491–500 of 789 posts
Privacy conscious people: we can still use your preferred private super secretive way to pay for important stuff, and use PIX for a Coca Cola. One thing doesn’t stop the other.
"Which one's the donation to the rebels?"
"The Monero, obvously..."
Earlier quoted context omitted.
I don't think you've thought that through - fascists and communists both have more control over the institutions of democracy than they do over those companies. The banking companies generally don't want to be involved in anything ideological except moneymaking.
What "institutions of democracy" would that be, if the state is fascist or communist? And I think you severly underestimate the reach a totalitarian state has. Hint: it is total.
.. meanwhile, the EU has been discussing about the Digital Euro for like 5 years
The deployment of SCT inst is mostly complete and Wero (EPI) was launched in 3 countries already. Things take a bit more time when you need to push standards and regulations to 11/27/36 countries. Overall banking and payments in the EU/EEA are pretty advanced and evolving at a decent pace given the market size and number of entities involved, the PSD is world-class.
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80 countries have instant/real time payment systems today [1], and the Bank for International Settlements is working on cross border interoperability [2]. Cryptocurrencies will likely never go away, and will remain in use for certain use cases from a cross border value transfer perspective, similar to gold; either the token moves or the ownership is updated. More interesting is offering digital wallets for a single o…
On top of that, the BIS isnt even needed for global real time payments. A company like Wise (formerly transferwise) or any similar entity can just hold accounts in each country and if the local settlement is real time they can also do real time global settlement by just updating their db and sending the money real time in the receiving location.
No one pays FX fees on each transfer. Single large rebalancing transfers allows them to actually move money at optimal times and rates with bulk discounts. Then they can currency hedge and get larger spreads on the actual fx rate.
I'm thinking, maybe controversially, centralized national payment service like this should be government-run based on my experience with Alipay which is a digital payment service in China. Due to it's commercial origin, Alipay is filled with unwanted ads and traps. Almost every time I made a payment with it, a pop up prompts me to enlist their Ant Financial LOAN service either now, or being prompted for the same ques…
I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…
wikipedia doesn't say much about it. I wonder about a few things. Is it safe? I'm pretty sure everyone not carrying cash is very good for physical safety, but can someone be coerced into emptying their bank account at knifepoint? Are there scams? Can stolen money be retrieved?
Given the dimension of Pix, I never heard of someone losing money directly because of using it (for example, here in the past was common to see where credit cards were cloned)
> can someone be coerced into emptying their bank account at knifepoint?
There are limits of use. Banks have different settings for limiting the amount of money that will be transferred in different situations, like when using their apps outside a trusted network, at night, etc
> Are there scams?
Just like any other payment method. I dare say that it is even safer, as some banks (e.g. Nubank) alerts if you are trying to transfer money to a suspect account.
> Can stolen money be retrieved?
Perhaps if you contact the bank, but as far as I know it is not a feature :-(
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> removing the profit incentive You're far too optimistic. The current administration is trying to work itself out of a major economic crisis and there's nothing they would like more than to tax the crap out of every single Pix transaction.
Major economic crisis? 4 years growing >= 3% doesn't look like a crisis to me.
Earlier quoted context omitted.
On top of that, the BIS isnt even needed for global real time payments. A company like Wise (formerly transferwise) or any similar entity can just hold accounts in each country and if the local settlement is real time they can also do real time global settlement by just updating their db and sending the money real time in the receiving location.
This is how they all work including western union. It's not a secret but it's not really talked about either. No one pays FX fees on each transfer. Single large rebalancing transfers allows them to actually move money at optimal times and rates with bulk discounts. Then they can currency hedge and get larger spreads on the actual fx rate.
I'm thinking, maybe controversially, centralized national payment service like this should be government-run based on my experience with Alipay which is a digital payment service in China. Due to it's commercial origin, Alipay is filled with unwanted ads and traps. Almost every time I made a payment with it, a pop up prompts me to enlist their Ant Financial LOAN service either now, or being prompted for the same ques…
> I'm thinking, maybe controversially, centralized national payment service like this should be government-run based on my experience with Alipay which is a digital payment service in China. After dealing with many private sector services, I think a lot of things should be government run. For instance: weather apps. Private sector ones are just a vector to track and sell your location data, and they rely on governmen…