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Like yesterday, when Fedwire and ACH were offline for hours? https://www.bleepingcomputer.com/news/government/federal-reserve-nationwide-outage-impacts-us-bank

Like yesterday, when Fedwire and ACH were offline for hours? https://www.bleepingcomputer.com/news/government/federal-reserve-nationwide-outage-impacts-us-banking-system/ https://www.bleepingcomputer.com/news/government/federal-res...

542458 6y ago
That didn’t affect 99.9+% of people, and is a far cry from the USD being “unusable”.
- thinkmassive 6y ago
  Congratulations on not needing to send a wire transfer or ACH during the outage. For anyone who was expecting to do that, it was literally unusable. Your take is like claiming a major AWS outage didn’t happen because you personally didn’t get on the Internet that day.
  - tdeck 6y ago
    Most ACH transactions take 3+ business days to settle anyway since it's a batch processing system.
  - RussianCow 6y ago
    The original comment was talking about USD not being usable, not ACH. Having to delay money transfers for a day does not make a currency unusable.
PragmaticPulp 6y ago
How many people would have noticed, if not for the headlines?
- thinkmassive 6y ago
  Anyone trying to send money using ACH. Maybe that doesn’t include you, but many regular people use it on an everyday basis.
  - RestlessMind 6y ago
    In my lifetime, if I were to compare 3 numbers - no. of hours there was no electricity (X), no. of hours there was no mobile data coverage so that I could continue doing transactions without electricity (Y) and no. of hours Fedwie/ACH was down (Z) which prevented me from bank transfers, I'd say X and Y and at least 2 orders of magnitude bigger than Z. If Fed/ACH going down for a few hours bothers you a lot but electricity/mobile network reliability doesn't faze you, you must be living in a truly unique place.
    - thinkmassive 6y ago
      My computers and network are powered by uninterruptible power supplies (UPS) which I highly recommend for every important system. I have a generator in case of extended outage, which I also highly recommend to everyone who is able to have one at home, regardless of whether you own a computer. I personally have fiber, cable, and LTE feeding my home gateway. This might seem like overkill to non-tech folks, but I recommend it to anyone whose productivity/career is highly reliant on being online. I realize this isn’t necessarily a typical home setup, but I also think most people are horribly unprepared for many potential situations. This isn’t a claim that I have zero downtime at home. It’s only to say that if my Bitcoin node is offline then any hope of relying on fiat banking was abandoned much earlier.
      - deleted 6y ago
        [deleted]
      - tablespoon 6y ago
        > This isn’t a claim that I have zero downtime at home. It’s only to say that if my Bitcoin node is offline then any hope of relying on fiat banking was abandoned much earlier. Even if I had a setup like yours, I'd give up on bitcoin before "fiat banking." You can't buy gas for your generator with bitcoin.
        grioghar 6y ago
        Yet. I don’t mean this flippantly. One of the cryptocurrency is going to win out for day-to-day usage; the question is which. As Andreas likes to say: “email used to be a multi-step series of memorized commands from a green terminal in a University. Now my Mom can do it with a touch of her finger.” I believe we’ll get that in the near-ish future.
6gvONxR4sf7o 6y ago
I use only USD and didn’t even know that happened, so it seems like a bad example.

542458 6y ago

That didn’t affect 99.9+% of people, and is a far cry from the USD being “unusable”.

thinkmassive 6y ago
Congratulations on not needing to send a wire transfer or ACH during the outage. For anyone who was expecting to do that, it was literally unusable. Your take is like claiming a major AWS outage didn’t happen because you personally didn’t get on the Internet that day.
- tdeck 6y ago
  Most ACH transactions take 3+ business days to settle anyway since it's a batch processing system.
- RussianCow 6y ago
  The original comment was talking about USD not being usable, not ACH. Having to delay money transfers for a day does not make a currency unusable.

PragmaticPulp 6y ago

How many people would have noticed, if not for the headlines?

thinkmassive 6y ago
Anyone trying to send money using ACH. Maybe that doesn’t include you, but many regular people use it on an everyday basis.
- RestlessMind 6y ago
  In my lifetime, if I were to compare 3 numbers - no. of hours there was no electricity (X), no. of hours there was no mobile data coverage so that I could continue doing transactions without electricity (Y) and no. of hours Fedwie/ACH was down (Z) which prevented me from bank transfers, I'd say X and Y and at least 2 orders of magnitude bigger than Z. If Fed/ACH going down for a few hours bothers you a lot but electricity/mobile network reliability doesn't faze you, you must be living in a truly unique place.
  - thinkmassive 6y ago
    My computers and network are powered by uninterruptible power supplies (UPS) which I highly recommend for every important system. I have a generator in case of extended outage, which I also highly recommend to everyone who is able to have one at home, regardless of whether you own a computer. I personally have fiber, cable, and LTE feeding my home gateway. This might seem like overkill to non-tech folks, but I recommend it to anyone whose productivity/career is highly reliant on being online. I realize this isn’t necessarily a typical home setup, but I also think most people are horribly unprepared for many potential situations. This isn’t a claim that I have zero downtime at home. It’s only to say that if my Bitcoin node is offline then any hope of relying on fiat banking was abandoned much earlier.
    - deleted 6y ago
      [deleted]
    - tablespoon 6y ago
      > This isn’t a claim that I have zero downtime at home. It’s only to say that if my Bitcoin node is offline then any hope of relying on fiat banking was abandoned much earlier. Even if I had a setup like yours, I'd give up on bitcoin before "fiat banking." You can't buy gas for your generator with bitcoin.
      - grioghar 6y ago
        Yet. I don’t mean this flippantly. One of the cryptocurrency is going to win out for day-to-day usage; the question is which. As Andreas likes to say: “email used to be a multi-step series of memorized commands from a green terminal in a University. Now my Mom can do it with a touch of her finger.” I believe we’ll get that in the near-ish future.

6gvONxR4sf7o 6y ago

I use only USD and didn’t even know that happened, so it seems like a bad example.