Think of the typical person, they will gladly take it.
Man, I don't disagree, but I really hope we start to move away from that mentality soon.
I think the reason most people are so accepting of it is because that's what has historically been necessary to keep this whole shit show rolling along, but this tech gives us the ability to grow beyond it. It'll be slow if at all but I think we can get there.
The amount of non-kyc is shrinking fast and will soon be near zero.
Near zero, at least in US.