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Between RTP and FedNow, the US should finally have real-time 24/7 365 free payments between bank accounts. These payments settle instantly with finality. Just

Between RTP and FedNow, the US should finally have real-time 24/7 365 free payments between bank accounts. These payments settle instantly with finality. Just like sending USDC but without the high fees and huge delays of using a blonkchain. Or as Europe calls it, 2008, but hey a win is a win.

tirwander 4y ago
What huge delays are you running into on the blockchain? I never wait more than a minute or two... occasionally with a bridge maybe.
- colinmhayes 4y ago
  bitcoin only completes one block every ten minutes. If you want to be safe you need to wait multiple blocks. Yes, 99+% of the time you're transaction will be included in the next block, but that's not guaranteed. Waiting a minute is also completely unacceptable. Imagine if you had to wait a minute every time you wanted to sue your credit card, grocery stores would grind to a halt.
  - IanCal 4y ago
    Addressing just the first paragraph, they talked about usdc so they're talking about Ethereum, which has a block time of 10-15s.
    - arcticbull 4y ago
      That’s glacial in the payments space. Imagine you had to stand in front of the counter at McDonald’s for 30-60 seconds to see if your payment went through.
tempsy 4y ago
seems like it’s more a competitor to Venmo/PayPal/Cash app
- xenospn 4y ago
  not necessarily, the system still needs a front end.
- deleted 4y ago
  [deleted]
ilaksh 4y ago
I use the cryptocurrency from MIT (Algorand), which literally costs 1/10 of a penny and confirms within about 14 seconds. Block times moving to 3.7 imminently so that will change to under 12 seconds and then we will get 2.5 second block times a few months after that so confirmation within 7.5 seconds.
- arcticbull 4y ago
  This confirms instantly, give or take, and assuming they keep the pricing the same as ACH costs $0.0025 to send and $0.0014 to receive in volume. [1] And it actually goes directly into your bank account. Further, Algorand isn't "from MIT" it was started by an MIT professor, and their actual transaction fee is a sum total of the direct fees (roughly zero right now) plus the block reward divided by total transactions in a block. [1] https://www.frbservices.org/resources/fees/ach-2022 https://www.frbservices.org/resources/fees/ach-2022
  - ilaksh 4y ago
    Started by an MIT professor, worked on by said professor and others with MIT association, therefore from MIT is an apt description. Most people are hard coding in the 0.001 fee. When you say it confirms instantly that remains to be proven.
    - arcticbull 4y ago
      It is in no way endorsed by MIT as your phrasing implies. Again the total fee is direct fee plus proportional share of block reward. There’s no reason to think it wouldn’t be instant. SEPA payments are in Europe, Faster Payments are in the UK and Australia has one too. That’s not an exhaustive list. I wouldn’t call it a “google AI” just because it was created by an ex employee who thinks it’s sentient. I wouldn’t call Nest an Apple camera just because it was founded by a group of Apple employees. If I did I’d surely be on the receiving end of a lawsuit seeking to clarify that point.
      - ilaksh 4y ago

tirwander 4y ago

What huge delays are you running into on the blockchain? I never wait more than a minute or two... occasionally with a bridge maybe.

colinmhayes 4y ago
bitcoin only completes one block every ten minutes. If you want to be safe you need to wait multiple blocks. Yes, 99+% of the time you're transaction will be included in the next block, but that's not guaranteed. Waiting a minute is also completely unacceptable. Imagine if you had to wait a minute every time you wanted to sue your credit card, grocery stores would grind to a halt.
- IanCal 4y ago
  Addressing just the first paragraph, they talked about usdc so they're talking about Ethereum, which has a block time of 10-15s.
  - arcticbull 4y ago
    That’s glacial in the payments space. Imagine you had to stand in front of the counter at McDonald’s for 30-60 seconds to see if your payment went through.

tempsy 4y ago

seems like it’s more a competitor to Venmo/PayPal/Cash app

xenospn 4y ago
not necessarily, the system still needs a front end.
deleted 4y ago
[deleted]

ilaksh 4y ago

I use the cryptocurrency from MIT (Algorand), which literally costs 1/10 of a penny and confirms within about 14 seconds. Block times moving to 3.7 imminently so that will change to under 12 seconds and then we will get 2.5 second block times a few months after that so confirmation within 7.5 seconds.

arcticbull 4y ago
This confirms instantly, give or take, and assuming they keep the pricing the same as ACH costs $0.0025 to send and $0.0014 to receive in volume. [1] And it actually goes directly into your bank account. Further, Algorand isn't "from MIT" it was started by an MIT professor, and their actual transaction fee is a sum total of the direct fees (roughly zero right now) plus the block reward divided by total transactions in a block. [1] https://www.frbservices.org/resources/fees/ach-2022 https://www.frbservices.org/resources/fees/ach-2022
- ilaksh 4y ago
  Started by an MIT professor, worked on by said professor and others with MIT association, therefore from MIT is an apt description. Most people are hard coding in the 0.001 fee. When you say it confirms instantly that remains to be proven.
  - arcticbull 4y ago
    It is in no way endorsed by MIT as your phrasing implies. Again the total fee is direct fee plus proportional share of block reward. There’s no reason to think it wouldn’t be instant. SEPA payments are in Europe, Faster Payments are in the UK and Australia has one too. That’s not an exhaustive list. I wouldn’t call it a “google AI” just because it was created by an ex employee who thinks it’s sentient. I wouldn’t call Nest an Apple camera just because it was founded by a group of Apple employees. If I did I’d surely be on the receiving end of a lawsuit seeking to clarify that point.
    - ilaksh 4y ago