Vipps Was Down Again (Again): Double-spending? No. 21 X spending? Yes!
Recently, I wrote a post about Vipps (Swish), the instant payment solution from Norway's biggest bank: Norway’s Largest Bank Instant Payment Solution (Vipps.no) Was Down Again…
In October 106 Norwegian banks became joint owners in Vipps source.
I do not use Vipps myself, but since then there has been a plethora of problems, including double spending, or more recently 14-21 x spending source.
"My sister transferred 850 kroner to me. But when I checked the internet bank, I saw that the amount was transferred 21 times, says Marianne Kuraas to E24.
It was in the 3 pm time Wednesday that Vipps reported that customers have experienced "some instability".
If you swish your friend payment for a beer you end up paying for the whole bar! Swish, and your money is gone:)
'Modern' banking system: Perhaps 'fossil' banking system is a better name?
Anyway, all these flaws are very valuable because, it would open the door for a reliable blockchain-based payment system.
Recently, I had to pay with Bitcoin twice. No, I was not paying for crack cocaine on the Darknet.
Both my cards from DNB were rejected at APMEX for some reason when buying silver. It is actually pretty convenient, and you also get a bullion for almost a $1 less when paying with BTC.
Vipps have been having so much trouble ever since it was released. I don't use it myself, but I feel like I see some bad news about it in the newspapers every week or so.
Exactly! But most people I met like Vipps. It is probably easy to "transfer" "money" from "phone" to "phone". The ethics about fooling people into believing that Vipps is a brand new banking system is discussable... Also, most people know next to nothing about the money system. I occasionally met a CEO in one of Norway's biggest oil service companies. He had not even heard about the fractional reserve system before I educated him. After that he self-persuaded himself to invest in Bitcoin. Just imagine how little the average Jane knows about money.
I think you are onto something with the word easy. I think this is the only reason why anyone is using Vipps at all. I can't really expect non-technical people to get into crypto in order to pay for a beer or something like that, seeing as it's still pretty complicated to get involved with.
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Hope it get well again
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would it already be 2018? because that is very soon :)
Agreed:) I write it more as a kind of pacing and persuasion. But, I do think the banks are starting to get irrelevant. Look at all the ICOs. There are blockchain solutions for just about everything. We do not really need banks anymore.
Informative reply :) @janusface
blockchain based systems are also giving the users a hard time too. I've lost almost $100
this one gave me a big smile though :)Hello @janusface,
Extraordinary good review about Vipps & it's major issues. Nice & very informative article.
~@mywhale
Oh it got lots of problems. Not a good sign for them. Excellent post~
It's time to move to Block Chain concept. Like XRP will take the lead at Japan & Korea. Good post.
~Followed & Upvoted
@janusface,
Ops this is hurt!
"I saw that the amount was transferred 21 times"
This is crazy! What kind of Vipps is this! Better it wiped from the banking system :D
Cheers~
Thanks a lot for give us the information.
Keep writing, I am waiting for your next post.