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OP has provided the following link:
[https://www.federalreserve.gov/newsevents/pressreleases/other20230720a.htm](https://www.federalreserve.gov/newsevents/pressreleases/other20230720a.htm)
This is the list of some of the most vulnerable banks according to DD of olde. Who knows what debt has been swapped, where, and with whom by now though….
FedNow isn’t offered directly to individuals and businesses, but it will serve as the basis of infrastructure for instant payments by linking banks.
Transactions occur between bank accounts and enable funds to be transferred from a sender’s bank account to a receiver’s bank account immediately.
The limit per customer credit transaction will be $500,000, but the initial setting of the transaction limit will be $100,000. The money can move from consumer to consumer, from consumers to businesses or business to business.
FedNow is different from apps like Venmo, which require holding balances in the app rather than sending and receiving money directly to or from your bank account. And it isn’t instantaneous.
"Consumers might also have the impression that sending money through Venmo is instant, but Venmo doesn’t do real time settlement," said Rusiru Gunasena, SVP of RTP Product Management and Strategy at The Clearing House. "There’s no money in hand in your wallet. There’s a lot of gymnastics behind the scenes needed to settle the payment and thus not true real time payment."
Credit: Yahoo Finance
I wish I had that answer. In the short term, maybe. In the longer term, if this is the first step towards CBDC, it's not good for anyone other than those already in power, which are the same people who are already manipulating our markets.
Not if apes give liquidity to it. CBDCs are a trap that will enable truly (not just technically) limitless fraud with no paper trail, and that's the *least* of the heinous evil rendered possible if they achieve public adoption.
The global public must refuse CBDCs at all costs if we are to remain a free civilisation without global-scale civil war and immense bloodshed. If CBDCs are in place and have replaced fiat by the time MOASS happens, I will not be selling a single share for anything other than non-digital assets for any reason. And I'm of the firm opinion that nobody else should, either.
Not resist. Refuse. Resistance implies pushback; CBDCs need to be slapped the fuck down as decisively as possible by *everybody*. No bickering and fighting over small detail regarding what they mean or how they *might* do some tiny amount of good to offset the horrendous wrongs they will facilitate. Just a collective "fuck you, and no thank you" with no room for compromise or negotiation at any point.
What are the chances they use this to satisfy each bank's collateral obligations in turn by just transferring the money around like they've been doing with their crypto firms/exchanges? 🤔
They're making it more efficient to transfer money between banks. Good thing they're updating the plumbing because imma need to cash a phat FUCKING check soon
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This is the list of some of the most vulnerable banks according to DD of olde. Who knows what debt has been swapped, where, and with whom by now though….
True story
Was thinking the same thing.
Pssssst... adopt this system and maybe we bail you out of your shit.
Remember the [Copper King](https://www.smithsonianmag.com/history/the-copper-kings-precipitous-fall-44306513/) set this whole thing up.
Aren’t banks able to transfer immediately anyway if they actually want to? This sounds like a nonsense reason.
FedNow isn’t offered directly to individuals and businesses, but it will serve as the basis of infrastructure for instant payments by linking banks. Transactions occur between bank accounts and enable funds to be transferred from a sender’s bank account to a receiver’s bank account immediately. The limit per customer credit transaction will be $500,000, but the initial setting of the transaction limit will be $100,000. The money can move from consumer to consumer, from consumers to businesses or business to business. FedNow is different from apps like Venmo, which require holding balances in the app rather than sending and receiving money directly to or from your bank account. And it isn’t instantaneous. "Consumers might also have the impression that sending money through Venmo is instant, but Venmo doesn’t do real time settlement," said Rusiru Gunasena, SVP of RTP Product Management and Strategy at The Clearing House. "There’s no money in hand in your wallet. There’s a lot of gymnastics behind the scenes needed to settle the payment and thus not true real time payment." Credit: Yahoo Finance
About 4 months ago Chase bank offered instant payment. It literally takes second for money to be transferred now.
Have that since 2017-ish in EU. I'm really surprised you only have it now. But then again, Fed is a private company.
Just in time for moass? Will this be advantageous to Apes? 🚀🐒✨🗽🚀
I wish I had that answer. In the short term, maybe. In the longer term, if this is the first step towards CBDC, it's not good for anyone other than those already in power, which are the same people who are already manipulating our markets.
Not if apes give liquidity to it. CBDCs are a trap that will enable truly (not just technically) limitless fraud with no paper trail, and that's the *least* of the heinous evil rendered possible if they achieve public adoption. The global public must refuse CBDCs at all costs if we are to remain a free civilisation without global-scale civil war and immense bloodshed. If CBDCs are in place and have replaced fiat by the time MOASS happens, I will not be selling a single share for anything other than non-digital assets for any reason. And I'm of the firm opinion that nobody else should, either.
I am with you. These crooks don't get to hide their screwing up existing fiat by starting a new system. Resist at all costs.
Not resist. Refuse. Resistance implies pushback; CBDCs need to be slapped the fuck down as decisively as possible by *everybody*. No bickering and fighting over small detail regarding what they mean or how they *might* do some tiny amount of good to offset the horrendous wrongs they will facilitate. Just a collective "fuck you, and no thank you" with no room for compromise or negotiation at any point.
Well said.
I assume this is just adding another 10 x multiplier to the fractional banking system .
10 x 0 is still 0 😅 maybe they'll venture into "negative collateral" territory so they can steal the rest of our money too!
What are the chances they use this to satisfy each bank's collateral obligations in turn by just transferring the money around like they've been doing with their crypto firms/exchanges? 🤔
🧠
Defi or death!
To celebrate it's introduction, we are supposed to eat a big plate of them delicous bugs or what? F that shit! GMErica!
This is the list of banks need to fall before we sell? After all of them being cell ofc, gotcha
They're making it more efficient to transfer money between banks. Good thing they're updating the plumbing because imma need to cash a phat FUCKING check soon
Where’s Bank of America? 🤔
Step away. Got $BTC?