![balajis's tweet photo. CENTRAL BANK DIGITAL CONTROL != CBDC
Fednow is central bank digital control, even if it's not technically central bank digital currency.
I strive to be precise. So, let me make some important clarifications about FedNow, in response to fair points from @jp_koning and @CaitlinLong_.
First: FedNow is highly centralizing. It's an instant payment system where every payment goes through a Fed-controlled server and must "comply with applicable controls"[1].
And the roadmap[2] is to support not just p2p payments but also "consumer-to-government" and "government-to-consumer", which means automatic debiting from your account and automatic stimulus. In other words, even more direct government control over your bank account.
The same Fed that sent interest rates to zero and then the moon, the same Fed that killed five of its own banks[3] and blamed their deaths on everything other than its own policies — in July that Fed will soon have the visibility and power to monkey with your bank account directly to freeze or drain your funds at will with "applicable controls" and "consumer to government" payments, rather than being impeded by the current antiquated banking tech stack.
But yes, FedNow isn't technically a central bank digital currency (CBDC). There isn't a blockchain or equivalent where you can see the on-chain flow of every digital dollar.
However, it is what people *fear* when they talk about a CBDC. It's central bank digital control, even if it's not central bank digital currency. And it's a major step towards rolling out a full CBDC.
So I agree that the distinction between FedNow and a CBDC is important from a technical standpoint, but not from a civil liberties standpoint.
I think of FedNow as a little bit like a virus that has evolved to evade recognition by changing its sequence without really changing its function. People are immunized against the term "central bank digital currency", but not all forms of increased "central bank digital control", and FedNow is certainly the latter.
The fundamental question is whether FedNow increases the Fed's control as a system administrator over the lives of individuals. And the answer is that unfortunately it does. So FedNow is increased central bank digital control, even if it's not technically a CBDC.
So, any statute that bans CBDCs should also ban central bank digital control in the form of FedNow.
CITATIONS
See screenshots from FedNow documentation, and the PDFs below.
[1]: Pages 7-8: https://t.co/IUfAUIACnE
[2]: https://t.co/dzziDYOxpk
[3]: https://t.co/R67F3dAG00
https://t.co/McQqMPOHAy](https://pbs.twimg.com/media/Fr7x9nBaMAIn8D1.jpg)
![balajis's tweet photo. CENTRAL BANK DIGITAL CONTROL != CBDC
Fednow is central bank digital control, even if it's not technically central bank digital currency.
I strive to be precise. So, let me make some important clarifications about FedNow, in response to fair points from @jp_koning and @CaitlinLong_.
First: FedNow is highly centralizing. It's an instant payment system where every payment goes through a Fed-controlled server and must "comply with applicable controls"[1].
And the roadmap[2] is to support not just p2p payments but also "consumer-to-government" and "government-to-consumer", which means automatic debiting from your account and automatic stimulus. In other words, even more direct government control over your bank account.
The same Fed that sent interest rates to zero and then the moon, the same Fed that killed five of its own banks[3] and blamed their deaths on everything other than its own policies — in July that Fed will soon have the visibility and power to monkey with your bank account directly to freeze or drain your funds at will with "applicable controls" and "consumer to government" payments, rather than being impeded by the current antiquated banking tech stack.
But yes, FedNow isn't technically a central bank digital currency (CBDC). There isn't a blockchain or equivalent where you can see the on-chain flow of every digital dollar.
However, it is what people *fear* when they talk about a CBDC. It's central bank digital control, even if it's not central bank digital currency. And it's a major step towards rolling out a full CBDC.
So I agree that the distinction between FedNow and a CBDC is important from a technical standpoint, but not from a civil liberties standpoint.
I think of FedNow as a little bit like a virus that has evolved to evade recognition by changing its sequence without really changing its function. People are immunized against the term "central bank digital currency", but not all forms of increased "central bank digital control", and FedNow is certainly the latter.
The fundamental question is whether FedNow increases the Fed's control as a system administrator over the lives of individuals. And the answer is that unfortunately it does. So FedNow is increased central bank digital control, even if it's not technically a CBDC.
So, any statute that bans CBDCs should also ban central bank digital control in the form of FedNow.
CITATIONS
See screenshots from FedNow documentation, and the PDFs below.
[1]: Pages 7-8: https://t.co/IUfAUIACnE
[2]: https://t.co/dzziDYOxpk
[3]: https://t.co/R67F3dAG00
https://t.co/McQqMPOHAy](https://pbs.twimg.com/media/Fr7x8wEacAEBxqS.jpg)
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🧵THREAD: On March 24, 1999, NATO began illegally bombing Yugoslavia for 78 days without the approval of the United Nations, dropping more than 28,000 bombs, including depleted uranium and cluster munitions, killing over 2000 civilians and displacing more than 250,000 people.
BREAKING: #Argentina to Ditch Dollar, Pay For Chinese Imports in Yuan.
F* the US. F* the IMF.
https://t.co/MKxXCOnvWf
JUST IN:🇭🇰 Hong Kong to publish licensing framework for #Bitcoin and crypto exchanges next month - Bloomberg
You watching this, SEC? 👀 🤨
CRIMINAL: If you don't like the numbers, we'll just change the calculation.
How one can derive instructions for action on the basis of the highly manipulated CPI index is criminal.
https://t.co/kHUMtpLwUe
First they broke Silvergate, Silicon Valley Bank, Signature Bank, and First Republic.
Then they broke Credit Suisse.
Now they're breaking Deutsche Bank. Biggest jump in DB credit default swaps in the bank's history.
Thanks central bankers! 😂
Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA.
Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. 🙏
CENTRAL BANK DIGITAL CONTROL != CBDC
Fednow is central bank digital control, even if it's not technically central bank digital currency.
I strive to be precise. So, let me make some important clarifications about FedNow, in response to fair points from @jp_koning and @CaitlinLong_.
First: FedNow is highly centralizing. It's an instant payment system where every payment goes through a Fed-controlled server and must "comply with applicable controls"[1].
And the roadmap[2] is to support not just p2p payments but also "consumer-to-government" and "government-to-consumer", which means automatic debiting from your account and automatic stimulus. In other words, even more direct government control over your bank account.
The same Fed that sent interest rates to zero and then the moon, the same Fed that killed five of its own banks[3] and blamed their deaths on everything other than its own policies — in July that Fed will soon have the visibility and power to monkey with your bank account directly to freeze or drain your funds at will with "applicable controls" and "consumer to government" payments, rather than being impeded by the current antiquated banking tech stack.
But yes, FedNow isn't technically a central bank digital currency (CBDC). There isn't a blockchain or equivalent where you can see the on-chain flow of every digital dollar.
However, it is what people *fear* when they talk about a CBDC. It's central bank digital control, even if it's not central bank digital currency. And it's a major step towards rolling out a full CBDC.
So I agree that the distinction between FedNow and a CBDC is important from a technical standpoint, but not from a civil liberties standpoint.
I think of FedNow as a little bit like a virus that has evolved to evade recognition by changing its sequence without really changing its function. People are immunized against the term "central bank digital currency", but not all forms of increased "central bank digital control", and FedNow is certainly the latter.
The fundamental question is whether FedNow increases the Fed's control as a system administrator over the lives of individuals. And the answer is that unfortunately it does. So FedNow is increased central bank digital control, even if it's not technically a CBDC.
So, any statute that bans CBDCs should also ban central bank digital control in the form of FedNow.
CITATIONS
See screenshots from FedNow documentation, and the PDFs below.
[1]: Pages 7-8: https://t.co/IUfAUIACnE
[2]: https://t.co/dzziDYOxpk
[3]: https://t.co/R67F3dAG00
https://t.co/McQqMPOHAy
![balajis's tweet photo. CENTRAL BANK DIGITAL CONTROL != CBDC
Fednow is central bank digital control, even if it's not technically central bank digital currency.
I strive to be precise. So, let me make some important clarifications about FedNow, in response to fair points from @jp_koning and @CaitlinLong_.
First: FedNow is highly centralizing. It's an instant payment system where every payment goes through a Fed-controlled server and must "comply with applicable controls"[1].
And the roadmap[2] is to support not just p2p payments but also "consumer-to-government" and "government-to-consumer", which means automatic debiting from your account and automatic stimulus. In other words, even more direct government control over your bank account.
The same Fed that sent interest rates to zero and then the moon, the same Fed that killed five of its own banks[3] and blamed their deaths on everything other than its own policies — in July that Fed will soon have the visibility and power to monkey with your bank account directly to freeze or drain your funds at will with "applicable controls" and "consumer to government" payments, rather than being impeded by the current antiquated banking tech stack.
But yes, FedNow isn't technically a central bank digital currency (CBDC). There isn't a blockchain or equivalent where you can see the on-chain flow of every digital dollar.
However, it is what people *fear* when they talk about a CBDC. It's central bank digital control, even if it's not central bank digital currency. And it's a major step towards rolling out a full CBDC.
So I agree that the distinction between FedNow and a CBDC is important from a technical standpoint, but not from a civil liberties standpoint.
I think of FedNow as a little bit like a virus that has evolved to evade recognition by changing its sequence without really changing its function. People are immunized against the term "central bank digital currency", but not all forms of increased "central bank digital control", and FedNow is certainly the latter.
The fundamental question is whether FedNow increases the Fed's control as a system administrator over the lives of individuals. And the answer is that unfortunately it does. So FedNow is increased central bank digital control, even if it's not technically a CBDC.
So, any statute that bans CBDCs should also ban central bank digital control in the form of FedNow.
CITATIONS
See screenshots from FedNow documentation, and the PDFs below.
[1]: Pages 7-8: https://t.co/IUfAUIACnE
[2]: https://t.co/dzziDYOxpk
[3]: https://t.co/R67F3dAG00
https://t.co/McQqMPOHAy](https://pbs.twimg.com/media/Fr7x-sraAAEOKxG.jpg)
BREAKING: Deutsche Bank shares down 9%
BREAKING: US Federal Reserve raises interest rates by 25 basis points
Breakout ? #BTC
Mindset is everything.
Don't say: I wish I got in early.
Say: I wish I bought when there was FUD.
Not financial advice. Keep building.
BREAKING: Millions paid in bonuses to UK Silicon Valley Bank staff days after £1 rescue.
Well done folks. We are insolvent, but here is your bonus paid by taxpayers. What a fiat clown world we are living. Moral hazard everywhere!
https://t.co/znAfk7tr55
*UBS MULLS CREDIT SUISSE WEEKEND TAKEOVER AMID EFFORTS TO STABILIZE BANKING SECTOR
https://t.co/XSDvp2JAJV
$UBS $CS 🇨🇭🇨🇭
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