11–18 of 18 posts
I haven't been to a physical bank to do any business in close to a decade. This looks like a USPS bailout package for what's largely another useless service other than doing package delivery. The "unbanked" can sign up for something like Ally.
You too easily assume people who are unbanked have access to the internet.
This is all about a nebulous future virtual banking wallet that will be 10+ years away. How about Congress get back to their job and allow, for example, the USPS to offer simple, basic, current banking services to everyone at every location? Tie it into the Fed's upcoming instant transfer/payments service. This would do more for access and giving underserved/overcharged people a way to enter the economy than whatever…
There’s an interesting discussion on why giving every citizen a federal account makes sense on the latest episode of deconstructed. “ Basically, the Fed functions at the moment as a sort of bank for the banks. And then the hope is that all Americans have their own banks. And so there’s a kind of one-step removal between us and the Fed. What we’re advocating here is cutting out that middleman to the private sector ban…
Someone will need to teach millions of of Americans how to use this newfangled technology. I can't in good faith expect volunteers, friends and family to do this for everyone professionally, orderly, and accurately.
So, if the fed gets into consumer and smb banking are they going to outsource customer service or what? Maybe I'm misunderstanding the premise of this bill but it seems like an aca level headache that Republicans will propagandize against, obstruct, and sabotage at every opportunity; if the aca is anything to go by.
This is all about a nebulous future virtual banking wallet that will be 10+ years away. How about Congress get back to their job and allow, for example, the USPS to offer simple, basic, current banking services to everyone at every location? Tie it into the Fed's upcoming instant transfer/payments service. This would do more for access and giving underserved/overcharged people a way to enter the economy than whatever…
Allowing the USPS to provide pass through FedAccounts makes it easier for the USPS to provide the service. Digital dollars is just a deposit account held at the Fed. Instant payments are coming for everyone in 2023-2024; the heavy lifting is enacting legislation to reduce the burden of providing accounts to everyone. You have to turn banking in the US into a utility like Europe did, and drive down it's parasitic drag…
There's a standard playbook incumbents in every industry use to prevent, delay, and castrate any threats to their moats. While I'll always take advantage of any publicity to nudge the Overton window, real change, for the silent majorities, is stalled out due to a long list of systemic issues across all governmental bodies.
Earlier quoted context omitted.
There’s an interesting discussion on why giving every citizen a federal account makes sense on the latest episode of deconstructed. “ Basically, the Fed functions at the moment as a sort of bank for the banks. And then the hope is that all Americans have their own banks. And so there’s a kind of one-step removal between us and the Fed. What we’re advocating here is cutting out that middleman to the private sector ban…
Forgive me if this is explained in the article you linked or the bill itself, I don't have the time to read either in their entirety at the moment. Someone will need to teach millions of of Americans how to use this newfangled technology. I can't in good faith expect volunteers, friends and family to do this for everyone professionally, orderly, and accurately. So, if the fed gets into consumer and smb banking are th…
Earlier quoted context omitted.
Allowing the USPS to provide pass through FedAccounts makes it easier for the USPS to provide the service. Digital dollars is just a deposit account held at the Fed. Instant payments are coming for everyone in 2023-2024; the heavy lifting is enacting legislation to reduce the burden of providing accounts to everyone. You have to turn banking in the US into a utility like Europe did, and drive down it's parasitic drag…
>Fight incumbents on every fron There's a standard playbook incumbents in every industry use to prevent, delay, and castrate any threats to their moats. While I'll always take advantage of any publicity to nudge the Overton window, real change, for the silent majorities, is stalled out due to a long list of systemic issues across all governmental bodies.
This is all about a nebulous future virtual banking wallet that will be 10+ years away. How about Congress get back to their job and allow, for example, the USPS to offer simple, basic, current banking services to everyone at every location? Tie it into the Fed's upcoming instant transfer/payments service. This would do more for access and giving underserved/overcharged people a way to enter the economy than whatever…
There’s an interesting discussion on why giving every citizen a federal account makes sense on the latest episode of deconstructed. “ Basically, the Fed functions at the moment as a sort of bank for the banks. And then the hope is that all Americans have their own banks. And so there’s a kind of one-step removal between us and the Fed. What we’re advocating here is cutting out that middleman to the private sector ban…
This remotely reminds me of European PSD2 - it was also meant to turn banks into utilities, but in the end even web-scraping the online banking was recognised as "providing an API", thus seriously limiting its real world use. Otherwise this digital dollar is nothing more than a cheap marketing trick to counter the rise of crypto.