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  2. And maybe this transaction goes directly from source ledger to destination ledger. But if there is no such direct link (e.g. from Nigerian Naira to Tuvaluan dollar), it might need an intermediate ledger in order to find the proper market makers to be able to exchange currency A to currency B. Whichever path is cheapest (and quickest) is taken. This might be via RCL, this might also be not via RCL. That is why JK says: maybe 1 out of 1000 can go cheaper via RCL, and if once 1 out of 100 will be cheaper via RCL, it will be those 1 out of 100 transactions. RCL is likely to be a good contester on the market of exchanging currencies (speed and costs).
  3. Sorry, back to your question. ILP connects all types of ledgers. Also private ledgers. So the bank just needs A ledger system, then have Ripple connect to the big ILP highway, and ILP will make sure the transactions arrive at the destination institution's ledger (whichever that is).
  4. Currently, some of my funds from a deposit via SEPA transaction are 'on hold' at an exchange. This is because I sent an exact same amount some days ago, and the exchange CAN NOT verify it is not a duplicate of my previous deposit. I mean, seriously?!?! Swift literally is a messaging service, much like a homing pidgeon to communicate between a bunch of rusty legacy systems that are too heavy and expensive to replace. So, currently, these homing pidgeons (which btw do not fly on national holidays) are trying to bring across a message saying something like: So now let's pray that the confirmation pidgeon arrives at the exchange before I miss out on another 20-30% price increase. Costly this legacy system...
  5. GBI used to have one. It has (-0.5%p.a.) next to its IOUs
  6. Gatehub provides you a real Ripple wallet, you will be able to access your funds with any others wallets as long as you have your secret key. You can also use Rippex desktop Wallet, it will be as secure as your computer is. Check this post I created: https://www.xrpchat.com/topic/4063-popular-wallets/ I strongly advise people to stay with Gatehub or your favorite exchange unless you know what you're doing.
  7. Maybe you can ask those here using wiring (what actually is SWIFT) to send funds to a Gateway? Ripple goes in 3.5 seconds - anyone can test it, no need to work @Ripple
  8. You are saying it is slow? Do you have any data? How does it compare to Ripple software (probably this last question none knows except ripple employees)?
  9. GPI still goes from the payer to bank1 to bank2 to Forex to bank3 to bank4 to the receiver .... only a bit faster (now using Hyperledger) and more traceable. It's like a postal service that now uses cars instead of bikes .... that still cannot compare to modern email
  10. We really should a XRPChat Awards. I would nominate for JK for best BS detector and defuser
  11. That might be easiest application. Maybe the first post (pinned) could feature some guidelines for posting. Title should have articles name and date Post should feature url FIRST Note if there is a paywall excerpts (if any) should only list maximum a few sentences to avoid copyright violations All comments/ discussion could be done in following posts All following similar posts would merged
  12. Yeah, this is a good point, but they were developing GPI. What GPI is missing than the messaging and the software of Ripple has (if we don't consider the possibility to connect to ILP and/or RCL)?
  13. Anyone know if there is still any active demurrage IOUs in play? I believe some of the gold companies might be using it?
  14. I think part of SWIFTs issue is its size. I mean that literally, there are a lot of partners and users to coordinate, and figuratively- there is a lot of invested legacy infrastructure. That is a lot of mass to pivot and gain speed. Ripple has a lot of flexibility and can focus on a few users at a time, but they have to keep moving forward- the thing about a lot of mass is that once it gains that speed it can come barrelling down on you and flatten you without notice or regard. I think that is why some banks are taking a wait and see approach, watching the fight of a fast lightweight fighter with a few new moves vs. the older heavy weight with a major roundhouse. Ripple can duck and swerve punches, but it only takes a few of those major roundhouses to connect...
  15. @Sukrimis correct as far as I know. From the ledger perspective, its just another IOU that has the demurrage rate encoded in the IOU's definition This feature certainly predates me, so I'm actually basing this off of https://wiki.ripple.com/Gateway_demurrage (note the disclaimer).
  16. Hi All, I just joined GateHub and need XRP for wallet activation please: rEp5zzaSeAMRG6qnY6ym9DRMU516LifpH6 Thank you!
  17. They are with Hyperledger. But they (have to) stick with Nostro accounting and correpondent banking. Because they (Hyperledger) cannot offer them a digital asset (with no counterparty risk)?
  18. There have been some attempts at this, but I think the major barrier is clarity. Various governments have contradictory views, or there is a difference between levels of government. I think this a evolving space and once it settles this can be tackled (will prob will be, ex: Gateways with hosted wallets can "easily" track in and out flows and offer at least a downloadable data as a extra use incentive).
  19. What I don't get is: if payments are not going via RCL, what's the current advantages for the banks to use Ripple software products? It's in the messaging? it's in the possibility to use ILP? And why SWIFT cannot provide such software to banks? They have more knowledge about banks and regulamentations and they have a bigger network. I can't understand. I'm thinking XRP and RCL became just 5% of the interest of Ripple. They focus on selling their software to banks.
  20. I suspect so. There were some US based Gateway. SnapSawp had a US and EU presence, until they closed the US and then the EU. All Gateways that deal with US customers do so out of the country now
  21. SnapSwap has started in US I believe, but Dennis gave up on the bumpy legal roads. He's operating now in Europe (gloneta.com)
  22. Ok, I will try it and announce you.
  23. Good point @Mercury, about the difference in regulation between state and federal levels. I am not sure how politically connected this bank is, so even getting by the state regs could be a real ball buster (this would be Massachusetts, home of Barney Frank and Liz Warren). Is this the major reason we don't see US based gateways? Weren't there some in the past?
  24. Today
  25. Honestly, I do not know what banks is holding back from such a service. Bitcoin reputation? Guess it must be something with regulation hurdles and/or fear to come in trouble with authorities
  26. I agree with @kanaas. The biggest hurdle as I understand it is the difference between State and National regulation (why we see crypto exchanges only offered in some regions). A small bank would be limited to its local region (which defeats the point of Ripple cost savings) without some major investment and compliance. Now I also believe this only applies to direct consumer usage? Ie. Dealing with other State residents? So a bank dealing with international corporations/ banks might have an easier go at it?
  27. But what if you already are a bank? Have a friend trying to push this to the CEO /CFO of his bank, which is not afraid of risk as long as it involves expanding into new tech.
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