281–290 of 1001 posts
My concern is that this is a trial run for an official CBDC that will eventually replace cash.
>replace cash That is the most important concern. Not even crypto can beat cash for convenience and anonymity. But having a way to transfer money outside of large corporations and instead through a government regulated service is a good thing.
Is there going to be a universal SDK / API we can use with this? This would cut alot of middle companies out of the payments industry (or at least put pressure on lowering fees). That would be a huge win. Wish we could do the same for the credit card companies. Would be great if the Federal Government could intervene in some way to have Visa / Mastercard / American Express / Discover use the same API interface for pa…
Currently this works between banks only. Banks have reserves at the Fed, and those reserves are what gets adjusted when a FedNow transaction happens. The banks then adjust their own records on their customers' behalf.
How can a consumer actually try this to send money? This says Wells Fargo is live now but after logging into Wells Fargo I don't see any obvious new feature.
Question: Can this be used by a consumer to more conveniently and securely, and without 3rd party fees, sell things online or in-person? Example 1: Sell a graphics to someone on /r/hardwareswap. Currently using PayPal. Example 2: Sell car in-person. Currently go to bank and have buyer hand over cash to deposit in bank.
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>replace cash That is the most important concern. Not even crypto can beat cash for convenience and anonymity. But having a way to transfer money outside of large corporations and instead through a government regulated service is a good thing.
It makes me question why we allow government to be in charge of our money, and the price of money (interest rate meddling by govt contractor federalreserve). I suppose we grow up with it and don't question it.
How can a consumer actually try this to send money? This says Wells Fargo is live now but after logging into Wells Fargo I don't see any obvious new feature.
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> It would open up the possibility of real-person communities with fewer bots and trolls. I would be 100% unwilling to engage with public online communities if I had to reveal my real-world identity to do so.
And that's OK. I'm sure there would still be anonymous forums, the 4chans and reddits of the world and such. But this would enable real-identity communities that we don't currently have, useful for things like public comments and discussions for local news (god, those newspaper comment sections are horrible right now), government requests for comments (like when they're starting a new development or changing land use…
I don't think that would be the result, really, because when sites do have real identity requirements, it doesn't increase civility much, if any.
I think it's the absence of a physical presence that makes people feel OK with being less civil. Emotionally, it doesn't feel like you're talking with real people.
But I don't know.
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well yes but the addressing scheme we use here is so much simpler. I hope they incorporate it at some point
Hmm, may be biased but don’t feel email address format for bank accounts is a big win. Seems to confuse rather than simplify. On the other hand routing plus account number is kinda long.
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Currently this works between banks only. Banks have reserves at the Fed, and those reserves are what gets adjusted when a FedNow transaction happens. The banks then adjust their own records on their customers' behalf.
So it's like a Bitcoin exchange, but with dollars!