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Boston Fed releases report, source code of digital currency prototype study

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Re: Boston Fed releases report, source code of digital currency prototype study

#151

Post by mopsi »

vmception wrote: post #91
pavlov wrote: post #81

Earlier quoted context omitted.

They are also possible with the instantaneous bank transfer system that exists in Europe. If an employer wanted to pay you once an hour, they could. I’m not sure what the point is, though.

SEPA is often heralded as being that convenient but this isn't complete information. Basically there is a parallel instant SEPA that is only partially implemented in between certain banks in some countries. Cross border SEPA between two SEPA system countries is much more likely to be just as slow as the US ACH system. So the only way people could possibly believe this works is if they and their friends use the same b…

This is not true at all.

SEPA payments are cleared five times a day on every business day. Payment Services Directive establishes that money must be credited to a recipient's account at the latest by the end of the next business day.

On top of that, about a quarter of all banks already support Instant SEPA, which clears immediately 24/7/365.

Re: Boston Fed releases report, source code of digital currency prototype study

#152

Post by tjfl »

mistrial9 wrote: post #103
djbusby wrote: post #83

Earlier quoted context omitted.

How does the Post remain private, since the Government runs that too?

one secret there is, they can photo record every source addr dest addr from the post item face, for some or all of the delivery, for years and years without fail, keep those records, and then do investigative work from that.

https://info.publicintelligence.net/USPS-MailCoverRequestsFo...

Re: Boston Fed releases report, source code of digital currency prototype study

#153

Post by WaxedChewbacca »

tadfisher wrote: post #69
DennisP wrote: post #60

Earlier quoted context omitted.

This doesn't sound all that different from the banking system we have now.

The key words here are "central transaction processor". Being able to interact with the financial system without going through intermediaries would eliminate an incredible amount of waste in the form of most of the payments industry.

No post body was provided.

Re: Boston Fed releases report, source code of digital currency prototype study

#154

Post by pphysch »

notch656a wrote: post #142
pphysch wrote: post #133

Earlier quoted context omitted.

US military is occupying Northern Syria, it isn't just Kurds fighting the government on their own

And that totally discounts the self defense the Kurdish people engaged in? You're grasping at straws here. >US military is occupying US military has presence and has engaged in (importantly) air support, but to call it "occupying" all the Kurdish territory is an intentional I think misrepresentation. It's hilarious that anyone would call it "occupying" when the boots on the ground were minimal to almost non-existent.…

You implied that Syrian Kurds exemplify how effective armed civilians can be, I pointed out how that is nonsense because they are being backed operationally by the most powerful military on the planet.

Re: Boston Fed releases report, source code of digital currency prototype study

#155

Post by notch656a »

pphysch wrote: post #154
notch656a wrote: post #142

Earlier quoted context omitted.

And that totally discounts the self defense the Kurdish people engaged in? You're grasping at straws here. >US military is occupying US military has presence and has engaged in (importantly) air support, but to call it "occupying" all the Kurdish territory is an intentional I think misrepresentation. It's hilarious that anyone would call it "occupying" when the boots on the ground were minimal to almost non-existent.…

You implied that Syrian Kurds exemplify how effective armed civilians can be, I pointed out how that is nonsense because they are being backed operationally by the most powerful military on the planet.

>You implied that Syrian Kurds exemplify how effective armed civilians can be

Yes, [ although I suppose technically they are maybe not civilians once they pick up arms in a war. ]

> I pointed out how that is nonsense because they are being backed operationally by the most powerful military on the planet.

You have no fucking idea what you're talking about, and I have the memory burned in of many now dead faces in my mind of those who died with almost no "backed operationally" presence by the US. Imagine literally being told by some dude on the internet that my personal experience defending Kurds from ISIS is wrong because he thinks based on what he read on the internet that we were 'occupied' by the US. You can say whatever you like, I'm sure it will stroke your own ego to believe that.

I can recall sitting in a border town with literal children one building over sleeping with guns, hoping they would survive. A month later I found out several of them were dead. I personally viewed this town and there was not a single US soldier there, barely enough provisions to survive, and those defending themselves had essentially no US weapons.

The effort of the Kurds fighting Syrian government and ISIS is critical to their defense; the US contribution standing on its own is completely incapable of maintaining Kurdish Syria. The boots on the ground is by far Kurds (not part of Syrian gov) themselves, with arms largely either coming from those privately stashed or brought in via militia. In a number of attacks on Kurdish territory such as in Kobani, essentially anyone with arms engaged in defense with whatever they had.

Re: Boston Fed releases report, source code of digital currency prototype study

#156

Post by ur-whale »

drusepth wrote: post #113
rmbyrro wrote: post #78

Earlier quoted context omitted.

Would also eliminate an incredible last grain of financial privacy people have. When every transaction goes through FED, the government won't need to call or subpoena anyone to know where your money come and go.

So what you're saying is they can finally just do my taxes for me?

> So what you're saying is they can finally just do my taxes for me?

They will be able do that, not for you, but to you.

And so much more.

Re: Boston Fed releases report, source code of digital currency prototype study

#157

Post by ur-whale »

warabe wrote: post #118

i was wondering ... what if we circulate coin infinitely to harass central system? like keep exchanging coin between A and B. Can we halt entire system down?

Well, if this monstrosity ever come about, just run an experiment: try to do it and see how long they let you do it before deplatforming you from the entire economy.

Re: Boston Fed releases report, source code of digital currency prototype study

#158

Post by kingcharles »

djbusby wrote: post #83
rmbyrro wrote: post #78

Earlier quoted context omitted.

Would also eliminate an incredible last grain of financial privacy people have. When every transaction goes through FED, the government won't need to call or subpoena anyone to know where your money come and go.

How does the Post remain private, since the Government runs that too?

If you're interested in the technical answer, this is the SCOTUS case law that decided that postal mail was subject to the Fourth Amendment:

https://en.wikipedia.org/wiki/Ex_parte_Jackson

Re: Boston Fed releases report, source code of digital currency prototype study

#159

Post by asabjorn »

beefman wrote: post #44

"In our design users interact with a central transaction processor using digital wallets storing cryptographic keys. ... Despite using ideas from blockchain technology, we found that a distributed ledger operating under the jurisdiction of different actors was not needed to achieve our goals. Specifically, a distributed ledger does not match the trust assumptions in Project Hamilton's approach, which assumes that the…

To see how tyranny can be instituted by combining a non anonymous transaction system with vaccine passport look at the promo video for Bill Gates funded wallet Thales

https://youtu.be/PxvNzzgoJX8

All across the world a China style social credit score called ESG is now being adopted by banks.

https://youtu.be/8f1Z57hwbWY

What happens when they decide you used up your quota? No flight, no meat or no car ride for you because they won’t let you spend your money.

Re: Boston Fed releases report, source code of digital currency prototype study

#160

Post by asabjorn »

triangleman wrote: post #66
beefman wrote: post #44

"In our design users interact with a central transaction processor using digital wallets storing cryptographic keys. ... Despite using ideas from blockchain technology, we found that a distributed ledger operating under the jurisdiction of different actors was not needed to achieve our goals. Specifically, a distributed ledger does not match the trust assumptions in Project Hamilton's approach, which assumes that the…

Reading Matt Levine's latest column on this CBDC was sort of mind blowing. With a truly centralized digital currency the Fed would basically monopolize all bank deposits (why store money in the bank at all when your digital wallet is perfectly safe) and destroy the entire banking sector. So they are forced to decentralize the currency to some extent, so that banks are the ones to actually issue the currency (after bo…

A FOIA request to the fed about their stimulus spending from 2008-2010 was just released, and in this period the fed spend nearly 30 trillion to bail out banks so there being a separation between it and the banks is questionable

https://youtu.be/zx3NIAWmgXg

They were authorized to print 3 trillion, but actually printed 30 trillion

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