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FedNow Is Live

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Re: FedNow Is Live

#121

Post by the-dude »

lockhouse wrote: post #56
Analemma_ wrote: post #29

Earlier quoted context omitted.

FedNow is a replacement for ACH which is an ancient, creaking monstrosity. If we can't ever replace or fix old, busted infrastructure because of conspiratorial rambling, we are fucked as a civilization.

I’ve seen a lot of crazy conspiracy theories reveal themselves to be true in the past five years. Apply some critical thinking on this. Governments and corporate elites worldwide are salivating over the level of surveillance and control that a CBDC will enable.

Which crazy conspiracy theories are you referring to? I am applying some critical thinking here.

Re: FedNow Is Live

#122

Post by rootusrootus »

solardev wrote: post #77
drivebyhooting wrote: post #48

Earlier quoted context omitted.

PayPal doesn’t have a military and doesn’t extract taxes from you though.

The military? When was the last time they turned on the citizens? I don't live in Tiananmen, thankfully. Meanwhile it's private companies that oppress most of us: private hospitals, private prisons, private insurances companies, private credit bureaus, private banks, private tech companies, private surveillance companies, private small arms manufacturers and dealers. It ain't the government that's crimping my freedom…

> The military? When was the last time they turned on the citizens?

1970, though I hope we aren't at risk of that happening again anytime soon. The modern military has been pretty good at staying apolitical.

Re: FedNow Is Live

#124

Post by rootusrootus »

ktosobcy wrote: post #93
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…

US attitude towards national IDs is amusing, lol

[Lightly] amusing is thinking there is a singular attitude in the US towards national IDs. And we already have several forms of national ID anyway.

Re: FedNow Is Live

#125

Post by digging »

drivebyhooting wrote: post #48
WeylandYutani wrote: post #45

Earlier quoted context omitted.

I agree I'm more concerned about Silicon valley tech bros than my own government. I can vote for Parliament I can't vote for PayPal's board of directors.

PayPal doesn’t have a military and doesn’t extract taxes from you though.

The idea that the USD you earn in a wage is "yours" and the government has no right to tax it makes no sense to me. They printed the money. Your wage wouldn't exist without the government making the modern economy possible (in more ways than just printing it). Many of our jobs wouldn't even exist without the government's participation in the economy.

Re: FedNow Is Live

#126

Post by digging »

rootusrootus wrote: post #124
ktosobcy wrote: post #93

Earlier quoted context omitted.

US attitude towards national IDs is amusing, lol

[Lightly] amusing is thinking there is a singular attitude in the US towards national IDs. And we already have several forms of national ID anyway.

Comically, the primary national ID we use is one specifically designed not to be a national ID.

The secondary "national" IDs most of us use are simply state IDs or driver's licenses. They're not in a federal database, but I don't understand how that's meaningfully different. It's still a big government tracking system.

Re: FedNow Is Live

#127

Post by JohnFen »

rootusrootus wrote: post #119
barkerja wrote: post #108

Earlier quoted context omitted.

> I would love to see government IDs be available as a form of auth on the internet This kind of already exists: https://login.gov I have to use this to login to the VA.

It'd certainly be interesting if they opened it up so third-parties could use it for authentication.

Oh, please no, unless those third parties used it as an option for authentication rather than the only means of authentication.

Re: FedNow Is Live

#128

Post by Aloha »

no_wizard wrote: post #101
Aloha wrote: post #61

Earlier quoted context omitted.

I see it as an almost total impracticality to transition from our current system to a centralized national identity document. There is no central database of: * Citizenship * Births * Drivers Licenses * Marriages * Deaths (SSA death reporting is voluntary and customary by funeral homes -not required) * Education history * Criminal Records * Firearm Ownership * Property Ownership * Vehicle Ownership The only thing the…

They could do an audit and census approach as a one off to get all this started. For a national ID though wouldn't you only need drivers license / property data / marriage data / criminal data / citizenship / births? Not sure you need firearm / vehicle / education history for an ID system

It'd be a gargantuan project to do so, just trying to match property data alone would be massive.

Re: FedNow Is Live

#129

Post by incahoots »

no_wizard wrote: post #96

Is 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 pa…

I think you know the answer to your question, more than likely this won’t see the light of day outside of federal usage.

Far too much lobbying for any REAL competition to shake up the industry.

This will be exclusive to the federal government and state governments I imagine.

Re: FedNow Is Live

#130

Post by DANmode »

solardev wrote: post #77
drivebyhooting wrote: post #48

Earlier quoted context omitted.

PayPal doesn’t have a military and doesn’t extract taxes from you though.

The military? When was the last time they turned on the citizens? I don't live in Tiananmen, thankfully. Meanwhile it's private companies that oppress most of us: private hospitals, private prisons, private insurances companies, private credit bureaus, private banks, private tech companies, private surveillance companies, private small arms manufacturers and dealers. It ain't the government that's crimping my freedom…

I mean, for all intents and purposes, the US Postal Service subsidizes Bezos.
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