From: Vincenzo Iozzo To: "Jeffrey E." <[email protected]> Subject: Fwd: problems we should focus on (important, please read & put up with the snark) Date: Sun, 07 Dec 2014 20:49:53 +0000 If by any chance you have time to read this and you have any hints/feedback that'd be great, thanks :) Begin forwarded message: From: Vincenzo lozzo Subject: problems we should focus on (important, please read & put up with the snark) Date: 07 dicembre 2014 13:55:56 GMT-5 To: Joichi Ito Cc: Kelly Shortridge < Welcome to the irregularly published newsletter "Vincenzo thinks things about stuff related to work and feels it's important to share", today edition is called "Bug hunting in payment/FX world - Fuck security". Ok so the way we are marketing our idea is essentially based on our edge in security and on the fact that the market is huge and in need of "disruption", this is a good story but I've decided to actually write down what we learned and what I think the real problems in the space are. I'll skip the obvious which is user & (merchant) acquisition: I) Inputing stuff The problem is: people will need to give us bank account info, CC info, bitcoin wallet info etc etc. This is very annoying to do (practically) and also potentially concerning for some for privacy/security. Now as it's almost always the case with this kind of widely used data, there must be ssomebody*/*something* that has a database somewhere with that data (CC numbers, bank account numbers etc etc). Our goaUfocus here should be to find that something/somebody and get the data from them. I think FirstData is such a place for the US and Veritrans in Asia Once we have the data then the problem morph into authenticating the user to the data, but that's a tech problem and we should be able to deal with it. If we do not find the data then we need to think about something where we get a CC number from the Apple Store/Google Play and 'extend' a line of credit to new users (say up to $1.5k)