Hacker News Reader

Comment by colesantiago | Hacker News Reader

This is brilliant.

I really want crypto to fade away out of existence and into irrelevance, FedNow is coming soon and we don't need crypto or shady crypto exchanges like Binance.

Glad to see the US taking action.

View on HN

95% of people don’t have a bank account in the US.

100% of people don’t have a venusian bank account in the US

That sentence is not saying the same thing. The equivalent would be 100% of people don't have a bank account on Venus.

and 77.34% of statistics are made up on the spot.

https://www.federalreserve.gov/publications/2019-economic-we...

Parsed generously, 94% of Americans is about 300mm people. That's 4% of the human population. (It's a nonsense argument nonetheless: it's not America's job to bank the world.)

I commend you taking a generous view of that, as I was unable to with a straight face. Agree with your second comment.

GP said essentially that they hoped crypto would fade away because FedNow is coming and will make it irrelevant.

My point was that the vast majority of people don’t have a US bank account and so FedNow is in fact irrelevant, except to the 5% of people who can access it.

I didn’t expect the parse with the comma inserted before “in the US”, because it’s obviously absurd to say that only 5% of Americans have a US bank account.

Most Americans have a bank account:

"According to the report, 81% of adult Americans are fully banked, 13% are underbanked, and 6% are unbanked. The share of Americans with each banking status in 2021 remained almost constant from 2020."

https://usafacts.org/articles/who-is-the-least-likely-to-hav...

That accounts for the 5% of humans who live in the US, how about the 95% of humans who don't?

If you read the thread to which you are replying, it’s about the US.

Why would anyone suggest only 5% of Americans have bank accounts? How is it possible to believe that and still know English and go to HN, do you think?

The bank accounts are about the U.S., not the people.

What GP is saying is that most people in the world do not have an account located in the US specifically. I seriously doubt they're saying 95% of Americans don't have a bank account, which would be absurd.

Yea, I was anchoring on the article that was US focused.

CBDCs are exactly why crypto will always be around. Spying on other people’s money is not a basic human right.

Eh? Every single bitcoin transaction is publicly visible to anyone that looks for it in a way that bank account transactions are not. Correlating transactions with an individual is not exactly difficult if you're determined. It's downright easy if you get the other party to accept a payment from you.

FedNow is not a CBDC.

https://www.federalreserve.gov/faqs/is-fednow-replacing-cash...

> CBDCs are exactly why crypto will always be around

CBDCs aren't on the table in America anymore. They were a stupid workaround to our political opposition to postal banking.

CBDC won't have to do anything with "blockchain" and will be a regular relational database.

Reply on news.ycombinator.com