You heard about FedNow?
- Thread starter Aurelian
- Start date
FedNow will wipe out Zelle, Venmo.
The Fed also has a project for a digital dollar. That would be the one that goes head to head with cryptocurrencies and banks. It would allow you to keep your money with the Fed directly. And it would mean your money cannot be loaned out (so nominally no fractional reserve banking on that money).
FedNow has been delayed for years. If it comes out in July it'd be a small miracle. The digital dollar has no date at all.
I'm all for FedNow. It's completely crazy how you have to either sign up for ACH or 3rd party services to send money. I know very few people give their landlords checks monthly anymore, but this could be a lot more streamlined and universal. It could do the work of debit cards, PayPal, etc. all in one.
The Fed also has a project for a digital dollar. That would be the one that goes head to head with cryptocurrencies and banks. It would allow you to keep your money with the Fed directly. And it would mean your money cannot be loaned out (so nominally no fractional reserve banking on that money).
FedNow has been delayed for years. If it comes out in July it'd be a small miracle. The digital dollar has no date at all.
I'm all for FedNow. It's completely crazy how you have to either sign up for ACH or 3rd party services to send money. I know very few people give their landlords checks monthly anymore, but this could be a lot more streamlined and universal. It could do the work of debit cards, PayPal, etc. all in one.
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That money will be funnelled through the government, if they say that you aren’t good citizen or acting in a wrong way they can shut it down. Like if there was a large protest, what you think the government will do to stop the protesters?
That’s not right.
FedNow is a communications system between member bank, allowing them to quickly and accurately update their databases. It has no control over your banks database, which is where the your funds reside.
if they want to freeze the funds, the authorities have always had a much more powerful tool at their disposal. They will send a court order directly to your bank. And then your bank will lock your account.
At that point you'll no longer be able to ask your bank to send FedNow transfers (or any other sort of transfer for that matter.)
But it wasn't the FED that carried out the freeze, it was your bank.
You could easily get around a FedNow blockade by having your bank transfer the funds via any non-FedNow network. There are many of them, including one of the ACH networks, Zelle, The Clearinghouse's RTP system, or one of the Visa/MasterCard debit networks.
Alternatively, you could wire it overseas via SWIFT. Or send the funds internally to a friends bank account and have them evade the blockade.
Or, if you're feeling old fashioned, you could withdraw cash, maybe even write out a paper check.
How about using your debit card to buy gold or crypto or a yacht if that's your thing?
As you can see, you've got so many ways to exit funds from your bank account that blocking just one of the holes, FedNow, provides the authorities with no extra ability to freeze funds.
FedNow or not, the authorities have the same very powerful tool they've always had: they can just block funds at the bank level by telling your bank to do it.
Anyway, don’t listen to these crypto shills. They have heavy bags of funny money they’re trying to unload on people.
I don’t think crypto will go away because of this
Khaem
VIP
That's exactly what China did earlier to their protestors.
When the whole protests against lock down and the ccp was happening, the gov shut down peoples ability to pay for trains and busses to get to the protests and people who were considered to step out of line were banned from ordering flights, trains and any long distance travel
as long as degenerates want to gamble there will be crypto
NordicSomali
VIP
American paranoia
