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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#2

Post by mydriasis »

> Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.

Whoa. Is this as awesome as it sounds? Is this akin to government-backed Venmo, or something?

Re: FedNow Is Live

#5

Post by EGreg »

Here we go. CBDCs are next, and also national Digital IDs. https://m.youtube.com/watch?v=uwRSzNTp2ko

Real ID + needing it to browse anything on the Internet: https://community.qbix.com/t/the-coming-war-on-end-to-end-en...

From what I see people on HN writing, by and large they downplay the risks of these as well as AI. Or alternately seem to suggest that CBDCs and national IDs are not coming, and that it’s a conspiracy theory. However, the “enshittification of Big Tech platforms” is already a fact, so they simply complain about it, but anytime solutions involving open source, decentralization, and utility tokens are introduced, they are violently voted down. So — since no solutions are welcomed, I guess many denizens of HN support hurtling toward extreme centralized control. After all, we’ll be able to complain about it once it’s in place, and that’s enough!

Edit: literally 5 seconds after I posted it, I received downvotes. Not fast enough for a human to read the message let alone explore the links. I wonder if it’s even automated by keyword now.

Re: FedNow Is Live

#6

Post by lp0_on_fire »

lavp wrote: post #4
lockhouse wrote: post #3

My concern is that this is a trial run for an official CBDC that will eventually replace cash.

What is it about CBDCs you find concerning compared to cash?

It's bad enough that banks have virtually unlimited insight into my spending habits that we need to give the Feds the same access. I should have the right to buy a big mac without some government server getting pinged.

Re: FedNow Is Live

#7

Post by solardev »

EGreg wrote: post #5

Here we go. CBDCs are next, and also national Digital IDs. https://m.youtube.com/watch?v=uwRSzNTp2ko Real ID + needing it to browse anything on the Internet: https://community.qbix.com/t/the-coming-war-on-end-to-end-en... From what I see people on HN writing, by and large they downplay the risks of these as well as AI. Or alternately seem to suggest that CBDCs and national IDs are not coming, and that it’s a conspira…

I would love to see government IDs be available as a form of auth on the internet. It would open up the possibility of real-person communities with fewer bots and trolls.

Similarly with digital payments, I'd much rather trust the government with that than some rando cryptobro of the week.

There is nothing extreme about this. The government already does both functions in the analog world. It's about time they caught up digitally.

Meanwhile some YouTuber screeching about some Bible quote... not a convincing start

Edit: didn't downvote you btw, just don't agree that this is a bad thing

Re: FedNow Is Live

#8

Post by 1001101 »

lp0_on_fire wrote: post #6
lavp wrote: post #4

Earlier quoted context omitted.

What is it about CBDCs you find concerning compared to cash?

It's bad enough that banks have virtually unlimited insight into my spending habits that we need to give the Feds the same access. I should have the right to buy a big mac without some government server getting pinged.

Another concern I have heard voiced is that CBCD could be programmed - eg. you can't buy X, or you can only buy Y at certain times, or for certain prices, etc. and has the potential for reduced liberty vs. cash.

Re: FedNow Is Live

#10

Post by ragnot »

I'm glad the US is finally catching up the rest of the world...India already has the Unified Payments Interface (UPI) [0]. Additionally, I think fears of this turning into a CBDC are overblown. Banks already have to settle transactions between banks through reserve transfers via the Fed...this will just help automate that process so we can send money from bank account to bank account. Like a Zelle or Venmo, but government backed!

[0] https://en.wikipedia.org/wiki/Unified_Payments_Interface

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