4 ms·

This doesn't sound all that different from the banking system we have now.

• Trias11 5y ago
  They don't need much of a difference. Just more control.
• woah 5y ago
  Less decentralized than the current system
• tadfisher 5y ago
  The key words here are "central transaction processor". Being able to interact with the financial system without going through intermediaries would eliminate an incredible amount of waste in the form of most of the payments industry.
  • WaxedChewbacca 5y ago
  • melony 5y ago
    It is better for the government to run financial infrastructure. The restrictions imposed by PayPal and the banks on certain types of businesses can then be challenged in court.
  • rmbyrro 5y ago
    Would also eliminate an incredible last grain of financial privacy people have. When every transaction goes through FED, the government won't need to call or subpoena anyone to know where your money come and go.
    • djbusby 5y ago
      How does the Post remain private, since the Government runs that too?
      • kingcharles 5y ago
        If you're interested in the technical answer, this is the SCOTUS case law that decided that postal mail was subject to the Fourth Amendment: https://en.wikipedia.org/wiki/Ex_parte_Jackson https://en.wikipedia.org/wiki/Ex_parte_Jackson
      • salawat 5y ago
        They never open the package, and technically, they are quasi-public. Public enough that they can't play fast and loose like everyone else, but private where it matters in terms of not having literal Federally administered databases all just eafer for the reaping.
        • djbusby 5y ago
          Right. So, couldn't the central ledger be similar?
          • DennisP 5y ago
            If they don't require KYC for accounts, and maybe even use privacy tech like Monero or ZCash, then sure. How likely do you think that is?
        • wbsss4412 5y ago
          The fed is quasi public too? It’s actually less public than the postal service, the postal service is a fully public agency, the fed is partially governed by private banks.
          • dragonwriter 5y ago
            > the postal service is a fully public agency, the fed is partially governed by private banks. The Fed is fully governed by a federal agency. (The Fed Board of Governors). The individual regional Fed banks are private-public hybrids, but they don't govern the system.
            • 5y ago
    • goodluckchuck 5y ago
      A distributed ledger could prevent the central banks from cooking the books. Anyone and everyone could audit the fed. Can’t have that.
    • drusepth 5y ago
      So what you're saying is they can finally just do my taxes for me?
      • ur-whale 5y ago
        > So what you're saying is they can finally just do my taxes for me? They will be able do that, not for you, but to you. And so much more.
      • mynegation 5y ago
        They will, but will also transfer a TurboTax licensing fee to Intuit automatically on your behalf.