Patrick McKenzie on Navigating Complex Systems
Conversations with Tyler
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Outdated Payment Security: A Call for Reform
This chapter explores the shortcomings of traditional payment security methods, emphasizing vulnerabilities such as signature forgery and check fraud. It critiques outdated practices within financial transactions, highlighting inefficiencies in credit card processing and debt collection industries. Additionally, it discusses the challenges of integrating payment systems into social platforms and the high costs associated with conventional money transfers compared to potential innovations in the cryptocurrency sector.
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