Slashdot Mirror
Federal Reserve To Use Internet For Money Transfer
An anonymous reader writes "According to the New York Post, the Federal Reserve (i.e. Alan Greenspan and Co.) is going to change the way that it transfers money between banks so that transfers now take place over the internet instead of via a private banking network. They aren't specifying the types of security measures that will be used (security through obscurity?) Am I the only one who thinks that this is a very bad idea? Might a DDOS attack on the Fed's computers bring down the entire banking system?" The banks have put some thought into security.
First transaction
Shocking. To think they'd use the INTERNET instead of analog phone lines!
what makes you think "using the internet" equates to "having a server completely open to the public with no backup processes"? in the UK you can do your taxes online, I guess if they get DDOS'd no one will have to pay? .....Hey thanks for the tip!
"You've got money!"
"He who throws mud, loses ground." - proverb
Wonder how long it will be until they see:
Transaction complete.
Confirmation: All your bank accounts belong to us!
nos laetus epulor qui would domito nos
Slashdot "libertarians": Small government for me, big government for those I disagree with. -1, I disagree with you
(Formerly known as PayPal)
Do not try to transfer the money online. That's impossible. Instead only try to realize the truth. There is no money online. Then you'll see that it is not the money you transfer online, it is only yourself.
Let's not forget that one can hate his government, but love his country.
Close, but no cigar. What gives money its value is our collective agreement to accept it in payment. When you come down to it, we're really bartering, but instead of having to have goods to swap, we swap something easy to carry and of a known (if artificial) value. Money is just an abstract representation of goods that simplifies commerce.
Good, inexpensive web hosting