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Comment by Asraelite | Hacker News Reader

Related: does anyone know of a bank that allows you to waive all security and protective measures in exchange for ease of use? I would happily sign a contract that basically says "if you get hacked, it's your fault and you lose all your money no matter what" if it means no 2FA, payment verification, fraud detection etc. I'm not sure if this would even be legal in many jurisdictions though.

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yea, it’s called moving your fiat currency into digital currency.

Get your wallet’s private key yoinked and wallet drained? You are done.

And you get the added benefit of a highly volatile asset! Broke in 2023, but hitting it big in 2024.

I suppose you can just move assets into a stable coin, but what’s the fun in that?

(Being sarcastic by the way)

I doubt there’s any bank willing to design a custom legal agreement for those folks. The central bank system sort of relies on these systems as part of the FDIC member requirements. By opting out, you may also be opting out of insurance on your money in case of insolvency.

It's a no brainer. But most banks are very slow dinosaurs. You could have a specific, API available account where you keep funds, and whatever happens they cannot access your whole account, just that specific, digital API enabled part. There is no risk using these. You opened it, you allocated funds, if you F it up, it's your fault.

They could even check how able you are by making you fill forms, like they do it if you want to buy risky stocks.

I don't think financial institutions are legally allowed to even offer this as an option. Plus, it would be very expensive to opt you out of the risk systems. Plus, some subset of opted-out users would still sue when they are, inevitably, pwned and some hacker runs off with their life savings.

I'd happily sign up for 2FA for my banks if they used TOTP rather than SMS or their own janky apps.

No, because it makes them a target for various frauds.

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