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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#771

Post by kalleboo »

tjpnz wrote: post #671
ZoomerCretin wrote: post #516

Earlier quoted context omitted.

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.

One of those "confirmed" suicides occurred in Japan and the individual was also a US citizen. The US State Department doesn't list any suicides when it was said to have happened (June 2021 - there was one prior to that in May and another in February 2022). Reporting the death of a foreign national to their respective embassy is mandatory in Japan. https://travel.state.gov/content/travel/en/international-tra...

Japanese statistics show 6 US citizen deaths in June 2021 https://cache.treehouse.systems/media_attachments/files/110/...

The state department is just missing data.

Re: FedNow Is Live

#772

Post by randerson »

cowgoesmoo wrote: post #351
ru552 wrote: post #344

Earlier quoted context omitted.

Not for Zelle/Venmo/etc.. Zelle is for P2P (person to person) and FedNow is for A2A (account to account). There are no take backs on FedNow so it's not intended to be used for P2P. No take backs means no recourse for fraud etc.. FedNow should supplant ACH waaaaaaaaaaaaaaay down the line.

There's also no take backs on Zelle, Venmo, or Cash App.

There are takebacks on Venmo. Someone recently paid me and then asked Venmo Support to reverse it. Venmo pulled the money out of my account without even checking with me. I'd have happily reversed the transaction if the sender had just asked me. If you're selling something to a stranger, nothing beats cash.

Re: FedNow Is Live

#773

Post by cyberax »

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.

That's incorrect. A bank can't give out more dollars than they receive from depositors. It can give out all kinds of paper that is _valued_ in dollars, but not the digital representation of banknotes with the pictures of dead presidents on the front.

In contrast, the Fed can create actual dollars. It can just buy an asset and pay for it with money that it has just created.

Re: FedNow Is Live

#774

Post by csense »

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.

Parent and GP are using different definitions of "dollar."

GP is using a strict definition (only dollar-denominated liability of the Fed is a "true" dollar), parent is using a looser definition (a dollar-denominated liability of any bank is a dollar).

If you have a fractional reserve (e.g., a bank has $100M cash backing $100M deposits one day, then loans out $30M the next day), with the strict definition you still have $100M dollars ($70M controlled by the bank, $30M that was loaned out and used to purchase stuff). But with the loose definition you have $130M ($30M is still loaned out, depositors are $70M).

Essentially the depositors have made $100M of (debt) investments in the bank, and those investments are now 70% backed by cash and 30% backed by paper (mortgages or other kinds of IOU's from whoever they loaned the $30M to).

Re: FedNow Is Live

#775

Post by everfree »

vlovich123 wrote: post #480

Is there a way to restrict my bank to only allow incoming deposits to use this for my account? I'm scared of VULNs in a new system being abused to withdraw money quickly. Yes, I know the bank is on the hook for making me whole, but recovering from a financial issue like that is more annoying and time consuming than just avoiding it and being a late adopter.

FedNow is a push-only system. It cannot be used to pull a debit, only to push a credit.

Re: FedNow Is Live

#776

Post by callalex »

EGreg wrote: post #716
throwaway894345 wrote: post #666

Earlier quoted context omitted.

Then prosecute them for it? Our society probably shouldn’t depend on credit card processors to maintain law and order.

A counterpoint — every day tons of financial disputes are handled by banks and insurance companies. Unlike with government, no violence is involved, and things go well. Why involve governments and violence when we can avoid the bad things without violence?

This is a non-sequitur because the governments resolve millions to billions of disputes every day without violence as well.

Re: FedNow Is Live

#778

Post by jojobas »

Gabriel_Martin wrote: post #511
lmm wrote: post #496

Earlier quoted context omitted.

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.

“Mocking online misbehavior” is pretty generous.

Pretty accurate. You make yourself a name suing a waxing salon for not waxing your balls, you get a KF thread. You harass a github project for accepting contributions from a hardcore Christian, you get a KF thread. You declare "everything is racist, everything is sexist, everything is homophobic and you need to point it all out", you get a KF thread.

Re: FedNow Is Live

#779

Post by rcaught »

aussieguy1234 wrote: post #739

We've had something similar (OSKO/PayID) in Australia for a couple of years now. In our case it wasn't the government, but the private banks getting together to launch it themselves. Unfortunately its a big target for scammers. Once the cash is instantly transferred, there is little to no chance of getting it back. There are no chargebacks like with credit cards and the instant nature of it means payments can't be re…

You have to remember that the instant payment also stops the scam of "it will be in your account in a couple of days". You can see right there and then that the payment went through.

Re: FedNow Is Live

#780

Post by tjpnz »

kalleboo wrote: post #771
tjpnz wrote: post #671

Earlier quoted context omitted.

One of those "confirmed" suicides occurred in Japan and the individual was also a US citizen. The US State Department doesn't list any suicides when it was said to have happened (June 2021 - there was one prior to that in May and another in February 2022). Reporting the death of a foreign national to their respective embassy is mandatory in Japan. https://travel.state.gov/content/travel/en/international-tra...

Japanese statistics show 6 US citizen deaths in June 2021 https://cache.treehouse.systems/media_attachments/files/110/... The state department is just missing data.

Do you have an original source for this and is there a breakdown by cause? US State Department data only accounts for non-natural causes - namely suicides and accidents.
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