P2P banks, 1 line of code (opens in new tab)

(blog.dwolla.com)

62 pointsjoshwprinceton13y ago31 comments

31 comments

28 comments · 15 top-level

gfunk91113y ago· 5 in thread

Not sure why all the comments here are harping on the "one line" thing.

The point is that you can transfer money with one command and no pre-existing state. That's pretty great.

lisper13y ago

And no security. That's not so great.

EDIT: What I mean by this is that if you give me your account number so that I can deposit into it, then I can also withdraw out of it (not through the Dwolla API, but trivially by other means -- see http://perimetergrid.com/wp/2008/01/01/checks-the-most-dange...)

Firehed13y ago

It's a problem with ACH in general. However, debits from consumer accounts (or, more accurately, those initiated with a "PPD" code) can be refuted for something like two years.

By submitting a file straight to the networks, I could also debit a nonexistent account for $20m and have it show up in my account the next morning. Wouldn't hang around for long though.

1 more reply

makmanalp13y ago

This is an inherent flaw in the system though, right? Not anything new.

1 more reply

mindslight13y ago

Because people can feel there's something deeply wrong with this, but can't quite pinpoint what it is. They've forgotten that the whole philosophy of the Internet [SRC81] was to get rid of middlemen, not just to create new ones.

bdonlan13y ago

Great. If you get a timeout, though, what do you do? You will either end up with the possibility of double transactions or no transactions, depending on how you try to recover...

shousper13y ago· 2 in thread

Is anyone else annoyed at the mix of parameter naming conventions, or is it just me? (e.g. client_id, emailAddress, client_secret, firstName).

paulnechifor13y ago

If by mixing conventions you mean careless foul practice of trying to please everyone by partially satisfying all of their preferences which only ends up annoying them all, then I am certainly against it. But, if by mixing conventions you mean the joyous unsegregated joining of every person's vision into a creation that is greater than the sum of its parts, then I am certainly for it. This is my stand. I will not retreat from it. I will not compromise.

drhouse_md13y ago

What an insufferably obnoxious response.

Zombieball13y ago· 2 in thread

I've got to remember this marketing spin. "A curl to an http endpoint with a plethora of parameters" == Only 1 line of code!

RegEx13y ago

It's similar to many jQuery plugins I've seen. "LOOK, you can do all this with one line of code!"

    $("#mydiv").someplugin();

But then they show all the HTML adjustments you have to make to get the plugin functioning. Just tell me straight!

But, credit to the author, I always like seeing how people use the command line to accomplish things. One day, I'd like to make a "get_subs" command that orders Jimmy Johns for me.

jareau13y ago

We (Balanced - YC W11) did the same thing :/. We'll I guess we called it a single curl command not a single line of code:

http://news.ycombinator.com/item?id=5026802

joshguthrie13y ago· 2 in thread

Because curl and a command line with 13 "arguments" is so much easier to use than a website.

EvanAnderson13y ago

Because writing a program to simulate a person using a web site is so much easier to do than calling an API.

mxxx13y ago

er, what? this is an API for developers, not an out-the-box solution for clients.

jamoes13y ago· 1 in thread

It's not really "P2P" if it's going through a central authority...

NegativeK13y ago

P2CA2P?

If only "2CA" was an identity.

deweller13y ago· 1 in thread

I'm waiting for someone to create a service on top of this. Think Stripe for ACH transfers.

I badly want to use this but the required BSA/AML and CIP compliance are too much for my startup. I would gladly pay someone to handle this compliance and just let me call an API.

mahmoudimus13y ago

Balanced is discussing this here: https://github.com/balanced/balanced-api/issues/2

We're thinking we'll have a beta in a few weeks time.

sejje13y ago

Conveniently arranged here in our article in 15 lines!

Hansi13y ago

How is this different from saying that communication via Switft messages is really only one line of code at the end that's important?

felipelalli13y ago

I prefer Bitcoin

alttab13y ago

1. Create fraudulent product page with billing form.

2. Add 1 line of code

3. ...

4. Profit!

DerCed13y ago

"No, at this time Dwolla is only available for use within the United States." That is unfortunate, would have liked to try it out.

hayksaakian13y ago

1 line of code in marketing speak.

shtylman13y ago

yay, easier fraud and still no guarantees against chargebacks or merchant protections

utunga13y ago

Looking for where someone mentions http://www.opentransact.org but can't find it so I'll mention it.

martinced13y ago

Bruce Schneier would be proud.

It's good to see the world catching up and putting the emphasis on security.

[/sarcasm]

j / k navigate · click thread line to collapse

31 comments

28 comments · 15 top-level

gfunk91113y ago· 5 in thread

Not sure why all the comments here are harping on the "one line" thing.

The point is that you can transfer money with one command and no pre-existing state. That's pretty great.

lisper13y ago

And no security. That's not so great.

Firehed13y ago

It's a problem with ACH in general. However, debits from consumer accounts (or, more accurately, those initiated with a "PPD" code) can be refuted for something like two years.

By submitting a file straight to the networks, I could also debit a nonexistent account for $20m and have it show up in my account the next morning. Wouldn't hang around for long though.

1 more reply

makmanalp13y ago

This is an inherent flaw in the system though, right? Not anything new.

1 more reply

mindslight13y ago

bdonlan13y ago

Great. If you get a timeout, though, what do you do? You will either end up with the possibility of double transactions or no transactions, depending on how you try to recover...

shousper13y ago· 2 in thread

Is anyone else annoyed at the mix of parameter naming conventions, or is it just me? (e.g. client_id, emailAddress, client_secret, firstName).

paulnechifor13y ago

drhouse_md13y ago

What an insufferably obnoxious response.

Zombieball13y ago· 2 in thread

I've got to remember this marketing spin. "A curl to an http endpoint with a plethora of parameters" == Only 1 line of code!

RegEx13y ago

It's similar to many jQuery plugins I've seen. "LOOK, you can do all this with one line of code!"

    $("#mydiv").someplugin();

But then they show all the HTML adjustments you have to make to get the plugin functioning. Just tell me straight!

But, credit to the author, I always like seeing how people use the command line to accomplish things. One day, I'd like to make a "get_subs" command that orders Jimmy Johns for me.

jareau13y ago

We (Balanced - YC W11) did the same thing :/. We'll I guess we called it a single curl command not a single line of code:

http://news.ycombinator.com/item?id=5026802

joshguthrie13y ago· 2 in thread

Because curl and a command line with 13 "arguments" is so much easier to use than a website.

EvanAnderson13y ago

Because writing a program to simulate a person using a web site is so much easier to do than calling an API.

mxxx13y ago

er, what? this is an API for developers, not an out-the-box solution for clients.

jamoes13y ago· 1 in thread

It's not really "P2P" if it's going through a central authority...

NegativeK13y ago

P2CA2P?

If only "2CA" was an identity.

deweller13y ago· 1 in thread

I'm waiting for someone to create a service on top of this. Think Stripe for ACH transfers.

I badly want to use this but the required BSA/AML and CIP compliance are too much for my startup. I would gladly pay someone to handle this compliance and just let me call an API.

mahmoudimus13y ago

Balanced is discussing this here: https://github.com/balanced/balanced-api/issues/2

We're thinking we'll have a beta in a few weeks time.

sejje13y ago

Conveniently arranged here in our article in 15 lines!

Hansi13y ago

How is this different from saying that communication via Switft messages is really only one line of code at the end that's important?

felipelalli13y ago

I prefer Bitcoin

alttab13y ago

1. Create fraudulent product page with billing form.

2. Add 1 line of code

3. ...

4. Profit!

DerCed13y ago

"No, at this time Dwolla is only available for use within the United States." That is unfortunate, would have liked to try it out.

hayksaakian13y ago

1 line of code in marketing speak.

shtylman13y ago

yay, easier fraud and still no guarantees against chargebacks or merchant protections

utunga13y ago

Looking for where someone mentions http://www.opentransact.org but can't find it so I'll mention it.

martinced13y ago

Bruce Schneier would be proud.

It's good to see the world catching up and putting the emphasis on security.

[/sarcasm]

j / k navigate · click thread line to collapse