Today I learned about Benford's law: if you take natural sets of numbers (like lenghts of rivers, population of cities, financial transactions..), probability of first number is not even. There is 30% probability for number to start with 1, and only to 5% for 9. It is so reliable it is used to defect fraud! wikipedia.org/wiki/Benfor…
American Express cards aren't accepted everywhere because Amex is a 'charge card', requiring customers to pay off balances monthly. Since they make little-to-no profit off interest payments & have competitive reward offerings, they raise their per-transaction interchange fees to compensate. experian.com/blogs/ask-ex…
The first thing that was ever bought and sold over the internet was weed. In 1971 or 1972, Stanford students using Arpanet accounts at Stanford's AI Laboratory engaged in a commercial transaction with their counterparts at MIT, and thus the first act of e-commerce was a pot deal. fastcompany.com/3054025/y…
The Micronesian island of Yap is known for its stone money, known as Rai. They use large doughnut-shaped, carved disks of calcite, some as large as 13 ft in diameter. The Rai is still used today for social transactions, including marrage, political deals, etc. bbc.com/travel/story/2018…
In Ancient Rome, the working class would evacuate entire cities in acts of revolt called "Secessions of the Plebeians." After leaving the elite to fend for themselves, commercial transactions would stop, and workshops would have to close. wikipedia.org/wiki/Secess…
The last Blockbuster on earth, in Bend, OR uses floppy disks to boot their system, employees have to hand print cards because their printers broke, and transactions are backed up on a reel-to-reel tape that can't be replaced because Radio Shack went out of business. wfaa.com/article/news/las…
The trick from "Office Space" where they stole tiny fractions of a cent from a large number of transactions and put it into their own bank accounts is called 'salami slicing' en.wikipedia.org/wiki/Sal…
Canada has a 50 cent coin denomination that is still minted and in regular circulation, but incredibly rare to see in transactions en.wikipedia.org/wiki/50-…
Tally sticks were used for hundreds of years to record financial transactions. When workmen were ordered to dispose of old sticks they accidentally burned down the Palace of Westminster. en.wikipedia.org/wiki/Bur…
Don Johnson β€’ In 2002 German customs officers at the Swiss–German border performed a routine search of his car. Bank statements worth $8 BILLION in transactions were found in the trunk. en.wikipedia.org/wiki/Don…
If you're having trouble at a Japanese Rail Ticket Machine, a secret hatch will pop open next to the machine and a helper will pop out of it to manually finish the transaction for you. soranews24.com/2013/03/08…
Some police departments in the U.S. are starting to create Internet Purchase Exchange Locations so that Craigslist or similar transactions can be conducted in an area with video surveillance and police presence and keep participating parties safe. the-dispatch.com/news/201…
In the first "real-world transaction with bitcoin" a programmer paid 10,000 bitcoins for 2 large Papa John's pizzas. 4 years later, those bitcoins were worth 5.12 million dollars. coindesk.com/bitcoin-pizz…
Today I learned of the stone money of the Yap. The stones are too large to move so buying an item involves agreeing that the ownership has changed. The transaction is recorded in oral history and no physical movement of the stone is required. en.wikipedia.org/wiki/Rai…
Sweden leads the world in going cashless. Less than 15% of all monetary transactions in that country use cash. nayax.com/first-cashless-…
The UK used to have a halfpenny coin. It was ignored in banking transactions, which were carried out in units of 1p and soon became Britain's least favourite coin en.wikipedia.org/wiki/Hal…
The first online transaction was weed bought by Stanford students from MIT students in 1971 or 1972. The deal occurred over the ARPANET, a precursor to the modern internet which was meant for students to use to communicate with other universities. smithsonianmag.com/smart-…
95% of all current ATM transactions run on systems using a computer language developed in the 1960s fedtechmagazine.com/artic…
In 2006 casino mogul Steve Wynn was set to conduct the largest art transaction in history by selling Picasso's Le RΓͺve for $139 million. The day before the transaction was set to take place Wynn accidentally stuck his elbow through the painting. en.wikipedia.org/wiki/Le_…
The Micronesian island of Yap uses some 6000 stones (ranging in size of a few cm to 4m) as a currency. As these Rai stones are too heavy to be physically moved, transactions involve an acknowledgement of ownership change, and an oral history past owners must be passed on to the new owner. bbc.com/travel/story/2018…
The largest bill ever printed in US currency was $100,000 between 1934 and 1935, featuring Woodrow Wilson and used for large federal reserve transactions. infoplease.com/askeds/hig…
A team of students were awarded a patent for designing a technology to monitor email money transfers as part of an immersive, four-month long hackathon. For most banks, the systems used to monitor e-transactions aren’t moving as quickly as machine learning, a subfield of artificial intelligence utoronto.ca/news/u-t-stud…
Today I learned of the Bank Secrecy Act signed in 1970 by President Nixon which requires all US banks to report transactions more than $10,000 en.wikipedia.org/wiki/Ban…
In 1953, Coca-Cola asked the US to create a 7.5 cent coin b/c vending machines could only take one coin transactions and a 10 cent soda would be too expensive en.wikipedia.org/wiki/Fix…
Debit cards were responsible for nearly 70 billion transactions in 2017, with a value of over 2.56 trillion dollars. creditcards.com/credit-ca…
Today I learned of flooz.com, a dot-com company that introduced an Internet currency similar to frequent flier programs. But because you could purchase points directly it was perfect for money laundering and fraudulent purchases accounted for 19% of transactions before it collapsed. en.wikipedia.org/wiki/Flo…
The most efficient four-coin set of coin denominations is 1, 3, 11, and 37 cent pieces, with an average of 4.10 coins per transaction. The typical 1, 5, 10, 25 cent set averages 4.70 coins per transaction. freakonomics.com/2009/10/…
When balancing customer accounts each day, many banks subtract debits in order of largest to smallest dollar amount rather than in the order the transactions occurred to increase the number of overdraft fees the banks charge. responsiblelending.org/ov…
In 2012 Danish reseller Torben NΓΈdskouv paid $20,000 to legally purchase Cuban cigars from a German distributor. The bank transaction was automatically routed through the US and confiscated for violating the US trade embargo with Cuba cphpost.dk/news/internati…
The energy cost of performing one bitcoin transaction is 298 kilowatt hours: the equivalent of powering nearly 10 houses for an entire day, or gaming on an Xbox 360 for almost 2000 hours. digiconomist.net/bitcoin-…
The United States Treasury used to print 5 denominations of money larger than $100. They were used mostly as government transactions, and were all discontinued in 1969. It is illegal to be in posession of a $100,000 bill, a Gold Certificate, due to Executive Order 6102. en.wikipedia.org/wiki/Lar…
The Deskmate is a computer marketed specifically for the Amish and Mennonite communities to help carry out business transactions. It's selling points are no Internet, no music, and no videos. npr.org/sections/money/20…
A number of transaction on Pawn Stars are staged. Has suspicions but now I know. centraltendencies.com/201…
The first recipient of a bitcoin transaction is using his amassed fortune from the cryptocurrency to fund the cryogenic preservation of his body. He died in 2014 from ALS wired.com/2014/08/hal-fin…
The first e-commerce transaction was in the 70's for cannabis between students from MIT and Stanford en.wikipedia.org/wiki/E-c…
Many police stations and law enforcement agencies are SafeTrade stations: Safe exchange locations for meetup, pickup or drop off points to reduce Craigslist crime and other online transactions for those meeting in person. safetradestations.com/
Every bitcoin transaction, no matter how small, uses at least enough electricity to power an average home for an entire day. motherboard.vice.com/en_u…
The first e-commerce transaction was for a Sting album nytimes.com/1994/08/12/bu…
Bill Gates supports a financial transactions/Robin Hood tax guardian.co.uk/business/2…
The way you pay for something affects how you perceive the transaction. Using cash "hurts" more because the loss of money is perceived to be more immediate, while using a credit/debit card decouples the purchase from the loss of money. psychologytoday.com/blog/…
US Patent 5878155 was submitted by IBM and it presents a mechanism to tattoo people with a bar code to provide identity for sales transactions and bank account transactions. patft.uspto.gov/netacgi/n…
The trick from "Office Space" and "Superman III" of stealing tiny fractions of a cent from a large number of transactions to stealthily accumulate a stolen fortune has a name: salami slicing en.wikipedia.org/wiki/Sal…
Banks can 're-order' your transactions from greatest to least amount in order to get the maximum number of overdraft fees when you overdraw responsiblelending.org/ov…
Over 10% of all crypto transactions are fraudulent reuters.com/article/us-ic…
The first major bitcoin transaction was made by man buying 2 pizzas for around 10,000BTC which would have been equal to $12,000,000 in November 2013. en.wikipedia.org/wiki/His…
Credit cards with chips take longer to process because they're equipped with a technology that generates a different encrypted card verification code for each transaction. Cards with only the magnetic strip use the same code every time, making them more susceptible to counterfeiting. blog.credit.com/2016/01/w…
In 1949, Montreal and Toronto experienced large spikes in the use of $2 banknotes for financial transactions. As the spike subsided over two weeks, another one appeared in Ottawa. The Bank of Canada could provide no explanation en.wikipedia.org/wiki/193…
Smurfing refers to how bankers and drug dealers split up a single transaction above the legal limit into smaller parts to evade the authorities. en.wikipedia.org/wiki/Str…
George Washington was "obsessive" and "aggressive" about acquiring land; doing so made him America's wealthiest man. When another complained about a transaction, Washington replied denouncing his "stupidity and sottishness". lehrmaninstitute.org/hist…
Once Truman left the presidency, his only income was his old army pension - $112.56 per month. "I could never lend myself to any transaction, however respectable, that would commercialize on the prestige and dignity of the office of the presidency." nytimes.com/2007/03/02/op…

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