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> In 2008, approximately 7,300 participants made Fedwire funds transfers. The Fedwire Funds Service is generally used to make large-value, time-critical payment
by mr_spothawk 9y ago
> In 2008, approximately 7,300 participants made Fedwire funds transfers. The Fedwire Funds Service is generally used to make large-value, time-critical payments.
seems like maybe the crux of this discussion is that, all of the sudden the features of banking have been automated. that’s definitely not the same as “the features of banks, regulation, etc...” have been automated.
But certainly, we can see that the Fedwire is not a consumer product, where BTC clearly is
- JumpCrisscross 9y ago> In 2008, approximately 7,300 participants made Fedwire funds transfers To be a Fedwire participant you have to be a Federal Reserve member, i.e. a bank. Consumers arrange Fedwires through their banks. When I send a wire, I'm not a Fedwire participant--my bank is. If you have a U.S. dollar bank account, you have access to the international Fedwire system.