CBDC incoming, FEDNOW to launch in July

a reply to: SuicideKing33

It's not going to catch on any further. It's been 14 years. I had over 120btc when it was worth $50k+. Held on to most of it because... Well mostly because I can only buy so many t shirts and collectors items and random crap from the places that actually accepted it. Also partly thinking it would increase in value.

Now I have a fairly significant amount... In New York. Look into what I can do with it. Or people in states with laws like NY for that matter. It's essentially nothing.

a reply to: litterbaux

Try to be as self-sufficient as I can be, same as usual.

Gardening vegetables, canning, drying and smoking meat, doing lard down, keeping care of the chickens, drying and/or using all my waste food for livestock or fertilizer composting, hunting, fishing, collecting water, bartering for parts, making wine, etc..

I've got a bit of BTC, but to be honest I'm dumping it as soon as possible (it has to hit a certain number).

Handing over control of my life to these weasels won't be an option, I'd rather just die.

originally posted by: IndieA
It's looks like FedNow is just an instant payment system and not an actual CBDC, so no need to worry about any kind of social credit score any time soon.

It's kind of convenient this news comes out after a few bank failures happen and the FED is going to cover all losses even over the FDIC insurance of 250k.

Yes, yes, this is not connected at all!

Fednow will ensure instant payments, the treasury is on board, the fed is on board. See the connection?

originally posted by: litterbaux
a reply to: TrulyColorBlind

Do you think the CBDC will be dollar for dollar for CBDC? I don't, I think the system will debase the currency.

I agree with you. I think they will do just that. They'll use as many ways as possible to keep people so confused they'll just accept anything.

originally posted by: JinMI
No one coin to rule them all.

Yeah. They'd have to have a ring to do that.

originally posted by: MykeNukem
a reply to: litterbaux

Try to be as self-sufficient as I can be, same as usual.

Gardening vegetables, canning, drying and smoking meat, doing lard down, keeping care of the chickens, drying and/or using all my waste food for livestock or fertilizer composting, hunting, fishing, collecting water, bartering for parts, making wine, etc..

I've got a bit of BTC, but to be honest I'm dumping it as soon as possible (it has to hit a certain number).

Handing over control of my life to these weasels won't be an option, I'd rather just die.

You won't have to worry about dying, not as long as you have stuff like lard to barter with. I'd gladly barter some of the blackberry wine I just bottled up today for some good ol' lard.

Incoming fed coin coupled with incoming inflation are why I have been looking hard at my 401k thinking it might be worth taking the 10% hit to wipe out all of my debt that isnt house or car related, before the dollar finishes its death throes. (already know I am working till I am dead, Im ok with it lived footloose and fancy free for 20+ years as an adult and have a 4 year old so time to pay the band)

originally posted by: TrulyColorBlind

originally posted by: MykeNukem
a reply to: litterbaux

Try to be as self-sufficient as I can be, same as usual.

Gardening vegetables, canning, drying and smoking meat, doing lard down, keeping care of the chickens, drying and/or using all my waste food for livestock or fertilizer composting, hunting, fishing, collecting water, bartering for parts, making wine, etc..

I've got a bit of BTC, but to be honest I'm dumping it as soon as possible (it has to hit a certain number).

Handing over control of my life to these weasels won't be an option, I'd rather just die.

You won't have to worry about dying, not as long as you have stuff like lard to barter with. I'd gladly barter some of the blackberry wine I just bottled up today for some good ol' lard.

That's what I'm talkin about!

I'd be more than happy with that trade...

a reply to: CriticalStinker

I would much rather assume the risk and be responisble for my action than have a govt do it for me.


Socialized losses and privatized profits led us here.

I like to use this analogy when talking to folks about crypto in person.

You can only bet say 200 or 300k on the markets before you need accreditation. Dont remember the exact number. You, in the eyes of govt, arent smart enough.


However, no govt body will stop you from buying 300k worth of lottery tickets or dropping it at a casino. Or buying Jethros used boat.

a reply to: Irishhaf

I was thinking the same thing today, take the 10% excise tax BUT this would be the worst time to do that.

If I lose my job, yeah I'll take out the mortgage amount and pay off my house. BUT we are almost in the "blood in the streets" phase of the markets so I would highly recomment you don't cash out you 401k.

*I am not a financial advisor* My advice is random dude on the internet.

a reply to: JinMI

Jethros used boat is going to be pennies on the dollar, if you're into boating or fishing, you're going to get some good deals in Q4.

a reply to: litterbaux

Depends on spending power.

If China and SA little plan hatches, we are in deep biden.

a reply to: JinMI

I'm assuming you mean the BRICS currency backed by gold, yeah, we're fu$ked.

Have some gold in that case, I'm not sure they will allow us to buy that currency but it's better than the dollar.

originally posted by: JinMI
a reply to: SuicideKing33

I love BTC and other crypto.


BTC will never be fast enough to use as a payment system.

Lightning upgrade made it much faster, no? Ive never payed in BTC so I wouldnt know you could be right.

You can break up BTC into satoshis though. So you could pay .000036 BTC for that coffee and donut or whatever. Thats definitely a thing for micro transactions. And I forgot ol elon will take BTC for a tesla these days (or did he flip flop again).

Just remember this stuff is in its infancy still. Much to work out yea but there are always new BIPs (Bitcoin improvment proposals) and technology marches ever forward.

And isnt it curious how "Satoshi" created and releases BTC to the world and then just vanishes? Theres no "CEO" of BTC, no owner/inventor that anybody knew? Thats a whole nother thread.

a reply to: SuicideKing33

Lightning upgrade made it much faster, no? Ive never payed in BTC so I wouldnt know you could be right.

Lighting TPS, trasnactions per second, is between 3 and 7. Now compared to say a credit card company in the 10s of thousands per second.

You can break up BTC into satoshis though. So you could pay .000036 BTC for that coffee and donut or whatever. Thats definitely a thing for micro transactions. And I forgot ol elon will take BTC for a tesla these days (or did he flip flop again).

That feature exists in most if not all cryptos, its not unique to BTC

Just remember this stuff is in its infancy still. Much to work out yea but there are always new BIPs (Bitcoin improvment proposals) and technology marches ever forward.

BTC is almost 14 years old. Eth 7 or so years.

Simple fact is that BTC cant achieve the speed needed, especially going forward when you want to provide contextual transactions. Metadata etc.

However, it suits well as a store of value but that can change very quickly based on things like price of energy, government sanctions and general public sentiment

And isnt it curious how "Satoshi" created and releases BTC to the world and then just vanishes? Theres no "CEO" of BTC, no owner/inventor that anybody knew? Thats a whole nother thread.

Curious certainly is an apt term. Hes either a noble knight of the people or a deep state operative readying the world for CBDCs. No in between.

a reply to: SuicideKing33

Bitcoin was released in January 2009

Satoshi Nakamoto, whose actual identity has never been verified, created it.

It's interesting that this was also in the last financial collapse. One has to wonder if this digital currency could work after 2009, it did. Bitcoin went to 70k.

Take that as you will.

you all don't know it but this all will be tied into your electronic Passport.
In Japan , we are going all digital now with what we call " My Number " ( nice name, right , like 666 stamp on our fingertips )
This is just not happening in the States, its is all about a "controlled society of free movement " in future. And yes this is
MIM's Street Talk that is for real, no joking aside this time ATS members

KEY POINTS FedNow, the Federal Reserve's digital payments system, will debut in July. The system will allow bill payments, money transfers and other consumer activities to move more rapidly and at lower cost.

www.cnbc.com...

i need more exact information, than what i am seeing. but looking at this makes me wonder if banking in the US has fallen far behind countries like Canada?

"will allow bill payments", seriously? i was paying bills online, BEFORE i moved overseas for a decade. in fact we paid our bills, and my dad's credit card in Canada, from overseas, online, the whole time. could also do telephone banking, or at least you used to be able to, but living 12 or 13 hours ahead (depending on time of year), of where we did our banking was not something we wanted to do

"money transfers and other consumer activities"? again, been able to transfer money online, again for years. heck i now have people insisting to e-mail me my payment for work done. which is a bit annoying, because i then need to find an ATM to get cash out.

"to move more rapidly"? how much faster can you get than instant? when i pay bills online, they get the money, right then. when someone pays me or sends me money via email, if i am standing in front of a bank machine, i can immediatey turn around and take that money out.

so what is it i am missing with this?

This FEDNOW sounds like a reaction to the current bank shakes. The Fed could of started such a program 10 years ago, but it bucked the status quo too much. There looks to be a lot of built in graft and corruption with the current system so those involved with that did not want the boat rocked.

If the Fed is saying it will be ready for launch in 3 months, then look at about 3 years after all the beta testing is done and most bugs ironed out. And that is if they get it right. If they get it wrong, it gets hacked, the fed is dead.

Public acceptance is going to be a big part of its overall success. As with the jab some will quickly accept, others will have to be pushed into it, while others will fight it all they can. In the short term focusing on the larger institutions is a good start.

The time of taking 5 days to clear a check are over. I have found SWIFT to be good and effective for my transaction needs. I know it ain't perfect and does have problems and exploits. As for just how exactly this FEDNOW is built is going to have a lot of heated arguments among the development team. What kind of back doors and who has access is always a tricky one.

a reply to: generik

The current system is failing. I get what you're saying, it's not you that's failing, it's the other end. We aren't bailing out the banks (yet) the federal reserve is. Once we go full federal digital currency they can take interest rates negative, meaning there is no reason to save cash. Any cash on hand will have a grace period to deposit to the new system, if you wait, you'll have a deposit fee, 5%, 10%, 25%.

I don't have any sources as this info is locked tight.