Haven’t listened yet, but I agree on FedNow. CBDC fears are overblown. Seems to me more like incremental improvement in wire infrastructure. Like ACH++.
fantastic rip from #[0] and Matthew Mežinskis (dunno if he’s here to tag?)
most important thing to stress I think is that, contrary to how much fun it is to doomsplain, FedNow is *emphatically not* a CBDC.
that doesn’t mean it’s a wonderful thing or anything, but if we want to both i) make worthwhile criticisms, and ii) design better systems for bitcoin, we should understand how things actually work currently rather than turning into the boy who cried CBDC and therefore needn’t be taken seriously when shit gets real …
https://tftc.io/tftc-podcast/407-can-bitcoin-reach-1-000-000-by-june-15th-with-matthew-mezinskis/
Discussion
yeah it’s ACH but for digital money (which is what we have in fact now, like it not) instead of cheques (which is literally what ACH was supposed to make more efficient)
it’s a rail, not an asset. what runs over the rails is still very much commercial bank money (for now). Matthew explains all this very well.
Agree. Haven't listened to the episode, but this is an accurate depiction of FrdNow. Faster clearing, that's it.