Submitted via IRC for SoyCow2718
NY Payroll Company Vanishes With $35 Million
This communique came after employees at companies that depend on MyPayrollHR to receive direct deposits of their bi-weekly payroll payments discovered their bank accounts were instead debited for the amounts they would normally expect to accrue in a given pay period.
To make matters worse, many of those employees found their accounts had been dinged for two payroll periods — a month’s worth of wages —leaving their bank accounts dangerously in the red.
The remainder of this post is a deep-dive into what we know so far about what transpired, and how such an occurrence might be prevented in the future for other payroll processing firms.
(Score: 2) by theluggage on Saturday September 14 2019, @01:03PM
You missed a very important bit of that tweet: "... in depreciating the Euro " - the dollar, pound, euro etc. are all fiat currencies that - whether they're in the bank or in cash - aren't worth one bean more than the government decrees (either, in extremis, directly or simply by "printing" lots of new money and forcing up inflation). [wikipedia.org]
No, but in a crisis they can decree that any gold/silver/property that you have belongs to them and make it very difficult for you to spend it - at best, look forward to selling/bartering it on the black market at a fraction of its theoretical value. Meanwhile, doesn't Bitcoin disappear in a puff of logic the millisecond someone briefly attains more than 50% of the mining capacity?
Look, if you want to keep a few scraps of gold and a wad of bills under the floorboards, that's fine, sensible even, and may pay off in some circumstances - but if you take it to the point of eschewing bank accounts or electronic transactions (which is where this thread started) then there's little point unless you're planning to go full "survivalist"... in which case you should stop worrying about the government and start worrying about the other survivalists who may have more guns and less scruples about shooting people than you do.