Author: Eric Lombrozo 2015-06-21 08:35:50
Published on: 2015-06-21T08:35:50+00:00
In an email exchange between Eric Lombrozo and Jeff Garzik, the two discussed steps that BitPay and Coinbase could take to make their systems more resilient. Lombrozo emphasized the importance of security policies even more than specific software choices. For merchants who must accept zero confirmation transactions, Lombrozo recommended limiting transaction amounts, limiting total unconfirmed revenue, giving merchants of subscription services the ability to shut out users if a double-spend is detected, collecting legal information on purchasers, creating risk profiles for users and flagging suspicious behavior, obtaining insurance, setting up warning systems and panic buttons, and independently verifying all inbound transactions and connecting to multiple network nodes. Lombrozo pointed out that all of these suggestions, except for potentially number eight, would apply to any payment system and should be part of company culture to avoid going out of business.
Updated on: 2023-06-09T23:46:02.002871+00:00