[tootie]

In the many, many years they have spent building a pile of gibberish tech, traditional finance has begun transitioning to T-0 settlement on centralized platforms. FedNow is going to replace ACH and wires and allow 24/7 real-time transactions.

[chrisco255]

It hasn't at all. If you try to transfer money internationally, you will still pay huge fees and it will take sometimes days to settle. Crypto is truly international, and ERC20s like USDC remain fully programmable in a way that cash will never be. It makes things like permissionless 24/7 exchanges (see Uniswap) possible. Which is more than just point to point or account to account transfers. It's an exchange from one asset to another controlled completely by an automated market making algorithm. You cannot find that in trad fi.

[nikita_789]

This is if you send through banks, but if you use payment systems, such as Arbonum, it will be fast and profitable, they have a small commission.

[DennisP]

Let me know when FedNow allows me to deploy a smart contract that moves dollars around according to whatever business rules I like.

[SideburnsOfDoom]

> FedNow is going to allow 24/7 real-time transactions.

Following in the steps of what EU and UK did few years ago. (1)

And which always made this cryptocurrency fast settlement stuff sound laughable - like they're describing just what a regular bank account does, and it's supposedly their special magic, so what?

People need to look outside of the USA to understand the state of the art.

You can even find these systems in Africa already (2)

1) https://www.ecb.europa.eu/paym/integration/retail/instant_pa...

https://en.wikipedia.org/wiki/Faster_Payments

2) https://www.mfw4a.org/news/instant-payment-transactions-afri...

[everfree]

> People need to look outside of the USA to understand the state of the art.

And yet people need only to look down at their smartphone, no matter where in the world they are located, to understand the state of the art in public ledgers.

[SideburnsOfDoom]

Regarding "unbanked" people who are "anywhere in the world" but have " their smartphone": Cryptocurrency is not only the wrong product, but also in this case a future functionality would be the wrong time. The market gap for that has closed already due to better systems including M-PESA As I mentioned here: https://news.ycombinator.com/item?id=39857944

The consistently ignorant rhetoric here on HN about this supposedly unserved market for cryptocurrency is discouraging. Again, people need to look outside of the USA to understand the state of the art.

[everfree]

Looks like it's not available in my country.

[SideburnsOfDoom]

I think that if you read my above comments very closely, I am advancing the idea that the state of the art is not evenly distributed, and so your comment is in agreement with that. And further, I am hinting that looking around widely to what other countries do, rather than being parochial, is a good idea.