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Author Topic: [ANN] The world's first handheld Bitcoin device, the Ellet!  (Read 42515 times)
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June 07, 2012, 03:22:50 AM
 #21

There have been some muggings in my area lately.  If someone holds me at knifepoint and forces me to transfer all of the money from my account to them, is there a process for me to retrieve it?

How likely is some random mugger to even realise what the device is and that it can be used to transfer funds?  It seems more likely that they'll steal the device thinking it's a tablet than that they'll realise its true purpose.

However, would it possible to build into the technology a "disable" code Matthew - a number which could be punched in to totally disable the device for a set period and which could only be later over-ridden by multi-factor account owner verification?  It sounds like something which should be possible.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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Matthew N. Wright
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June 07, 2012, 03:31:56 AM
 #22

And the bank would generally refund the money, same with fraud on a credit card.

Source?

Banks don't typically refund the money from debit card transactions at an ATM that require a PIN. I've actually never heard of banks giving free money away to people who tell others their ATM pin number. Seems like a good way to make money if true.

It seems more likely that they'll steal the device thinking it's a tablet than that they'll realise its true purpose.
More likely they will think it's an iPod than a tablet. The size is no where near tablet size as it's smaller than most mobile phones.

However, would it possible to build into the technology a "disable" code Matthew - a number which could be punched in to totally disable the device for a set period and which could only be later over-ridden by multi-factor account owner verification?  It sounds like something which should be possible.

It's something we are discussing but every feature that enables control also opens the door to potential vulnerabilities later on. A GPS inside the device that only the owner knows the ID of would also be useful in tracking and recovering the lost device or leading the police to their location if stolen, but such a feature would also turn privacy obsessed individuals off out of some rather baseless fears of being tracked for net worth, etc.

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June 07, 2012, 03:59:21 AM
 #23

First off, I would have reamed you a new asshole if you had posted this announcement on Reddit first, but it looks like that's not the case.

Second, for marketing purposes, I wouldn't (have) name it Ellet, for if one wants to learn more about this excellent device, Google results will have it buried below the fold (About 2,120,000 results). Elletia is not even a good choice: About 19,500 results. Hell, even Atlas could have accidentally done better, for Woolong Device is currently at about 182 results.

This post is in way dissing the team behind Ellet or the product itself, but damn it guys, let's at least get the name (w)right for marketing purposes alone.

~Bruno~
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June 07, 2012, 04:23:25 AM
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June 07, 2012, 04:29:25 AM
 #25

First off, I would have reamed you a new asshole if you had posted this announcement on Reddit first, but it looks like that's not the case.

Second, for marketing purposes, I wouldn't (have) name it Ellet, for if one wants to learn more about this excellent device, Google results will have it buried below the fold (About 2,120,000 results). Elletia is not even a good choice: About 19,500 results. Hell, even Atlas could have accidentally done better, for Woolong Device is currently at about 182 results.

This post is in way dissing the team behind Ellet or the product itself, but damn it guys, let's at least get the name (w)right for marketing purposes alone.

~Bruno~


That really doesn't matter. If it gets any popularity at all it'll crush Ellet High School and a few long dead guys. I would think most pronounceable 5 letter combinations would have a lot more competition than Ellet.

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June 07, 2012, 04:47:31 AM
 #26

I like both names, Bitdex and Ellet. Why not Bitelletdex?  Cheesy

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June 07, 2012, 04:59:16 AM
 #27

I like both names, Bitdex and Ellet. Why not Bitelletdex?  Cheesy

Bitlet not bad.

edit: yeah, that's what I'm calling it, bitlet

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June 07, 2012, 05:10:12 AM
 #28

edit: yeah, that's what I'm calling it, bitlet

I like Bit-o-let.  and its portable too, but no that doesn't make it a port-o-let.

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June 07, 2012, 05:11:52 AM
 #29

Pics or it didnt happen...

Cheesy

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June 07, 2012, 05:22:10 AM
 #30

Quote
Source?

Banks don't typically refund the money from debit card transactions at an ATM that require a PIN. I've actually never heard of banks giving free money away to people who tell others their ATM pin number. Seems like a good way to make money if true.

http://www.wdfi.org/ymm/brochures/credit/check_cards.asp

Quote
Debit Cards

The process is different for debit cards. If you report your debit card lost or stolen before the card is fraudulently used to make purchases or cash advances; the card issuer cannot hold you responsible for the fraudulent use. If the card is used by the thief before you report it missing, but you reported the card missing within two days of discovering the card missing, your liability is limited to the amount of the fraudulent withdrawals or $50, whichever is less. If you do not report the card missing within two days, your liability rises to the amount of the fraudulent withdrawals or $500, whichever is less. If you don't report the card missing within 60 days of receiving your first account statement that showed a fraudulent withdrawal, you can be liable for all withdrawals. That means you could lose everything in your account in addition to the unused portion of any line of credit that was established to cover overdrafts. Regardless of when you report the card lost or stolen, you cannot be held liable for any unauthorized withdrawals made after you reported the card missing.

To encourage the use of debit cards some financial institutions may have policies that provide more protection against unauthorized use than what is required by law. For instance, an organization may extend the length of time the customer has to report a stolen card or may state it will not hold customers liable for any unauthorized withdrawals. It is important to fully understand these policies because they may not be as good as they first appear. For instance, an organization may have a "no liability policy," however; the policy may only apply if the thief uses the card with that organization's network.

You are absolutely not held liable for having your checking account wiped out at knifepoint as long as you report what occured.  And no, it's not a good way to make money since if you try to do this with your friend one of you is going to be on camera at the ATM.  However, they also don't hold you liable for online purchases, just make sure you aren't buying something that can be traced back to you if you want to take the extremely unwise attempt to scam this way.

Quote
What you are describing is insurance. I'm sure that if enough people want this kind of service somebody will be willing to start a business that provides it. Don't expect that service to be free, however.

My checking account is free, I'm not paying for any insurance on it.  


So it sounds like this system has some serious security kinks that need to be worked out, I'm not sure why I should be held liable if funds are stolen with this device but not with my debit card.

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June 07, 2012, 05:25:40 AM
 #31

My checking account is free, I'm not paying for any insurance on it.
Of course you are. You just don't notice it because it's never itemized anywhere on a bill.
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June 07, 2012, 05:28:09 AM
 #32

My checking account is free, I'm not paying for any insurance on it.
Of course you are. You just don't notice it because it's never itemized anywhere on a bill.

Because there is no bill.

Because the service is free.

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June 07, 2012, 05:29:02 AM
 #33

Because there is no bill.

Because the service is free.
Of course it is.
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June 07, 2012, 05:29:22 AM
 #34

Another Matthew N. Wright project launch!

I'm on pins and needles!

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June 07, 2012, 06:00:32 AM
 #35

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June 07, 2012, 06:05:33 AM
 #36

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June 07, 2012, 06:15:00 AM
 #37

Bitcoinpurse
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LOL

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June 07, 2012, 06:29:27 AM
 #38

It could just be me, but I am failing to see the benefit of such a thing when compared to a smartphone?

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June 07, 2012, 06:40:12 AM
 #39

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June 07, 2012, 07:11:37 AM
 #40

Great project!
Can you somehow make or email recipts, since its needed for stores to give to customers.

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