just like with music piracy etc, interest in crypto would lessen if we had better ways to transfer money. #FedNow sounds good but it seems to be stalled. it needs to be an open protocol like we use here so that we can build it into applications. no middleman like PayPal, Patreon or credit card companies. the simplicity of sending $5 or $500 (or even pennies) once or recurring from me@mybank.com to you@yourbank.com w/o big fees. govt oversight is fine. track it in our banking apps.
In order for the open social web to happen at scale, lots of companies and apps, big and small, need to adopt #ActivityPub. Threads is the largest player so far to do this and the implications are huge.
Why is #Threads doing this? Is federation just another feature or is it foundational to their entire experience? How is the Threads team thinking about moderation, monetization and privacy in these early days and going forward?
I asked @rklambo and @pcottle, two thoughtful and genuine leaders on the Threads team who joined me on the latest episode of #DotSocial. Check it out on our #PeerTube instance or wherever you get your podcasts.
maybe you were trying to push them in this direction, but what we need from somebody as powerful as #meta is help building a decentralized #w3c standard to transfer money (not crypto). as easy as sending $5 from me@mybank.com to you@yourbank.com with the ability to build apps around it. To directly pay for servers, apps, media etc. I don't see how it would help them but it's so needed and it would probably require their resources and connections to make happen. #FedNow
I'm unconvinced but maybe. I don't get why we can't do this with banks and some new @w3c money transfer protocol. #FedNow is just now rolling out in the US.
don't you think people should have as much freedom to give money privately to whoever they want? I think the ability to control this is similar to limiting speech. It takes money to do political organizing, for example. I don't like crypto generally, but I also don't like too few corporations being our available middlemen in transferring funds. It should be as decentralized and simple as email etc imo. That would unleash a lot of innovation. #FedNow
🤣😂🤣 #ElonMusk wants me to replace my bank with #X / #Twitter, the latter tolerates terrorists & Nazis‽
For years I have used #ApplePay & #PayPal for transactions, & I do not trust them to be my bank. Why would I give over my money to a company who tolerates psychos‽
thank you. can you elaborate on your last sentence? because something like #FedNow would need to be involved? it would be much better than what we have now, right?
What if there was a decentralized support option built into every application? It ties into your banking app but also lets you one-click into a page with information from the developer. How much they make from how many people and what they are spending it on. Privacy and security. What improvements are coming. Transparent, sustainable software built on a healthy relationship between users and the developer. As a very visible alternative to fucking us for the shareholders/investors.
incentives matter and right now, we have both partisan/ideological cultures and business models that push for biased narratives. the first probably requires changes to our education system. re the latter, could we set up individual pools of money each month that got automatically distributed to creators based on what we read, watch and listen to? media players and reading apps hooked up to the fedi and a decentralized Patreon. imo via #FedNow not crypto. paywalls are bad for democracy.
I stand in solidarity with #MaxBluementhal's and #TheGrayzoneNews for the donation blockade by #GoFundMe.
It's NOT up to credit card firms or digital payment companies or crowdfunding platforms to decide what we should publish/read.
Read #KevinGosztola's report:
wish they were here. we need to decentralize money transfer next. it needs to be bank app to bank app, no middlemen like GoFundMe or PayPal etc. and no crypto, that's way too difficult and prone to mistakes for most people. hoping to see #FedNow help with this.
I think the key would be something like a decentralized patreon that we could tie directly into our instances (and lots of other stuff). #FedNow may help with that.
to me, the goal is attention democracy. ads mean somebody else can buy our attention. I've always hated them. very similar to somebody locking you into a server and deciding what you see. if they were the only way to pay for no algos and decentralization, I guess I'd accept it.
If FedNow is anything like the Brazilian PIX, it will be game over for a lot of these Cash transfer companies. As it should. So this "Xpanding" Musk is planning might be dead on arrival.
This is genuinely exciting news — the fed has launched its system for doing instant electronic payments, with 35 institutions already signed on. Ask your credit union or bank when they’re launching support for it. (And note which tech media give coverage to bullshit claims from fascist CEOs purporting to build apps for this purpose, vs. actual real implementations that serve everyone.) https://explore.fednow.org/
ASAP start taking donations directly via #FedNow. get off Substack, Threads and any other corporate social media with ads and algorithms where somebody else can decide what your followers see or take some of the money people want to give you. run your own blog and remove any paywalls. run your own Mastodon server via masto.host if necessary. be truly independent. explain to whoever will listen why everyone needs to move here if they care about honest news. please.
I don't want to manage my own crypto. I just want to easily and securely transfer and receive money directly from and to my bank account. To and from anyone. No need to agree on a middleman service like PayPal or Venmo etc. Just as long as we know something as simple as each other's email address. I think #FedNow will get us there.
Folks still spending too much time worrying about how Meta might monetize the Fediverse and not enough time figuring out how to make the Fediverse financially sustainable. Is the "plan" to live off donations forever? Is it to hope that everyone self-hosts? If so, how are they supposed to gain that knowledge, and how are systemic inequities factored into this "plan"?
Or is the "plan" to tone-police everyone onto managed hosts that obfuscate capitalism behind a virtuous layer of abstraction?
yes, I wish I had all that. who else is saying this? @adam calls it #value4value but you probably block his instance and he thinks crypto is a part of it. I think the soon to rollout #FedNow is more likely. #ActivityPub is an attention layer for the net. pretty obvious we'll get a payment layer eventually.
So I think #FedNow is going to be like a US version of what Canadians have with Interac, and I am pretty excited. I think other countries have similar services, but IDK what they are called. Can any Canadians tell me what it's like? Can you just give somebody your bank account info and they can put it in their banking app and give you money? If so, why did the truckers use PayPal etc? Is Interac functionality something that can be built into other apps? Thanks.
I want to be able to just put up two links, one for my instance and one for my podcast. When you click on them, it opens your banking app and lets you customize the amount, frequency and approve it or not. We both see these payments well organized in our bank's accounts. Done. No separate websites to manage or concern about what apps other people are using. No crypto. #FedNow should allow that.
what can you say about the crowdfunding platform? so needed. I'd love to be able to set an amount that gets divided up and distributed monthly based on something like clicks of a dollar sign or seconds of consumption. #FedNow should be part of it.