@g_boccia @williampietri @manux @docpop @Interledger
@dimpase
I'm fine with this kind of govt centralization.
The US has an ACH (automatic clearing house) system where banks have a routing number and then we get account numbers. What I don't get is why we can't modernize this into something like a username/domain to make transferring money like sending an email. then let us build that into apps. also #FedNow is starting up.
do other countries have this? could we have an international system?
credit unions can be cool. we desperately need a decentralized fiat transfer protocol so we can send money as easy as email. instead of using PayPal or Venmo or a credit card, we'd use our own banking apps. #FedNow
$5 FROM me@mybank.com TO you@yourbank.com
I feel like we have to first make sending fiat (almost maybe) as easy as sending an email or message here, except directly from our banking app. An open protocol and API. Then may a million flowers bloom.
I feel like this kinda exists in other countries but the US is only just beginning with #FedNow.
Decided to check back in on #FedNow and it's live! I wonder how many banks are using it. What is that experience like? Kinda excited.
or if we'd had a better option cause there was an open protocol for fiat bank to bank direct transfer. it would have removed a lot of the interest in crypto too. #FedNow
cc @Interledger
I've been kinda obsessed with how the US does digital fiat transactions and how fixing it would turbo charge the digital media economy, rippling out to making our entire culture less dominated by a wealthy few. #FedNow
https://pca.st/episode/c81fee70-e418-4e65-b625-4f1e94202792
just like with music piracy etc, interest in crypto would lessen if we had better ways to transfer money. #FedNow sounds good but it seems to be stalled. it needs to be an open protocol like we use here so that we can build it into applications. no middleman like PayPal, Patreon or credit card companies. the simplicity of sending $5 or $500 (or even pennies) once or recurring from me@mybank.com to you@yourbank.com w/o big fees. govt oversight is fine. track it in our banking apps.
maybe you were trying to push them in this direction, but what we need from somebody as powerful as #meta is help building a decentralized #w3c standard to transfer money (not crypto). as easy as sending $5 from me@mybank.com to you@yourbank.com with the ability to build apps around it. To directly pay for servers, apps, media etc. I don't see how it would help them but it's so needed and it would probably require their resources and connections to make happen. #FedNow
@accretionist @yogthos @nivrig
I'm unconvinced but maybe. I don't get why we can't do this with banks and some new @w3c money transfer protocol. #FedNow is just now rolling out in the US.
#FedNOW is supposed to address this, I think
don't you think people should have as much freedom to give money privately to whoever they want? I think the ability to control this is similar to limiting speech. It takes money to do political organizing, for example. I don't like crypto generally, but I also don't like too few corporations being our available middlemen in transferring funds. It should be as decentralized and simple as email etc imo. That would unleash a lot of innovation. #FedNow
#CBDC #FedNow #NWO #Slavery #Crypto Fednow mentions it could be better alternative than CBDC, pushing a #Conspiracy to facts https://www.coindesk.com/policy/2023/10/17/fed-governor-bowman-says-us-cbdc-may-pose-significant-risk/
@silverpill @finestructure @Selena @njan @Gargron
thank you. can you elaborate on your last sentence? because something like #FedNow would need to be involved? it would be much better than what we have now, right?
@funkwhale is getting there. yes, we need a decentralized donation system where the money flows automatically and directly based on what we read, watch and listen to. everybody sets up their own pool every month and it automatically goes to the creators as a percentage of consumption at the end of the month. directly bank to bank. perhaps via #FedNow or other national equivalents. no crypto.
cc @tchambers
TechCrunch reports that changes in the legal terms of the FedNow service may benefit digital wallet and payment app providers, allowing them to extend their services across multiple apps and networks, opening new business opportunities for startups and investors. #FintechNews
@c060b31fe2bbb0be4d393bc7c40a80848a25b8f0e0f382cb5b49c37bf7476cb4
maybe. I'm divided between the problems we still have with crypto and the outside control using something like #FedNow would allow.
