CBDC incoming, FEDNOW to launch in July

originally posted by: kwakakev
Public acceptance is going to be a big part of its overall success. As with the jab some will quickly accept

Fauci: ‘No doubt’ Trump will face surprise infectious disease outbreak

Someone seeking stars should make a thread about this link.

It's amazing that the biggest global pandemic has almost no coverage these days. Now we are more concerned about the money in our bank, sorry grandma, you are so 2020.

The people running the narrative are filth, scum of the Earth.

originally posted by: JinMI

originally posted by: litterbaux
a reply to: JinMI

So you're going all in on Bitcoin?

Knowing this is coming, I'm in analysis paralysis. I don't know what to do.

Im all in on crypto and property.

Moreso because of circumstance than choice.

Land is easier for governments to confiscate than pretty much anything else. You think renters will fight to the death for the rights of their landlords?

Nooope, but renters will fight to the death to see it taken from the landlords, and for every landlord there's a million non-landlords. It's the great reset, nothing is safe, especially land/property.

Just my own thoughts on it anyways.

This thread is funny.

I was on a Teams call with this guy yesterday:

originally posted by: litterbaux
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.

I call BS, and sources are important for reasons.

Interest rates are going up, not down. People who borrowed when rates were lower, but failed to repay their loans, will be punished for it the most. Increased interest rates are a subtle way of bleeding middle and lower class people, so they won't notice that much.

People with a lot of debt sometimes become wishful thinkers, latching on to stories of global or national debt forgiveness, student loan forgiveness, negative interest rates, or a new financial system with a clean slate. I get it, I used to have student loans and unsecured debt.

Bankers tend to want more of people's money, not less, and raising interest rates after an extended period of very low interest rates mixed with turmoil, will serve to do just that.

originally posted by: AugustusMasonicus
This thread is funny.

I was on a Teams call with this guy yesterday:

Oh good. Some people are confused how the new system differs from the old system. Can you enlighten us?

originally posted by: IndieA
Oh good. Some people are confused how the new system differs from the old system. Can you enlighten us?

What do you want to know?

originally posted by: AugustusMasonicus
This thread is funny.

I was on a Teams call with this guy yesterday:

Is he a cowboy?

originally posted by: MykeNukem
Is he a cowboy?

Not following.

originally posted by: AugustusMasonicus

originally posted by: MykeNukem
Is he a cowboy?

Not following.

There's a HUGE "DB" staring you down...no heels though...

Nevermind, it's early, still on my first java, was stupid, lmao.

originally posted by: litterbaux

Here are the optics that should be expressed;

We couldn't be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution

Many early adopters have declared their intent to begin using the service in July, including a diverse mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury

CBDC incoming, FEDNOW to launch in July

I'm not sure what to do knowing this is now coming full speed. I'm not sure any asset will be worth anything moving forward. If you can't trade it for the CBDC currency it will be worthless.

What say you?

I mean this isn't CBDC, but it's infrastructure for it, I suppose. This is basically "CashApp - The Federal Reserve Version."

a reply to: SRPrime

Exactly.

originally posted by: AugustusMasonicus

originally posted by: IndieA
Oh good. Some people are confused how the new system differs from the old system. Can you enlighten us?

What do you want to know?

Now really followed this. Is it similar idea to the UK's Faster Payments System?

originally posted by: AugustusMasonicus

originally posted by: IndieA
Oh good. Some people are confused how the new system differs from the old system. Can you enlighten us?

What do you want to know?

generik had asked:

"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?

a reply to: JinMI

BTC isn't supposed to be used to pay for stuff with. Unless you are buying something really big.
The way I see it is BTC is like a country's currency, except there is no country, and BTC doesn't give a crap about the other country's laws.

So say it rolls out and I have 3.5 BTC. And let say that 1 BTC is worth 20,000 FED coins. Well, maybe in a year 1 BTC will be worth 50,000 Fed coins. So it is a way to keep large amounts of wealth away from the system. You sell some BTC to get some FED coins, maybe every quarter year? Use the FED coins for all of your bills, etc. F them. Also, they can't get into your wallet.

Also, also, looks like only about 20% of the US population bought, sold or held crypto in 2022. So - it is not as widespread as they want us to think it is. Added to that that institutions and etc own the most BTC. Yeah, FED coins, Dollars, Euros, whatever - they can do what they want, but there is only 22 million Bitcoin and there will never be any more - so do the math.

originally posted by: ScepticScot
Now really followed this. Is it similar idea to the UK's Faster Payments System?

Yes, but it is only the second instant payment platform after the Clearing House. Settlement takes about 1 second so it is faster than 'Faster' and even 'RTP'. It's ISO:20022 compliant which means it's a global standard.

a reply to: IndieA

See above. There is a large misperception about 'instant' and 'fast' payments. Settlement often takes days, the FedNow platform is instant in the sense of the settlement is processed from P2P, P2B or B2B financial institutions in about 1 second. It is true instant payments and the fee is only about .01-04¢ initially. I am sure they'll raise that at some point but at launch that's what it will be.

It has zero to do with a CBDC, the Fed is not even close to launch with this application.

All to advance the coming "Social Credit Score" for the WEF.
Globalist Bastards, one and all.

You don't think the way you should? You are denied access to your digital funds.
You say something that goes against the controlled narrative? You are denied access to your digital funds.
You say something negative against the Gooberment? You are denied access to your digital funds.
You don't move into one of their "15 minute Cities"? You are denied access to your digital funds.

originally posted by: litterbaux
What say you?

I'm obviously not an expert (about as far from it as you can get), but from what little I read, the FedNow system is just a modernization of their payment processing system, from the ancient/antiquated version, to a modern virtually instantaneous one. Nothing wrong with that, and I say about damn time.

Obviously this is a necessary first step that must be implemented before they can launch their CDBC monstrosity, but my personal opinion is the same as many in the bitcoin world...

FedNow, if it works and is reliable and relatively bug free, will certainly be wildly successful. Their CDBC launch? Yeah, not so much. It is apparently so far from ready right now that by the time it is ready, bitcoin layer 2 apps - most importantly, Lightning, but there will almost certainly be more - will have evolved to the point there will be no stopping bitcoin/lightning without killing the entire internet - which would also kill their CDBC.

originally posted by: generik

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?

I think the only thing you're missing is that the government hopes people will believe what they say and be stupid enough to miss those key points. Unfortunately, I think they would be right. There are a lot of stupid people out there.

originally posted by: AugustusMasonicus
a reply to: IndieA

See above. There is a large misperception about 'instant' and 'fast' payments. Settlement often takes days, the FedNow platform is instant in the sense of the settlement is processed from P2P, P2B or B2B financial institutions in about 1 second. It is true instant payments and the fee is only about .01-04¢ initially. I am sure they'll raise that at some point but at launch that's what it will be.

It has zero to do with a CBDC, the Fed is not even close to launch with this application.

Thank you.

This does seem like a technological advancement, at least for the fiat currency ecosystem.

I see these advances in financial technology as one day possibly reducing our reliance on bankers, while increasing honesty and transparency within the economy. These digital technology advances are likely to streamline regulation, increase fraud detection, and decrease illegal transactions. I'm on board with that, but still not a big fan of fiat or private central bankers.