FedNow Is Live

Post by polski-g » Thu, Jul 20, 2023, 11:14 PM UTC

evantbyrne wrote: post #551

salawat wrote: post #528

Earlier quoted context omitted.

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

Nonsense comparison. We're talking about business partnerships. If everyone with a shred of decency turns your organization away, that's a great litmus test for its existence. Worry about the next revolution being banked when that becomes a real concern, not over an online troll farm that tries to convince vulnerable people to end their lives.

Post by jowea » Thu, Jul 20, 2023, 11:15 PM UTC

patmorgan23 wrote: post #584

pyrelight wrote: post #426

Earlier quoted context omitted.

This is the most hacker news conversation ever.

Yeah like who the f*ck cares if their bank transfer takes 1 second or 1 millisecond.

Post by catchnear4321 » Thu, Jul 20, 2023, 11:17 PM UTC

oorza wrote: post #548

LadyCailin wrote: post #537

Earlier quoted context omitted.

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.

Alternatively, everyone not taking advantage of the credit card protections isn't taking advantage of what's offered around them. Everyone should be subsidizing everyone else, because no one should be using a debit card to make direct consumer purchases in 2023. It's too fraught with risk comparatively, and even the scummiest of the sub-prime credit cards give you a grace period to not accrue interest.

Post by patmorgan23 » Thu, Jul 20, 2023, 11:19 PM UTC

ke88y wrote: post #490

rkagerer wrote: post #484

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…

Post by bhdlr » Thu, Jul 20, 2023, 11:20 PM UTC

lisper wrote: post #15

mydriasis wrote: post #2

> Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year. Whoa. Is this as awesome as it sounds? Is this akin to government-backed Venmo, or something?

> Is this akin to government-backed Venmo, or something? Yes, exactly. But you have to keep in mind that this is a two-edged sword. On the one hand, it's going to be convenient and probably secure. On the other hand, it's going to let the government see every transaction you make, which for some people will be a very high price to pay.