Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

FedNow Is Live

federalreserve.gov

Post reply on HN
Print view View original

141–150 of 1001 posts

Re: FedNow Is Live

#141

Post by DANmode »

pessimizer wrote: post #131
solardev wrote: post #23

Earlier quoted context omitted.

We already use social security numbers for everything (insurance, credit, etc.). It's pretty much a national ID, just a shitty one.

The way they got SSNs through is by promising that it would be illegal to use them for identification. The only remnant of that is that it (still?) remains illegal to refuse services to people who refuse to give their social security numbers, although if you do it you'll break customer service.

> it (still?) remains illegal to refuse services to people who refuse to give their social security numbers

I'd love to read this, for anyone more familiar with the legislation/where to find it.

Re: FedNow Is Live

#142

Post by drivebyhooting »

solardev wrote: post #7
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 u…

It’s not even been 100 years and people already forgot.

Re: FedNow Is Live

#143

Post by didntcheck »

solardev wrote: post #7
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 u…

> 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.

And reintroduce all the chilling effects of knowing everything you say is on a permanent record linked to your name. I know the government wouldn't be running the sites, but they'd have activity metadata, and data breaches could be correlated to work out who the "opaque" ID refers to (perhaps it would be possible to mitigate that by having the IdP identify users to the site as a hash combining the site and the user. Not sure). There are a few types of companies that may have a genuine reason for requiring government auth, but generally we should not make it easy for Facebook or Google to require it

A community with fewer bots and trolls should be accomplished with moderation, and not just allowing a firehose of signups

Re: FedNow Is Live

#144

Post by ProllyInfamous »

mixmastamyk wrote: post #117

Fantastic, although not a peep from my bank. Articles seem to imply that it can work in complement to zelle, so that may extend it’s reach quite a bit, no?

>not a peep from my bank

Why would a for-profit banking institution actively advertise for something that will affect its bottom line (e.g. transfer fees)..?

Re: FedNow Is Live

#145

Post by CameronNemo »

karaterobot wrote: post #132

> “The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash.” What people are accusing them of is taking steps toward creating a digital dollar. This is their response, which is pretty mealy-mouthed if it's meant to address those accusations. A better way to express a denial would be "the Federal Reserve has no intention of creating a digital dollar and is not…

This seems like a very opinionated take.

The CBDC is still planned. But way far in the future (couple years, at least). And why wouldn't it solve settlement itself?

FedNow is shipping today. If it is not the future solution, that is fine. It gives us better performance now.

Re: FedNow Is Live

#146

Post by ahtihn »

ksey3 wrote: post #30
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…

In this case CBDCs (the interest bearing kind) actually have the potential of disintermediating banks. Or atleast reducing credit/liquidity risk. Grandma's savings/deposits arent going to evaporate the next time a bank collapses. Cause her CBDCs are going to be sitting in her wallet.

> Grandma's savings/deposits arent going to evaporate the next time a bank collapses.

That's already the case.

Re: FedNow Is Live

#147

Post by hathawsh »

TheCaptain4815 wrote: post #95

So 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.

Right away. My organization verified that an account at one of our banks could send thousands of dollars to an account at another bank, in seconds, and then send it back. It's pretty cool. :-)

Re: FedNow Is Live

#149

Post by tjpnz »

I don't understand why FedNow and CBDC are such a big issue in the US. FedNow looks quite attractive from a fees perspective, especially when compared to PayPal and alike. Part of me wonders if the middlemen who stand to lose out might be trying to muddy the waters. It wouldn't be the first time.

Re: FedNow Is Live

#150

Post by didntcheck »

iudqnolq wrote: post #62
lisper wrote: post #46

Earlier quoted context omitted.

The magnitude of the change is somewhat in the eye of the beholder. On the one hand, the government already has a lot of visibility into your finances. On the other hand, this removes some friction that currently exists for certain kinds of transactions. This matters more to some people than others. There is also concern that this might be a step towards the eventual elimination of cash.

I find it annoying that we have these endless debates in the US where it's assumed that if there's some magnitude it of course must be more than epsilon. I would be interested in if anyone can give a example where the friction increases in such a way as a person would experience an actual difference, or how this would actually make cash easier. Otherwise this sounds to me like the endless silly arguments against a na…

I wrote a comment on another thread today about this wrt surveillance. Reduced friction in surveillance definitely is something to be feared, as the evidence is that if the government/police/alphabet agencies can use a power (literally, not necessarily legally), they will. The only thing holding them back in the pre-digital age was the high cost of physical surveillance and even data storage, when "files" were things you held. The difference in quantity of possible surveillance has become a difference in quality, where it's just "common sense" that the government can easily pull your movements from cell tower records, and that they'll do so regardless of whether they're allowed to (or say "terrorism!" allows them to)
Post reply on HN