Fed Unchains Crypto
With the Federal Reserves announcement of 24/7 settlement system in real time, the US has submitted to crypto. Many in the corporate world (i.e. IBM, Amazon, etc) already gave in to blockchain. However, the recognition of needing 'true' applications over a digital payment settlement system, changes everything. I chose that last word carefully.
adapted from pixabay
The Federal Reserve Board on Monday announced that the Federal Reserve Banks will develop a new round-the-clock real-time payment and settlement service, called the FedNow Service
History will now solidify us as a digital society because humanity’s last standard for measuring value has officially handed over the keys to cryptographically secured, automated, and anytime payment settlement. It is the ultimate version of the free market, one not limited by human scheduling. The other aspects of human interference will fall with little recognition as the free market grows unencumbered in the digital space.
Please note that I realize the centralized nature of the Fed project, still, the argument is not if the US operates in a free market, but rather, one governed by digital technology.
The US really did hand over the keys on August 5th (unless this is hoax). Even if the Fed would walk back its announcement, it cannot take back the recognition of digital money for the future. Therefore, the only way crypto (not just blockchain) proceeds without keys in hand is if something better than fiat and crypto comes along. In any regard, we (the whole world) are moving forward right now.
I intentionally wrote this with an arrogant voice because I am an American and it would be nice for someone, other than my own comrades (I jest, posse), object to yesterday’s reality of the US Dollar as a global standard.
Some More Stuff
I do not feel comfortable with the timing of the Fed’s announcement and the SEC’s delay:
Citing needing...Proposals by VanEck SolidX, Bitwise Asset Management and Wilshire Phoenix were delayed till mid-October, ...
”... sufficient time to consider this proposed rule change,"
More so than that, there is a lot of development occurring in blockchain, some of which is due out in the weeks ahead.
Furthermore, the FedNow Service follows the Facebook led Libra project. I really wish not to harbor the idea that honorable people at the Fed copied off of Libra’s test.
Hello my dear @machnbirdsparo, great analysis of the situation and of these ads in particular.
The reality of everything is in your previous approach, blockchain continues to develop and is forcing even its detractors to recognize its weight, its importance and its progress towards the future and a decentralized economy. Maybe I am no authority in this regard but I am witness as many in the world of accelerated growth that this technology has.
I am right there with you. I gather we have much info to trade toward gathering all the pieces to the endgame puzzle.
Greetings appreciated @machnbirdsparo.
The day will inevitably come when international transactions are no longer measured or established in US dollars.
In my opinion a cryptocurrency will be selected. Perhaps an existing one is used or a new one will most likely be created for this purpose.
The American administrative authorities, including the president of that country, have refused to accept crypto as a legal currency. But this is involved in a double discourse that cannot be sustained for much longer.
This news that you have brought us today is one more proof of what I say.
Your friend, Juan.
I even believe the idea, or at least how we measure, will become antiquated. The US ushered in a new, better, more advanced world. Humanity simply needed the isolation that two oceans provided. But, we were destined to fail again. The difference is that now all is colonized and the world must face each other. It is my belief that crypto can usher in real trade- good for good. This is how blockchains can be best used with crypto assigning value. Not centralized like the US Dollar or Euro, but decentralized with more input from actual consumers.
Awesome. God bless.
Marco
Greetings appreciated @machnbirdsparo.
The day will inevitably come when international transactions are no longer measured or established in US dollars.
In my opinion a cryptocurrency will be selected. Perhaps an existing one is used or a new one will most likely be created for this purpose.
The American administrative authorities, including the president of that country, have refused to accept crypto as a legal currency. But this is involved in a double discourse that cannot be sustained for much longer.
This news that you threw us today, is one more proof of what I say.
Your friend, Juan.
With you. The thing that I am slowing down for is just how much is slow US adoption/opposition due to it being the most powerful/established player.
Let us always think that Fed has always and forever will have their own selfish agenda on their side. Let us put them out of the picture and continue the developoment projects of your chosen blockchain.
Oh yes, self indulgent profiteers indeed. Just in this case to their own detriment. The first sign of the fall of this monetary empire. I can equate it with International Business Machines seeking to do business in Personal Computing. Conflicting mission statements forego the head game.
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Hi @machnbirdsparo
Thanks for sharing link to your publication with me. Absolutely worth reading and it does sound like a very important news.
To tell you the truth, I cannot really think much of future consequences that will come sooner or later. We're living in such an uncertain times. Who would think that one day I will question "what money is about".
Money (fiat) always was like the air - it did exist and I never really wonder if it could ever stop existing or change into something so very different.
What does it actually mean, that they handed over the keys? What keys? This is a bit confusing to someone who isn't fully aware of this topic.
Upvote on the way,
Yours,
Piotr
Many people believe that one of the most important aspects of crypto is for it to gain acceptance. By not only recognizing it, but finding a use case, the Fed allowed in the full force of crypto tech- ergo, handing over the keys. Now it is just a matter of time, or attempt to walk back their action. The public's minds have been set free, and now it is just about manifesting in reality.
Great article @machnbirdsparo.
Thank you for sharing such a important article/news.
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