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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#521

Post by sclarisse »

dheera wrote: post #472
NavinF wrote: post #453

Earlier quoted context omitted.

"retail investors" normally refers to individuals at home and T+2 doesn't affect them because they have margin accounts. The only limitation is that if you day trade, you'll need $25k in your margin account. If you don't day trade or you have $25k, you can withdraw $0.01 a few milliseconds after selling $0.01 in shares

Personally I use the word "retail" to refer to restaurants, stores, malls, and other soulless things that occupy commercial real estate. I use "customers" to refer to souls that occupy residential real estate.

Lewis Carroll wrote a gag about people using words like this.

Re: FedNow Is Live

#522

Post by ZoomerCretin »

lmm wrote: post #496
hammock wrote: post #443

Earlier quoted context omitted.

What is the Kiwi Farms?

A discussion forum similar to, say, Something Awful (or indeed HN), with a focus on mocking online misbehaviour and a reputation for unpopular political views.

>with a focus on mocking online misbehaviour and a reputation for unpopular political views.

A less generous interpretation is that they coordinate harassment campaigns against transgender people and have caused at least three suicides.

Re: FedNow Is Live

#523

Post by niam »

solardev wrote: post #238
niam wrote: post #89

Earlier quoted context omitted.

I don't trust the govt quite as much as you, but could see this being a useful govt function if the issuing body didn't maintain any record of when, where, or why an ID was used--and only acted to verify the authenticity of an ID.

I don't know if it's really a matter of "trusting" the government, but of accepting that they already have access to most of my data anyway. Between credit cards, IP logs, subpoenas, national security letters, warrantless wiretapping, etc., they already know everything there is to know about me. What makes this tradeoff (of convenience vs privacy) acceptable to me is not that I trust the government, but that I alread…

I also fit into that camp of un-interesting people you're describing, but I'd say the intersections between privacy and law are a bit more underhanded and dangerous than the intersections between privacy and corporations.

In legal circles, for example, there's the refrain that you should never share unnecessary information with police, even if you're well intentioned and have nothing to hide, because innocence isn't a preclusion from being royally fucked in court. It's true that "the government" as a homogenous blob has mountains of information on you, but I guess I'm not so eager to dissolve what few helpful divisions within that blob exist.

On the whole though I agree that my information existing somewhere in that blob isn't the hugest deal.

Re: FedNow Is Live

#525

Post by itake »

amflare wrote: post #447
itake wrote: post #240

Earlier quoted context omitted.

Just wondering, but how is this different from our current system where judges can approve search warrants and companies have to comply? Are you think they won’t need search warrants?

This is the difference between the government needing a search warrant and having to come to your house, and them needing a search warrant but a law enforcement officer already living in your house. Sure, they still "need a warrant", but that doesn't make the situation acceptable.

Do you think private unregulated businesses (CashApp, Venmo, etc.) that this is trying to replace are any better? These companies just sell your transaction data to the highest bidder, no warrant needed.

Re: FedNow Is Live

#526

Post by seany »

ke88y wrote: post #433
CobrastanJorji wrote: post #429

Earlier quoted context omitted.

Why would any of it be under an NDA?

At the very least, one would hope that credentials and perhaps also certain design documents such as threat models aren't public. There may also be implementation details or code which are subject to NDA, either from the Fed itself or from service providers such as IBM in this case. Sometimes you can get that info from a FOIA request, but that doesn't negate the fact that the employees working on the system are bound…

> threat models

This is exactly the thing you _shouldn't_ put under NDA. What on earth?

Re: FedNow Is Live

#527

Post by smarx007 »

dheera wrote: post #305
HoyaSaxa wrote: post #298

For those curious, it is really using IBM MQ[1] under the hood and uses a bespoke flavor of the ISO 20022 specification. The FedNow Service itself is the tip of the iceberg in terms of what actually happens from an end-to-end perspective. We've been working to become a Certified Service Provider so feel free to ask me anything. I'm happy to share anything that is not under NDA. [1] https://www.ibm.com/products/mq

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 PDF linked in the thread [1] specifies T+20s or no settlement.

[1]: https://explore.fednow.org/resources/technical-overview-guid...

Re: FedNow Is Live

#528

Post by salawat »

evantbyrne wrote: post #515
634636346 wrote: post #439

Earlier quoted context omitted.

There are still almost 5k banks in the US. Unlike Zelle, if this opens to all of them, all you need is one bank.

I presume the system uses bank account and routing numbers? So besides concerns with sharing that information with the public, concerned citizens will figure out who they bank with, and will most likely be able to easily pressure the bank to drop them. Certain things should be difficult to accomplish in a functional society anyways, and administering a profitable hate group is one of those things. If not bankrupted b…

I'm sure British loyalists circa 1776 would have agreed with you.
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