501–510 of 1001 posts
e: ah I see the diagram now. more helpful.
Earlier quoted context omitted.
certain design documents such as threat models aren't public That smells like security through obscurity (which admittedly is the status quo in the banking world). Contrasted to approaches like Bitcoin, for which full code and whitepaper are public, and which has managed to survive every attack vector thrown at it for the last decade and a half. Not arguing for Bitcoin as money here, just highlighting the diverse app…
LOL what? Keeping private keys private is not "security through obscurity". Or if it is then basically all security is security through obscurity. No one is posting their private keys on github, and when they do their crypto goes poof nearly instantly. None of the exchanges publish their threat model documents. I sure as shit don't tell people where I store my private keys. The bitcoin whitepaper and code are more an…
How does this system impact the normal person? Like who is the customer for this? Can I uninstall Venmo and Paypal? Or is this something banks would use under the hood and consumers would never interact with? e: ah I see the diagram now. more helpful.
Funny thing about topics like this is that people of any given country is oblivious to how other countries have solved that problem, or the challenges other countries face, or inturn the problems that they themselves face. Regarding payment systems specifically, people generally don't realize what they're missing. Pick anybody from anywhere and they'll tell you they've been able to do everything they ever wanted to d…
When I lived in Japan twenty years ago, everybody just wired money electronically and checks were long obsolete. In the US, I write checks every week or so. They also had a system where you would put your checkbook into the teller machine and it would print your credits and debits into the book for you. It was very convenient. On the downside, the ATMs were turned off (!) during national holidays, so you had to get c…
Earlier quoted context omitted.
Does this end the T + 2day ridiculousness? It should be T + 1millisecond at worst. What does it take to update 2 "balance" values in databases?
The problem is, which "database"? If you know the data is always going to be in the range of ~1TB, use Postgres or some other ACID database. But I don't know of any petabyte scale ACID compliant database. Also I'm not sure if ACID is sufficient or not for banking systems.
DuckDB and SQLite easily handle terabytes of data. They're just not so much for cloud based apps, or things that need multiusers and access control junk. They're the best choice for just about everything else though.
Earlier quoted context omitted.
Is the eventual end-game that I can send money from my account at Bank A, to a friend's account at Bank B to split a check at dinner without using a third party like Venmo?
Yes, that is absolutely a use case. Similar to Venmo, there is also a Request for Payment (RFP) mechanism. I'm on the Request for Payment (RFP) Work Group that is composed of a number of financial institutions, service providers, and billers. Netflix is part of the RFP Work Group. So presumably they are interested in offering consumers the ability to pay for Netflix using FedNow instead of a credit card. Instead of N…
I never touched a check in my life and I get my employers payment mostly even before the end of the month?
Funny thing about topics like this is that people of any given country is oblivious to how other countries have solved that problem, or the challenges other countries face, or inturn the problems that they themselves face. Regarding payment systems specifically, people generally don't realize what they're missing. Pick anybody from anywhere and they'll tell you they've been able to do everything they ever wanted to d…
When I lived in Japan twenty years ago, everybody just wired money electronically and checks were long obsolete. In the US, I write checks every week or so. They also had a system where you would put your checkbook into the teller machine and it would print your credits and debits into the book for you. It was very convenient. On the downside, the ATMs were turned off (!) during national holidays, so you had to get c…
I think it's easy to forget that societies that adopt a technology early might be doing so because the slightly outdated alternative from elsewhere was never brought over. Japan has no shortage of those, like a lot of dining is still cash only. Who knows, perhaps in 10 years those restaurants will skip credit cards and contactless and go straight to face-based automatic payment.
[1] PDF warning https://www.ilo.org/dyn/travail/docs/2018/Labor%20Standards%... [2] 1991 article https://www.sun-sentinel.com/1991/10/24/japanese-prefer-cold...