541–550 of 1001 posts
Earlier quoted context omitted.
Cash isn't recordable in the same way. I don't provide my id with the transaction when making cash purchases.
I don't think this service is replacing cash payments unless I am missing something?
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
What does a development environment look like, both architecturally and simply visually? Like: Do developers spin up entire fake economies with two banks and the fed on their latop, or is it all incremental changes to individual microservices in a big permanent test setup? Do other banks / service providers / the fed run test instances of their systems with fake money for other companies to do interop with, like a "g…
From a software development perspective, it's really quite normal.
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>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.
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https://fortune.com/2022/09/05/kiwi-farms-so-bad-cloudflare-...
It is anything but false. They bragged about their kill count. Do you have any source for your claim?
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I think KiwiFarms is a cesspool and I think Null in particular is an extremely crappy human, but despite that I disagreed with the credit card processors pulling them, because they really did have a near-monopoly for online payments, meaning that this could be considered stifling of free speech. However, I think I'll have less of an issue for it if there's the government-backed means in which to send them money; at t…
This is a dramatic whitewashing of KiwiFarms. KiwiFarms was not deplatformed for wrongthink or because people disagreed with their ideas. They were deplatformed for coordinating harassment campaigns that resulted in at least three confirmed suicides. That is not protected speech.
OTOH, plenty of sites have been canceled simply due to their fucked-up viewpoints that are protected speech.
I don't understand why FedNow and CBDC are such a big issue in the US. FedNow looks quite attractive from a fees perspective, especially when compared to PayPal and alike. Part of me wonders if the middlemen who stand to lose out might be trying to muddy the waters. It wouldn't be the first time.
> I don't understand why ~FedNow and CBDC~ BIG BROTHER are such a big issue in the US. Fixed this for you. I don't really want a gigantic federal agency having insight into every financial transaction I make. Hard, fucking, pass.
I'm torn on this. Visa, MasterCard, Venmo (aka PayPal), etc. all know about large subsets of my transactions, and they go and sell my personal data to other companies in sleazy ways to cover their costs.
Is that better or worse than the government knowing all this stuff? Sure, the government can also legally use force against me and deprive me of my freedom and possessions, and might pervert my transaction history into justifying doing bad things to me. But that's a risk, not a certainty. Private companies selling my data and using it in nefarious ways is a certainty.
Earlier quoted context omitted.
I think KiwiFarms is a cesspool and I think Null in particular is an extremely crappy human, but despite that I disagreed with the credit card processors pulling them, because they really did have a near-monopoly for online payments, meaning that this could be considered stifling of free speech. However, I think I'll have less of an issue for it if there's the government-backed means in which to send them money; at t…
This is a dramatic whitewashing of KiwiFarms. KiwiFarms was not deplatformed for wrongthink or because people disagreed with their ideas. They were deplatformed for coordinating harassment campaigns that resulted in at least three confirmed suicides. That is not protected speech.
If any speech is to be considered targeted harassment, then let the courts decide that in a defamation (or otherwise) case to determine damages and reconciliation of those damages.
Private entities should not be allowed to limit their business services to customers they suspect are behaving in a way they disapprove of, especially since these customers are not asking for tailored services such as cakes and custom websites. Payment providers are the backbone of a functioning economy, and problematic speech should never be the reason why they deny service.
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> So presumably they are interested in offering consumers the ability to pay for Netflix using FedNow instead of a credit card. I do wonder how stuff like this will shake out. I will use a credit card, always, with any vendor that doesn't pass along credit card fees to the customer in some way. (Why would I choose otherwise? The credit card gives me rewards, and better fraud protection.) But more and more, I see comp…
Credit card fees that aren’t passed through to you are a bit tragedy of the commons. Probably good for them to go away. It’s fine if you choose to pay them, and it’s still worth it to you, but otherwise you’re forcing everyone around you to subsidize your credit card rewards. That’s not fair.
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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…
This should be difficult to accomplish in a functional society.
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
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?