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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#831

Post by StanislavPetrov »

kredd wrote: post #465
bboygravity wrote: post #264

Earlier quoted context omitted.

Ever heard of cash? I can buy an icecream anywhere in the world without anybody tracking me. Even with the "wrong" political opinion (even if I would be a trucker in Canada during certain protests). I cannot do that with CBDC. No. CBDC (aka: the ultimate totalitarian's dream) is not the same as the current banking system, despite the current banking system also being very horrible for privacy. * All of the above assu…

The reality is, supermajority (including me) of people prefer not using cash. Especially up here in the North. Can’t even recall to ever pulling some out other than some casino entertainment night. I understand all the “freedom” (or whatever one might call it) I’m losing, but the positive sides are much better (never have to care about losing my wallet, much faster transactions, convenience and etc.). Sure, sounds ba…

>The reality is, supermajority (including me) of people prefer not using cash. Especially up here in the North.

Unfortunately, in my experience, I'd have to agree with you on that. But it also brings to mind a relevant Samuel Adams quote:

“If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that ye were our countrymen.”

Re: FedNow Is Live

#832

Post by [deleted] »

ncallaway wrote: post #400
mavili wrote: post #301

Earlier quoted context omitted.

> This would cut alot of middle companies out of the payments industry Not really. All it will do is let the same companies change the way they handle average citizens' payments. It's the same as Open Banking in Europe. It is supposed allow small businesses to leverage this to enable innovation and all that stuff, but when you want to use these APIs you find there are limitations on who can actually use it. For examp…

> So, not really that useful for a small startup wanting to make a product out of it. I mean, 50k puts it out of “a couple people starting something in their garage”, but it doesn’t really lock out much beyond that. That’s pretty close to the franchise fee for opening a McDonald’s. Yes, it could be more equitable, but if that’s the only barrier to access, it’s… pretty open for even quite small businesses.

[deleted]

Re: FedNow Is Live

#833

Post by defrost »

callalex wrote: post #826
all2 wrote: post #651

If the IRS was used against political opponents, this will be too. I think this is a case where setting a standard and requiring payment processors to adhere would have been a much better idea. More centralizing of power is not what we need right now.

Can you point me to any examples of the IRS being “used against political opponents”? Please specify who the opponents of the IRS are in your examples.

I'm not the person you asked and as an Australian it's difficult for me to find a concrete irrefutable example of the USofA IRS being weilded as a political weapon on short notice.

I can, however, provide two examples of an incredibly unlikely event that happened to two political enemies of the then seated POTUS:

https://www.nytimes.com/2022/07/06/us/politics/comey-mccabe-...

As outlined the Comey | McCabe audits appear to have all the likelihood of jeering at the president and then being struck by lightning.

This does appear to be something specific to a particular POTUS and not a general practice.

Re: FedNow Is Live

#834

Post by vxNsr »

elyobo wrote: post #757
rowls66 wrote: post #696

Earlier quoted context omitted.

When you give someone a physical check, you are giving them your bank account info. It is written on the bottom of every check.

People outside the US stopped using cheques ~decades ago. At 40+ from New Zealand I've literally never paid anyone with one and have been paid with them only a handful of times.

You probably have a very small illegal population, here in the US, if you don’t wanna hand someone a ton of cash but wanna pay them for something and they’re not allowed to open a bank account, a check is the easiest way to give them money. They can go to a check cashing place pay the 1-3% fee and cash the check. Otherwise you’re giving them cash or doing some complicated load to a prepaid card.

Re: FedNow Is Live

#835

Post by Nemo_bis »

wtmt wrote: post #252

This is a bit off topic for the post, but relevant for some of the comments here. For those who are commenting about payment systems in India and comparing this to UPI (Unified Payments Interface), this is not like UPI in a few ways. Firstly, this is more closer to a faster version of RTGS (Real Time Gross Settlement) in India, which is operated by the RBI (Reserve Bank of India). Speaking from experience, RTGS in In…

FedNow is probably more similar to TIPS, which has been running in the euro area banks since 2018, building on SEPA instant credit transfer. https://www.ecb.europa.eu/paym/target/tips/html/index.en.htm...

Anyone with an euro bank account is probably using TIPS in some fashion. In most cases, you can send a bank transfer anywhere in the euro area within 10 seconds for zero fees. Some banks may charge an extra fee on the sending side, and the receiving side might be a bit slower (in which case the payment might take a few hours to show up or act like a normal bank transfer). It's also used by merchants like Amazon or payment systems like PayPal to reduce fees on their payments.

Re: FedNow Is Live

#836

Post by yanderekko »

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.

The nexus between KF harassment and the suicides in two of the three cases is extremely tenuous ("KF had a thread X disliked" -> "X committed suicide" -> "KF induced X's suicide") and in the third the evidence that a suicide occurred to begin with is lacking.

I'm sure many, many more suicides could be linked more strongly to any of the major social media platforms.

In any case, the reasons for deplatforming have always been more diverse. CloudFlare dropped KF for representing some sort of imminent and ongoing threat to human life which you'd think a good-faith review of would indicate was misguided (and thus their service should be restored.) KF has not been able to establish relationships with other hosts not because literally everyone finds them repugnant, but because entering into a public relationship with any company immediately makes that company a target for a hate campaign, and even "free speech" hosts and such have found the cost-benefit math unfavorable.

Re: FedNow Is Live

#837

Post by topspin »

pas wrote: post #638
jschveibinz wrote: post #280

Earlier quoted context omitted.

To clarify, the Federal Reserve is owned by the 12 Federal Reserve Regional Banks which are in turn “owned” (as in stock that pays a dividend but can’t be traded) by the commercial banks in that region.

it's not a clarification. the ownership and stocks are entirely legacy symbolic gargoyles on a standard central bank. independent government agency. it's a loosely coupled top-down public institution, the monetary policy is set by a public committee,

> it's a loosely coupled top-down public institution

Indeed. Here I was thinking we'd shed the last of this "independent Fed" legal fiction during the "Great Recession."

Re: FedNow Is Live

#838

Post by yanderekko »

634636346 wrote: post #733
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.

Thankfully, the site is no longer available via clearweb, so we can just take its characterization by its harshest critics at face value, rather than having to actually read it ourselves and make up our own minds. However, I do find it strange that the site now only being available through Tor--and thus not showing up in Google search results or being easily browsable by "normies"--seems to have been enough to assuag…

>Thankfully, the site is no longer available via clearweb

Untrue, but once enough people know this I'm sure it'll be taken out again. I'd post the link but I'd probably be jeopardizing my YC account..

Re: FedNow Is Live

#839

Post by progval »

elyobo wrote: post #757
rowls66 wrote: post #696

Earlier quoted context omitted.

When you give someone a physical check, you are giving them your bank account info. It is written on the bottom of every check.

People outside the US stopped using cheques ~decades ago. At 40+ from New Zealand I've literally never paid anyone with one and have been paid with them only a handful of times.

They are still in use in France from time to time. Typical use cases I have seen are security deposits, and for small non-profits to expense volunteers and getting paid without bothering with payment terminals.

Re: FedNow Is Live

#840

Post by vxNsr »

Animats wrote: post #830
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…

"Hell, T-Mobile just started requiring you not use a credit card to get their $5/mo autopay discount." Yes. Visited a T-Mobile store to set that up. Brought in a voided check. Said "Set up an ACH transfer, please." "What's an ACH transfer?" Took about half an hour, two rejects from the T-Mobile payment system with both me and the clerk checking the numbers, and a conversation with Bank of America customer support ("W…

Yea BoA is not the most consumer friendly bank. I specifically have checking accounts with 4 different banks to capitalize on the various services they all offer, and to avoid being caught by a bank run type situation (or even just a bank’s services being down for a technical reason).
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