Thread: Apple Pay Live Today

Originally Posted by RhysJD3

Nothing wrong with magnetic stripe. Problem is the lack of verification of identity. In Europe, you need the card number and need to know the pin same as a debit card.

Change the pin on a regular basis and there's your security. I really don't understand why the US is so behind on this simple thing.

1: People don't change their pin regularly. They just don't. Most use the same pin for decades.
2: Pins can still be stolen. You hear about hardware being tacked on at gas pumps and retail stores all the time. It records the card #, plus the pin# that was entered on the key pad. Doesn't sound too secure.

I've changed mine twice, and I haven't had a debit for even a decade yet.

Originally Posted by HeavyG

1: People don't change their pin regularly. They just don't. Most use the same pin for decades.
2: Pins can still be stolen. You hear about hardware being tacked on at gas pumps and retail stores all the time. It records the card #, plus the pin# that was entered on the key pad. Doesn't sound too secure.

I would tend to agree with you there, but I would venture a guess and say that cell phones will become a prime target for theft if this whole Apple pay takes off. It won't take long for people to get a hold of some code that will break the security. After all, the iphone is still a physical device, and physical access is all you need..

Originally Posted by Warprosper

I would tend to agree with you there, but I would venture a guess and say that cell phones will become a prime target for theft if this whole Apple pay takes off. It won't take long for people to get a hold of some code that will break the security. After all, the iphone is still a physical device, and physical access is all you need..

Yep. If a magnetic strip is vulnerable, this will be as well.

Originally Posted by Guyver

Yep. If a magnetic strip is vulnerable, this will be as well.

Every system out there has vulnerabilities, just as every system out there has early adopters. Some of those adopters make the right decision, sometimes they don't'. Me personally, I don't like Apple, so I'm out of the picture here, but the technology driving this is absolutely fantastic. I just hope it works well.

Originally Posted by Warprosper

Every system out there has vulnerabilities, just as every system out there has early adopters. Some of those adopters make the right decision, sometimes they don't'. Me personally, I don't like Apple, so I'm out of the picture here, but the technology driving this is absolutely fantastic. I just hope it works well.

I don't think Apple products are bad...just too expensive. However, I do think Apple as a company is pretty crappy, and shady.

Nothing is perfect, and as the protection gets more intelligent, so do the scammers. Bitcoin is a perfect example of ignorance run rampant. So many times when I mention to people that I have invested into Bitcoin, both in mining as well as simply trading/holding the currencies as an investment, I get responses ranging from "There is a ton of fraud taking place with Bitcoin" and "Bitcoin is just being used by drug dealers and tax evaders".

In both cases, there is much more fraud taking place with fiat currencies than with Bitcoin... And drug dealers and career criminals have been laundering fiat currencies for a century. Fraud and crime is going to happen no matter anything with value is involved... simply because anytime people are involved, a few bad ones will try to take advantage of the much larger pool of good ones.

In any case, at some point, something has to change with the way we bank. It isn't very secure, and credit card numbers are being stolen ALL the time. Encryption keys or 2 factor authentication can help, and if Apple has a good way of providing a service that is 1) Easy to use 2) Doesn't cost money for every transaction, and 3) Is more secure than current Debit/Credit card mechanisms, then I think they could have a winner.

I still support Bitcoin though, and I am really pushing for Coinbase and Bitpay to continue offering Bitcoin purchases for more mainstream commercial/personal use. More and more businesses are accepting Bitcoin, including Newegg, Amazon, and even Paypal coming very soon. Why? It is easy, it is secure, and depending on how you send/receive, it can be free (some services have transaction fees, but these are similar to credit cards where the business pays the Visa/Mastercard fee/transaction).

I will likely be holding on to all of my Bitcoin until the next "halving" in August 2016. This means that as of August 2016, instead of 3600 Bitcoins being released into the block chain each day, only 1800 of them will be released. There are currently 13.4 million Bitcoins that have been mined, and there will only be 21 million Bitcoins ever in existence. Litecoin has it's next halving in September 2015, I believe, so I am holding all Litecoins until then as scarcity will surely start to kick in. I hope to see prices increase, so I can either cash out, or start to use for purchasing goods/services if the coins become more mainstream.

I never entered my pin when my info was stolen at Target. Even if I changed my pin every day, it would not have done shiite for me. The magnetic strip has served us well, but its time has come. Even if the pay by phone systems prove to suck, we still won't be carrying around cards with mag strips on them much longer. The times are a changin'.

Originally Posted by Guyver

I don't think Apple products are bad...just too expensive. However, I do think Apple as a company is pretty crappy, and shady.

Apple is only slightly less shady than Google. Apple doesn't see the individual transactions in Apple Pay, but the Google version does.

Why Apple Pay could even be a big deal for Android users | PCWorld

Originally Posted by dex71

Apple is only slightly less shady than Google. Apple doesn't see the individual transactions in Apple Pay, but the Google version does.

Why Apple Pay could even be a big deal for Android users | PCWorld

Google is one of the shadiest companies out there nowdays. Once the little guy that "did no evil" is now crossing the lines of privacy by collecting all of our personal information to benefit them. They ruined Youtube. They haven't had any sort of unique idea (please, please don't say Google Glass... it is just creepy) in forever, they fail at most things. Ever tried Google Wave? Google+? All pretty bad.

I don't own a single Apple product, and I can say that in my opinion they are levels below Google in terms of being shady.