28 Sep '12, 4pm

Questions about Bitcoin Foundation? reddit AMA today: #bitcoin

I like to make a comparison between traditional credit/debit card processing and Bitcoin for this one, since it's one of the few areas where they truly are quite similar. Both start out life as reasonably secure products - though Bitcoin is WAY more secure by default - and then get unintentionally compromised by poor understanding by merchants. For example, one of the most common setups is to have point-of-sale systems in the front of house that communicate with a server in the back of house. Because these communications are internal only and are assumed to be on a secured wired network, they are often unencrypted. Sounds scary but as long as physical access to that network is controlled, it should be fine. Then random merchant X decides that everyone is offering free wifi to their customers, buys a router and plugs it in to the same network that does their credit card pro...

Full article: http://www.reddit.com/r/IAmA/comments/10mezg/iam_peter_ve...

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