CBDC incoming, FEDNOW to launch in July

originally posted by: AugustusMasonicus

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.

If its a second that is clearly not instant. Someone is making money of that 1 second delay. I've seen superman III, I know how this works!!! Central bankers something something crypto something something!!!

That's as good as I can manage into making this a conspiracy.

originally posted by: ScepticScot
If its a second that is clearly not instant. Someone is making money of that 1 second delay. I've seen superman III, I know how this works!!! Central bankers something something crypto something something!!!

That's as good as I can manage into making this a conspiracy.

Ha ha! Sounds legit to me.

Oh, did you mean "crypto" or "Krypto?" As in kryptonite.

originally posted by: TrulyColorBlind

originally posted by: ScepticScot
If its a second that is clearly not instant. Someone is making money of that 1 second delay. I've seen superman III, I know how this works!!! Central bankers something something crypto something something!!!

That's as good as I can manage into making this a conspiracy.

Ha ha! Sounds legit to me.

Oh, did you mean "crypto" or "Krypto?" As in kryptonite.

Damn I missed the chance to make that joke.

a reply to: litterbaux

Just say no to CBDC , use cash when possible and boycott all businesses who don't accept cash.

a reply to: AugustusMasonicus

NM i see you coincidentally answered my questions in a later post.

a reply to: litterbaux

In reading the thread and the FEDNOW Site, this is not a CBDC or even related. It is basically a faster version of Paypal, run by the US GOV (what could go wrong) .

originally posted by: IndieA
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.

I see it as a way to cut out a large portion of the settlement charges within the payment scheme so we are on the same page.

Or, we could run outside, scream at the moon and think the Fed is going to make us eat zee bugz.

originally posted by: AugustusMasonicus
the Fed is going to make us eat zee bugz.

Close, but no ceegar. The "Fed" will be eating bugs, too. They only think they're "the elite."

originally posted by: chris_stibrany
Just say no to CBDC , use cash when possible and boycott all businesses who don't accept cash.

Good advice. I already do that. Like when I owed the finance company over $30,000 for my house mortgage. I put $20,000 cash in their hands and they took it. Debt cleared.

originally posted by: litterbaux
a reply to: TrulyColorBlind

The one thing I don't understand is we are already on a digital currency.

No, we're actually not. There are huge differences between simple 'electronic' funds/money, and the coming CBDC.

CBDC is essentially 'programmable' money. They can program it to do anything from expire, to only allow you to buy certain things, or certain quantities of things, or only certain things on certain days of the week - the possibilities are endless. And the CBDC will be extremely easy to tie to your social credit score.

originally posted by: SuicideKing33
a reply to: litterbaux

Well thats the rub. Since BTC is its own currency there will be no conversion required.

While it can act as a currency between private parties, it is better used, especially right now, as a long term store of value.

"But you cant pay for things in Bitcoin!"

But you can. Right now. Read up on Lightning. You can pay for your Starbucks with bitcoin, right now.

Obviously no country that wants to completely rule over their citizens lives would allow it. Or countries where bankers run the government. (USA/China etc.).

But with government not run by complete psychopaths BTC should be embraced. I could see a big exodus to these countries....and then all the psycho countries declaring war on them lol.

I think bitcoin stands the best chance of freeing the peoples of the world that the world has ever seen.

It isn't guaranteed. It probably won't be a walk in the park. But there is an actual, real chance.

originally posted by: JinMI
a reply to: SuicideKing33

I love BTC and other crypto.

99+% of the 'other cryptos' will soon be gone the way of the dodo, once they are ruled to be unregistered securities (since they all actually are by definition). Any of those that do not or can not register, will have to move off shore if they want to continue operations, which closes the door to any and all US based investors, which will essentially be their death knell.

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

You're not keeping up. Learn about Lightning, and Layer 2 applications on the bitcoin blockchain. Lightning already works extremely well, and is getting better every day. You can use bitcoin to pay for your Starbucks (if you drink that garbage).

originally posted by: CriticalStinker
a reply to: JinMI

Not to mention it can’t make sense for micro transactions.

This is a very, very old and totally irrelevant (for at least the last few years) argumente.

Lightning has completely erased this argument.

The argument for bitcoin is store of value.

I agree at least for the near to long term - say, for the next 5-20 years.

I’m hopeful for crypto. I’m willing to risk part of my overall port on it because I believe in it.

That said each coin is flawed. Some can print just like the fed, many aren’t decentralized, some have high fees, some lack transparency, and some don’t give anonymity.

Bitcoin is the only one that doesn't fit any of those descriptions.

If you disagree - what do you see as bitcoins flaws?

a reply to: tanstaafl

If you disagree - what do you see as bitcoins flaws?

The lightning mechanism doesn’t necessarily interact with the blockchain in the same way a normal transaction would.

While that still may work for certain parties, broadly speaking it means each transaction isn’t saved in the blockchain. But it’s great for let’s say a website allowing people to pay in bitcoin so long as all parties trust each other.

a reply to: litterbaux

I already know how this is going to go down.......

You get more bees with honey than vinegar.

They aren't going to take things away right away, they will GIVE.

Remember Jagstorms #1 rule, don't take anything "free" from the government. Free isn't free, ever!

They will offer some interesting amount for people to sign up for fedcoin or whatever they call it,
let's say a decent amount 5k or 3k something of enough significance. Of course people won't want to miss out on that.
I'm sure those in power will figure out the "worth it" mark. Then there will be freebies. Companies will offer start up bonuses if you pay or use it. You know how cell phone companies offer bonus savings with auto withdrawl. Something similar.

For some they might not have any choice, food stamps, Wic or other forms of government payment might automatically be transferred to this form of payment.

a reply to: tanstaafl

You're not keeping up. Learn about Lightning, and Layer 2 applications on the bitcoin blockchain. Lightning already works extremely well, and is getting better every day. You can use bitcoin to pay for your Starbucks (if you drink that garbage

Which is not settled on the ledger immediately. Due to TPS and blocksize.

Might as well be the same as FEDNow and still doesnt address the centralization issue of energy and mining.

a reply to: tanstaafl

Happy to be shown to be wrong but as far as I am aware Starbucks does not accept bitcoin, at least not directly.

You have to transfer it to local currency via an app.

originally posted by: CriticalStinker
a reply to: tanstaafl

The lightning mechanism doesn’t necessarily interact with the blockchain in the same way a normal transaction would.

It doesn't matter. It works. It is lightning fast. It is extremely reliable. It is extremely resilient. There may be some minor issues. It is constantly being upgraded and made better. It is being used thousands of times a day if not more.

While that still may work for certain parties, broadly speaking it means each transaction isn’t saved in the blockchain.

That is patently incorrect. Each and every one is saved in the blockchain. Just not instantaneously.

But it’s great for let’s say a website allowing people to pay in bitcoin so long as all parties trust each other.

No trust necessary - and it is how people pay for their Starbucks with bitcoin.

I think you may be going on very old/dated information about lightning.

originally posted by: JAGStorm
a reply to: litterbaux

I already know how this is going to go down.......

Just to clarify, this is about FedNow, not the FedCoin, aka the federal reserve CBDC.

FedNow is just a payment processing system. It is a massive upgrade to the current system that will make all interbank transactions lightning fast (seconds, or minutes) as opposed to dog slow (multiple days).

The CBDC rollout is much much further out, at least 3-6 years, if not longer.

originally posted by: ScepticScot
a reply to: tanstaafl

Happy to be shown to be wrong but as far as I am aware Starbucks does not accept bitcoin, at least not directly.

You have to transfer it to local currency via an app.

You can google it as easy as me - search on "pay for my starbucks with bitcoin"...

And yes, just like if you want to use ApplePay - which still pays in dollars/cents - you have to pay with an app, but it is just as simple, easy and painless as ApplePay, and it pays from your bitcoin.