Ashley Madison Hack

Posted by on Aug 26, 2015 in Payments, Thoughts | No Comments

The real problem with the Ashley Madison site, is that the design is flawed from the start. The site needs data from two opposing parties. Users whose data is very sensitive, and credit card company who want enough user data to mitigate fraud.

A service site like Ashley Madison is subject to high charge backs. Once a user uses the “service” of the site, some may feel buyers remorse and try and claim the funds back.

Privacy is also of concern, so dodgy credit cards are also more likely to be used. Im sure they have a fancy name on the credit card statement, but something will be put on a statement in plain text, for ever, for anyone to view.

If a site like Ashley Madison where to use bitcoin as the payment instrument, then the amount of information that is required is significantly reduced. Some people argue bitcoin does not have a use case. Well I think we just found 32 million good reasons why to use bitcoin.