New York is proposing the creation of a 'public Venmo'
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Re: New York is proposing the creation of a 'public Venmo'
#2If this turns into an open-source and independent application/enterprise then it could be quite interesting and maybe even good. Unfortunately, I'm fully expecting the end result (if this proposal even goes anywhere) to be a heap of state-run opacity. There's no way I trust the State of New York with my money.
Re: New York is proposing the creation of a 'public Venmo'
#3The piecemeal attempts to create a rational payments system are getting to the point where the Fed just needs to acknowledge the need for a free/secure/unified infrastructure run and regulated by the government. They are starting to do this (Fed real time payment + settlement system) but not fast enough.
Other countries laugh at us when we talk about the checks we have to write, the scams we endure with mistaken payments / withdrawals without our knowledge, or the fees we accept banks charging us.
We would never choose to have the system we currently do. We need to get over the interests / lazy inertia holding us back.
Re: New York is proposing the creation of a 'public Venmo'
#4Generally seems like a good idea, minus the part about it being state owned and operated. If it's operated by the state, it will probably be a disaster. Many governments can barely keep their Windows machines up to date, leading to ransomware attacks. It would be a shame if people's money were held hostage for ransom.
Re: New York is proposing the creation of a 'public Venmo'
#5Generally seems like a good idea, minus the part about it being state owned and operated. If it's operated by the state, it will probably be a disaster. Many governments can barely keep their Windows machines up to date, leading to ransomware attacks. It would be a shame if people's money were held hostage for ransom.
On the contrary, payments is critical infrastructure, like roads or social security, that needs to be publicly owned and operated, immune to the rise of cancel culture, and other whims of the techno-elites. No one should be denied their right to basic economics because someone in power at a private company disagrees with their politics
Re: New York is proposing the creation of a 'public Venmo'
#6Generally seems like a good idea, minus the part about it being state owned and operated. If it's operated by the state, it will probably be a disaster. Many governments can barely keep their Windows machines up to date, leading to ransomware attacks. It would be a shame if people's money were held hostage for ransom.
On the contrary, payments is critical infrastructure, like roads or social security, that needs to be publicly owned and operated, immune to the rise of cancel culture, and other whims of the techno-elites. No one should be denied their right to basic economics because someone in power at a private company disagrees with their politics
The government should define what's okay and what's not (aka regulation), and let private entities duke it out for a reasonable share of the economic value.
Re: New York is proposing the creation of a 'public Venmo'
#7Canada's interbank network Interac has allowed for "Interac eTransfers". It's run as a for-profit, but since it's a consortium backed by banks in Canada, most banks don't charge for eTransfers.
Among my friends, it's the way to pay for e.g. your share of the take-out, or pooled office gifts.
Re: New York is proposing the creation of a 'public Venmo'
#8Earlier quoted context omitted.
On the contrary, payments is critical infrastructure, like roads or social security, that needs to be publicly owned and operated, immune to the rise of cancel culture, and other whims of the techno-elites. No one should be denied their right to basic economics because someone in power at a private company disagrees with their politics
The government should define what's okay and what's not (aka regulation), and let private entities duke it out for a reasonable share of the economic value.
[deleted]
Re: New York is proposing the creation of a 'public Venmo'
#9This is aimed at solving one of several problems people without bank accounts have. So let's just figure out why people don't have bank accounts and account for that:
> People who are unbanked often cite distrust of the banking system, lack of access to government-issued ID, or inability to maintain a minimum balance as reasons they don’t have bank accounts.
Seems easy enough to me. Make government-issued IDs free, make account minimums illegal for FDIC insured banks, and if you don't trust banks, you have nobody to blame but yourself (plus, if you don't trust banks, why would you trust gvmt-venmo?). These fixes would also address a lot of other problems (voter ID issues, other negatives of not having a bank account)
Re: New York is proposing the creation of a 'public Venmo'
#10Generally seems like a good idea, minus the part about it being state owned and operated. If it's operated by the state, it will probably be a disaster. Many governments can barely keep their Windows machines up to date, leading to ransomware attacks. It would be a shame if people's money were held hostage for ransom.
The largest private companies in the world (e.g., Yahoo, Facebook, Equifax, Target) can barely keep user data private, leading to massive data breaches. It would be a shame if people's private information were to be compromised with essentially zero recourse.