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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#421

Post by prometheus76 »

634636346 wrote: post #416
prometheus76 wrote: post #383

Earlier quoted context omitted.

The Federal Reserve is a private company with a chair that is chosen by the President of the US with advice and consent from the Senate, and serves a four-year term. There is no term limitation for this office. The reason the US government has a national debt is because that debt is owed to the Federal Reserve, which is a private bank that loans the US government money and that sets the US monetary policy.

>The reason the US government has a national debt is because that debt is owed to the Federal Reserve, which is a private bank that loans the US government money and that sets the US monetary policy. I'm pretty sure every holder of US Treasuries (including me) is owed money by the US government.

We are both correct.

Re: FedNow Is Live

#422

Post by ke88y »

bboygravity wrote: post #264
chimeracoder wrote: post #235

Earlier quoted context omitted.

> I don't really want a gigantic federal agency having insight into every financial transaction I make. Hard, fucking, pass. If that's the case, I have bad news for you about the banking system of literally every developed country.

Ever heard of cash? I can buy an icecream anywhere in the world without anybody tracking me. Even with the "wrong" political opinion (even if I would be a trucker in Canada during certain protests). I cannot do that with CBDC. No. CBDC (aka: the ultimate totalitarian's dream) is not the same as the current banking system, despite the current banking system also being very horrible for privacy. * All of the above assu…

> I can buy an icecream anywhere in the world without anybody tracking me.

No you can't. Companies like OpenEye and Deep Sentinel offer facial recognition solutions that are targeted at loss-prevention, and these systems are commonplace in the USA. Facial recognition-based consumer analytics systems are also available.

In fact, I think you'd be hard pressed to find a pint of ice cream that you can buy without having a camera pointed at your face. Even the little stand at the beach in the state park near my old place had a camera, and I didn't even have real LTE coverage there.

Privacy comes only from the force of law; not the other way around.

Anyways, the whole conversation is a red herring. This is a replacement for ACH, which already exists, and there isn't substantively more information sharing between banks and governments than already exists.

Re: FedNow Is Live

#424

Post by pksohn »

semiquaver wrote: post #413
zeroxfe wrote: post #332

Earlier quoted context omitted.

T + 2day is ridiculous. T + 1ms is also ridiculous (speed of light and all.)

Apologies if I’ve misunderstood you (edit: I have) but assuming you are saying that 1ms to transfer funds between banks is ridiculously slow, why do you say that? Light travels about 300km in one millisecond in a vacuum, about 200km in optical fiber. The best achievable theoretical fiber optic RTT for NYC-LA is about 35-40ms. In practice 65ms+ is more realistic due to routing overhead and the fact that cables aren’t…

I believe the comment you replied to was suggesting that 1ms is infeasibly fast.

Re: FedNow Is Live

#425

Post by cempaka »

634636346 wrote: post #340

It will be interesting to see how this affects "toxic," deplatformed, and to some degree debanked (at least from PayPal and CC processors) entities, like the KiwiFarms. While this page is somewhat vague about the private/public status of the Fed: https://www.federalreserve.gov/faqs/about_14986.htm it seems pretty well established that federally chartered corporations, like the USPS and Amtrak (e.g., https://en.wikipe…

Isn't it the case that you still have to have a relationship with a bank to have an account to transfer into or out of via FedNow in the first place? In that case I don't think this would change the picture at all. It's not the intention to help the unbanked pariahs, that's for sure.

Re: FedNow Is Live

#426

Post by pyrelight »

semiquaver wrote: post #413
zeroxfe wrote: post #332

Earlier quoted context omitted.

T + 2day is ridiculous. T + 1ms is also ridiculous (speed of light and all.)

Apologies if I’ve misunderstood you (edit: I have) but assuming you are saying that 1ms to transfer funds between banks is ridiculously slow, why do you say that? Light travels about 300km in one millisecond in a vacuum, about 200km in optical fiber. The best achievable theoretical fiber optic RTT for NYC-LA is about 35-40ms. In practice 65ms+ is more realistic due to routing overhead and the fact that cables aren’t…

This is the most hacker news conversation ever.

Re: FedNow Is Live

#427

Post by yieldcrv »

prometheus76 wrote: post #383
634636346 wrote: post #340

It will be interesting to see how this affects "toxic," deplatformed, and to some degree debanked (at least from PayPal and CC processors) entities, like the KiwiFarms. While this page is somewhat vague about the private/public status of the Fed: https://www.federalreserve.gov/faqs/about_14986.htm it seems pretty well established that federally chartered corporations, like the USPS and Amtrak (e.g., https://en.wikipe…

The Federal Reserve is a private company with a chair that is chosen by the President of the US with advice and consent from the Senate, and serves a four-year term. There is no term limitation for this office. The reason the US government has a national debt is because that debt is owed to the Federal Reserve, which is a private bank that loans the US government money and that sets the US monetary policy.

public / private is a false dilemma

trusts, foundations, and a host of other entities are ‘orphaned’ entities and is essentially a third category which is more accurate for the Federal Reserve as well

The Board of Governors is a public entity with an appointment, and the rest of the entity has a rotation of members and pretty full autonomy on how it runs on the inside at the employee level

Re: FedNow Is Live

#429

Post by CobrastanJorji »

HoyaSaxa wrote: post #327
ccleve wrote: post #319

Earlier quoted context omitted.

Tell us as much as you can about the tech stack. What is going to be able to handle truly massive volumes of transactions? Database, hardware, communications channels, programming lang, everything.

Not trying to side-step the question, but The FedNow Service Technical Overview and Planning Guide[1] goes into depth on what is not under NDA. [1] https://explore.fednow.org/resources/technical-overview-guid...

Why would any of it be under an NDA?

Re: FedNow Is Live

#430

Post by semiquaver »

pksohn wrote: post #424
semiquaver wrote: post #413

Earlier quoted context omitted.

Apologies if I’ve misunderstood you (edit: I have) but assuming you are saying that 1ms to transfer funds between banks is ridiculously slow, why do you say that? Light travels about 300km in one millisecond in a vacuum, about 200km in optical fiber. The best achievable theoretical fiber optic RTT for NYC-LA is about 35-40ms. In practice 65ms+ is more realistic due to routing overhead and the fact that cables aren’t…

I believe the comment you replied to was suggesting that 1ms is infeasibly fast.

Ah, thanks! In that case feel free to interpret my reply as intended for GP.
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