How will you wager with FEDNOW, come July

[dogkatcher]

Just curious if FEDNOW really happens with the July rollout, how will you wager or even buy a beer and a hot dog? Try and give someone a tip.

Didn't know what forum to place this, remove if off topic.

[JustRalph]

Originally Posted by dogkatcher

Just curious if FEDNOW really happens with the July rollout, how will you wager or even buy a beer and a hot dog? Try and give someone a tip.

Didn't know what forum to place this, remove if off topic.

Run

[Tom]

What the hell is FEDNOW?

[CheckMark]

Originally Posted by Tom

What the hell is FEDNOW?

https://www.forbes.com/advisor/perso...e/fednow-faqs/

https://www.frbservices.org/financial-services/fednow

[The_Turf_Monster]

Originally Posted by Tom

What the hell is FEDNOW?

An A2A and B2B instant payment method. It will have no noticeable impact on the horseplayer imo

[Tom]

I thought it was something else.

YouTube

[Twin Double]

Avoid using that shit like the plague.

They say it won't replace cash, and it won't anytime soon, but yes, that is the long-term goal. They think far ahead with stuff like this and the general public is too gullible and naive to really think long-term.

The government would like nothing more than to replace cash and have full control to turn your ability to buy a can of soup off like a switch.

A society without cash is a society without freedom and privacy.

To get ahead of people saying "It says it won't replace cash". Yes, they are very honest and ethical.
BS they are Fing lying to you. That is the long term goal to replace cash with digital currency all tied to a Fed instant settlement method.

[Sheffwed]

Originally Posted by Twin Double

Avoid using that shit like the plague.

They say it won't replace cash, and it won't anytime soon, but yes, that is the long-term goal. They think far ahead with stuff like this and the general public is too gullible and naive to really think long-term.

The government would like nothing more than to replace cash and have full control to turn your ability to buy a can of soup off like a switch.

A society without cash is a society without freedom and privacy.

To get ahead of people saying "It says it won't replace cash". Yes, they are very honest and ethical.
BS they are Fing lying to you. That is the long term goal to replace cash with digital currency all tied to a Fed instant settlement method.

oh really? how many places still take paper cash?

money since the early 1970s hasn't been backed by anything, we print trillions when we feel like it (GFC, quantitative easing, COVID relief)

all of our assets are electronic, stocks, bank accounts, you name it

money only has value because we want it to - we are already a global society without freedom or privacy, enjoyed the 1998 movie Enemy of the State the other day, hadn't seen it since it came out, pre 9/11, boy was that movie prescient (if not perfect)

the future of money is a very big deal, to be sure, the US dollar is ceasing to be the dominant currency in the world as we speak, which shouldn't have been a surprise, where this goes from here who knows, I suppose it is something one might have a punt on, during the GFC, moving your money from a US to a Canadian bank would have made you 40%

what does this have to do with horse racing?

well, the future of the value of horses I suppose relates, and no surprise some of our better trainers will move overseas, as the opportunity is and will be global as will be the future of money

[Twin Double]

Originally Posted by Sheffwed

oh really? how many places still take paper cash?

money since the early 1970s hasn't been backed by anything, we print trillions when we feel like it (GFC, quantitative easing, COVID relief)

all of our assets are electronic, stocks, bank accounts, you name it

money only has value because we want it to - we are already a global society without freedom or privacy, enjoyed the 1998 movie Enemy of the State the other day, hadn't seen it since it came out, pre 9/11, boy was that movie prescient (if not perfect)

the future of money is a very big deal, to be sure, the US dollar is ceasing to be the dominant currency in the world as we speak, which shouldn't have been a surprise, where this goes from here who knows, I suppose it is something one might have a punt on, during the GFC, moving your money from a US to a Canadian bank would have made you 40%

what does this have to do with horse racing?

well, the future of the value of horses I suppose relates, and no surprise some of our better trainers will move overseas, as the opportunity is and will be global as will be the future of money

You're way out in the left field with regard to my post. My post was regarding
OP mentioned FEDNOW instant settlement process. Yes, I know all our assets are electronic with the exception of cash, and I wasn't trying to go anywhere near the theoretical discussion of the value of money. I do agree for the most part we are a global society without freedom and privacy, however, as long as a citizen has the ability to walk around with a $20 bill in their pocket that is accepted as tender for basic transactions they can retain the most basic of freedom.

Moving to a fully digital transaction process would remove that basic freedom and be a scary place to be was the premise of my post. Correct, nothing to do with horse racing. Feel free to ban me. I am a troll. You're picking a fight where there is np fight to pick haha.

[burnsy]

It’s something to think about . But c’mon envelopes and suit cases of cash is how people are bought . How will the “Lobbying “ , graft and payola be with a system like that . The same people responsible for initiating and enforcing something like people are suggesting. Are the same ones that can’t publicly disclose where their funding comes from . In other words , until they figure out how to hide the Ill Gotten gains and “Campaign Funds” , cash will always be in the picture even if it’s not King anymore . But people have a point it really pisses me off going to a game or concert and nobody takes cash . Wave the Flag ……… Amerika !

And people buy in , in my experience you’ll have your card hacked and info stolen 10 faster than someone physically robbing you . joke ! Scam !

[Tom]

So as long as I lose at te track, I'm ok?

[boxcar]

Originally Posted by Twin Double

Avoid using that shit like the plague.

They say it won't replace cash, and it won't anytime soon, but yes, that is the long-term goal. They think far ahead with stuff like this and the general public is too gullible and naive to really think long-term.

The government would like nothing more than to replace cash and have full control to turn your ability to buy a can of soup off like a switch.

A society without cash is a society without freedom and privacy.

To get ahead of people saying "It says it won't replace cash". Yes, they are very honest and ethical.
BS they are Fing lying to you. That is the long term goal to replace cash with digital currency all tied to a Fed instant settlement method.

I agree totally. The big come on with Fed Now are instant transfers. Big freakin' deal! I've been doing online banking for decades and I know how many days on average it takes to make ACH xfers. Therefore, I plan accordingly. I have bounced a check once in my entire lifetime...and that wasn't even my fault; but the fault of an organization that gave me bad auto payment information.

[PaceAdvantage]

Doesn't make much sense...that in 2023...we need an entirely new FEDERAL PROGRAM just to make INSTANT TRANSFERS a thing....

[JustRalph]

When all of your money is electronic (their goal) you can be taxed instantly with the push of a button

[Sheffwed]

Originally Posted by Twin Double

You're way out in the left field with regard to my post. My post was regarding
OP mentioned FEDNOW instant settlement process. Yes, I know all our assets are electronic with the exception of cash, and I wasn't trying to go anywhere near the theoretical discussion of the value of money. I do agree for the most part we are a global society without freedom and privacy, however, as long as a citizen has the ability to walk around with a $20 bill in their pocket that is accepted as tender for basic transactions they can retain the most basic of freedom.

Moving to a fully digital transaction process would remove that basic freedom and be a scary place to be was the premise of my post. Correct, nothing to do with horse racing. Feel free to ban me. I am a troll. You're picking a fight where there is np fight to pick haha.

we agree

I just think this ship sailed some time ago

there is definitely a database on everyone, actually many when you think of the tech firms, banks, credit card companies, IRS, etc.

agree with many other points in this thread also, good luck not being taxed, which would be fine if we had confidence the money was being well spent (LOL)