A simple explanation of how Apple Pay works (probably): It’s all about tokenization

Originally posted on Richard Gendal Brown:
Forget contactless point-of-payment… that’s a solved problem. Apple’s use of tokenization is the interesting part [USUAL DISCLAIMER: I have no inside info, these are personal views] I’ve been using a beta version of ApplePay on my iPhone 4 for some time now… My very old, but very effective, Barclaycard contactless PayTag, stuck to my iPhone 4 The interesting question is how Apple chose to embed the card details inside the phone To understand why, we have to rewind to March, when something curious happened: a body called “EMVCo” released a technical specification document for something…

Those who cannot remember last week are condemned to repeat it

The financial savants of BitSharesX have overturned the laws of economics once again.    Short memory. Recall that only last week the peg broke – in its first week of operation – and the devs had to unilaterally intervene to shut down the entire BitAsset market as a result. How has this problem been fixed, pray tell? Why… more BTSX derivative collateralisation, of course! …Preston, I mean, I know you have some pretty funky/esoteric interests… but what the hell are you talking about? For those of you just joining the conversation, each BitUSDollar is actually an automated BTSX derivative contract. BTSX (BitSharesX) is a second-generation…

A letter from 1998

Today, in the post, Eaglebrook sent me a letter I wrote to myself in 1998. I’d forgotten I’d even written it (but now that I’ve received it, I remember writing it as it if were yesterday). Given I was supposed to get this several years ago, I suspect they may have been lost and then were accidentally found. The letter reads as follows: To my future self:  When this was written, on [redacted] 1998, I had been [redacted] years old for [redacted] days. When I next read this, I will be [redacted]. I should like to thank all of my classmates this year…