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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#761

Post by treyd »

hellojesus wrote: post #370
treyd wrote: post #352

Earlier quoted context omitted.

Why would they want to do that? How would either your employer or the fed have the grounds to justify doing that?

Look at what happened with the Canadian protests and banking restrictions. Many are concerned that cdbc will allow the gov to create carbon rations that are enforced by disallowing purchases. Cash is fungible while regulated digital currency isn't.

But how could something like a carbon ration possibly be implemented? They'd have to retrofit every PoS system in the nation to classify sales and tag payments with that information. This would already be possible using the existing settlement infrastructure, nothing unique to how a CBDC would work.

Plus, if the goal is to limit carbon emissioms, it's more of a liberal market-shaping attitude that mainstream economists have to simply tax carbon heavy activities rather than invent new and unpopular technological measures to force it to happen. Same applies to the fears about limiting meat consumption, etc.

Re: FedNow Is Live

#762

Post by cubefox »

Klonoar wrote: post #632
zerocrates wrote: post #317

Earlier quoted context omitted.

Surprised you're writing checks every week: I haven't written a check in years. ACH transfers, sure, but not physical checks. I do still receive them occasionally, almost always as printed checks from companies.

I find I still have to write a few a year, annoyingly. Of all things my life insurance company is still not set up for credit card payments. In 2023. Boggles the mind.

The significant credit card fees might have something to do with it. Perhaps better luck with FedNow.

Re: FedNow Is Live

#763

Post by wavemode »

mattclarkdotnet wrote: post #750
cyberax wrote: post #721

Earlier quoted context omitted.

The Fed is the only entity in existence that can _create_ dollars out of thin air. US Treasury is responsible for the printed paper dollars, but only the Fed can create "digital" ones.

This is a huge but common misunderstanding. Every time a bank makes a loan, the dollars are "created out of thin air", and slowly "destroyed" as the loan is repaid.

When a private bank makes a loan, the dollars are not created out of thin air, no. They loan out depositor's cash.

Re: FedNow Is Live

#764

Post by joeblubaugh »

sjdmdlakziggy wrote: post #592
iknownothow wrote: post #316

Earlier quoted context omitted.

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.

Generally speaking, you won't find financial institutions using Postgres for core line of business databases.

What will they be using? A similar SQL database that has a big vendor behind it like Oracle, or something else?

Re: FedNow Is Live

#765

Post by js2 »

scarface_74 wrote: post #728
kelnos wrote: post #519

Earlier quoted context omitted.

> 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…

I’m going to lose $30 a month in discounts with T-mobile if I don’t switch to debit card or checking account. T-mobile has a horrible history when it comes to security. I definitely don’t want to give them access to my checking account

Create an account just for T-mobile. With someone like Fidelity setting up a new account is a few clicks. Ally makes it pretty easy too. Then set it up to fund automatically from another account within a certain limit. Or if your monthly bill is stable, setup a schedule to fund it monthly.

Re: FedNow Is Live

#766

Post by cubefox »

gtirloni wrote: post #705
TechBro8615 wrote: post #653

Earlier quoted context omitted.

What happens when it becomes so good that it's the only option? There's no need for it to be profitable, so it can inevitably undercut private sector competitors. Do you want to live in a country where the central bank controls and monitors your ability to transact with other people? Just last year, the Canadian government weaponized "debanking" in an effort to quell peaceful protests against vaccination mandates. Th…

> What happens when it becomes so good that it's the only option? Nothing is stopping banks from creating something better.

But not something cheaper.

Re: FedNow Is Live

#767

Post by jojobas »

ZoomerCretin wrote: post #516
tombert wrote: post #372

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.

This is a bullshit take. Kiwifarms always remind users to stay away from gossip subjects. The fact that some people disregard that is the equivalent of someone reading a tabloid or "Elon Musk jet tracker" and harasses celebrities mentioned there.

Also if you do what's likely to cause a KF article documenting your antics, you can be sure 4chan/8chan/countless discord channels will have a go at you as well, and those are typically not so restrained.

But sure pin it where you want.

Re: FedNow Is Live

#768

Post by amluto »

sjdmdlakziggy wrote: post #559
wslh wrote: post #538

Earlier quoted context omitted.

Last time, a decade ago, I played with RabbitMQ and similar open source queue system they didn't handle congestion and rate limitation well (crashed). From my little experience with classical IBM systems like MQ they knew about that stuff.

I spent a couple years deploying and integrating IBM MQ, and I own a couple of services currently that interact with it. It was (just a couple years ago) and probably still is more robust than current open source solutions, as long as you weren't planning on forking the code for some very specific use case that requires heavy modification, or the more likely situation of just wanting to save money. As far as message…

There’s always FIX.

FIX is, at its core, a message queue, and it’s a free financial industry standard. And, for any serious use in which the message queueing ability is important, FIX is wildly unfit for purpose.

Seriously, a deliver-once [0] message queue between two parties is very simple, and it’s truly remarkable how severely it can be screwed up. I’ve never used IBM’s solution, but I assume it actually works.

[0] Yes, deliver-once is impossible. But arranging for a failure to result in all messages up to a point being delivered, subsequent messages not being delivered, and the fact that a failure occurred being obvious to both parties is straightforward.

Re: FedNow Is Live

#769

Post by theptip »

cubefox wrote: post #730
asd88 wrote: post #636

Earlier quoted context omitted.

This is not a consumer-facing, social payment platform (e.g. Venmo), it is another payment rail (e.g. ACH, wires). Laypeople are not the target audience for this, payment rail users are (i.e. entities who regularly utilize ACH/wire transfers or build services on top of them).

> Laypeople are not the target audience for this Why not? There is no reason you couldn't buy a coke with it, with a fraction of the usual credit card fee. It just needs to be implemented.

Same reason that laypeople are not the target audience of AWS. It’s a building block you use to build a product, not a product.

Re: FedNow Is Live

#770

Post by everfree »

bhdlr wrote: post #598
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?

> > 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? No, under the hood it's a government Blockchain

Does it use cryptography to digitally sign its messages?
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