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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#271

Post by JumpCrisscross »

CameronNemo wrote: post #155
JumpCrisscross wrote: post #110

Earlier quoted context omitted.

> CBDCs are next Nobody has seriously discussed a CBDC for months in the U.S. FedNow is the American financial system catching up to the 1990s. It has nothing to do with crypto beyond the cursory.

Powell seriously discussed CBDC in his recent testimony to congress. He mentioned it was far off.

> Powell seriously discussed CBDC in his recent testimony to congress. He mentioned it was far off

It isn't being seriously discussed for implementation. The working groups are disbanded. The Fed won't write it off--they shouldn't. But CBDCs are as proximate as postal banking.

Re: FedNow Is Live

#272

Post by _jal »

rabidonrails wrote: post #215
tracker1 wrote: post #185

Earlier quoted context omitted.

Pricing page is all but worthless... no indication what so ever about what even basic tier pricing is, or could be.

Agreed. This is really strange from their pricing page: >> Get started for free to test our APIs & unblock your development team. Talk to us about your transaction volume to get the best pricing with flexibility to grow. You would think there would _at least_ be a ceiling price. Makes me wonder why they can't show _any_ pricing.

Yeah, that's a good one.

"Spend the time and energy to build us into your product first and then we can talk price" is not the most reassuring of pitches.

Re: FedNow Is Live

#274

Post by solardev »

jkeisling wrote: post #86
WeylandYutani wrote: post #45

Earlier quoted context omitted.

I agree I'm more concerned about Silicon valley tech bros than my own government. I can vote for Parliament I can't vote for PayPal's board of directors.

Governments are far harder to remove than tech firms. You may be able to ditch Google, but there's only one government in your country. And "democracy" doesn't prevent state surveillance. Most politicians back it, so voting differently makes little difference. Labour and the Conservatives support the Online Safety Bill, the Patriot Act was bipartisan, and voters have very little control over the EU and can’t stop Cha…

Realistically, the average person has exactly 0 chance of "removing" either a government or a big multinational company.

However, the average person at least has some teeny tiny say in government via democratic processes and oversights. They have zero power against a big company unless they are a major shareholder.

The fundamental difference of "one person, one vote" and "one dollar, one vote" should not be lost in this discussion.

Big bureaucracies are terribly disempowering no matter who runs them, but in government at least you have some tiny amount of representation vs zero in the private sector.

Re: FedNow Is Live

#275

Post by realce »

sidpatil wrote: post #87
djfobbz wrote: post #17

Earlier quoted context omitted.

For one, unlike cash, the issuing entity can program CBDC to expire on a specific date unless utilized. Another horror use case is that they could track and limit how many hamburgers or pizzas you eat daily, weekly, monthly or yearly!

> For one, unlike cash, the issuing entity can program CBDC to expire on a specific date unless utilized. The idea isn't new. https://en.m.wikipedia.org/wiki/Silvio_Gesell

Many ideas aren't new, but that doesn't mean they're government policy.

Re: FedNow Is Live

#276

Post by carlosjobim »

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…

> Meanwhile some YouTuber screeching about some Bible quote

Why do you lie when it takes 1 second to verify the facts? I wasn't interested, but clicked on the video and the man is talking in a calm and collected manner, not even close to "screeching". Or is it always "screeching" when somebody says something you disagree with?

Re: FedNow Is Live

#277

Post by Tommstein »

bl4kers wrote: post #81
delfinom wrote: post #19

Earlier quoted context omitted.

Zelle is closed to the few banks that partner with the private banks that run it. Venmo is a private company that siphons your data for sale. FedNow is a long-term replacement of ACH, which the Fed Reserve banks already run. This system is open to all US financial entities. The platform also uses a ISO standard https://www.frbservices.org/financial-services/fednow/prepar...

Zelle has been a nightmare to use. Apparently they rolled out a major update that caused many financial institutions to drop support. Because of that, my phone number is now unusable/blocklisted in their system because it's in a limbo state that neither Zelle nor my bank can fix

It's a coin flip whether Zelle will actually work any time I try to use it.

Re: FedNow Is Live

#278

Post by isignal »

wtmt wrote: post #252

This is a bit off topic for the post, but relevant for some of the comments here. For those who are commenting about payment systems in India and comparing this to UPI (Unified Payments Interface), this is not like UPI in a few ways. Firstly, this is more closer to a faster version of RTGS (Real Time Gross Settlement) in India, which is operated by the RBI (Reserve Bank of India). Speaking from experience, RTGS in In…

Another difference is the use of phone numbers and simple email like identifiers in UPI. That doesn’t seem to be part of FedNow itself. What makes UPI very usable is that entering the phone number or a simple UPI id brings up some metadata about the person to confirm that the transfer target is accurate. In FedNow such a layer has to be added by Zelle or similar layer above, it appears.

Re: FedNow Is Live

#279

Post by DANmode »

kemotep wrote: post #64
lockhouse wrote: post #47

Earlier quoted context omitted.

In theory you spending it would reset the expiration date. If you know your money will expire you will spend it, thus stimulating the economy. We also can’t have the dirty proles save their way to a higher social class.

Where are these theories of how a hypothetical future CBDC come from? Is there an official announcement from the Federal Reserve about how they would like it to work? A committee hearing in Congress where this is discussed?

https://www.weforum.org/whitepapers/central-bank-digital-cur...

Re: FedNow Is Live

#280

Post by jschveibinz »

wtmt wrote: post #252

This is a bit off topic for the post, but relevant for some of the comments here. For those who are commenting about payment systems in India and comparing this to UPI (Unified Payments Interface), this is not like UPI in a few ways. Firstly, this is more closer to a faster version of RTGS (Real Time Gross Settlement) in India, which is operated by the RBI (Reserve Bank of India). Speaking from experience, RTGS in In…

To clarify, the Federal Reserve is owned by the 12 Federal Reserve Regional Banks which are in turn “owned” (as in stock that pays a dividend but can’t be traded) by the commercial banks in that region.
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