I am very worried when the government knows/governs money transfers; look at china.
This is basically just replacing ACH with a faster system.
FedNow Is Live
91–100 of 1001 posts
Re: FedNow Is Live
#92Earlier quoted context omitted.
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 u…
My concern with digital payments is the elimination of cash. Having the ability to transfer value without it being monitored or blocked is an exceptionally useful property of paper money.
But you might buy things the government doesn’t want you to have. Real meat? Nope. Religious texts? Nope.
Re: FedNow Is Live
#93Here 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…
US attitude towards national IDs is amusing, lol
Re: FedNow Is Live
#94Earlier quoted context omitted.
The government already has the power to do this — just ask any trans person in the South
> The government already has the power to do this — just ask any trans person in the South Any citations on every trans person in the South being singled out for denial of services by the government? Because that sounds like inflammatory nonsense.
It’s their truth. Don’t deny it.
Re: FedNow Is Live
#95So when can businesses start utilizing this to replace ACH? I run a b2b company and right now ACH is our most popular payment option, but the settlement time is a pain.
Re: FedNow Is Live
#96Is there going to be a universal SDK / API we can use with this? This would cut alot of middle companies out of the payments industry (or at least put pressure on lowering fees). That would be a huge win.
Wish we could do the same for the credit card companies. Would be great if the Federal Government could intervene in some way to have Visa / Mastercard / American Express / Discover use the same API interface for payments. Would dramatically increase competition for providers.
Re: FedNow Is Live
#97Who built this? Dev was obviously contracted out.
Re: FedNow Is Live
#98Earlier quoted context omitted.
It makes me question why we allow government to be in charge of our money, and the price of money (interest rate meddling by govt contractor federalreserve). I suppose we grow up with it and don't question it.
>It makes me question why we allow government to be in charge of our money This isn't true. Private currencies exist(ed) and are afaik still legal. The reason we put governments in charge of our money is that up until about a decade ago it was either the government or a corporation as a decentralizes currency was not really implementable. Do you want to get paid in amazon coins only redeemable on amazon? No, you do n…
> This isn't true. Private currencies exist(ed) and are afaik still legal.
For most of my life, those were ancient history or theoretical. Then in 2009, something changed.
And ever since then, I've seen nothing less than the most zealous propaganda campaign to undermine those... it's bizarre to watch it unfold. I keep side-eyeing everyone, wondering if I'm the only one that sees it. Sure, it doesn't help that the cryptocurrency people are whackjobs that might have screwed it all up without any outside help. But I guess they couldn't trusted to do that, so the help was provided.
Saying that it's "legal" doesn't change the fact that if someone were to come up with a private currency, gigantic forces, government and not, would be arrayed against them to put an end to it.
> Any currency needs some mechanism to control issuing. If not the government who else could do that?
I think the implication here is: who could be trusted to do it in a way that doesn't favor some at the expense of others?
Re: FedNow Is Live
#99> 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?
> Whoa. Is this as awesome as it sounds?
No. A possible CBDC rails in the US is nothing to get excited about. Unless you want savings limits and expiry dates on your money.
> Is this akin to government-backed Venmo, or something?
Yes, but even worse.
Re: FedNow Is Live
#100The press release lists a few big banks like Chase, Wells Fargo, BNY Mellon, US Bank and Fiserv, along with a dog's breakfast of random service providers and credit unions.
Since free realtime payments presumably would still require both the sender and the receiver to use a participating financial institution, instead of all participants just transacting directly through the Fed, how is this supposed to work if most of the industry isn't participating?