Dimiter Mitev

PlanC -- Quantile Model v2 x.com/i/broadcasts/1…

@balajis @jp_koning .

CENTRAL BANK DIGITAL CONTROL != CBDC Fednow is central bank digital control, even if it's not technically central bank digital currency. I strive to be precise. So, let me make some important clarifications about FedNow, in response to fair points from @jp_koning and @CaitlinLong_. First: FedNow is highly centralizing. It's an instant payment system where every payment goes through a Fed-controlled server and must "comply with applicable controls"[1]. And the roadmap[2] is to support not just p2p payments but also "consumer-to-government" and "government-to-consumer", which means automatic debiting from your account and automatic stimulus. In other words, even more direct government control over your bank account. The same Fed that sent interest rates to zero and then the moon, the same Fed that killed five of its own banks[3] and blamed their deaths on everything other than its own policies — in July that Fed will soon have the visibility and power to monkey with your bank account directly to freeze or drain your funds at will with "applicable controls" and "consumer to government" payments, rather than being impeded by the current antiquated banking tech stack. But yes, FedNow isn't technically a central bank digital currency (CBDC). There isn't a blockchain or equivalent where you can see the on-chain flow of every digital dollar. However, it is what people *fear* when they talk about a CBDC. It's central bank digital control, even if it's not central bank digital currency. And it's a major step towards rolling out a full CBDC. So I agree that the distinction between FedNow and a CBDC is important from a technical standpoint, but not from a civil liberties standpoint. I think of FedNow as a little bit like a virus that has evolved to evade recognition by changing its sequence without really changing its function. People are immunized against the term "central bank digital currency", but not all forms of increased "central bank digital control", and FedNow is certainly the latter. The fundamental question is whether FedNow increases the Fed's control as a system administrator over the lives of individuals. And the answer is that unfortunately it does. So FedNow is increased central bank digital control, even if it's not technically a CBDC. So, any statute that bans CBDCs should also ban central bank digital control in the form of FedNow. CITATIONS See screenshots from FedNow documentation, and the PDFs below. [1]: Pages 7-8: frbservices.org/binaries/conte… [2]: frbservices.org/binaries/conte… [3]: x.com/balajis/status… x.com/jp_koning/stat…