41 ms·
one of the really nice things about SEPA is the 0-fee instant transfer (ime 45-60 seconds). Will FedNow be able to do the same thing?
by 26fingies 3y ago
one of the really nice things about SEPA is the 0-fee instant transfer (ime 45-60 seconds). Will FedNow be able to do the same thing?
- nailer 3y agoCrypto is 1-2 seconds for about 0.0025 USD worldwide right now.
- growt 3y agoReally? What crypto exactly and how?
- oblio 3y agoWhich crypto? Where can I pay with it? What if I don't want to have a hardware wallet everywhere with me? Can I cancel transactions and get my money back? Does it use more energy per year than Argentina?
- nailer 3y agoGood questions. Solana is the largest of the cheap/fast networks - I’ve worked in Solana for a year - but Aptos and Sui also have solid tech. You use Safari on your iPhone and unlock your wallet with FaceID. Right now physical stores that take USDC are generally luxury goods marketplaces, physical art galleries, and PC hardware marketplaces. No you can’t cancel transactions after you’ve made them, however there are escrow services that provide similar facilities for a small fee. No it’s proof of stake so the environment is fine.
- ix-ix 3y agoOops, during your transfer the value of the currency is now 80% of what it was!
- nailer 3y agohttps://www.coinbase.com/converter/usdc/usd https://www.coinbase.com/converter/usdc/usd
- oblio 3y agoThis sounds promising, I'll get back to you in 10 years.
- nailer 3y agoA completely reasonable reply. There’s a lot of good tech around, it’s definitely better than HN’s 2017-era crypto knowledge, but it’s not evenly distributed at all. I agree the proof will be in a decade. Personally I jumped into Linux when it was a joke and everyone used Solaris, Python when it was a joke and everyone used Perl, and virtualisation when nobody would ever use it outside testing. I know I’m early in crypto. I hope it will work out but there’s no guarantees on anything.
- troupo 3y ago> There’s a lot of good tech around You mean Solana which has to take its network offline every two weeks or so [1] because it can't cope with yet another error/ddos/misconfiguration/what not? [1] exaggeration.
- 26fingies 3y agoyea well i pay people in money not crypto
- Animats 3y agoThe Fed will charge banks a fee of $0.045 per transaction.[1] Transactions take a few seconds. They must finish within 20 seconds or they time out, and they're expected to take much less time. Here's a technical overview.[2] The bank to Fed to bank API uses IBM MQ and ISO 20022. These are a bit dated but widely used in the financial sector. Down at the bottom, it's XML. [1] https://www.frbservices.org/resources/fees/fednow-2023 https://www.frbservices.org/resources/fees/fednow-2023 [2] https://explore.fednow.org/resources/technical-overview-guide-4.24.pdf https://explore.fednow.org/resources/technical-overview-guid...
- mdaniel 3y agoThank you for posting the actual technical pdf, that was interesting reading > Certificate-Based Authentication Heh, so I can look forward to the biennial banking outage as they forget to renew their certs :-D But in seriousness, I have some experience with x509 auth from the early days of kubernetes using it and unless the system has some robust CRL mechanisms I look forward to knowing how such a scheme will deauthorize users Interestingly, they also seem to be doing belt-and-suspenders since the messages themselves are signed with the private key of the institution, which appears to be registered out of band from the system itself
- rsynnott 3y agoDated?! By banking tech standards, ISO 20022 is futuristic magic, a mere decade old. A lot of banks (particularly in the US) would still be using ISO 15022 or even older standards.