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  1. 179 points
    Here's how I've been explaining it recently: 1) There's a business that Ripple has providing transaction processing software to banks. It can work without XRP and without any blockchain tech. It improves international payments because it uses end to end messaging to track payment progress, ensure all necessary compliance information is in the transaction in the first place, precisely knows the fees ahead of time, and provides prompt, reliable confirmation of delivery. This is a big enough improvement that banks will use it even if the actual money moves the same way it does now. 2) Ripple has built a public blockchain with a native asset. It has various nice features -- a distributed exchange, good governance, fast transactions, high transaction volume, native multisign, key rotation, payment channels, and so on. 3) The hard part about getting banks to use a blockchain isn't the blockchain, it's everything else. It's governance, compliance, integration with banking systems, and so on. our software does all that stuff, so if routing a payment through XRP is a penny cheaper, the bank can take it. Then we have to make XRP cheaper somewhere that matters. 4) We don't target the biggest corridors like USD->EUR because they're efficient. We target an inefficient, but fairly high volume, corridor. For example, EUR->INR. Market makers have very small profit margins, so even a small incentive to place good EUR<->XRP and XRP<->INR offers can beat what banks are getting now through the correspondent banking system. 5) Once we get one corridor, we hang other countries off each end of the corridor, expanding the reach of XRP. 6) Now, say you're a company like Seagate that pays out money all over the globe. If you have to make payments to five countries in our corridors, you'd rather hold one pile of XRP than five piles of different currencies. That increases demand. 7) Now, say you're a company like Apple with a huge pile of cash. If you want to snap up other assets cheap, you'll need to hold the asset the people selling want. If they're going into any of our corridors, they'll want XRP, so you would want to hold it. 8) If that succeeds, it could increase the price of XRP. 9) Ripple holds a huge pile of XRP and will be the dominant XRP holder for the foreseeable future. But we're primarily VC financed and we get revenue from selling software to banks. We don't use our XRP as a bank account but as a strategic weapon. (Though we do sell some for revenue, we just don't need to for salaries or to keep the lights on.) 10) Anyone who gets XRP from us as part of some deal with a lockup has their incentives aligned with ours. They want the long-term price of XRP to go up too. I think that pretty much covers our vision. There is, of course, no guarantee of success. This is a pretty crazy thing we're trying to do. But we have 160 full time employees and have raised tens of millions of dollars. We've hired many amazing people, and our track record speaks for itself.
  2. 175 points
    Hello Everyone, Long time lurker and first time poster here. I decided to make a post that I believe will help the community better understand the banking landscape. I worked at a top financial institution for 10 years and left the banking industry close to four months ago to pursue other opportunities. When I left the bank I was a VP of Technology that managed the overall internal IT support for vendor supplied applications and payment processing services. A major part of my responsibilities was to ensure that all vendor applications and services that I managed met regulatory and bank defined compliance standards. In addition to that I also led the IT Strategy and Solutions portion for the business I supported, which required me to evaluate new products and services that were being offered by our existing payment processing vendors. I am a Ripple supporter and the points I go over below are based off my experiences in the banking industry and my knowledge of the Ripple product. I am by no means a Ripple expert, and by no means arguing that one crypto is better than the next. I am just an ex-banker who has extensive knowledge of the Consumer and Commercial Payment Processing world. Regulation - Overcoming industry regulation and abiding to bank compliance standards is the largest hurdle for any vendor that wants to do business with a bank. I can tell you that the bank I worked for was seen as having possibly the best compliance standards in place that went far beyond the normal regulatory requirements. To top this off, it was mandatory that all vendors had to meet the bank's compliance standards in order for business to continue. Failure to comply within the specified SLAs opens the door to decommissioning the service and ending the relationship. I can tell you from personal experience that I have been involved in conversations where top industry vendors were hard pressed to meet these deadlines and were ultimately informed by myself that if they did not the bank would start taking steps to decommissioning their service. To further clarify, there are quarterly internally performed bank audits for every vendor (SOX, PCI, AML, Frank Dodd, etc.), semi- annual 3rd party audits (PwC), and annually performed ethical penetration tests performed by the bank or a bank recommend vendor. So a grand total of 6 audits and an ethical hack, every year, where the expectation is that the vendor must attest to remediate any findings that were found within a 6 - 12 month time period, depending on the severity of the finding. I can also tell you that when I left my position I was immediately offered 2 positions at other large banks where they wanted to take their IT compliance in the same direction as the bank I just left. To sum this up, in order to become a successful vendor to a bank you are literally expected to go a few steps ahead of current regulatory requirements while also allowing the bank to essentially pick apart whatever service you are offering on a regular basis. In my opinion, the fact that Ripple has successfully signed 100 banks means that they have anticipated and sufficiently prepared for this from day one. A bank would not sign unless Ripple passed these tests and agreed to continue to do so on a regular basis for as long as the relationship lasts. I also want to point out that these requirements are even more stringent and bring along additional layers of audit when you are talking about cross-border payment solutions. Interoperability - From an IT Strategy and Solutions perspective Ripple has the edge on everyone. Why? For one, their primary focus was to start off by focusing on areas where the most cross-border transactions and remittances are processed. So what does this have to do with Interoperability and the hidden gem that it appears so many missed during Swell. Well, when banks look at new services they are not only looking at the component that the new service replaces they are also looking at all upstreams, downstreams, and sidestreams because they want a solution they can literally forklift in with little to no disruptions across their organization. This is where the importance of interoperability comes in and the siloed Ripple vision needs to be expanded. Every line of business is a like a spider web that is interwoven into many other businesses within an organization. What you may think is a non-impact could very well be an impact that needs to be addressed, even if this impact has nothing to do with the service that is being implemented. Having a solution that is interoperable with other blockchain solutions reduces the amount of customized work that Ripple would have to potentially complete in order to onboard a bank. It is not a partnership, it is an understanding of the services offered by others in the same space and seeing where both solutions can overlap through compatibility, ultimately helping out both companies and delivering the solution that the client wants. At a time like this, when blockchain technology is becoming more mainstream, it is important to understand that you cannot spend three or four times your normal implementation time for each client as that limits you to the opportunities you can capitalize on during such a critical time. Ripple clearly understands this and has successfully communicated their thoughts on interoperability during the Swell conference. Stellar Lumens - The IBM relationship was definitely a big win for them. Regardless of the length or any other stipulations in place. I say this because most if not all financial institutions still rely on mainframe technology. Notice how cobalt developers are in such high demand. Mainframes process 90% of transactions in the world currently so a partnership with IBM essentially gives Stellar a foot in the door. Commercially this will help them, however, from a financial institution perspective I can say from experience that all the points I noted in the regulatory section above apply to technologies offered by existing vendors. What this means is that if IBM (or MasterCard) went to a bank and said "we can now do everything Ripple can through Stellar and build on our existing relationship", the bank would say "well before we commit to onboarding this new tech we need access to the system backend, permission to hack it, check it against all regulations and whatever is found would need to be fixed before we can even consider it, oh and we got to audit it 6 a times a year, hack it once a year, need you to attest that you agree with all this and that all remediation's are done within a specified timeframe and that going forward if you ever fail to comply we will decommission your service and end the relationship with no penalty." My overall opinion here is that for one the space is large enough for both to be successful and for two I cannot really see Stellar being as successful as Ripple in the financial institution space. IBM can guide Stellar through all the regulatory and auditing requirements of banks but in my opinion by the time they are ready to move forward Ripple would already be five steps ahead. I do think Stellar will be successful, just in their own way. To put this in perspective, I have seen industry leaders take anywhere from 1-3 years to get their new, non-disruptive service approved and implemented. A new vendor in this space could easily take 3-5 years, since Stellar probably has IBM guiding them I could see 2-4 years. This is where Ripple shines, with 100 banks already signed they clearly anticipated this hurdle. It would really not surprise me to find out that they invested more into compliance than into product development. In short, it does not matter who, why, when, where, and in what circumstance bank data or processes around bank data are touched. As soon as it is touched in any way shape or form it is subject to all the compliance points I listed above. In closing, Ripple is a marathon crypto, and I truly believe the overall success will be a slow and steady one, which is good. I normally never, ever post on forums and this will literally be the second or third time that I have. I only did so because I felt my experience would help everyone understand what it truly takes for a new piece of technology to be adopted by a bank. My personal opinion on this entire landscape is that I believe Ripple, Stellar, and OmiseGo will all be successful. Ripple in my opinion is the current front runner because they have already signed 100 plus banks, meaning they have already cleared these compliance hurdles and already have a process in place that can continuously deliver the same results. I would be very curious to see how long it takes for a headline to appear stating "Stellar signs X bank through IBM". My opinion is that this will not occur for at least another year or two. If requested, I can certainly validate my experience through a trusted source such as Hodor, Dre Ventures, Joel Katz or any other respected community member. Thanks, I hope this post helps.
  3. 159 points
    Hello! I'm Claire Arthurs Kart (@clairearthurs), the new 'Head of Community' at Ripple and wanted to introduce myself to the community on XRPChat. I joined Ripple last week and am still getting my feet wet, but I look forward to getting to know everyone and hearing your ideas for how we can build a strong community together. I've been investing in crypto and reading deeply since 2013. Ripple, XRP and XRP Ledger enthusiasts have built a really strong community already, and I admire the passion, intelligence and thoughtfulness of the conversation happening across Twitter, Reddit, XRPChat etc. I became interested in crypto and blockchain technology while living in rural India and seeing first hand the negative effects of financial exclusion and outdated financial systems on the everyday lives of people. Building a more financially inclusive future that allows broader groups of people to participate in a formalized economy is why I joined Ripple and why I believe in the power of the technology. Enough for now - can't wait to meet and chat with you all!
  4. 158 points
    xrpmoonboiz

    Connecting Some Dots...

    Bear with me...this will be a long, but I think very interesting, post. I read the article that came out today from Google talking about Google Pay and how it's already available on Airbnb, so I went down a rabbit hole for about 8 hours and dug a hole to China. Literally. And it basically was facts that I've read before, but never connected them all together. Take a look: The craziest thing to me is how everything is connected in terms of companies, investors, you name it. And I should start by saying that I'm assuming the investors I mention (big name investors) probably have some power behind them and obviously they want a great return on their investment. So we start with Founder's Fund. Founder's Fund (owned by Peter Thiel) is an early investor in Ripple, and also Airbnb. Founder's Fund and CapitalG (Google) are early investors in Lyft. Lyft uses Cross River Bank to pay their driver's, and Cross River Bank has implemented Ripple's software. Lyft uses Stripe as their payment processor, and CapitalG and Founder's Fund are early investors in Stripe, which also had an early investment from American Express Business Travel - this was acquired by Standard Chartered Bank who also invested in Ripple. So right there you can see how using Ripple links a ton of people, and has the potential to save companies money, which makes the big investors in those companies happy. EDIT: Cross River payment solutions currently integrate with and are used by Stripe. In September, Cross River announced its partnership with Earthport, and Earthport announced its gateway partnership with Ripple in 2015. Earthport also has Stripe as a client...going to come back to this in the morning, there's a lot there. Then we go a little deeper. A vc firm, 500 Startups, founded by ex Google and PayPal employees invested in WePay, which is considered a market leader among payment providers for crowdfunding site and small business tools. WePay already partnered with Apple Pay and Android Pay (now Google Play), and they were acquired by JP Morgan at the end of 2017. At the end of 2017 there were also 15 JP Morgan executives in Ripple's office one day. Google Ventures is an early investor in Ripple and Uber. dLocal is a payment provider who integrated Ripple's software in the second half of 2017, and its customers include Uber, AliPay, WeChat Pay, and Union Pay, which are China's 3 major digital payment providers and they're ******* huge. AliPay is part of Alibaba, Union Pay has a partnership with PayPal, and WeChat is part of Tencent Holdings, which is the world's biggest investment corporation. Tencent also has Tenpay, a payment system similar to PayPal. It was reported that Tencent was working closely with China's Central Bank in 2017 to develop a central payments clearing platform for online payments. In August 2017, key leaders from China's Central Bank met with Ripple at their HQ. AliPay and WeChat are the payment providers for DiDi Chuxing, which is bigger than Uber in China - in fact Uber sold their China operations to Didi for a minority stake in Didi. AliPay is also accepted by Uber and Airbnb. Remember - Alipay uses dLocal which integrated Ripple's software in 2017. EDIT: China's central bank announced in August 2017 that all banks and payment companies must connect their systems with the Online Settlement Platform for Non-Bank Payment Institutions. All payment transactions handled by third-party providers will go through the new clearing platform beginning in June 2018. TenPay and AliPay each hold a 10% stake in the clearing platform. From above, Ripple has worked with China's central bank recently (fall 2017). EDIT: Referring to the above ^^, I would not be surprised in the least bit if Ripple came out with an announcement and said they're partnering with China. Just China as a whole is a partner. It already looks like it could happen the way things are connected. Alibaba and Union Pay also invested in Ucar, a rival to Didi. Tencent invested in Uber and Lyft, Alibaba and Didi invested in Lyft, and Softbank Group invested in Uber. Softbank Group also has a 30% stake in Alibaba. So again, because of the savings, if Ripple is saving these companies money, I would imagine everybody wants Ripple to be used in the companies they've invested in, especially if they are already linked to Ripple in some way. EDIT: I missed some juicy stuff last night. In 2017 Stripe announced a significant global partnership with AliPay and WeChat Pay. The integration will now enable all Stripe merchants in over 25 countries to make money from Chinese consumers.The partnerships directly connects China's growing cash-less consumer base to hundreds of thousands of Stripe-powered businesses and merchants all over the world. Remember, Lyft uses Stripe, and Founder's Fund/CapitalG/Standard Chartered/Andreessen Horowitz are investors in Stripe, Horowitz in Ripple as well. EDIT: Let's dig deeper into Alibaba, shall we? In November 2017, they acquired a 36% stake in Sun Art Retail Group, a Hong Kong listed business that is the largest operator of supermarkets and hypermarkets in China. Alibaba believes it can use the colossal amounts of data it picks up through its e-commerce and payment services to improve the consumer experience in-store, while also leveraging AliPay. The Auchan Group also has a 36% stake in Sun Art Retail Group. The Auchan Group is a French international retail group with a ton of supermarkets and hypermarkets. In 2017 the Auchan Group started operating BingoBox in China, which is China's version of Amazon Go. Customers at BingoBox pay through AliPay or WeChat Pay. GGV Capital is an investor in BingoBox, and a very early investor in Alibaba (2004). Side note, but Source Code Capital is an investor in BingoBox and Kakao - Kakao runs Korea's dominant messaging service and has a Fintech project called Kakao Pay which Ant Financial invested in. The partnership will leverage Ant Financial's strengths in digital finance services. EDIT: Tomorrow I'll try to dive into AliPay and WeChat Pay and just how connected they are to the world, because it's huge. And now onto India. Alibaba and Ant Financial (affiliate of Alibaba, most valuable fintech company in the world, and operates AliPay) have a 62% holding in Paytm. They also have a majority share in the parent company, One97 Communications. Paytm is trying to become the Alibaba of India. They have Paytm Mall, which is a clone of TMall, online retail operated in China by Alibaba. They also have Paytm wallets - could they follow in the footsteps of Alipay? Alibaba and Ant Financial are literally copying what they did with Alibaba but in India. Softbank also has a 20% stake in Paytm...remember they have a 30% stake in Alibaba. You can also use Paytm to pay for Uber...It's all connected. Patym is becoming Alibaba's vehicle for their ecommerce play in India. Alibaba has a laser focus on payments because it sees payments as a key strategic battle to winning ecommerce. Up until a couple of days ago they were going to acquire MoneyGram, a top 5 global money transfer firms, but that was blocked by the US government. Remember, Ripple stated 3 of the top 5 global money transfer firms are on board with Ripple, so this move would have made a lot of sense seeing as Alibaba is already connected with Ripple. Alibaba said they're still going to work with MoneyGram even though they can't acquire them. EDIT: Because why not do some more research. Alibaba has an 83% holding in the ecommerce firm Lazada. As of summer 2017, Lazada serves in six countries in Southeast Asia, and while it is primarily focused on online ecommerce, they did acquire Redmart to get into egroceries. Sounds very familiar to the Alibaba/Paytm relationship in India. The really interesting part of this is that Ant Financial (AliPay) merged with Lazada's helloPay platform to bolster payments processing capabilities. It goes even deeper. Earlier in 2017 Lazada announced an alliance with Netflix and Uber on a membership program called LiveUp. Subscribers get a range of deals and services across its platforms, Alibaba's platforms, as well as discounts on Uber rides and a free six-month subscription to Netflix. LiveUp started only in Singapore, but plans to expand throughout the Southeast Asia region. The alliance also helps Netflix find footing in Southeast Asia. Also in India - Flipkart has big investments from Tencen/Softbank/Axis Bank. Axis Bank started using Ripple's software in 2017, Tencen's WeChat Pay runs on dLocal which uses Ripple's software, and Softbank obviously has a huge stake in Alibaba, which has AliPay running on dLocal as well. And then for ***** and gigs, Bezos has personally invested in Uber and Airbnb. Amazon has Instacart through their acquisition of Whole Foods, and Andreessen Horowitz is an investor in Instacart...and Ripple. If we want to dig a little deeper, Sequoia Capital, which may just be invested in every company ever, has invested in Airbnb, Google, Instacart, PayPal, Stripe, and Yahoo. If we really want to stretch it, the President of Sequoia Capital's wife worked at Yahoo at the same time Brad was an SVP at Yahoo...which happened to be the same time Yahoo invested in Alibaba. And this honestly might just be the tip of the iceberg, I'm sure there are so many more dots to be connected and a ton that I missed. But, it makes you wonder. If the companies are saving a lot of money through using Ripple's software, and eventually XRP, I can only imagine that the big name investors behind these companies using Ripple could potentially be encouraging their other investments to start using Ripple as well, if they aren't already. Is Alibaba, with their majority ownership, steering Paytm in the Ripple direction? Welp, my brain hurts. This was a fun project though. Crossing my fingers for an announcement that Alibaba is completely using XRP, and somehow all of these actually are connected because I can't wrap my head around just how massive that would be.
  5. 153 points
    JoelKatz

    Hi! I'm Bob

    We certainly would never discourage anyone from using the XRPL's distributed exchange feature! I'm still a bit sad that our strategy lead us in a different direction and that we abandoned the nascent ecosystem we had been building. It was clear that the feature was way ahead of its time and there was no direct path to adoption then. I talk to Ethan (head of Xpring and pretty much everything at Ripple other than cross-currency payments) frequently about whether there are good use cases for the ledger's decentralized exchange now and whether that's something we can use Xpring to help develop. I have a plan that moves us in that direction that I've been working on and shown to several people inside the company. The problem I keep coming back to is that there isn't quite a great use case that I can see how to move to a product just yet. But getting more minds thinking in that direction might yield results and time has brought the rest of the world in this direction. The other thing that Arthur and I built into the ledger in the early days is community credit. That is, I think, even further ahead of its time and even harder to see a solid use case for in the near term. I sometimes feel like I work for Twitter in 2000 and I'm trying to explain to everyone that for us to really grow, people need better phones. Of course, there was no Twitter in 2000 -- it was too early. I'm trying to find ways to make it later as quickly as possible.
  6. 147 points
    The Very Beginning Shift/Shift Payments Since 2014, Ripple has been experimenting on multiple projects developing a debit card that would allow owners to easily spend their digital currencies. It first began as a joint effort along side Shift Payments to create the "Shift Card". Which the project was focused on https://ripple.com/insights/a-debit-card-powered-by-ripple/ The prototype card was integrated with both Coinbase and Ripple accounts at one point with the partners wanting to integrate the card with loyalty point programs and regular bank accounts in the future. Ripple was planned to be used for the settlement protocol for payment between fiat currencies, digital currencies, mobile minutes, etc. And in further innovation, https://techcrunch.com/2014/08/12/shift-is-developing-a-debit-card-that-lets-you-spend-digital-currency-loyalty-points-and-regular-money/ It would later be released that Shift Payments, now Shift, was introducing a VISA backed Bitcoin debit card. Suggesting the probability Ripple had been introduced to VISA long ago.... https://techcrunch.com/2015/11/20/coinbase-partners-with-shift-payments-to-issue-bitcoin-debit-card/ Unfortunately nothing came from it and the test wallets they used for the pilots have become dormant for several years. (although the main wallet has 375k XRP just sitting there) https://bithomp.com/explorer/rKbtT6j1JGjFnwkUp2Na1W8XE5Z79VsMYi https://bithomp.com/explorer/rpfFnyaChjzB8RNfT6VDYioFWfjghYXnvb Shift appears to have moved on but a possible explanation as to why nothing arose from it might be how cryptocurrencies were not favorably perceived in 2014. However one of the co-founders of Shift, Meg Nakamura added that https://techcrunch.com/2014/08/12/shift-is-developing-a-debit-card-that-lets-you-spend-digital-currency-loyalty-points-and-regular-money/ Whether they ever use Ripple or not in the future is up for debate but one of Shift's co-founders was Gregg Kidd, the chief risk officer at Ripple during the time. Interesting enough both founded Hard + Yaka, a fund that makes early round investments in exchange space startups. Previous investments? Global ID, Gatehub, Ripple, Coinbase, Shift, Bitso (expect XRPL to run thru it), ShapeShift and to our next topic of conversation.....Marqeta. http://hardyaka.com/ Marqeta Marqeta is an open API payment card issuing platform that has been enabling businesses to process credit and debit card payments. Marqeta has been establishing itself as a big company that has attracted notable clients and investors to utilize it's technology. Facebook and Oink are example of clients while this past July, VISA made a strategic investment in the company and formed a partnership to drive further innovations in commercial and consumer payments globally. https://techcrunch.com/2017/07/26/visa-marqeta-25m/ http://www.businesswire.com/news/home/20170726005359/en/Visa-Marqeta-Form-Global-Partnership-Drive-New https://www.pymnts.com/news/partnerships-acquisitions/2017/visa-and-marqeta-partner-to-transform-global-card-issuance/ https://techcrunch.com/2013/05/16/powering-the-facebook-card-marqeta-raises-14m-from-greylock-israel-to-recreate-the-starbucks-loyalty-card-for-merchants/ Marqeta is compatible with the Discover, MasterCard, and VISA networks. https://www.marqeta.com/api/docs/VhypzxwAANwA_Vgx/cards The CEO of Marqeta, Jason Gardner, has been very vocal and supportive of blockchain technology and it's possible applications. adding, It was also revealed in January 2016 that Marqeta had been working with Ripple on a defunct debit card product that would allow users to spend cryptocurrencies at traditional points of sale. https://www.coindesk.com/marqeta-ceo-bitcoin-blockchain-tech/ With the test wallets to prove this collaboration, https://bithomp.com/explorer/rwEFnxs7GQsHXBG9ARZNYcmBkZc81zphMC https://bithomp.com/explorer/rwYx6Mp1n8yMbGN9K4MkHsSNvibK4MPjQF (being really active last year and even doing fiat exchanges between USD and JPY) Only time will tell where this collaboration will lead to but it's safe to say that Ripple has really positioned itself well in regards to VISA and Mastercard. And one other interesting development has been Marqeta's new partnership with Ali Pay. https://www.finextra.com/pressarticle/71286/alipay-joins-with-marqeta-for-us-payments-play https://paymentweek.com/2017-10-27-alipay-marqeta-team-alipays-payment-processing-ambition/ http://www.businesswire.com/news/home/20171020005664/en/Alipay-Taps-Marqeta-Expedite-Payment-Acceptance-Retail One notable thing did occur (and is accelerating as we speak) this past March, Ripple introduced Payments Channels into the RCL/XRPL and ILP. Thus allowing the XRP Ledger to scale, https://ripple.com/insights/ripple-continues-to-bring-internet-of-value-to-life-new-features-increase-transaction-throughput-to-same-level-as-visa/ https://www.cryptocoinsnews.com/ripple-claims-transaction-thoroughput-now/ The network has now scaled enough to sustain the amount of transactions the VISA network sustains. One last note, https://www.finextra.com/newsarticle/31227/wirex-and-sbi-holdings-team-on-japan-cryptocurrency-payments-card AirWallex Ripple partners with ties to major credit card issuers don't end there. AirWallex is an international payments startup that is based in Australia that in October, it's partnership with Ripple became publicly disclosed. https://ripple.com/ripple_press/ripples-blockchain-network-now-100-strong/ This past May, AirWallex held a Series A Round in which it raised $13 million dollars in funds for the company. These investors included MasterCard, Gobi Ventures/Partners which is one of Alibaba's investment managers, and Tencent leading the investment round. Tencent's WeChat has roughly 980 million monthly users, with users sending about $1.2 trillion in mobile payments in 2016. Along with mobile payments in China, Tencent wants to expand WeChat Pay usage to other regions including South Africa, Philippines, and Malaysia. https://bankinnovation.net/2017/04/alipay-wechat-processed-3-trillion-in-2016/ http://news.abs-cbn.com/business/11/22/17/wechat-pay-launches-in-philippines-with-asia-united-bank http://www.marketing-interactive.com/tencent-confirms-plans-to-launch-wechat-pay-in-malaysia/ http://blog.wechat.com/2015/11/25/south-africa-launches-wechat-wallet-the-first-country-officially-outside-china/ And there is one more region that AirWallex is targeting thru a formation of a partnership this past week, Europe. On December 1, AirWallex announced a partnership with Railsbank to enable AirWallex also became Railsbank's Airwallex’s VP of Europe Expansion, Michael Stachowiak speaking on the partnership shared, https://www.finextra.com/pressarticle/71788/airwallex-joins-railsbank-platform https://www.pymnts.com/news/b2b-payments/2017/airwallex-railsbank-international-payments-partnership/ Along with it's partnership with AirWallex, the previous day Railsbank was one of eleven companies to be chosen by MasterCard to be included in it's Start Path program. With Railsbank being chosen for it's ability to give companies access to global banking networks thru APIs. https://www.finextra.com/pressarticle/71779/latest-mastercard-start-path-program-includes-blockchain-digital-identity-and-healthcare-fintechs Want to know what happened on November 30? (same day of Railsbank and MasterCard's annoucement) The European Central Bank hosted a digital transformation conference that Ripple was invited to. https://www.ecb.europa.eu/pub/conferences/shared/pdf/20171130_digital_transformation_conf/Conference_brochure_20171130.pdf A panel which consisted of Banca Sella, the Central Bank of Netherlands, PayPal, and Ripple was held to speak on the disruptive potential of fintech innovations for the retail payments ecosystem. Want to know what happened on December 1? (same day as AirWallex and Railsbank's partnership) Brad gave us a nice tweet The VISA and MasterCard connections are there and more subtle Alibaba and Tencent connections to Ripple are surfacing. There's a lot of money between Europe and China in e-retail............. EDIT https://mobile.twitter.com/bgarlinghouse/status/961250935115743232 EDIT 2 https://www.pymnts.com/digital-payments/2018/mastercard-uae-exchange-prepaid-cards-digital-payments/amp/?p=474082&__twitter_impression=true
  7. 133 points
    BobWay

    Hi! I'm Bob

    Hello all. Just wanted to introduce myself. I'm Bob Way, formerly of Ripple. Thank you in advance for allowing me to join your forum. Back in the early days of crypto I was pretty active in the Bitcointalk and Ripple communities (under the username "Red"). In fact my community participation was what directly led to me going to work for Chris and the gang at OpenCoin. I made a lot of good friend in the forums five years back. I'm hoping to make some new ones now. Bob
  8. 123 points
    miguel

    Is Miguel Vias in XRPChat?

    Fits and starts guys. There's a lot of noise out there so I understand it can be frustrating and confusing. Our path was never going to be a short one. We work with enterprises so the pace is slower but the payoff will be worth it. What I would say, it's a little disappointing to hear complaints about XRP not appreciating fast enough, as if it were simply some get rich quick scheme. I don't mean to sound naive, but it's such a stark difference to how I and everyone else at Ripple thinks about XRP. Our vision is literally world changing, and the last thing we are worried about is the price going up. That's a forgone conclusion if we continue to focus on the work, which is exactly what we're doing.
  9. 112 points
    A tweet recently caught my attention about the Bill and Melinda gates foundation possibly being live on the XRP Ledger in this tweet there were some interesting transactions in a currency I hadn't seen before called UPU - the wallet is - rMHSvqV83BhFDhkQtXELxNYyyhq776dhzG - so using a wallet explorer application I noticed other transactions and obligations connected to this wallet using similar codes such as UPA, UPC, UPY etc. After some digging, I determined that UPU in this case stands for "Universal Postal Union", which I had never heard of, on their site www.upu.int I found language that describes them as "As an intergovernmental organization and a United Nations specialized agency, the UPU is the principal forum for cooperation between governments, designated operators, and other sector-wide stakeholders." The mention of the United Nations caught my eye because recently Ripple released a marketing video where the U.N. headquarters building in New York city is featured in one of the scenes, and just happens to capture the Korean flag, Mexican flag, and Japanese flag next to each other (all key markets for XRP), but still I wondered what would a postal organization have to do with Ripple and XRP? Well it seems the answer is right there on UPUs website. Here are some direct quotes from the UPU site. "According to a UPU study, postal operators provide some 1.5 billion people worldwide with access to basic financial services (payments, money transfers, and savings)." "The postal network, through its worldwide coverage and the combination of electronic, financial and physical dimensions, ensures that all citizens of the world have access to efficient, reliable, secure and affordable electronic payment services. The postal network comprises more than 663,000 physical contact points offering remittances and is traditionally a more affordable formal financial services channel compared to banks, money transfer operators and others." "It is the UPU's mission to help build a worldwide electronic postal payment network. It does this in the form of an international treaty, known as the Postal Payment Services Agreement and its Regulations, and through its Postal Technology Centre's International Financial System (IFS) software." This suite of software tools allows postal operators to offer electronic postal payment services, providing state-of-the-art guarantees to secure payments between operators and protecting the interests of consumers, senders and beneficiaries alike. These are complemented with the UPU trademark “PostTranfer”, the automated clearing and settlement system (PPS*Clearing) and a set of additional tools for business and quality support." "The UPU provides Posts with the necessary technical and financial assistance toward activities and programmes that are coordinated on the regional level. Joint projects are also being managed in partnership with various international organizations, among others the Bill and Melinda Gates Foundation, International Fund for Agricultural Development, International Organization for Migration, World Bank, World Savings and Retail Banking Institute and Visa. The projects' scope covers a variety of assistance, including equipment and technical support, connectivity, security, fraud prevention, Anti-money laundering, Combating the financing of terrorism TF, business development and marketing, cash and risk management, internal control, skills management, customer care and operational matters, taking into account the specific needs of Posts. As a result, more and more Posts are able to transform into sustainable, modern and competitive enterprises in the new ecosystem." So after reading this I was very surprised by several points, first that the UPU is actively working towards building a global payments system through the 663,000 physical postal points of contact, but also that this seems to be in collaboration with the Bill and Melinda gates foundation, Visa and The World Bank. That is truly amazing, my thoughts here go back to the announcement made last year during Ripple's Swell conference about MojaLoop and the collaboration between the Bill and Melinda Gates's foundation and Ripple. There wasn't a lot of information given about the project, but it was clear that the high level objective was to bring financial services to the unbanked and it seems that maybe the UPU and the existing postal system are key to the delivery side of this solution. Next, I found a link for "UPU Clearing" I'll just provide a quote direct form the site here also. "UPU*Clearing is the UPU's efficient, low-cost solution for settling international accounts between Posts. Members simply consolidate their invoices using the system's centralized online platform and pay their debts with one easy payment per month in euros (EUR) and/or United States dollars (USD). The interface also allows them to comment on, change, accept or refuse electronic bills via a discussion platform. Some 47 countries already use the system to handle bills related to terminal dues, Quality of Service Fund (QSF) payments, the UPU's Postal Technology Centre (PTC), and more, allowing them to reap benefits such as:" A couple of things caught my eye here, it seems that UPU members are requited to settle up at least once a month in either USD or EUR, that's very interesting, but I also notice that it states the UPU clearing / payments system currently has 47 memeber countries, UPU has a couple hundred members but only 47 are currently part of UPU clearing. This number caught my eye because I do remember Brad Garlinghouse and other Ripple executives using this as the number of Central Banks that Ripple is working with, later they started using the language "40 - 50 Central Banks", but I am certain 47 was the number they used for a while. Also, in regards to UPU clearing, the site provides a brochure that describes the service, so I open that up and there is a graphic that states in 2017 there were "78M EUR + 154M USD = 175M SDR" cleared through the system - this I find extremely interesting because I don't know a currency that uses the symbol SDR, but the IMF has "Special Drawing Rights" which are commonly refereed to as SDR, I won't get into what IMF and SDR are, but I'll provide some links at the end. Lastly, the site also includes a TradeMark License agreement that seems to be intended to be used by member countries wishing to use the internationally registered trademark "UPU" and it goes into some detail as to how you should display the TradeMark for a variety of uses, including mobile applications. What does all this mean? At a minimum I think it means that there is real progress on the Micro-Payments / Unbanked use case, along with what seems to be a real partnership with a "United Nations Specialized Agency", but if you wanted to take the theory a little further, you could wonder why the settlement currencies are USD / EUR? And why the number of member countries seems to align very well with the number of Central Banks Ripple is working with and of course the many connections between IMF / World Bank and the Central Banks. So I don't think its a huge stretch to imagine we could see Central Banks hold XRP in the near future or even become market makers for XRP. I realize that opinion is likely to stir up some controversy, but I believe there are enough facts that make it not fall under the "TFH" category. Also, sort of interesting, there have been multiple mentions of Malta now being the biggest XRP market, including in Ripple's Q2 market report, Malta is an interesting case as they have permanent observer status in the U.N. https://twitter.com/1980SteveH36/status/1024969090698502144?s=20 http://www.upu.int/en/activities/postal-financial-services/about-postal-financial-services.html http://www.upu.int/en/activities/upuclearing/about-upuclearing.html http://www.upu.int/uploads/tx_sbdownloader/brochureUpuClearingEn.pdf http://www.upu.int/en/activities/postal-financial-services/postransfer-group/about-postransfer-group.html https://en.wikipedia.org/wiki/Universal_Postal_Union https://en.wikipedia.org/wiki/International_Monetary_Fund https://en.wikipedia.org/wiki/Special_drawing_rights
  10. 108 points
    (please check my profile for prior threads: this post builds off my country threads) ***"this is all speculation"*** The Monetary Authority of Singapore For several years now, the Monetary Authority of Singapore has taken a proactive approach in exploring and trailing blockchain technology for it’s possible application into their financial system. Since 2016, MAS (Monetary Authority of Singapore) has established a regulatory sandbox allowing Fintech companies to experiment within regulatory parameters.¹ MAS has also collaborated with Deloitte, R3, and a consortium consisting of HSBC, J.P. Morgan,Bank of America Merrill Lynch, and etc. on Project Ubin. Project Ubin is a proof-of-concept (PoC) of interbank payments being facilitated by distributed ledger technology (DLT). The blockchain also introduced the concept of a digital SGD (Singapore Dollar) within the ledgers that is distinct from all current existing forms of digital central bank money. With Project Ubin’s ultimate goal is to explore and help reduce risks and costs for cross border payments and securities.² MAS has even taken a step further in nurturing the FinTech environment by signing multiple FinTech cooperation agreements with overseas financial regulators including Financial Conduct Authority, UK (May 2016), Australian Securities and Investments Commission (June 2016), Swiss Financial Market Supervisory Authority (September 2016), Korean Financial Services Commission (October 2016), Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers of France (March 2017), Financial Services of Agency, Japan (March 2017) and the Danish Financial Supervisory Authority (June 2017). In a CNBC interview this past October, Sopnendu Mohanty (chief fintech officer of the Monetary Authority of Singapore ) stated that in regards to Project Ubin’s collaboration between MAS and the consortium of banks.³ With the successful conclusion of Project Ubin last March, MAS stated that it was “in the early stages of discussions to develop links from Singapore to other countries using DLT to allow cross-border payments to settle directly using central bank accounts.”⁴ Which exactly aligns to implied future explorations on Project Ubin, cross border payments.⁵ The innovation occurring in the environment of Singapore has caught the attention of several nations due to it’s potential disruption in the current financial system. One nation being Bahrain, a country that has ambitions to be completely integrated in blockchain technology by 2020.⁶ The Economic Development Board (EDB) of Bahrain being tasked with this goal, has been observing MAS and their progress. Eventually leading to Bahrain having discussions with Singapore’s central bank to devise plans for a pilot blockchain project in the Gulf state.⁷ Potentially being a foreign partner in foreign currency transactions that Ravi Menon (the managing director of the central bank of Singapore) had hinted Project Uben wanted to explore in future phases of the project. And this further developed this past November when MAS disclosed that “a collaboration on cross-border payments with the Bank of Canada using blockchain technology” had been reached.⁸ The collaboration intends to expand Project Ubin beyond Singapore’s borders to Canada’s counterpart, Project Jasper. An interbank payment system developed by Canada’s central bank based off of distributed ledger technology.⁹ Gradually overtime, Singapore’s central bank has been able to negotiate and form partnerships with other central banks to explore the utilization of distributed ledger technology into the financial system and possibly build corridors based off the technology with one another. Enter Ripple When MAS was forming the FinTech regulatory sandbox in 2016, Ripple was sought out as a consultant for the establishment of the project.¹⁰ Not only did this demonstrate that Ripple is viewed as a leader in the FinTech space but that the company has expertise in understanding the importance of regulatory compliance between companies and regulators. Along with that, Ravi Menon (Managing Director of MAS) praised Ripple for having a solution to real-time gross settlement, currency exchange, and remittance thru DLT. Menon also stated that, MAS reaching out to Ripple also revealed that government institutions such central banks and financial regulatory authorities have been consulted and in discussions with Ripple for cooperation in the development of projects. Which is evident by the number of proof-of-concepts Ripple has participated with both central banks and regional banks. In latter reports on Project Ubin progress released by MAS, the central authority revealed that a prototype integrating the Ripple blockchain for Peer-to-Peer (P2P) transactions across geographies would be trialed.¹² While in Singapore these past few weeks, multiple news outlets are reporting that Ripple is in discussions for its technology to be part of the MAS's blockchain experiment in cross-border payments.¹³ ¹⁴ The Bank of England also held it’s own proof-of-concept (PoC), selecting Ripple to help to demonstrate cross-border payments and settlement using two different Real Time Gross Settlement (RTGS) systems.¹⁵ The PoC intention was to demonstrate synchronisation of cash movements made using two simulated RTGS systems utilizing the open-source Interledger Protocol (RippleNet). The results of the PoC were ultimately shared later last year with words of encouragement for Ripple’s technology.¹⁶ The Bank of England sharing thru a report, The report ended by disclosing that Implying that the Bank of England and Ripple’s discourse has yet to end and leaving an open question on the possible utilization of XRP as a liquidity solution. And we know that Ripple has been holding discussions with several central banks and authorities thru social media. Notable examples such as Ryan Zagone (Director of Regulatory Relations at Ripple) with the central bank of Indonesia and Dilip Rao (Global Head, Infrastructure Innovation at Ripple) with Bahrain EDB’s Khalid Saad. Interestingly enough, this past December EDB’s Khalid Saad gave an insightful interview to Singapore Business Review on Bahrain and Singapore’s relationship in the financial technology space. When asked about Singapore’s innovation in FinTech, Saad replied by saying Also elaborating to a question regarding both country’s collaborations, With Saad’s photo with Dilip Rao, Bahrain’s intentions to build a corridor between themselves and Singapore, and MAS wanting to expand Project Ubin to partner countries utilizing RippleNet for cross-border payments, it certainly leaves the strong possibility that Ripple will more than likely be involved. And there is one other subtle but odd coincidence in regards to Bahrain and Ripple. There is, and appears to be an increasing an amount of nodes within Ripple’s network displaying conflicting time zones that are intended for the Bahrain region. One other noteworthy point, Khalid was appointed as CEO of Bahrain FinTech Bay (“BFB”).¹⁹ Saad will oversee the implementation of BFB’s long and short-term objectives which will certainly align with the nations goal to have country wide adoption on blockchain technology by 2020. Returning to the previously mentioned collaboration between the central banks of Canada and Singapore on cross-border payments based on the utilization of DLT, unveils subtle connections to Ripple.²⁰ MAS is not the only participant with ties to Ripple but the majority of the participants in Project Jasper have individually trialed Ripple technology or collaborated with the company.²¹ Banks and collaborators consisting of the Bank of Montreal, CIBC, Royal Bank of Canada, Scotiabank, TD Bank, and R3 have all direct trials and collaborations with Ripple at some point in time.²² ²³ Essentially if not all, almost all Project Jasper participants are cooperating with Ripple already. In the latest report released on Project Jasper, future exploration on central bank to central bank digital cross-border currency exchange is a priority. Specifically on how might a single-currency DLT zone best be connected with other currencies .²⁴ The report puts the central banks collaboration into perspective while Ripple blockchain technology seems to be the next logical step to be trialed. Ripple’s prominence in the finance world has grown so much that just this past November, Ripple alongside the IMF, held a Central Bank Summit in New York City. The summit was able to gather more than two dozen central banks from around the world. The summit provide the right environment to provide Both the IMF and Ripple also went in depth on the current financial system’s structure and shortcomings in cross-border payments. Proceeding with the advantages of adopting distributed ledger technology and the issuing of central bank digital currencies.²⁶ The collaboration between Ripple and central banks is just at the beginning as Ripple now has a Infrastructure Innovation team geared towards central banks and market infrastructures that will focus on What the Future Holds It is safe to say that Ripple has not only positioned itself excellent in regards to central banks and regulators, but Ripple’s technology including it’s network and XRP, will also be compliant to however central authorities will want to impose regulations on cryptocurrencies. Implying that XRP will meet KYC, AML, and CTF standards in order for the digital asset to be adopted for both institutional and commercial applications. And because of the familiarity with RippleNet and understanding of XRP, central banks will be less likely to ban the digital asset outright considering it’s potential utilization as a liquidity solution for the markets. Both scenarios alluded to by MAS just this week, With Ravi Menon speaking on blockchain technology and cryptocurrencies, and mentioning that Currently regulators are beginning to cooperate with one another with the intentions to how properly regulate and address the growing cryptocurrency market.³⁰ Luckily both Ripple and XRP will probably be spared of any outright prohibitions of cryptocurrencies in the future, as most regulators will have at least been in discussions with the company in the past. An example being both Chinese³¹ and Japanese authorities being joined by South Korea for the regulations on cryptocurrencies in the region when the former group has held discussions with Ripple. One thing is certain though: in regards to central banks, authorities and regulators, both Ripple and XRP are in the perfect position to be potentially adopted for global application soon. Sources 1. http://www.mas.gov.sg/Singapore-Financial-Centre/Smart-Financial-Centre/FinTech-Regulatory-Sandbox.aspx 2. https://www.opengovasia.com/articles/7845-mas-introduced-sgd-on-ledger-concept-for-blockchain-based-interbank-payment-system-poc 3. https://www.cnbc.com/2017/10/26/singapore-cryptocurrency-blockchain-trial.html 4. http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/MAS-working-withindustry-to-apply-Distributed-Ledger-Technology.aspx 5. https://www.cnbc.com/2017/10/26/singapore-cryptocurrency-blockchain-trial.html 6. https://www.ccn.com/bahrain-signs-fintech-pact-singapore-amid-plan-country-level-blockchain-adoption/ 7. http://www.arabianbusiness.com/bahrain-in-talks-with-singapore-on-blockchain-pilot-665012.html 8. http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2017/Singapore-FinTech-Journey-2.aspx 9. https://www.ccn.com/singapore-canadian-central-banks-unite-blockchain-cross-border-payments/ 10. https://ripple.com/files/ripple_mas_sandbox_consultation_07_2016.pdf 11. https://ripple.com/insights/singapores-continued-investment-in-banking-innovation/ 12. http://www.mas.gov.sg/~/media/ProjectUbin/Project Ubin SGD on Distributed Ledger.pdf 13. http://www.straitstimes.com/business/companies-markets/cryptocurrency-player-ripple-keen-to-set-off-blockchain-waves-in 14. https://themarketmogul.com/ripple-singapore/ 15. https://ripple.com/insights/ripple-selected-to-participate-in-the-bank-of-england-fintech-accelerators-exploration-of-the-use-of-blockchain-for-global-rtgs/ 16. https://ripple.com/insights/results-of-the-bank-of-englandripple-proof-of-concept-published-today/ 17. https://www.bankofengland.co.uk/-/media/boe/files/fintech/ripple 18. https://www.bahrainfintechbay.com/single-post/2017/12/13/Everything-you-need-to-know-about-Singapore-and-Bahrains-FinTech-relationship 19. https://www.bahrainfintechbay.com/single-post/2018/01/14/Press-Release-Bahrain-FinTech-Bay-appointment-of-Chief-Executive-Officer 20. https://www.ccn.com/singapore-canadian-central-banks-unite-blockchain-cross-border-payments/ 21. https://www.coindesk.com/bank-canada-demos-blockchain-based-digital-dollar/ 22.https://twitter.com/Ripple/status/659442643827474432?ref_src=twsrc^tfw 23. https://ripple.com/insights/ripple-and-r3-team-up-with-12-banks-to-trial-xrp-for-cross-border-payments/ 24. https://www.payments.ca/sites/default/files/29-Sep-17/jasper_report_eng.pdf 25. https://ripple.com/insights/ripple-hosts-worlds-central-banks-to-explore-next-generation-of-payments/ 26. https://www.imf.org/en/News/Articles/2017/11/01/sp103017-fintech-and-cross-border-payments 27. https://ripple.com/insights/exploring-innovation-payment-system-infrastructures/ 28. https://www.crowdfundinsider.com/2018/01/127084-singapore-deputy-pm-responds-amlanti-terror-financing-questions-regarding-cryptocurrency/ 29. https://www.ccn.com/singapore-central-bank-chief-wants-cryptocurrency-to-survive-crash/ 30. https://www.coindesk.com/report-south-korea-eyes-joint-crypto-regulations-with-china-japan/ 31. https://cointelegraph.com/news/ripple-talks-with-peoples-bank-of-china-key-to-chinese-blockchain-market EDIT 3-16-2018 https://www.coindesk.com/singapore-central-bank-touts-blockchain-for-cross-border-payments/ EDIT 6-22-2018 "The Governor also mentioned that the bank has begun working together with the Bank of Canada, the Monetary Authority of Singapore, and some private-sector organizations to upgrade inter-bank cross-border payments, including initiatives based on DLT." https://cointelegraph.com/news/bank-of-england-to-rebuild-settlement-system-to-interface-with-blockchain-platforms/amp?__twitter_impression=true EDIT 10-30-2018 (PAGE 28-32) BoC is working with MAS and BoE on blockchain cross border payments) https://www.bankofcanada.ca/wp-content/uploads/2018/10/presentation-251018.pdf EDIT 11-15-2018 EDIT 12-5-2018 https://www.coindesk.com/r3s-new-corda-app-supports-payments-in-xrp-cryptocurrency
  11. 106 points
    Hi Christopher, Interested in how you can reduce your cross-border payments inefficiencies? Then download the new AFP Payments Guide, underwritten by MUFG Union Bank. In this guide you’ll learn: • About some of the prominent systems in cross-border payments • How to determine if you should consider a new payments system • The pros and the cons of new technology available in the payments space Efficiency, transparency and optimization should be your top concerns when it comes to cross-border payments. While new technologies can help in these facets, no one system is perfect for everyone. Find out what is best for you and your organization in this new guide. You must sign up to download the full white-paper and I'm unable to attach PDFs so I've taken some screenshots to assist. https://www.afponline.org/publications-data-tools/reports/guides/afp-payments/Detail/2018paymentsguide-crossborder-final/?utm_source=internal_email&amp;utm_medium=email&amp;utm_campaign=payg18crossboarderpayments&amp;_zs=SbNuW&amp;_zl=4KSL1
  12. 103 points
    JoelKatz

    Escrow!!!!

    Sorry to disappoint you guys but we're actually just buying a pizza. Brad Garlinghouse insisted I put a wink on this so everyone would know that i wasn't serious. So.
  13. 100 points
    ***this is speculation*** In the wake of AliPay's announcement of launching a cross-border remittance service powered by blockchain technology, a closer inspection of the partnerships reveals several layers of Ripple associates. The cross-border remittance services into the Philippines will be offered by in a collaboration between GCash, AliPay, and Standard Chartered. With further details on Standard Chartered's involvement, https://www.pymnts.com/news/cross-border-commerce/2018/alipay-gcash-blockchain-cross-border-remittance-philippines/ Standard Chartered is currently a RippleNet adopter, primarily using it for cross-border payments between India and Singapore. The bank has also broadcasted it's plans on extending it's utilization of RippleNet to five other countries/pairs this year. https://www.finextra.com/newsarticle/32048/standard-chartered-to-extend-use-of-ripplenet-to-more-countries Standard Chartered acting as the settlement bank by offering it's infrastructure to both AliPay and GCash for remittance services, falls into Winters statement of expanding it's capabilities to other currency pairs with the Philippine Piso (PHP), the Hong Kong Dollar (HKD), and the Chinese Yaun/renminbi (CNY) being the suspects. GCash in itself also has an abundance of service and associate overlaps with Ripple. Currently GCash and it's services such as GCASH REMIT into the Philippines is consisted of SoftBank Payments and Globe Telecom. https://www.gcash.jp/?lg=e SBI Holdings' business relationship with SoftBank has been under speculation since SBI's involvement with Ripple but Globe Telecom can reveal other intentions of GCash. GCash is not the only notable subsidiary of Globe Telecom, Mynt is another subsidiary of Globe Telecom's financial technology arm that includes Ayala Corp and Ant Financial(AliPay/Alibaba). https://www.mynt.xyz/about-us/ The significance of Mynt pertains to an announcement this past March. Globe Telecom with Ayala Corp and Ant Financial thru Mynt, partnered with MoneyGram to provide remittance services into the Philippines to smartphone users for their GCash mobile wallets. http://news.abs-cbn.com/business/tech-biz/03/08/18/globe-fintech-arm-moneygram-launch-smartphone-based-remittance-service MoneyGram is well known in the Ripple community for it's involvement in trialing xRapid for a pilot which utilizes the XRP Ledger (XRP) for cross-border payments. http://ir.moneygram.com/news-releases/news-release-details/ripple-and-moneygram-partner-modernize-payments As of now, we publicly know that Mynt (Globe Telecom, Ayala Corp, and Ant Financial) partnered with MoneyGram to improve remittance services into the Philippines for GCash mobile wallet users. MoneyGram states that it's intention on piloting XRP this past January was because the digital asset offered negligible transaction fees and because the average transaction time involving XRP is 2-3 seconds. Interesting enough, this new remittance service provided by both Alibaba and GCash involves HKD and PHP. And the transaction time publicly shared took only 3 seconds... After Alibaba's failure to acquire MoneyGram this past January (same time as MoneyGram's announcement of it's xRapid pilot), Alibaba was adamant that they would still collaborate with MoneyGram to develop remittance and digital payments to several countries including the Philippines........ https://www.reuters.com/article/us-moneygram-intl-m-a-ant-financial/u-s-blocks-moneygram-sale-to-chinas-ant-financial-on-national-security-concerns-idUSKBN1ER1R7 Very interesting times indeed! Time will only tell EDIT: (more speculation in regards to GCash & Western Union) GXI description, https://businessmirror.com.ph/western-union-expands-digital-distribution-through-gcash-mobile-wallets/
  14. 98 points
    jbjnr

    Analysis of Ripple's XRP sales

    I would like to present here my findings on a slightly more detailed examination of sales from the ripple XRP-II wallet (rHjJwY4maqRyUxCnJ9bNNQ2Tva9fe9T8ud) and also the 3 wallets rHjJwY4maqRyUxCnJ9bNNQ2Tva9fe9T8ud, r49yezViZ8N6FtwwKg9byDYtJ3UDuJi1zv, r3epSojEkn6pFRwjxkFjwJLPAxC8Hj9ZTK that we believe are ripple controlled and have been supplied to my by @xp3215233 who deserves your thanks for the numbers I have extracted and plotted here. I will refer to the 3 wallets hereafter as RP1, RP2, RP3 to indicate that we think they are ripple controlled. In addition, I will also include some details of sales from the "BearWhale" account and Jed's tacostand account as a tag-along bonus at the end. There is no particular agenda to the analysis presented here, other than to further our understanding of the XRP ecosystem and broaden our knowledge (in the spirit of DYOR). The analysis I presented prior to the Q3 results release was a bit sloppy and I thought I would try again with a slightly more rigorous approach. Disclaimer : Although the numbers/dates extracted from wallets can be considered 'facts', the actual ownership/control/motives of wallets and transactions through them is mostly unknown and suppositions are based on the collective guesswork and historical evidence gleaned from resources such as xrpchat and previous ripple forums. Other than the XRP-II wallet which is known to be owned and controlled by the ripple subsidiary XRP-II and is licensed to sell XRP, I do not actually know for certain who controls any of the wallets mentioned in this post, and therefore any discussion or conclusions made here must be considered speculation. Nothing else that you read here should be taken at face value and you should even consider the possibility that everything presented here is forged material, made up just to manipulate the market. Let's start by looking at all the sales from the 4 (ripple controlled?) wallets going back to last year. Note that in the following plot, transactions between accounts are not included, only those that leave them are shown. The plot shows payments from the 4 wallets in separate colours to distinguish and identify their origin, overlaid on the total sales volume on exchanges (as returned by queries to https://min-api.cryptocompare.com/data). It is immediately clear that the 4 wallets are being used to make transactions with different 'sales' patterns. (The word sales is quoted here because in general, I assume that transfers from wallets are for the purpose of sales, but in many cases they may not be, however the term 'sales pattern' is a nice one to describe activity). Note that the plot uses linear scale (left) for the (black) volume from cryptocompare, and logarithmic scale (right) for the payments as they span a wide range of values and are best viewed thusly. The patterns become slightly more interesting when we look at the destination wallets of the payments, as shown in the following plot where we see the same data coloured by destination rather than source. I have tried to cross reference the destination account with the names of wallets used by exchanges. Again, I stress that the names presented here may not be correct, however, the chances are high that some/most of them are valid and what we care about is the pattern, rather than the specifics of each payment. The coloured dots represent payments and the solid line above is the daily sum of those payments, all are again overlaid on the daily volume from cryptocompare and a logarithmic scale is used for payments and their daily sum. The logarithmic plot compresses the sum line considerably and so it is not immediately obvious that their is any correlation between the transfers from ripple and the daily volume. Let’s have another look, but this time we will add another filter, we will remove all payments that went to addresses/wallets that do not have a destination tag. We do not know the addresses of all exchanges, but most exchanges require the use of a destination tag to separate client accounts. (GateHub is one notable exception where each user has an individual wallet). Filtering by tag gives us a reasonable approximation of payments that are going to exchanges and we can see the list of destination accounts is significantly reduced. Some things are obvious from the plots of payments: The sheer number of payments from these wallets during the second half of 2018 is quite staggering, and the fact that a very large number of them appear to be going to exchanges is very interesting. There do appear to be correlations between payments/sales and trade volumes, though those correlations change subtly over time and it is quite evident that in early April 2018 the sales strategy of ripple changed dramatically. It is of course possible that ripple uses other wallets for sales and simply changed at this time to one that we are tracking, from one that we do not know about. The pattern of payments changes on 12th April 2018 so let us examine more closely the pattern from that time onwards, excluding the payments from the XRP-II wallet. (This wallet is believed to be responsible for “direct” sales rather than programmatic and careful observation of the first plot shows that it makes less frequent, but often very large payments that do not look like programmed sales to an exchange). This plot shows us payments from RP1,RP2,RP3, only to accounts using a destination tag and it is now quite clear that there is a correlation between payment volume and exchange volume. There is also a mysterious gap in payments between 12th and 19th of September this year. The correlation is a little difficult to see due to the log/linear comparison, so lets compute the correlation time shift and normalize the plots to see how they compare and overlay them using linear scale for both. The correlation is good, the cross correlation function has a peak that appears with a time shift of 1 day. This plot shows the ripple sales volume (blue) time shifted by 1 day (earlier = to the left) and overlaid on the exchange volume (black). Normalization of the two volumes give a factor of 29.19 difference between the ripple sales and the exchange volume - this seems to me to be a fairly remarkable result. It tells us that ripple are selling XRP at approximately 1/29.19 = 0.034 = ~3% of daily volume based on the previous days exchange total. This is far higher than I had expected and higher than reported in their quarterly sales figures. The figures declared by Ripple are as follows Note that we do not know if the figures for 2016-Q4, 2017-Q1 are direct or programmatic, but I put them in the direct column since it would appear that their programmatic sales have been better coordinated more recently than in the past. Whilst the correlation is good (with time shift we have Pearson coeff 0.88), with the peaks and troughs lining up extremely well, there are some deviations. Around the region of Jul-Aug on the graph, the (normalized) volume sold by ripple appears slightly higher than the exchange volume, so it is possible that they have been adjusting the amounts slightly over time on a month by month basis to see how the market is affected. It’s also possible that the volume being used for calculations is coming from another source (i.e. not cryptocompare) and is slightly different, it is also possible that I am including sales from wallets that are not part of their programmatic sales, or other wallets exist that I am not aware of. Certainly we can see that when the trade volume rises and the xrp price rises, the programmatic sales increase the next day and this in turn brings the price back down. The ongoing bear market (at least for XRP) has not been assisted by the selling pressure of 3% per day - especially when we consider that significant parts of the other 97% of trade may be of suspicious activity on largely unregulated exchanges. How do the sales we have extracted compare in terms of $$$ with those declared by ripple in their quarterly reports? We assume here that the price that the XRP is being sold for is the mean price on the day it is transferred, this is at best an approximation, but since the transfers are happening every day (at least for RP2 since April), we must assume that the XRP is actually entering the market and not simply accumulating in wallets on the exchange. edit: ERRATUM: The table shows $$$ amounts for the quarters, but the right column total is the XRP amount, the $total is less. Apologies. . The numbers here are much larger than those declared by ripple (and shown earlier). I have experimented with different combinations of summation from different wallets, using different combinations of high/low/closing price, but have not been able to find a set that reliably reproduces the figures from ripple. What hypothetical conclusions can we draw from this Ripple are telling outrageous lies about the amount they sell? This seems highly improbable. Everything we know about the company indicates that they are “Very Serious People” in the right sense of the words (if you pardon me parodying a phrase partially popularized by Krugman). Ripple are making the payments we see on the ledger, but they are not all ripple sales. This is my own best guess. They have setup bots to make transfers to exchanges. Many many exchanges, far more than I imagined, and now that this infrastructure is in place, they are using it for their own programmatic sales, but reusing it for sales from staff/founders wallets. Why not sell some fraction of daily volume direct from ripple, and include some of the other XRP they need to offload. This way, they only have to worry about 1 set of scripts and can do the accounting of who is owed what internally within the company. Ripple are looking after us. True that they are ‘dumping’ massive quantities of XRP into the markets which is certainly keeping the price down and preventing wild speculative fluctuations - from the sums above, we are looking at around $500m (edit: not $1B as written previously) in total since 2017-Q4. This is interesting because it is ‘new money’ entering the markets. This is not wash trading between day traders on exchanges, but continuous drip feeding of XRP into the markets that is building the liquidity that will be needed when large scale adoption of the “internet of value” kicks off. Ripple are looking after us. Look closely at the graph of sales for September 2018. Ripple sales stopped for 1 week between 12-19 of the month, apart from a small amount that was probably setup on a different trading algorithm from the main programmatic sales that started after April 12th. Why did sales stop that week? I chose to overlay the price on the volume correlation in the plot above because on Sep 11th the closing price (as cited by cryptocompare) of XRP was around $0.26, the lowest value of the year and I suspect that ripple decided that it would be a good idea to stop their sales temporarily to help the market. Sales stopped and the price began to recover. In fact by the end of the week it shot up dramatically, partly based no doubt on news about xRapid adoption, as there was much talk prior to swell - but the correlation between a sudden doubling of XRP price right after the cessation of ripple sales seems to me to be extremely interesting. Correlation does not imply causation and we cannot be sure, however, should ripple cease sales again for some reason and a similar effect take place, we will have better evidence to support our hypothesis. (If anyone from ripple is reading this, then please feel free to temporarily shut down sales so that we can see if the price spikes again). The market is healthy. We have only shown what we believe are programmatic sales in the correlation and summations, but XRP-II is also making direct sales that add to the total. In addition there are ongoing sales from the bearwhale and Jed and possibly many many more wallets that we are not aware of, that are all being absorbed by the market and it appears to be holding up very well. Up to this point we have looked at the sales from RP1, RP2, RP3, but XRP-II which we believe to be the direct sales account. Here are the payments from XRP-II to accounts with a destination tag, the total is around 264 million XRP paid (not the $ amount since we do not know the sale price). If we remove the restriction of only counting payments to tagged accounts, then the figure jumps to a tidy 3.8 billion XRP transferred since Q4 2016. Not bad at all. Let’s take a small diversion and add Jed and the bearwhale to our analysis to see if it gives consistent figures. Payments from Jed’s accounts do not correlate well with exchange volume unless we only consider Feb 2018 onwards. There are some gaps in sales where trading appears to have temporarily stopped, however if we consider sales from 2018-02-01 (Feb 1st 2018), we have a very good correlation with volume with a time shift of 13 days and a normalization coefficient of 221 which equates to a daily selling of 1/221 = 0.0045 or 0.45% of daily volume. This appears to be consistent with the agreement which appears to allow 0.5% of daily volume based on the average volume of the period 2 weeks prior (please inform me if I have used the wrong agreement details). The BearWhale remains our most ardent foe, with semi random transfers to exchanges that happen when the volume increases. Presumably the sales then take place in steady chunks on the exchanges, and we cannot track them individually, but we can assume that the sale happen over the days and weeks following transfers to exchanges. Using 24 account that are believed to be BearWhale related, we see the following pattern. Out of curiosity, if we sum the sales from BearWhale, Jed, and Ripple and assume they are all traded at the price on the day, what do we get. edit: ERRATUM: The table shows $$$ amounts for the quarters, but the right column total is the XRP amount, the $total is less. Apologies. . The sums are quite impressive. Note that Jed's tacostand is not included in the figures above as it send to a non tagged account, so please add $50m (not $131m as written previously) to the total. edit: ERRATUM: The table shows $$$ amounts for the quarters, but the right column total is the XRP amount, the $total is less. Apologies. To conclude this post, I am rather stunned by the scale of xrp sales that are going on, whilst many of the numbers presented here may be incorrect, and not attributable to ripple, jed or the BearWhale, the fact remains that huge amounts of xrp are being purchased and we are still well over double the price of this time last year. I am very confident that if and when xRapid is adopted at scale, we will see further improvements in the market.
  15. 98 points
    BobWay

    Hi! I'm Bob

    As promised, I didn't go to bed before finishing monstrosity. It is the delayed continuation of the post I left hanging here. Sorry for the delay. ----- I've had a long love/hate relationship with bitcoin. When I first heard about it I was inthralled with the technology. I dug in deep to understand everything I could. It seemed like a global LETS system to me. There were a few things I didn't like. It wasn't very private even though everyone kept calling it anonymous. I was one of the first to point out how the DAG could be used to unmask people. I may also have been one of the first to describe the mixer concept. I kicked around some ideas for a next generation more private blockchain data structure with Satoshi. I wasn't cryptography savvy enough to make that work, but I was happy when the zerocoin folks worked it out. But the one thing I always hated about bitcoin was the monetary policy, I made that clear with my first post on bitcointalk. I thought and still think that volatile cryptocurrencies make lousy "money". Medium of exchange -- OK, that works Unit of account -- Hum? Is it really a consistent "measure of value" Standard of deferred payment -- Nope, you can's agree to BTC denominated rent or other contracts Store of value -- Not really, store implies you get the same value out you put in It turns out bitcoin is much better described as a commodity than a currency. This argument did not win me popularity either. Over the next three years I explored other monetary policies and spent a lot of time trying to work out how to make a stable valued cryptocurrency. It was during that exploration that I discovered Ripple. It turns out Ripple is a uniquely suitable platform on which to build a stable coin. ----- By 2013 there were a lot of bitcoin maximalists pumping BTC. There pitch went something like this: The Dollar is going to crash! The Euro is going to crash! People are going to NEED to use BTC. The whole world's financial system is going to hell! You can buy BTC now and be RICH! Or you can buy BTC later with the poor people. I thought that was a pretty sucky marketing plan. "The whole world's gonna be miserable, but hey, we DESERVE to be rich! We didn't actually do anything. But we did happen to notice this weird thing on Slashdot first!" I thought that pitch was lamely transparent even for a scammer. I didn't expect many to fall for it. ----- It was in that context that I made the comments that kicked off the request for comment. Keep in mind that when Ripple launched OpenCoin was giving away XRP. Please read at least the first page here. You'll see that there was an organized campaign to call Ripple a scam right from the beginning. Crypto is a hostile environment. The initial amounts given were 50,000 XRP. Note Jed was first in line. Also note that Vitalik Buterin was on the first page. That XRP amounts tapered down over time. By the time I discovered Ripple the giveaway amount was 20,000 XRP. I had begged David for XRP a few days before I received my giveaway amount. I'd been posting in the forum and was way too impatient to wait. He graciously funded my initial wallet with 555 XRP. Keep in mind the account reserve was 200 XRP, and trust lines and offers were 50 XRP each. So 555 only represented a half dozen trust lines and market orders. What's most important to the discussion we are having now, and the mindset I had then, is the relative valuation. The story I was told is that when PayPal launched, they gave everyone who signed up at the beginning $10. At the beginning of the giveaway OpenCoin considered 50,000 XRP to be worth about $10. ($0.0002 in Feb 2013). By May, people in the forums had been speculating that XRP would reach $5 by the end of the year. I had shouted down a few of those speculation threads, and that was what I was referring to when I wrote this: I thought such outlandish speculation made Ripple actually sound like the scam others were claiming it was. I also thought that most of the speculators had no idea what the "rippling" concept in Ripple actually was. Most were just happy they had gotten free crypto since the bitcoin faucet had long ago dried up. ----- Now in retrospect, I made two bad presumptions in the 4 points I made in that original post. First, I was a Ripple maximalist and presumed that OpenCoin wanted all 6 billion people on the planet to have their own Ripple address on ledger. Having a Ripple address means needing some amount of XRP for the account reserve and trust lines. The average amount 6 billion people would pay just to have an account is pretty small. ($1 would be a pretty high barrier to entry in poorer regions) That was what I was referring to here: Say 6-8 billion people and add in a couple billion businesses. You are looking at 10 billion addresses. That averages to only 10 XRP per address. Now you have to consider some of that is locked into the account reserves. If you support the local currencies as well, that's at least 10 billion trust lines and and offer reserves. The reserves will need to fall into drop amounts at that point. Otherwise there isn't much XRP to use for transaction fees. The use of trust lines to represent local fiat currencies was what I meant by "unlimited supply" here: All in all, it didn't seem to me that XRP was being considered by OpenCoin as a common payment denomination. (Meaning to specify the price of goods or services in XRP rather than in USD) It was pretty clear OpenCoin saw XRP as a bridge currency, but that would be hidden from most Ripple users who continued to hold and spend their local fiat currency. This third point I have discussed in at least a couple of other places in this thread. This logic is still sound. I began to realize my presumption about 10 billion on ledger addresses was incorrect shortly afterwards. The second bad presumption I made was that OpenCoin was manipulating XRP prices by selling off enough XRP to keep the price stable. (Remember I'm a fan of stable money) Stable XRP value seemed such an obvious precursor to XRP becoming a bridge currency, that I couldn't see any other way that could happen. (Why stable currencies make good bridge currencies is a longer discussion that I'll make in my "book" but you are probably bored of this already.) This presumption was what I was referring to in 4a: I learned much to my surprise that OpenCoin had never even considered manipulating the market price to increase stability! I never saw any inclination to do during my tenure either. So clearly I was wrong about 4a. If you are holding XRP like I am, I don't have any reason to believe that Ripple is competing against you and attempting to hold down XRP prices. That also invalidates my 4b crack about greater fools. But really that was just a rude crack made at the expense of the folks who were speculating in the forums in 2013. To them, and anyone here who was taken aback, I offer my humble apologies. ----- Now if I ended the story here and referred you back to this post about upward XRP price pressures, I could rationalize this as a "more optimistic ending"... ...but come on. Do you really think I'm that lame? This whole story would make me sound like I'm just one of those lesser fools I mocked, waiting for the greater fools to show up. I'm not that kind of d***. So I'll leave you with something that just might make your head explode. But I'll have to say this very carefully using words that I've already heard authorized Ripplers say in public. Hopefully, that will keep me out of trouble... It's conventional wisdom that the one thing you can't do by giving away an asset like XRP--is make its price go up. Except one day, a while back, Stefan proposed a concept in which it might... I was quite reticent to believe it. It seemed intuitively impossible, much like you are thinking now. So I sat down to analyze it. And analyze it. And analyze it... And in the end I concluded his exact proposal was wrong. It was likely to put downward pressure on the prices of XRP. But, Stefan wasn't very wrong. In fact, using his proposal as a starting place, I tweaked the parameters and intermediate goals and came up with a mechanism that I'm completely convinced will work. It leads to a net upward pressure on the price of XRP... ..and Ripple and I received a patent for it. Now I don't speak for the company so I can't say if they'll ever deploy the system. I can't say they won't either. But I can say that I know at least one method exists that defies the above conventional wisdom. Hopefully, that is optimistic enough to make up for any panic triggers you might have suffered!
  16. 92 points
    slinuxuzer

    Japan FTW - Forex

    All, I wanted to share the results of a recent theory / research I've completed over the last few days. I've always wondered why Ripple has had such a focus on the Japanese market, yes they are a big market and I've had the thought that maybe it was just where they happened to get traction first? Recently, I've come to the conclusion that they have been focused there for a very specific strategic reason and below I explain what lead me to this conclusion. Recently I stumbled onto something while googling around, that lead to something else and here are a few facts about Japan and Forex I did not know. Global Forex transfers total 5.x Trillion dollars per day - this includes a number of scenarios - spots, forwards, futures etc - but the vast majority have to be settled at some point by the transference of actual paper currency, these scenarios together aggregate to this massive number of 5 Trillion daily. Japanese Yen (JPY) accounts for 20% of this market with the bulk of it being exchanged between USD and EUR (USD is #1 EUR is #2 and JPY is #3 most traded currencies) There is very little regulation in the Forex markets Profit margins for Forex brokers are razor thin The vast majority of Forex transactions take two business days to complete, with a limited number of corridors completing in one business day The world has three main Forex hubs, NYC, London and Tokyo After digging into this a little further I found that there are a total of 53 Forex brokers in Japan, with two of them controlling the lions share of the market and acting as prime brokers, I'm not a Forex expert but I can only assume there are numerous layers to the ecosystem and different services offered at different layers. GMO Click and DMM are the major players in the Japanese market, when I saw the name DMM it reminded of an announcement I saw earlier this year about them opening a crypto currency exchange and listing XRP, further digging turned up that GMO has done the same, both within the last year. SBI Group (I'm sure you all know the Ripple connection) also operates a Forex division with 1 million Forex traders and is opening SBI Virtual Currencies crypto exchange for full service this month and listing XRP. Review of their most recent report states specifically they are interested in leveraging synergies between their Forex business and their Crypto business, there are numerous other interesting references to XRP, MoneyGram etc. My theory is this, we know that the Japan bank consortium is made up of banks that represent 80% of all deposits in Japan and is adopting RippleNET/xCurrent - I believe its very possible that Ripple's plan has been from the beginning to target the Japanese Forex market and partner with a few Forex service providers to optimize the flow of USD/JPY. Even if there aren't signed agreements in place at this moment, the infrastructure that could allow this scenario to unfold will be fully in place as soon as SBI VC goes live and I believe its inevitable that a large portion of the JPY Forex corridor will eventually utilize XRP. I'm sure some here will have dissenting points of view, and honestly that's why I am even taking the time to post this. But, lets consider what this *could* mean if true. The current circulating supply of XRP is 38 Billion and when we account for the founders and other mega holders this goes down to 20 Billion. XRP capturing even 1% of the JPY Forex corridor would be 10 Billion $ a day in volume. This number represents one small piece, of one corridor, of one use case. What if XRP captures 2%? 5%? 10%? If XRP can capture even 1% of the JPY corridor, this would mean a 10B $ a day demand would be serviced by a 20 Billion unit supply, which I believe will get much smaller has hands / HODLers hold tighter, IMO this is enough to cause a significant price increase. Why would Forex providers use XRP? Decrease settlement times from two business days to seconds Increased profit margins in a highly competitive business Reduce or eliminate the need to "stock" currencies - xRapid sources liquidity on demand https://en.wikipedia.org/wiki/Foreign_exchange_market https://www.financemagnates.com/cryptocurrency/news/gmo-internet-offers-four-new-cryptos-trade-introduces-new-wallet-app/ https://www.gmo.jp/en/company-profile/groupinfo/ https://news.bitcoin.com/japans-dmm-bitcoin-exchange-opens-for-business-cryptocurrencies/ https://www.investoo.com/japanese-forex-brokers/ https://bitcoin.dmm.com/ http://www.sbigroup.co.jp/english/investors/disclosure/presentation/pdf/180628presentations.pdf
  17. 91 points
    I was asked to review this video to see if there were any subtle undertones that would indicate Goldman Sachs interest in XRP. These are my findings... (Law and Order Chime - "Dong - Dong") Jitin Jain (Wharton MBA '18), seated on the far left, moderates a discussion between, from left to right, Andrew Keys (Co-Founder Consensys Capital), Brian Steele (MD Goldman), Griffin Anderson (Founder Balanc3@ConsenSys), and Danny Aranda (MD Ripple). 7:06 Andrew Keys (Co-Founder Consensys Capital) says – “what this will do from a macro perspective, in my opinion, is going to create a thawing of liquidity unlike anything planet earth has ever seen” Brian Steele (MD Goldman) then raises both eyebrows, tucks in his mouth and shakes his head in stern acknowledgment. ***Indicating the thought - “these people have no idea what’s coming”*** 9:16 Jitin Jain (Wharton MBA '18) asks Danny Aranda (MD Ripple) - “what kind of competitive risk is there or value-add you can put to banks let’s say, Swift...” Brian Steele (MD Goldman) shakes his head in acknowledgment when the word “Swift” is mentioned. More so again when it’s mentioned a second time. *** Brian clearly understands that the paradigm of using Swift is about to change.*** 13:37 Danny Aranda (MD Ripple) says – “hey you need new infrastructure because customer demands are changing.” Brian Steele (MD Goldman) shakes his head in acknowledgment. 19:59 Jitin Jain (Wharton MBA '18) asks – “we have seen different strategies; some have invested in blockchain startups companies. Others have tied up with R3, Ripple, and other blockchain based companies. How do you see investment in blockchain from incumbents’ point of view?” Brian Steele (MD Goldman) responds – “…we’re not a member of R3, we’re not a member of the hyper ledger, we’re not a member of you know enterprising ethereum alliance…” ***This is odd, as Brian mentions these extra entities that weren’t even asked. But Ripple, which was just mentioned to him, should have still been fresh in his memory to recall but he intentionally left it out. A clear deflection.*** 22:56 Brian Steele (MD Goldman) states – “...it’s bringing the industry together” ***His body language is indicating a strong conviction. A sign that he and his superiors at least want that.*** 29:17 Danny Aranda (MD Ripple) says – “…we invented a protocol called inter ledger” Brian Steele (MD Goldman) shakes his head comfortably. ***Indicating he’s familiar with and at ease with the inter ledger.*** 31:03 Griffin Anderson (Founder Balanc3@ConsenSys) askes – “How many people own digital currencies right now?” Brian Steele (MD Goldman) openly raises his hand. ***If I’m not mistaken, not too long ago Goldman Sachs forbid its employees from messing with Bitcoin or cryptocurrencies altogether. Now they are openly admitting they own it. A clear sign of Goldman's change in their ideology and vision.*** 40:27 Danny Aranda (MD Ripple) says – “it’s going to come from innovation, from new products, like new services you can offer…” Brian Steele (MD Goldman) shakes his head in stern acknowledgment. 44:11 Brian Steele (MD Goldman) says – “if you’re able to settle the asset in a real-time environment and you’re able to move money in very much of a real-time fashion…” Jitin Jain (Wharton MBA '18) then asks Danny Aranda (MD Ripple) to directly follow up. ***I have no idea if this was a tell but it certainly was coincidental. He asks Danny Aranda (MD Ripple) to follow up directly after Brian Steele (MD Goldman) states – “move money in very much of a real-time”.*** 52:12 This is the most revealing of them all. Someone in the audience asks – “I’d like to repeat the earlier question about XRP but direct it at Brian specifically. It’s clear that Ripple and other blockchains are useful for banks but what about these so-called bridge currencies and there’s this unclear whether banks like Goldman are actually going to use this part of their treasury. Is it, can you give a clear answer at this point?” Brian Steele (MD Goldman) responds – “yeah… I mean, unfortunately… it’s ahh – we’re not in a position at this point to say…” ***He instantly becomes nervous. He’s stuttering, His feet begin tapping vigorously – he’s lying (at least his body believes he is). And then to ease the obvious tension Danny Aranda (MD Ripple) stutters in. (You always swoop in to save your wingman)*** Also, Goldman Sachs new CEO, David Soloman, is openly for cryptocurrencies. A Wikipedia search of him indicates he’s also a part-time EDM DJ. Which would indicate his personality is one of a trendsetter and a forward thinker. One who’s not afraid to think outside the box. Conclusion: Goldman Sachs is very interested in Ripple (XRP) – VERY! Some may or may not agree with this assessment but I welcome an open discussion about it.
  18. 89 points
    Hodor

    Are You Ready For Something Strange?

    Discussions about the market capitalization of Ripple are all the rage. In my latest blog, I discuss this controversial topic and point out some historical facts and future trends for readers to consider when putting this topic into perspective. I have a feeling many readers will be surprised to find that Ripple will not be the first company to be measured in the trillions. Hope you enjoy the read! Please leave any feedback below. Feel free to share my blog with a friend, or on any other media, and thank you for doing so! Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
  19. 89 points
    JoelKatz

    Explaining XRP

    The abridged model is this: 1) Ripple gets banks to use its payment technology. 2) Banks integrate Ripple's payment system into their system. 3) This helps to eliminate all the technical obstacles to banks routing payments through a crypto-currency. (Regulatory, compliance, business rules, integration effort, etcetera.) 4) Banks use the system to clear payments with each other, probably using mostly ILP. (ILP is a protocol that permits atomic, cross-ledger payments. Most importantly, it allows a "connector" to facilitate the payment even if that connector is not trusted by either the sender, the recipient, or the source and destination financial institutions.) 5) Ripple tries to make XRP the premium connector by targeting inefficient corridors. 6) If XRP can efficiently bridge X% of payments between banks that use Ripple, it will. 7) This will increase the demand for XRP as connectors need XRP to buy the destination currency for their trades. 8) If XRP is cheap to trade with other currencies, people who don't know what currency they'll need next may hold XRP. 9) If XRP is cheap to trade with other currencies, people who are willing to buy any currency they can get cheaply may hold XRP. 10) This can lead to a cycle of increasing demand. Ripple may or may not succeed. Ripple's strategy may change. But that's Ripple's plan, in summary. Or, even shorter, build a massive, level playing field in which assets can compete to bridge payments, then try to make XRP a winner on that playing field. This is an ambitious, maybe even crazy, plan. But Ripple has raised tens of millions of dollars, has over a hundred full time employees, and our successes to date speak for themselves. That is, of course, no guarantee of success.
  20. 87 points
    BobWay

    Answer: Wen Moon?

    I don't know. As I've mentioned in my introductory thread, I am bullish on XRP in the long term. I own XRP and I also own Ripple stock. Ripple stock is not publicly traded and is generally much more illiquid that XRP. However, based on other people's reports of selling Ripple stock on the secondary markets, it appears that the price of Ripple stock is closely correlated to the price of XRP. Based on my back of the envelope calculations, the market value of my investments is split about evenly between stock and XRP. If I could, I'd gladly trade my stock for XRP to gain the added liquidity XRP brings. It is important for you to know that I'm not rich enough to be worth kidnapping. It is also important for you to know that if I was a savvy trader I would be. I discovered bitcoin when the price of BTC was 5 to a dollar. I didn't buy it then and haven't traded much over the past 8 years at all. I also had someone point me to Microsoft stock in the very early days. I didn't buy that either. I don't gamble when I go to Vegas and I don't even like to follow the price of XRP and BTC because volatility gives me a huge amount of anxiety. So it should be absolutely clear to the average observer, that no one should take trading or investment advice from me. But if you want to know my personal unsubstantiated opinion I'm happy to tell you. In the long term, I expect Ripple as a company and XRP as an asset to succeed big time. Big time, means dramatically transforming and improving the world's financial systems and the way money works today. I'm expecting XRP's longterm moving average to rise as more more and more transactional liquidity flows through a growing RippleNet. In the short term, I expect XRPs price to be volatile and prone to spikes. I expect this volatility will be true of all other traditional cryptocurrencies as well. The reason I think so, is that it appears to me that speculators are trading multiple cryptocurrencies at a time using similar buy/sell strategies. I don't have any evidence of this, it just seems so to me from watching correlation (not causation) in the price charts. In the long term I expect XRP to be the "winning" cryptocurrency displacing all the others. I've come to this opinion without considering the low level technical details of the coins or their marketing spin. My opinion is based on the observation that all business transactions are circular. And this circle determines how currencies are valued. Here, the concept of circular business transaction means that when Alice buys widgets from Bob in exchange for currency, from Alice's perspective the value of the good equals the value of the currency used to pay for it. That seems obvious to the casual observer, but in the crypto space people rarely talk about it. In thinking about this I realized that the return value flow (the goods or services delivered) defines the value of the currency used to make the payment. Not the other way around. (Perhaps the goods or services have intrinsic value while the currency's value is relative, but that starts to sound like philosophy rather than economics.) So I began thinking about the business cycle along with the full transactional circle. Of course, no business transaction can take place without the agreement of BOTH Alice and Bob. Alice wants something and Bob wants something. The relationship is circular but it is not symmetrical. What Alice wants (the good or services) drives the transaction. What Bob wants (the money) is secondary. So in the business flow, Alice always decides what she wants first. Only then can Bob tell her what he wants in exchange (Alice's cost). So in my mind, the value of a currency is strictly CAUSED by the number of transactional circles it can participate in. If you make the presumption that any given Alice could potentially want something from any given Bob. And also the presumption that any given Bob could deliver to any given Alice. Then return value part of every transactional circle is unconstrained. So then you must focus on how Bob's choice of currency (what Bob wants) constrains the number of circles that can be completed. Which obviously brings us to set theory. That's just a fancy way of saying if Bob wants a currency that Alice doesn't have then they can't do a deal. So if Bob wants EUR but Alice only has USD then the deal can't be done. And if the deal can't be done, the return value (goods or services that don't trade) can't support the value of either USD or EUR. So both of those currencies subsequently becomes worth less than it would have been if that deal could be done. Curiously, if you add a bridge currency like XRP into the transaction in order to complete the transactional circle, then the return value (which now does trade) equally supports the value of all three currencies. Which seems odd so lets do some simple "figurin". Alice wants (X widgets) from Bob. Bob wants (Y EUR) from Mak. Mak wants (Z XRP) from Mark. Mark wanting (Q USD) from Alice completes the transactional circle. So as we stated before by definition if Alice pays then she decided it was a fair (equal) trade. And Mark and Mak thought their deals were fair (equal) as well. So: (X widget) = (Q USD) = (Z XRP) = (Y EUR). But what would happen if both Alice and Bob used XRP? Well then you'd have: (X widget) = (Z XRP) So my lay man's conclusion (I am not an economist) says that XRP being used as a bridge currency supports XRP's value equally as much as XRP being used as a retail currency. But the set of transaction circles that can be created using XRP as a bridge currency is DRAMATICALLY larger than the set of transaction circles that can be created using XRP or any cryptocurrency as a retail currency. And actually, the set of all transactions that can be completed using XRP as retail currency is a proper subset of the transactions that can be completed using XRP as a bridge currency. So to maximize XRP's value, you must focus on the XRP bridge use case. And that is exactly what Ripple is focused on. But, can't the same be said of any cryptocurrency? Meaning if BTC became the de facto bridge currency then it would be the most valuable cryptocurrency. Actually, yes. If that came to pass it would be true. But, I proved to myself that you can't actually get BTC there from here. It just mathematically can't happen. BTC as a bridge currency will always initially be a more expensive transaction path than an alternative path without BTC. And nobody has enough BTC to force (subsidize or incentivize) BTC into that position. My same logic hold for all the currently popular cryptocurrencies. But, I believe, it is actually possible to force XRP into the position of de facto bridge currency. And that is what that patent is about. Of course, I could be wrong in my logic somewhere, or Ripple could fail in their execution, or a million other bad things might happen along the way. So let me repeat, no one should take trading or investment advice from me.
  21. 87 points
    BobWay

    Hi! I'm Bob

    Ripple as a company can be pretty opaque. Especially if you are not a banker getting regular updates on our progress. I'm happy to answer questions about the people involved historically and currently. The company grows and changes quickly so I'm probably out of date already on exactly who is on which team at the moment though. I guess I should introduce myself for those who don't know me. Don't feel bad if you don't. I purposely kept a low profile. I discovered bitcoin reasonably early in 2010. I was pondering creating a digital currency for the web (for my own reasons) when I happened into it. I had a bit of a love/hate relationship with bitcoin. I loved the concept of a pure digital currency. I hated the monetary policy and I wasn't a big fan of the community or its "marketing plan". If you check my history (Red) from way back you'll see that I was very off and on in the bitcointalk forums. April of 2013 was one of those "on" times again with the bitcointalk forum. Occasionally people called be back to talk about stable coins. It was during that period that I was canvasing to see of any of the alt-coin forks implemented any of the long list of suggestions we had created for bitcoin. That was when I ran across Ripple. It turned out that Ripple implemented all the improvements people had suggested for bitcoin and also a bunch of really cool stuff that I hardly understood. So I became obsessive about Ripple. First (unpopularily) discussing it at bitcointalk. Then later at JoelKatz's suggestion discussing it on the Ripple forums. During that period a lot of really smart Canadian's (Singpolyma, dchapes, etc.) from the earlier "Classic Ripple Pay" community taught me an amazing amount about money and rippling. I obsessed so much that after 6 weeks I was the number one poster on the Ripple forum. More posts at that time than even JoelKatz! :-) So in June I wrote Ripple asking for a job. I was the 10th hire after the founders. In my 5 years at Ripple I served in a lot of different roles all of which I'm very proud of. The original integration engineer Designed Ripple "pre-transaction messaging" system Designed the Ripple Rest API Designed RippleConnect/xCurrent Original product manager for RippleConnect Original member of Ripple research (ILP atomic mode, XRP bridge currency incentive analysis) Original sales engineer once we pivoted to a banking sales model Finally served as intellectual property wrangler between the research, engineering and legal teams I only write al this so folks here will understand the breadth of questions I'm willing to answer. During my time at Ripple I also served is informal historian. One of the things I've realized recently is that my greatest utility in increasing the adoption and value of XRP (and rippling in general) is in explaining to other just how well thought out the system is. I hope I can start doing that here.
  22. 86 points
    I felt a little bummed with the price drop during Swell, to be honest. But I know rationally that the price goes up and the price goes down and the short term prices don't really matter all that much. As far as Ripple's execution goes, I feel better now than I ever have. Even the FUD now pretty much assumes that we'll take over payments. Now they just claim that still somehow that won't ever be reflected in the price of XRP. When you have moved the goalposts so far that your naysayers assume your startup will dominate a multibillion dollar industry, I'd say you've pretty much won. I think they either do nothing or add. Unless a new walled garden takes over the world, walled gardens will always need bridging to other walled gardens. We need faster payments everywhere we can get them because with slow payments, fast settlement doesn't much matter. I hope at some point we can announce xRapid volume. You should see it reflected in the reported XRP volume everywhere too. Just the commitments we have now should increase XRP volume by about 10% once they're in production. And we've just barely started trying to push xRapid. Only a very small percentage of XRP volume is Ripple off market transactions, and xRapid transactions should be on market, that is, visible, open, and increasing trade volume. Thanks. As I said, I honestly feel more encouraged now than ever before. Sure, I'd like to see a higher price for XRP, but I'm definitely playing the long game.
  23. 84 points
    JCCollins

    XRP - The Standard (Big read)

    Here's my new 4500-word article on everything from the USD, SDR, sovereign debt restructuring, economic collapses, China, Russia, SWIFT, SAP, and XRP. Attempting to bring some clarity and a deeper understanding of some of the topics which have been getting misconstrued and some of the false narratives which have been running wild. Hope its worth the read. XRP - The Standard
  24. 84 points
    ***IF YOU HAVE NOT YET, PLEASE READ MY PREVIOUS THREADS ON THE GATES FOUNDATION AND INDIA*** Unlike in India, there is no singular centralized effort driving Ripple adoption but more of a collected effort done by multiple parties. However, most of these parties are being guided and aided by the Monetary Authority of Singapore (MAS) in each of their respective ventures. Monetary Authority of Singapore (MAS) The MAS is Singapore's central bank and financial regulatory authority. Compared to other central banks, MAS has been proactive when involving trialing and adopting new financial technology. Last year MAS established a fintech regulatory sandbox intended to MAS intentions is to create a space that promotes the exploration of fintech and avoid An outcome that MAS says is "undesirable" as there are promising innovations waiting to be taken advantage of. http://www.mas.gov.sg/Singapore-Financial-Centre/Smart-Financial-Centre/FinTech-Regulatory-Sandbox.aspx http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/MAS-Issues-Regulatory-Sandbox-Guidelines-for-FinTech-Experiments.aspx On top of hosting the regulatory sandbox, MAS conducted "Project Ubin". The project, which consisted of a group of Singaporean banks, served as a prototype payment system utilizing distributed ledger technology that allowed bank users to exchange currency with one another without long processing fees, intermediaries, or expensive processing fees. Along with the banks and MAS, R3 also participated in the project. http://www.mas.gov.sg/~/media/ProjectUbin/Project Ubin SGD on Distributed Ledger.pdf With the conclusion of phase one, MAS has plans for two spinoff projects. The first project, driven by the Singapore Exchange (SGX), focuses on making the fixed income securities trading and settlement cycle more efficient through DLT. While the second project focuses on new methods to conduct cross border payments using central bank digital currency. Along with that, http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/MAS-working-with-industry-to-apply-Distributed-Ledger-Technology.aspx (keep this in mind, MAS are in discussions with other central banks on using DLT for cross-border payments) But where is Ripple on all this? During MAS's sandbox initiative, Ripple was sought as a consultant for the project. https://ripple.com/files/ripple_mas_sandbox_consultation_07_2016.pdf https://ripple.com/files/ripple_comments_mas_ppf.pdf Along with that, Ravi Menon (Managing Director of MAS), praised Ripple for having a solution to real-time gross settlement, currency exchange, and remittance thru DLT. https://ripple.com/insights/singapores-continued-investment-in-banking-innovation/ And in Project Ubin's latest report, Ripple was mentioned in their future focus section for Phase 2 of Project Ubin. Deloitte (a contributor to the project and a partner of Ripple) mentions the prototype integrating the Ripple blockchain to allow Person-to-Person (P2P) transactions across geographies. So to summarize MAS's future ventures, 1. They want to connect with other central banks thru DLT for cross border payments 2. The Ripple blockchain has been integrated into the prototype to be used for cross border transactions Onto the Middle East........... Bahrain The nation of Bahrain thru the leadership of Bahrain’s Economic Development Board (EDB), has been tasked to lay the foundation for a national adoption of blockchain technology. Bahrain wants to position itself as a leader in financial technology just as how Singapore has become. Khalid Al Rumaihi, CEO of the EDB, has stated that https://www.cryptocoinsnews.com/kingdom-bahrain-aims-country-level-blockchain-adoption/ Meanwhile the government also wants to establish a ‘regulatory sandbox’ that would serve as a regulator-friendly space that complies with Bahrain laws to enable research and testing of new Fintech products and innovations specific to the region’s requirements. If this is all sounding similar, it's for good reason. The EDB is drawing inspiration from none other than Singapore/MAS's blockchain pilot project, "Project Ubin". https://www.cryptocoinsnews.com/kingdom-bahrain-aims-country-level-blockchain-adoption/ And to take it even further, EDB has held discussions with MAS on deploying a pilot blockchain project and has even signed a partnership with the Singapore FinTech Consortium. https://www.cryptocoinsnews.com/bahrain-signs-fintech-pact-singapore-amid-plan-country-level-blockchain-adoption/ http://infocoin.net/en/2017/03/02/singapore-and-bahrain-plan-to-build-a-blockchain-pilot-project/ http://www.arabianbusiness.com/bahrain-in-talks-with-singapore-on-blockchain-pilot-665012.html So the fintech environment is beginning to resemble the Singaporean environment while also being shaped by the Singaporean Consortium and possibly MAS. Along with that development, blockchain has already begun it's penetration into the Bahrain's banking system thru Bank ABC. Bank ABC, formerly known as the Arab Banking Corporation, became the first financial institution in the MENA region to join the R3 blockchain consortium. https://www.cryptocoinsnews.com/bahrain-bank-first-mena-region-join-r3-blockchain-consortium/ There also has been one interesting development in the nation with one of Ripple's partners. Tata Group is an Indian multinational conglomerate holding company headquartered in Mumbai, Maharashtra, India. Tata Group has a number of subsidiaries that include Tata Communications and Tata Consultancy Services. Ripple and Tata thru Tata Consultancy Services's TCS BaNCS have cooperated with another in India to provide financial solutions for Indian banks. We also know thru employee profiles, that there have been experiments with Ripple's technology in processing cross border payments. Interesting enough, we know Tata Consultancy Services has also launched an Aadhaar enabled payment platform allows retailers integrate payments across multiple channels through a single interface. http://economictimes.indiatimes.com/tech/ites/tata-consultancy-services-starts-aadhar-enabled-payment-platform/articleshow/58361092.cms Just recently Tata Communications was chosen by Balteco as a cloud partner by utilizing Tata Communications’ IZO™ Cloud Enablement Platform. The significance of this partnership is simple. Batleco, which was established by the government, is the principal telecommunications company in Bahrain. As of today, Batelco remains majority state-owned by the Mumtalakat (Bahrain's sovereign wealth found). And the company itself remains as the majority telecommunications provider for the state. The infrastructure is being laid out..... http://batelco.com/news-media/batelco-and-tata-communications-sign-agreement-to-expand-the-reach-of-their-global-connectivity-data-centre-solutions-for-customers/ And as an update on Bahrain's "sandbox", it has opened this past summer with two tech firms already entering it. NOW Money (who Dilip Rao seems to be a fan of) and Tramonex being those two tech firms, were assisted and advised by the EDB to register into the regulatory "sandbox". http://www.arabianbusiness.com/industries/banking-finance/377682-first-two-tech-firms-enter-new-bahrain-sandbox On NOWMoney, http://www.arabianbusiness.com/industries/banking-finance/377682-first-two-tech-firms-enter-new-bahrain-sandbox On Tramonex, http://www.arabianbusiness.com/industries/banking-finance/377682-first-two-tech-firms-enter-new-bahrain-sandbox https://www.siliconrepublic.com/start-ups/fintech-nowmoney-migrant-workers Tramonex has recently begun to test cross currency payments on blockchain. http://www.financemagnates.com/cryptocurrency/innovation/tramonex-gets-approved-uk-regulator-issue-currency-blockchain/ https://bankinnovation.net/2017/02/tramonex-to-use-smart-contracts-for-cross-currency-money-transfer/ UNITED ARAB EMIRATES Similar to Bahrain, the UAE is striving to become a fintech pioneer. Dubai in particular wants to become the first fully blockchained-powered city in the world. This challenged, backed by the UAE government, is undergone by the Smart Dubai Office (SDO). https://cointelegraph.com/news/suddenly-dubai-aims-to-become-first-blockchain-powered-city-by-2020 In the UAE, the Abu Dhabi Global Market (ADGM) was established by the government to be an international financial center for local, regional and international institutions. And for the past year, it has been extremely active in both the cross border payments space and the fintech realm. This past February, the ADGM and the central bank of Bahrain (CCB) signed legislature intended https://www.adgm.com/mediacentre/press-releases/abu-dhabi-global-market-and-central-bank-of-bahrain-form-partnership-to-enhance-cross-border-cooperation/ Along with forming a partnership with CBB, ADGM has also signed an agreement with none other than MAS. The collaboration between both parties is focused on fintech innovation and cross-border activity. http://fintech.adgm.com/adgm-and-the-mas-collaborate-to-foster-fintech-innovation-and-cross-border-activities/ And ADGM themselves also has it's own regulatory sandbox which consists of five participants. With the most notable participant being.....NOW Money. https://www.cnbc.com/2017/05/17/abu-dhabi-global-market-admits-first-five-fintech-start-ups-into-its-reglab-sandbox.html Along with all of this, ADGM has also joined the R3 blockchain consortium. https://www.cryptocoinsnews.com/abu-dhabi-regulator-joins-r3-blockchain-consortium/ http://www.econotimes.com/ADGM-becomes-first-regulatory-body-in-MENA-region-to-join-R3-blockchain-consortium-712252 We are also aware that Ripple themselves have made partnerships with multiple financial institutions in the nation, with one being with UAE Exchange. UAE Exchange is a major UAE Forex and remittance house. The CEO of UAE Exchange, Promoth Manghat, commenting on the collaboration https://www.cryptocoinsnews.com/uae-remittance-giant-taps-ripple-instant-blockchain-international-payments/ The UAE Exchange themselves are part of some notable collaborations. Just this past summer the UAE Exchange and the ADGM signed an agreement to support, develop and promote the FinTech ecosystem in Abu Dhabi and the United Arab Emirates. http://timesofoman.com/article/114869/Business/UAE-Exchange-signs-pact-with-Abu-Dhabi-Global-Market But the most interesting collaboration (in my opinion) that the UAE Exchange is a part of is it's membership in the Indian "Bankchain" consortium. The very same blockchain consortium in India that I had previously mentioned in my prior post on India. https://www.coindesk.com/indias-bankchain-consortium-launches-blockchain-kyc-system/ Even more interesting, the UAE Exchange has already developed a digital payment platform called XPay Wallet that is already integrated to the UPI Service (Aadhaar). http://www.thehindubusinessline.com/money-and-banking/uae-exchange-launches-xpay-wallet/article7480861.ece http://www.financialexpress.com/economy/uae-exchange-backs-govt-on-demonetisation-through-xpay-cash-wallet/443279/ http://www.tmcnet.com/usubmit/2017/04/18/8528945.htm There is also has been activity with some UAE banks with the most publicized Ripple partnership in the nation being the one with the National Bank of Abu Dhabi (NBAD). https://www.nbad.com/en-ae/about-nbad/overview/newsroom/2017/01-02-2017.html But there is one other bank in the country conducting blockchain trials that has ties to Ripple, Emirates NBD. Back in 2015, Emirates NBD and Ripple collaborated with one another shown by this Emirates NBD presentation. https://www.infosys.com/confluence/PublishingImages/17/v2/presentation/Blockchain_Emirates NBD.pdf Emirates NBD has also recently been trialing cross-border transactions on blockchain technology with ICICI Bank under theguidance of the central bank of the UAE. https://www.coindesk.com/emirates-icici-complete-cross-border-blockchain-transaction/ https://www.coindesk.com/emirates-nbd-enlists-uae-central-bank-blockchain-check-trial/ Also Infosys who is cooperating with both Emirates NBD and ICICI Bank for their blockchain trial, is very positive on Ripple technology as well. https://www.infosys.com/industries/cards-and-payments/resources/Documents/digital-bank-blue-ocean-opportunity.pdf On one final note, Tata Communications also seems be laying the foundation in the nation as well by providing the infrastructure thru the IZO Cloud Service. http://www.itp.net/613631-tata-communications-expands-izo-private-cloud-footprint-in-the-uae There you have it, central banks, regulatory authorities, banks, exchanges, and fintech firms all working together from three different countries. The best part is, there is at least one more nation in the Arabian peninsula worth mentioning in a later post........ EDIT The Saudi central bank is working with the United Arab Emirates central bank to issue a digital currency that would be accepted in cross-border transactions between the two countries, UAE central bank governor Mubarak Rashed al-Mansouri told Reuters in December. https://mobile.reuters.com/article/amp/idUSKCN1FZ0LD?__twitter_impression=true UAE and India have reached a historic agreement which will enable businesses on both sides to bypass the US dollar or any other currency https://t.co/RUwGxwOV0A?amp=1
  25. 84 points
    Hodor

    Ripple’s Predictions for 2018

    As much as Ripple employees and executives try to steer clear of the prediction business, there's much that we can infer from company statements, interviews, blogs, and other reference material as 2018 begins. How does Ripple see the crypto market? What are their plans? I cover their perspective and possible future scenarios in my blog, so you'll have to read it to find out. Thanks & hope you enjoy! Feel free to share my blog with others and on any other media or platform - and thank you for doing so! Hodor Blog Announcements on Other Media: Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
  26. 83 points
    mars75

    Ripple - India

    ***THIS IS ALL SPECULATION*** First of all, if you haven't read my India & Gates Foundation post please do as it will be taking some elements to describe the environment in India. (SUMMARY: A FUTURE PARTNERSHIP ANNOUNCEMENT COULD INVOLVE THE GATES FOUNDATION DISTRIBUTING CELLULAR DEVICES PRE-INSTALLED WITH AN APP CONNECTED TO THE ILP) India As a quick recap, there are two nation wide movements occurring in India. First, the development and deployment of a centralized biometric database called Aadhaar. Aadhar's purpose is to register and create a digital identity of every citizen in India, especially those that are living in both poverty and rural areas. And second, a governmental initiative on the financial inclusion of the very same people into the Indian finical system. How are these both related? These movements are converging with one another in the utilization of cellular devices. The Indian government, thru the UIDAI (Unique Identification Authority of India), issues an Aadhaar number to every resident in India that serves residents with a portable identity which can be authenticated anytime anywhere. The Aadhar number is a unique, 12-digit identification number that aids in creating a digital identity for the registree. Individuals that register to Aadhaar automatically gain the capability to purchase a cellular phone and open a bank account. https://uidai.gov.in/enrolment-update/aadhaar-enrolment/aadhaar-services.html http://www.nytimes.com/2011/09/02/world/asia/02india.html With Aadhaar being utilized and broaden presently, payment systems have begun to be built on top of it. The NPCI (National Payments Corporation of India) have recently launched the UPI (Unified Payment Interface) which allows banks to transfer money directly to one another based on a single identifier, such as the Aadhaar number. https://www.washingtonpost.com/news/innovations/wp/2017/01/23/what-the-u-s-can-learn-from-indias-move-toward-a-cashless-society/?utm_term=.53085c17ae64 Another Source: http://www.npci.org.in/documents/UPI-Linking-Specs-ver-1.1_draft.pdf So where does Ripple fit in all this? Both Indian banks and the NPCI are in discussions with Ripple to facilitate account-to-account transfers globally, without having to be part of any payment network. http://cio.economictimes.indiatimes.com/news/enterprise-services-and-applications/ripple-in-talks-with-npci-banks-for-a/c-transfers-globally/58393068 https://www.indianweb2.com/2017/07/15/makers-indias-upi-app-bringing-ripple-technology-india/ There also seems to be mutual interest between Ripple and Indian banks as Yes Bank and Axis banks have officially joined the Ripple network. Dilip Rao has also said in multiple occasions that there is increasing interest by other Indian banks. http://timesofindia.indiatimes.com/business/india-business/Overseas-remittances-costs-to-reduce-with-new-system/articleshow/53767362.cms On top of this, there has been talks about a payment system being built on top of Aadhaar by the NPCI........ http://techcircle.vccircle.com/2017/02/20/microsofts-india-cloud-plans-get-booster-shot-as-flipkart-signs-up/ So who is Satya Nadella from the previous quote? Satya Nadella is the current CEO of Microsoft, another interesting connection. For those who don't follow the Microsoft and Ripple connection, please refer to my previous post "Ripple/Gates Foundation/India". On top of that Microsoft Azure BaaS has been running a Ripple validating node for quite sometime now. https://azure.microsoft.com/ru-ru/blog/azure-blockchain-as-a-service-update/ And just this past June a cloud provider had just been selected for a number of Indian banks. https://www.coindesk.com/indian-banks-select-microsoft-exclusive-cloud-blockchain-provider/ It's beginning to sound like another bank consortium that has been well publicized around here...... So Ripple has the interest and cooperation of two key parties in India. The NPCI and Microsoft, both who are developing and working on a payment infrastructure built on top of Aadhaar using Azure. We also know that rippled will have a Windows build available in the future. Is there any other connections to Ripple in India worth mentioning? Financial Software & Systems (FSS) in India has been working and cooperating with Ripple as well. FSS works on payments technology and transaction processing, offering business value in the areas of electronic payments and financial transaction processing solutions & services. http://www.fss.co.in/ How are we are of FSS and Ripple's partnership? Thru Dilip Rao's presentation during a FSS "Simple Payments" conference. And what is the significance of this company? FSS in the past had reached an agreement with 6 banks to provide UPI (NPCI) solutions. http://www.thehindu.com/business/Industry/fss-to-provide-upi-solution-for-6-banks/article8480485.ece While more recently FSS has launched "FSS Aadhaar Pay", a comprehensive biometric enabled merchant payment acceptance system that allows merchants to accept customer payments through their Aadhaar linked bank accounts without the need for a physical payment instrument. "FSS Aadhaar Pay", http://www.fsstech.com/news-events/fss-launches-fss-aadhaar-pay-to-augment-government-of-indias-digital-payment-initiative/ https://www.atmmarketplace.com/news/fss-supports-indias-cashless-payment-initiative-with-card-free-solution/ Which coincides with this development, (roughly same time frame) So three key parties in India with some shape of form of cooperation and interest with Ripple, all working on building a payment system on top of Aadhaar..... Towards the end of Rao's linked presentation in the FSS conference, he mentioned globalizing the Indian stack. He's been a busy man (this is one of two post I'll be sharing this week, I ended up complying too much information for one post) EDIT https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/npci-plans-international-remittance-on-upi-platform/articleshow/63540688.cms
  27. 79 points
    karlos

    Community Standards

    It should go without saying that we all want a forum that encourages free debate and healthy discussion. However there are lines that must be drawn. XRPchat will not accept: zero or low value, pointless or uninteresting posts or threads disrespect, flaming or insulting other members, Ripple employees or others in general excessive swearing doxxing of ANY kind (i.e posting personally identifiable information) attempting to get other users to reveal their secret key pasting entire articles into the forum. Post the link and your summary (or the talking point) instead. using vulgar or inappropriate usernames. pornographic, NSFW, violent or drug related threads/profiles inciting violence or attempting to attract 'mob mentality' against others referral/affiliate links (including in signatures) link shorteners. Use the full and transparent link needlessly bumping topics begging for XRP/cash/bitcoin/whatever deliberate trolling. Mods will determine what constitutes trolling on a per case basis sending unsolicited PMs, such as mass requests for help or advertising impersonating someone else or claiming false endorsements Lets keep things positive and on topic, even if its criticism.
  28. 78 points
    BobWay

    Hi! I'm Bob

    I'm offended. What do you want me to do, put a shoe on my head? . . . . . . . . . . . . . . Come on! Let's have some fun here!
  29. 78 points
    BobWay

    Hi! I'm Bob

    I am bullish on XRP and I am hodling XRP as well. I also own some Ripple stock. It is only fair for everyone to know both of those things, so y'all can weight my opinions accordingly. PLEASE NOTE: I have enough XRP for it to be a significant bet for me personally, but not enough to make me worth kidnapping. You would be disappointed.
  30. 78 points
    Hodor

    XRP: Poised to Become Digital Gold

    XRP is on the move. What is the result of our latest liquidity increases, and what's in store with Ripple's latest hire in the communications position? I cover it all, and indicate the trajectory of our rocket ship as we clear the atmosphere. And of course, I haven't forgotten about the "two household names" hinted at last week. Please feel free to leave any feedback below. Also, feel free to share or link to my blog on any other media (e.g., FB ) My blog announcements on other media: Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
  31. 77 points
    BobWay

    Hi! I'm Bob

    I'm not sure I'm qualified to use fancy words like "geopolitical" correctly. :-) But there are huge improvements coming to the structure of banking. Please keep in mind that while I think of myself as a reasonably smart guy, I'm by no means smart about everything. However, in my various positions at Ripple, a lot of much smarter people than me showed up in our office to tell me the details of their particular problems. They then left it to me to figure out if Ripple or its technologies could help. That was one of my key contributions to the company. I could almost always figure out a way to deploy Ripple technologies to solve other people's hard problems. So "geopolitically" speaking, one of the weirdest things about banking is how the international relationships are structured. This is true especially among the smaller countries. Take a random made up example. Say Alice lives in Barbados and want to do a business transaction with Bob in Saint Lucia. It is just a standard two party business deal for services rendered. But Alice uses BBD and Bob uses XCD. So how do their banks settle that transaction? Well it turns out in many cases they use USD. That sentence sounds pretty sensible not earth shaking to anyone... But how does that really work? Well it turns out that important banks in Barbados keep "correspondent" accounts with a large US bank. Let's say Citi in this case. And some large bank in Sant Lucia also keeps a correspondent account with a US bank. Let's say BofA in that case. The settlement actually happens by the Barbados bank telling Citi to wire money through the FedWire system to the St Lucia's account at BofA. These requests are transmitted via SWIFT. But the crazy thing is that US law says that both Citi and BofA need to screen the transaction between Alice and Bob for compliance with US laws! And if a bad transaction slips through, both Citi and BofA can be fined huge amounts. So in effect, whether Alice in Barbados can do business with Bob in St Lucia becomes dependent on whether or not US banks want to allow it. Even though the transaction doesn't involve US jurisdiction at all! The side effect of the US bank's risk in these transactions is that they've started closing the correspondent banking accounts for entire countries. The risk is just seen as too high for the reward (fees) that they can charge. This is called in banking jargon, "the de-risking problem". A bridge currency like XRP changes that dynamic dramatically. Transaction that don't involve the US (or other third countries) don't have to travel through their systems to settle. That allows people to stop jumping through third party regulatory hoops and just get one with doing business. I hope that counts as "geopolitical"!
  32. 75 points
    mars75

    Ripple - South Korea

    Previous Work: https://www.xrpchat.com/topic/7598-ripplegates-foundationindia/?tab=comments#comment-99889 https://www.xrpchat.com/topic/9189-ripple-india/ https://www.xrpchat.com/topic/9760-ripple-singapore-bahrain-the-uae/?tab=comments#comment-97143 ***THIS IS ALL SPECULATION*** The Korean Government Similar to other Asian Pacific countries, South Korea is being proactive on adopting financial technology. As a society, Korea is trending towards being cashless with credit and bank cards becoming the primary means of conducting trade. http://www.koreatimes.co.kr/www/news/biz/2016/03/488_199146.html Koreans themselves have begun to accept the notion of carrying less cash. https://www.electronicproducts.com/Mobile/Devices/South_Korea_plans_to_become_a_cashless_society_by_2020.aspx And the Central Bank of Korea has also set a deadline in which they want to demonetize trade transactions by 2020. http://www.livebitcoinnews.com/south-koreas-cashless-push-will-see-coins-removed-circulation-2020/ Ultimately the removal of coins will cause a disruption on retail prices for goods and services within the country. The Central Bank of South Korea is facilitating these changes by instructing consumers to deposit loose change onto the national T-Money cards. The T-Money card can be used for all forms of transportation including taxi rides, and in several thousand convenience stores in the country, as a payment option. And in an added effort, "loose change" in trade transactions will be able to automatically be deposited into the individual's bank account. https://www.electronicproducts.com/Mobile/Devices/South_Korea_plans_to_become_a_cashless_society_by_2020.aspx http://www.livebitcoinnews.com/south-koreas-cashless-push-will-see-coins-removed-circulation-2020/ http://www.koreatimes.co.kr/www/news/biz/2016/03/488_199146.html To take even further, the South Korea’s Financial Services Commission (KFSC) publicly announced it's objective to have a national digital currency using blockchain technology by 2020. https://bravenewcoin.com/news/south-korea-plans-national-digital-currency-using-a-blockchain/ Within the announcement, a consortium dealing blockchain technology was said to be forming by FI's to jointly research and run pilots projects. https://bravenewcoin.com/news/south-korea-plans-national-digital-currency-using-a-blockchain/ https://www.cryptocoinsnews.com/south-korea-announces-digital-currency-system-expansion-boost-fintech/ http://www.businesskorea.co.kr/english/news/money/16703-blackchain-movement-blockchain-consortium-launched-south-korea While at the same time, the Bank of Korea released a report on FinTech Companies shaping the financial industry stating that, https://www.cryptocoinsnews.com/bank-korea-fintech-companies-will-reshape-financial-industry/ Shortly after, the Korean consortium publicly announced it's formation stating that 21 financial investment companies and five blockchain technology firms had signed a memorandum-of-understanding (MoU) to develop distributed ledger solutions in blockchain solutions. With a given road-map of the consortium's motives, https://www.cryptocoinsnews.com/south-korea-sees-first-blockchain-consortium/ Ultimately the action being taken within South Korea was mirroring the movements being undergone by their neighbors across the sea in Japan. With Ripple partners coming into play...... Initially details on the consortium weren't disclosed but shortly after the announcement of it's formation, a partnership involving the KFSC was reached. The Monetary Authority of Singapore (MAS) agreed on cooperation over exploring joint innovation projects with a focus on big data and mobile payments in FinTech. http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/Singapore-and-South-Korea-sign-cooperation-agreement-in-FinTech.aspx https://www.cryptocoinsnews.com/singapore-south-korea-come-together-fintech/ On top of a collaboration with MAS, the government of South Korea was in talks with Indonesian government about joining forces in an attempt to boost the FinTech industry to help the burgeoning sector in both countries. https://www.cryptocoinsnews.com/south-korea-indonesia-considering-fintech-collaboration/ For those that are unaware, Ripple has previously met with the Central Bank of Indonesia. Months later, the Korean Central Bank announced plans to execute a R3 consortium proof-of-concept blockchain technology project. https://www.cryptocoinsnews.com/korean-central-bank-deploy-r3s-blockchain-proof-concept/ http://ftreporter.com/korean-central-bank-to-use-r3-blockchain-proof-of-concept/ https://www.econotimes.com/Exclusive-Bank-of-Korea-R3-consortium-to-carry-out-blockchain-project-549053 So to reiterate, the Korean government came into agreement with MAS on cooperating in the FinTech space and shortly after the Korean Central Bank decided to proceed with a PoC consortium by R3 similar to Project Ubin in Singapore...... Along with the previous development, Hana Financial Group became the first Korean financial institution to take part in the R3 CEV project. http://pulsenews.co.kr/view.php?sc=30800020&year=2016&no=281535 Remember that MAS wants to expand it's network to other central bank for cross-border transactions using a Ripple blockchain prototype......... SBI Ripple Asia Just this past September, SBI Ripple Asia announced that it would be testing a blockchain based funds transfer system by the end of this year between Japanese and South Korean banks. SBI Ripple and it's new public partner, DAYLI Intelligence, will work together to http://blocktribune.com/sbi-ripple-asia-trial-cross-border-blockchain-funds-transfers/ https://www.coindesk.com/sbi-ripple-asia-to-test-bank-transfers-between-japan-and-south-korea/ And besides cooperating in this venture with SBI Ripple Asia, DAYLI Intelligence is involved in another interesting project. http://pulsenews.co.kr/view.php?year=2017&no=551655 All three parties are in cooperation developing the "WeBee" coin with the intention of the digital coin operating on a blockchain. (what will be used for trade remittances?......) http://pulsenews.co.kr/view.php?year=2017&no=551655 https://financefeeds.com/south-korean-woori-bank-develop-digital-coins/ Finally, SBI Ripple Asia is involved with another Korean company called Coinplug. https://www.coindesk.com/sbi-reveals-joint-blockchain-remittance-venture-south-korean-startup/ With the venture expected to launch its remittance service later this year...... And just like DAYLI Intelligence, Coinplug has involved itself in another interesting project. Coinplug with KB Kookmin are going to provide cross-border foreign exchange services that utilize blockchain technology. http://themerkle.com/south-koreas-bank-developing-blockchain-exchange/ https://www.coindesk.com/korean-bank-developing-blockchain-solution-foreign-exchange/ And KB Kookim are also releasing a blockchain based mobile payment service for KB Kookim Card..... http://pulsenews.co.kr/view.php?no=741187&year=2016 Kakao Unlike most attempts to tie links with Ripple by addressing potential connections to Alibaba (which I think is a thing), my focus is solely on KakaoPay/KakaoTalk. KakaoTalk is a mobile messenger while KakaoPay is a mobile payment system built on top of KakaoTalk. The development of KakaoPay was thru Kakao and LG CNS https://www.lgcns.com/Views/Solution/KakaoPay_En Kakao had also partnered with the KFTC in the past for integrating a mobile payment platform to the Korean financial system. https://techcrunch.com/2014/11/12/korean-internet-giant-daum-kakao-launches-its-own-mobile-payment-platform/ Remember that. LG CNS themselves have been adopting blockchain technology to improve their services, most notably with R3. https://www.coindesk.com/electronics-giant-lg-testing-r3s-distributed-ledger-software/ https://www.cryptocoinsnews.com/lg-launches-corda-based-blockchain-platform-south-korea/ And there is another connection. http://www.techforkorea.com/2017/03/14/kakaopay-launches-new-service-transfer-to-bank/ What will be used to settle remittances between a Hana Money and KakaoMoney exchange?......... The same Hana Financial that had entered R3's CEV project mentioned earlier. And with the the government of Korea driving blockchain adoption on the Korean banks, there has been some interesting developments. With, http://mengnews.joins.com/view.aspx?aId=3037416 http://www.theasianbanker.com/press-releases/korean-banks-turn-to-blockchain-to-streamline-service The winner was supposedly chosen last month, with the system built being ready for use by banks in April..... (all while SBI Ripple Asia/R3 in Korea are becoming increasingly active) To come into to full circle, LG CNS has ~32% ownership with Seoul Metropolitan City Government (~35%) on Korea Smart Card Co. What is special about Korea Smart Card Co.? The T-Money system was implemented and is operated by Korea Smart Card..... https://en.wikipedia.org/wiki/T-money The same T-Money mentioned earlier in the post that will be used to transmit loose change from trade transactions to the individual's bank account. In a financial environment that will be riddled with many different types of digital currencies, what method will be used to settle remittances?..... I mention Seoul Metroplitan City Government because of one partner ship it is in. https://www.crowdfundinsider.com/2017/09/121430-singapore-korea-fintech-collaboration-marvelstone-group-seoul-metropolitan-sign-mou/ A group that has the support of none other than MAS.... http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2016/Speech-at-the-Launch-of-Lattice80.aspx So why do I persist on these R3 connections? It's simple. SBI Group became the largest shareholder of R3 over the summer while we know SBI's intentions with XRP. In an interview with Kitao, he stated that https://ripple.com/insights/sbi-holdings-views-on-blockchain-and-xrp-an-interview-with-yoshitaka-kitao/ So how does the R3 and Ripple relationship work? Last month Data Dimension had a presentation a slide that is rather revealing on the partnership. https://www.brighttalk.com/webcast/15381/262389?utm_campaign=knowledge-feed&utm_source=brighttalk-portal&utm_medium=web Both work in unison with Corda being applied for smart contracts while Ripple is meant for the payments segment which might explain why R3 wanted that XRP so bad............ Edit: UPDATE: 12-5-2018 https://www.coindesk.com/r3s-new-corda-app-supports-payments-in-xrp-cryptocurrency
  33. 75 points
    Great article for Crypto investors. Tuesdays with Teeka: The Great Crypto Conspiracy of 2018 Deadwood was an acclaimed Western series that ran on HBO from 2004–2006. The series was set in the town of Deadwood, South Dakota during the Black Hills Gold Rush of the late 1870s. As you can imagine, the show was full of shootouts, filthy language, and quite a few sex scenes… Certainly not a show you’d want to watch with your kids. But there is an episode of Deadwood that holds a valuable lesson for crypto investors…During the Dakota gold rush, regular folks who got in early made fortunes. These weren’t mining magnates or industrialists. Much like today’s crypto investors, they were savvy speculators pouncing on an opportunity. What happened to all those early-stage prospectors? In the fictionalized Deadwood version, wealthy miner George Hearst (father of publishing magnate William Randolph Hearst), swindled them out of their mining shares. This wasn’t too far from the truth. According to rumors at the time, Hearst used murder, intimidation, and misinformation to force people to sell their claims. He even purchased newspapers in the town to influence public opinion. Crypto investors will recognize the strategy Hearst used. In a bid to buy in cheap, Hearst’s agents started to float rumors that the government would seize all land in the town. Prospectors believed the rumors—and sold their mining stakes for pennies to Hearst’s agents. The conspiracy worked. Hearst and his partners bought the biggest mine in the region—Homestake—for a bargain-basement price of $70,000 ($1.7 million in today’s dollars). Homestake would become the richest gold mine in U.S. history. From 1879 to 2002, the mine produced 44 million ounces of gold and 9 million ounces of silver. At today’s prices, that’s a combined $56.5 billion in precious metals. I’m seeing a similar heist play out in today’s crypto markets. Who’s Behind the Conspiracy: Every day, we hear in the press how the Securities and Exchange Commission (SEC) is cracking down on cryptocurrencies.We hear that the Commodity Futures Trading Commission (CFTC) is starting a new investigation. We hear JPMorgan’s CEO saying he’ll fire any of his employees buying cryptos—then we find out his traders in London are buying with both hands. We hear central banks float stories designed to scare and ward off crypto investors. In February 2018, the Polish central bank even admitted it hired a firm to spread a “smear campaign” against cryptos. (And do you remember IMF head Christine Lagarde saying central banks need to band together against cryptos?) Friends, the great crypto conspiracy of 2018 is upon us. All year long, we’ve been under assault by rumors of central bank collusion against cryptos: threats of bans… endless investigations… and the ceaseless drumbeat of negativity from the traditional press. And yet—amid this shower of negative news—careful observers will have noticed institutions are actually running into crypto investments. Today, I’m seeing banks, regulators, and the press drown the market in negative news. They’re using the same old trick Hearst used to scare speculators so he could scoop up the Homestake mine for pennies… Guess what? It’s working. Institutions are getting the best prices on cryptos since mid-2017… While the average investor is panic-selling, big investors are buying. Crypto Wealth Is Being Redistributed Over the last 90 days, we’ve seen some of the biggest investors in the world flood into cryptos: Wall Street investment bank Goldman Sachs announced that it would launch a crypto trading desk. Susquehanna—the 12th-largest trading firm in the world by volume—announced it would start trading cryptos, too. The firm even went as far as creating its own custody company to hold its cryptos. Billionaire investor George Soros—one of the world’s greatest moneymakers—gave the green light to his team to buy cryptos. Coinbase—one of the world’s largest crypto exchanges—launched a crypto index fund for wealthy investors and institutions. Financial services company State Street said it’s considering acting as a custodian for bitcoin. State Street has $2.7 trillion under management. Wellington Capital—with over $1 trillion of assets under management—stated its intention to start trading bitcoin. The Rockefeller family’s venture capital firm, Venrock, said it’s also buying cryptos. Every important lawyer I talk to in the investment space is overwhelmed with crypto questions from their institutional clients. That’s just the latest evidence that institutions are trying to get into this market—not stay out of it. Don’t Fall Victim to This Conspiracy Friends, make no mistake… We’re in the middle of a massive handover of wealth from individuals to institutions. I saw this happen after the housing crisis in 2010–2012, when institutions started buying up foreclosures by the thousands… but individual investors couldn’t get a mortgage. I saw it in 2003 after the dot-com crash, when institutions started buying up internet and technology stocks on the cheap… But on CNBC, they kept telling the public it was too early to buy. I saw it during 1994–1995, when institutions scoffed outwardly about how “dumb” money was buying internet stocks… while they were loading up as individuals were selling. I’ve seen this institutional blueprint for stealing wealth play out again and again. Don’t be a victim of this strategy. The key is to focus on what institutions are doing…not on what they’re saying. Across the world, institutional investors are embracing cryptos—not rejecting them. Just as George Hearst made a fortune using misinformation to buy the Homestake mine on the cheap… institutions know they will make vast fortunes buying cryptos at depressed prices. Otherwise, they just wouldn’t bother with it. Don’t be a statistic. Stay strong. Keep your position sizes rational. We will ride the wave of misinformation through this dark valley of despair and into the bright sunlight of the life-changing future ahead of us. This is an area I’m personally investing in now, to build a financial legacy I can leave to my daughters. Nobody else sees this coming. Let the Game Come to You! https://townhall.com/columnists/teekatiwari/2018/09/04/tuesdays-with-teeka-the-great-crypto-conspiracy-of-2018-n2514775
  34. 74 points
    Dear XRPChat, I had planned on making another prediction of Q1 sales before the quarterly report came out, but unfortunately, my day job has been keeping me very busy so I didn't have the time needed to attend to it - and I had problems with my analysis that I didn't understand and that I hope I have rectified now. In my previous posts Analysis of Ripple's XRP sales and 2018 Q4 analysis, I summed payments from wallets to XRP-II to see what the quarterly payments were, and to total them up to see if they matched the sales figures announced by ripple. I had expected to do the same for Q1 2019, but the numbers looked wrong, my correlations were not consistent and the sales figures as a % of coinmarketcap volume didn't look right. I have extensively rewritten (and improved) my software and now have new findings that I feel confident enough about to share them. First, lets remind ourself of daily sales by ripple - in previous threads I found a strong correlation between yesterday's trading volume on coinmarketcap and today's sales (transfers) to the XRP-II distribution wallet. I identified 4 wallets that appeared to sum to about the right amount to explain the sales figures in the quarterly reports. Those wallets were referred to as RP1, RP2, RP3 and RP9. I refer the interested reader to the links above to find further details. If we plot the daily payments from those 4 wallets into the XRP-II wallet (XRP-II being the legal entity licensed to sell XRP to exchanges and customers and is presumably responsible for the programmatic daily sales as well as any number of other sales that we know little about). Here's what the sales look like from April 2018 until today, Note the line plot (linear, left y axis) is the sum of all the individual payments represented by dots that are logarithmically plotted (right axis). I found a strong correlation between the sum of payments and the coinmarketcap exchange volume, scaled by a factor that was around the 0.3% mark. I was intrigued by the drop in sales around mid Sept 2018 that preceeded a large jump in price and volume a week later. My hypothesis was that the drop in sales might be responsible for part of the rise in price (supply/demand). The sales pattern continued, largely unchanged until this year, though there are many wallets that transfer into XRP-II and they change over time, so it is difficult to be certain as to the true nature/volume or reason for the sales taking place. Please be aware that the graph above shows payments INTO the XRP-II wallet, and not out - this is because there are many more payments out and I was trying to identify that portion of sales that represents the daily programmatic sales. For the reasons I've just mentioned, it's too hard to be certain of any motives for individual wallet payments, so instead, I shall focus on payments OUT of XRP-II. Let's have a look at another plot, this time I plot all transfers OUT of XRP-II going into exchange accounts. I am grateful for the google sheet provided by @Silkjaer for a list of wallets that I have used for my assumptions of exchange addresses. You can immediately see that the payments to exchanges is very numerous. The summed total is shown by the solid line and the axes are consistent with the first plot. The totals also follow the same pattern as the sales into XRP-II from the subset of wallets, but is much higher as we are now including other payments from other wallets that are passed through and then go on to exchanges. Let's now show a more interesting graph - this has plots of the total exchange volume from coinmarketcap in green, I have normalized the plot to have the same area under it as the summed total of payments into XRP-II with a time shift of 1 day to show the correlation of the two graphs. The lighter blue line is the RP1,2,3,9 payments into XRP-II and the darker blue line is the summed payments out to exchanges. You should hopefully be able to see that the correlation between XRP-II payments and exchange volume is very strong, however, the correlation starts to break down in Q1 2019 and deteriorates further in Q2 2019 - the reason why my earlier correlation plots failed to give (to me) satisfying results. I have highlighted 3 regions on this plot. The first is in Sept 2018 (grey bar) when the sales from XRP-II virtually stopped. I speculated at the time that the xrp price (shown in the above plot as the black solid line) dropped to a low value for the year and probably ripple wanted to support the price by holding off sales temporarily. If that was the plan, then it worked very well as there was a massive jump at the end of Sept that still defies any reasonable explanation. So many news announcements are constantly being made about partnerships with ripple and events taking place that it is hard to know what might have triggered the rise. The second (grey bar) highlighted region in the plot is in May of this year - the difference between the green (coinmarketcap) and blue lines become very clear. Ripple shut down sales significantly again this month, and we have seen the price rise from ~30c to ~40c. I begin to wonder if my earlier hypothesis might have been correct, but sadly, two events is not enough for a 5 sigma announcement! What else is interesting in the plot? - the red shaded rectangle represents a point where the price of bitcoin was pumping hard, the exchange volume for all coins soared, but the price of XRP did not move very much. Why is that - we can see that the two blue lines rise well above the green one as ripple increased sales significantly - I speculate that they did not wish to see the price shoot up as we saw in Dec 2017, only to fall down again after the pump/dump/fomo/madness was over. Another interesting piece of data is revealed in the plot - the red crosses are payments from exchange accounts BACK to XRP-II - this hardly ever happened in 2018, except for a few scattered points in the year and a cluster of them around Sept 2018 when the sales halted. It is my second hypothesis that ripple have changed strategy during Q1. Prior to this, we see an almost constant sale of XRP proportional to exchange volume, during Q1, particularly after Feb 2019, the sales deviate from a simple pattern and we see returns from exchanges back to XRP-II. It would appear that their algorithm is smarter now and is trying to adapt better to market fluctuations rather than just continuously sell every day. Do we have any way of corroborating this? well, I'm glad you asked. Here's another graph, this time I take a sliding window of 10 days worth of data from XRP-II sales, and the same 10 day window of data from coinmarketcap exchange volume and correlate them, normalize them and plot the scaling coefficient. This gives us the XRP-II sales as a % fraction of the coinmarketcap volume in a running plot and we can see the fluctuation in sales as time progresses. The solid line shows the closing price of XRP, the two dotted lines are the running scale coefficients of the daily % of sales from XRP-II - the red is RP1,2,3,9 the green is ALL payments from exchanges (subtracting the return payments shown by the red crosses in the plot above). Now we can see quite clearly the event in Sept 2018 and the massive drop in may 2019. what is now apparent is Feb-May 2019 there was a large increase in sales as a % of daily volume. Throughout 2018, the red line holds reasonably closely to 0.15% of daily sales, which is fairly consistent with the figures quoted in the ripple quarterly reports. In Q1, things start deviating, and Q2 is all over the place. The drops in Sep 2018 and May 2019 are both followed by XRP price rallies. I added a dotted line at 0.05% of sales just to show how low the sales have dipped. What do I conclude from this... Ripple have changed their selling strategy to better adapt to market conditions and during March/April they increased quite significantly the sales, presumably to smooth out market pump/dump peaks and troughs. Financial institutions do not want like price fluctuations as it increases their cost of holdings - something we should all be grateful for as we want banks to buy in, not run away. Price fluctuations can also increase lay-off costs for market makers which also negatively impacts the market. (We're in this for the long play after all). There has been a slight decoupling over the last month or two with BTC as sales from XRP-II have been historically speaking very high. The large volumes we've seen did not move the price as much as one would have expected. Now would be a great time to pump XRP if whales are reading this! with XRP-II sales very low, it will be easier to move the market. Please go ahead and do this if you can. I'd like to see how high you can push XRP EDIT: I forgot to add one point - why do I think that sales have dropped in recent days? My suspicion (pure speculation) is that with the bear market seemingly coming to an end, Ripple feel safer in allowing the price to rise slightly to accommodate the new corridors they are adding. Disclaimers. All the data has been collected here by a random amateur on the internet. I do not even know for sure if the wallets I examine belong to XRP-II. I do not know for sure if the exchange address I use are correct. All the data in this article could be wrong. I might have even made it up just for giggles (I didn't but how do you know? Do you trust me?) This is not investment advice. But IMHO price rises are more likely when XRP-II sales are low.
  35. 74 points
    The Gates Foundation and Ripple's formation of Mojaloop was to address the current financial system's inadequacies on providing services to individuals living below the poverty line and in remote areas of their respective countries. Mojaloop makes use of Ripple's Interledger Protocol to bridge mobile wallets to current digital financial services. Currently, the complexity and costs associated with developing digital financial services for new markets is daunting for banks to overtake. Further complicating the issue, making these new services interoperable with one another requires mass coordination between multiple parties on a grand-scale. Mojaloop provides financial providers, governments and mobile network operators a simplified and economical option for developing new inclusive payments platforms. https://ripple.com/insights/news/ripple-the-gates-foundation-team-up-to-level-the-economic-playing-field-for-the-poor/ Along with with the Gates Foundation and Ripple, Dwolla, ModusBox, Software Group and Crosslake Technologies contributed to the Mojaloop project. For Dwolla this isn't the first project they've crossed paths with Ripple on. Several years ago, both companies were developing and trialing the "Shift Card" alongside Shift (ShiftPayments). Whether or not there was any direct collaboration is unknown but Ripple did help in the development of the Shift Card, while the card is integrated into the Dwolla network. https://techcrunch.com/2014/08/12/shift-is-developing-a-debit-card-that-lets-you-spend-digital-currency-loyalty-points-and-regular-money/ https://techcrunch.com/2015/11/20/coinbase-partners-with-shift-payments-to-issue-bitcoin-debit-card/ https://gomedici.com/shift-payments-launches-new-mobile-app-to-track-payments-and-dwolla-balance/ More recently, Dwolla has been collaborating with startups to build solutions on tracking assets on the blockchain between the fintech ecosystem and traditional financial system. https://www.coindesk.com/dwolla-returns-blockchain-not-bitcoin/ Dwolla and Ripple also find themselves converging in another area of innovation, the FED's Faster Payment Task Force. Established in 2015, the FED's Faster Payments Task Force is responsible for multiple objectives with one being the assessment of alternative approaches for faster payment capabilities in the United States. Several hundred of stakeholders consisting of banks, regulators, and technology companies were gathered to create a guideline to modernize the U.S. payments infrastructure. The Task Force ultimately established a long-term target for new solutions to meet market needs by 2020. These needs pertaining to speed, efficiency, governance, and etc. Both Ripple and Dwolla submitted proposals on addressing the current issues the U.S. payment infrastructure faces. Ripple: https://ripple.com/insights/federal-reserve-task-force-ripple-improves-speed-transparency-global-payments/ Dwolla proposing it's payment platform utilizing it's API: https://www.forbes.com/sites/tomgroenfeldt/2017/01/25/feds-faster-payments-task-force-should-seek-implementation-in-three-years-dwolla/#1514dfa26088 Along with their proposals, Dwolla and Ripple (thru Ryan Zagone) were elected to the Federal Reserve’s Faster Payments Task Force Steering Committee. A committee to guide the members of the Task Force to obtain their long-term goals. https://fedpaymentsimprovement.org/faster-payments/about-the-task-force/roster/ This proximity is bound to lead to collaboration to address and meet the Faster Payments Task Force long-term goals for modernizing the U.S. Payment Infrastructure. I do know one thing. One of Dwolla's investors, Ashton Kutcher, seems to be a fan of Ripple currently. https://www.cnbc.com/id/47021465 (obligatory mention: Greg Kidd's GlobaliD is integrated with Dwolla's network) EDIT Ashton Kutcher reinforcing his support for Ripple.
  36. 74 points
    miguel

    Is Miguel Vias in XRPChat?

    No small people, no big people. Just a bunch of people crazy enough to throw caution to the wind and try to do something that's never been done before. Fwiw, this community is incredibly important to Ripple's success and is a real motivator to many of the folks at Ripple. Thank you for all the support!
  37. 73 points
    Currencies Direct completes successful pilot of XRP for FX payments https://www.finextra.com/pressarticle/74072/currencies-direct-completes-successful-pilot-of-xrp-for-fx-payments “Currencies Direct has become the first FX provider in Europe to successfully complete an international payment over Ripple’s xRapid platform using XRP.”
  38. 73 points
    Hodor

    XRP: How Big Will This Be?

    How big will the crypto market - and XRP - become? I throw out some interesting recent statistics that are getting some press, and then cover current events: Included is the latest information about Codius, a ringing endorsement of xRapid by ZipRemit, and the UK Parliamentary Hearing where Ryan Zagone held his ground against a DLT skeptic. Rounding it out, I give you the latest information about some high-profile community events that are happening. Hope you enjoy the read. Please leave any feedback below - and feel free to share my blog with a friend - or on any other platform; and thank you for doing so! Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Reddit r/alternativecoin Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
  39. 72 points
    Apple announced they support of the W3C payment request API in Safari. It uses Ripple’s Interledger:
  40. 72 points
    Apologies it was a little late. Just a lot going on! Hope everyone is well out there and thanks for the support as always. It's been humbling to see you guys come to bat for us when some have questioned the company. It doesn't go unnoticed and is incredibly appreciated. Thank you!
  41. 71 points
    You guys are going to like this one... At least I do. I'm only going to post one of the hundred or so recent findings. Things are blowing up behind the scenes and just finding them has honestly become an obsession. I need to stop for a bit because it's taking over my life.... Here's one I'm not going into if someone else wants to (bankit.in). At this point, I think I have the full global picture. Global leaders (BIS, IMF, G20, FSA, Global banks and Financial system leaders) please proceed to make XRP the standard for cross-border payments even though I'm posting less: The validator who controls ipayinstant.com has an interesting copyright at the bottom of his page: Quantative Asset Management Ltd. It also happens to be above the same map logo that's on every site around the globe that's actually using Ripple. If anyone knows what else this signifies, feel free to let me know. Perhaps it's written in the RippleNet Rulebook or is related to this BIS working group that's somewhere towards the top of the foodchain: https://www.globalfxc.org/docs/fx_global.pdf Anyway, when I looked it up some time ago it lead nowhere and the site developer came on here saying he wasn't doing anything interesting when his countdown was posted. Well, I looked again more recently and found Quantative Asset Management Ltd. runs fxstockbroker.com. It's in their terms and conditions. I'm going to post a screenshot of those terms, then some screenshots from the site. The last screenshot will show the sites footer, that states: Client trades processed through ACM Group Ltd (“Alpha”). Alpha is authorized and regulated by the Financial Conduct Authority "FCA" in the United Kingdom under FCA Firm Reference Number 441689. ACM Group Ltd. (“Alpha”) is registered in England and Wales under company number 5196460. Alpha will hold your account and respective funds and will act as the counter-party to your trades. Client Funds are held in a segregated account and covered under the FSCS Alpha also provide additional client money insurance through Lloyd’s of London for up to *£250,000 per client. I assume this is a white label solution and there will be more. Here's the pics... Mt favorite pic of the exchange is the FXStockBroker Crypto Hub Exchange. It looks like Ripple connected all the islands (crypto exchanges)... or at least 40 of them. This site sources liquidity from at least 40 crypto exchanges. This next one's my favorite! Well... I need to stop posting for a bit, I think. It would take me a full week to include all my recent findings anyway. I'll be back...
  42. 71 points
    I am sorry that wound up misleading people. Let me explain what happened: Originally, we were going to have three demos at consensus. XRP to ETH using ILP, Banking payments using XRP/paychan under ILP, and a demo of a future vision of a micropayment system over ILP. We were also going to do several corporation partnership/strategy announcements, including the lockup and the new exchanges and so on at consensus. It reached the point where there just weren't slots for all the demos or time to do the releases. And it wouldn't have given people time to track us down to discuss new partnerships and so on if those announcements motivated them to talk to us. Also, we expected everyone else to announce at consensus, so we might have gotten lost in the noise. So the strategy changed. We announced more things before consensus and at some point, we just decided to announce pretty much everything before consensus to go in consensus on a high with everyone already wanting to talk to us about what we were doing. The strategy, I think, worked well. We did enter consensus with a high level of excitement. Lots of people wanted to work for us, and we had lots of high-level talks with all kinds of people. We had lots of companies offer to run validators in lots of jurisdictions. It was awesome. But the downside was that we didn't announce very much new at consensus, though that was the original plan. Again, I apologize for misleading people. That was totally my fault. I was really excited about we had coming and really couldn't resist sharing my enthusiasm. I'd say I'll be more careful in the future, but I think that would be kind of a sad thing. Know that I will always try to be completely honest and say only what I genuinely believe but that sometimes things will change and that is beyond my control.
  43. 70 points
    BobWay

    Hi! I'm Bob

    Sorry to answer out of order, but I think this is closely related to what I just got done writing about. I addressed this in my previous post. I would absolutely expect that to happen. Ripple has a team called "Product" and a separate team called "Development". The Ripple development team has created a set of core technologies. Rippled, RippleConnect, the Interledger Protocol, the ILP components (ledger, connector, notary). The Ripple product team has take these technologies and "productized" them for certain markets. (xCurrent, xVia, xRapid) The Ripple marketing and communication team and sales team then promotes these products. Marcom through the Ripple website, press and conferences. The sales team through direct meetings with banks and payment service providers. The marcom efforts are what tend to leak across to this site. What you don't really hear about are the core technology developments and how they underly current products. Once you understand that it becomes easier to guess about future products.So specifically, you hear xRapid is meant for non-banking financial institutions. That is absolutely true at the moment. What I hear is much different. I hear: We've put together glossy fliers to explain some core Ripple technology to payment services providers in these countries who serve these types of customers We're setting up press interviews to get word of this particular growth tactic into our targeted market We've also put together a sales team to approach payment service providers in those countries We've also put together operations and support teams to make sure anything they've deployed doesn't fall over We've also setup a markets team to monitory the prices and trading volume to make sure XRP is cheaper than alternative paths We've also has the markets team analyze alternative rebalancing paths than can compensate for one-way-flow price imbalances Note that all of the things I've bulleted build operation excellence. They don't actually constrain XRPs use to that particular market in perpetuity. At any given moment, the product and marketing teams might decide to take the exact same underlying core technologies and "re-productize" them towards a new set of potential customers. When this happens, all the operational excellence will transfer and the new teams will have a running start as they grow RippleNet. I think the "write a book" side is winning at the moment! What I'm trying to clarify is that banks as gateways is exactly what Ripple is trying to achieve! It just seems like Ripple is taking a rather convoluted path to get there. There are several reasons for that. Early on we tried to sell Banks on the idea of being directly on the RCL (Ripple ledger) and allowing their customers to open accounts (trust lines) with them directly on ledger. The banks pushed back on this pretty hard. It is pretty easy to see why. The Ripple client was a bit hard to use and understand for someone who wasn't a crypto geek. The already had their own "web banking" clients and preferred to keep their customers in their own walled garden. Secondly, the banks really didn't like the concept of a "public" ledger. Banks are used to keeping all their relationships and transactions private. And third, all high volume financial institutions kept asking, "Will it scale?" Questions like, "Can you support every credit card transaction during the Christmas season?" There is no getting around the fact that consensus based systems have limits. If everyone world wide needed to reach agreement that every Chinese lunch CNY payment happened and serialize them into a single globally agreed upon sequence that seems a bit silly if you are a European bank specialized in local EUR payments. Beyond transactional scalability, you need to think about user account scalability. If you want to put 8 billion people on ledger and each of them is going to have a couple of trust lines and maybe market orders then you are looking towards 100 billion ledger entries. That means server get larger and operational costs do as well. User scalability led us toward a "hosted wallet" model. Most customer fiat accounts are kept off RCL at the banks that currently hold them. Only a single RCL account root is needed for the bank. Individual customers. All transaction are processed via RCL using source/destination tags so the institutions can figure out which customers were involved. RippleConnect was designed to protect the customer's privacy even though the ledger transactions among banks were still public. It did away with the need for publicly visible source/destination tags. It implemented the concept of "pre-transaction negotiation" between financial institutions. Institutions communicate off ledger to: Determine who Alice and Bob are Exchange KYC/AML information Decide if all parties are willing to participate in a transaction PRIOR TO moving any money on the RCL This ability to reject a transaction before it happens completely avoids the lossy reversal problem inherent with market based payments. ILP was Ripple's attempt to address the other banks concerns of privacy and scalability ILP based networks use bi-lateral communication between account co-parties. No one else sees those messages. ILP based networks are highly scalable because your server doesn't receive messages for transactions you don't participate in. Every Ripple product you read about is built out of a handful of core technologies. The Ripple consensus ledger (XRPL now). This is useful when you need synchronized transactions and no counter party risk. ILP based components (xCurrent, xVia). These are useful when you need synchronized transactions as well and privacy and scalability. RippleConnect's pre-transaction messaging and payment object. This allows institutions to agree on what they are doing and the costs, prior to moving money. xCurrent, xVia, xRapid all use the payment object and pre-transaction messaging concepts. RippleConnect 1.0-2.0 implemented hosted wallets for RCL RippleConnect 3.0 implemented hosted wallets for ILP If you separate the core technologies from the product/marketing discussion it becomes much easer to see a roadmap that takes us all the way to the end.
  44. 70 points
    Hodor

    XRP’s Trajectory for 2018

    XRP is the best buy in crypto right now: What does the shape of the future hold for XRP and Ripple? I discuss the price appreciation of XRP, along with each of the six major drivers of XRP value that I expect will take center stage in 2018. What are these six major drivers? You'll have to read to find out - let me know if you agree, or if you felt I forgot something that might be a dark horse for moving XRP price towards our $10 mark. Hope you enjoy & please leave any comments below. Please feel free to share my blog with a friend or on any other platform - and thank you for doing so! Blog announcements on other media: Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
  45. 69 points
    BobWay

    Hi! I'm Bob

    Let's start with the easy ones: Please feel free to ask me anything compromising or not. I would really like to know what is on everyones mind. If I can't answer directly I promise to say so. I'll try not to spin ******** just to look like I outsmarted your hard question. That's not why I'm here. Ripple does have a lot of internal communication about what is happening. Mostly this relates to new contracts and meeting internal goals. Some of the "good developments" include the XRP price moving up. Interestingly, that is a bit of a double edged sword internally. The more the price moves, the more distracted people can get from what they are supposed to be working on. So I'd say that there is a lot less XRP price speculation talk inside Ripple than here. But there is probably more talk about the network building wins and how they fit into Ripple's overall strategy then you see on this site. Of course this site is mentioned. I lot of people at Ripple read this site even if fewer post. The same is true for Ripple's own forum. I wish there was more public interaction between employees and the community. But I can also see how difficult it is for the communication team to keep secrets long enough to have a well coordinated press strategy. The remaining two question are awesome, but they require long hard answers. Exactly the kind of answers I like to give. If this was an "ask me anything" I'd probably give the normal platitudes just to move on to the next question and finish up. But instead, I'll tell you why I want to defer answering these in detail so you'll all hold me to "getting around to it". The is really the topic I hoped to discuss on this site long term. You've just spun it in a different direction. I wanted to answer, "What advantages does Ripple have (after all these years) against the headwinds it and every other cryptocurrency must face." This is not a short answer. It presumes that we all have the same understanding about the direction that Ripple is flying and also which way the wind is blowing. That's rarely ever the case with Ripple. I'll expand on this as I can but if you want the nutshell version. The hardest thing in crypto and money in general is compliance. That is underestimated by everyone in the space. Ripple has build out a great team and worked hard over the years in discussing these issues directly with regulators. Few other crypto ecosystems have this experience. The second hardest thing in money is inertia. We think of banks as a single entity. But they're not. They are a bunch of departments headed by individuals. Most of these individuals are great people but each is looking out for their own personal self interest (just like everyone else). If you are the first to implement something new and different at a bank and it goes wrong--you can be fired! On the other hand, if someone else implements something first and it goes right--it's unlikely you'll be fired for implementing it second. So one of the keys is to canvas the world broadly enough to find the people whose problems are bad enough that the potential benefits overwhelm the perceived risks. Ripple has been awesome at identifying areas where the need it greatest. (by the way, that's what I mean by short answer) Again, this is a great question that is part of a much longer discussion. But I'll try to a short answer without sounding like a ... The phrase "xrp adoption" begs the counter question "adoption by whom?" But that's a ...ish answer. Currently, I think XRP adoption among the "right people" for the "right reasons" is getting better and better. In this case, the "right people" are exchanges and the "right reason" is to support xRapid. As xRapid volume increases more and more XRP holders and traders will be drawn into the ecosystem simply because there is money to be made trading the counterflow. Both the additional payment volume and additional traders should tend to put upward pressure on XRP's price. On the other hand, at the end of 2017 there were a lot of the "wrong people" buying XRP for the "wrong reasons". I have to admit that made me happy too! In fact, I'm a bit sad I didn't sell more at the high AND buy it all back at the low. ;-) But I'm pretty sure everyone else feels the same way. But don't mistake poor humor for cynicism. I'm hodling XRP longterm. I have complete confidence Ripple is well positioned to succeed. (Disclaimer: This is my personal opinion. I don't speak for Ripple the company and don't have insider knowledge of their current plans.)
  46. 69 points
    OneZero may be the largest bridge between crypto and financial institutions. Aside from the symbol for it's liquidity hub looking oddly like Ripple's logo (and one of XRP's 3 current logos?) and a transaction map that looks oddly like Ripple's node topology map... There are some interesting things to note. Yesterday, Broctagon Prime announced their a Crypto Liquidity Partnership Between Broctagon Prime and OneZero Financial. This included XRP: Before we dive into some more connections, what is OneZero? It's a liquidity hub that connects the liquidity providers below over the six major protocols/connectors listed (basically protocols that already much of financial world is already connected to: They also have these companies as ecosystem partners (there's some overlap): This includes liquidity providers like Integral, which already list XRP: Which is a major liquidity provider and pricing provider to Banks: and LMAX which already lists xrp: and Alpha and CFH clearing, both owned by PayTech which reported some unexplained exposure to crypto in a recent earnings release. The article mentions Ripple but I assume their speculation is as good as mine: and GMO which already lists... XRP (and is opening up in the UK in addition to Japan): And ADS Securities which has a platform called OREX that... already lists XRP: and Doo Tech which trades crypto (can't find site): and exchanges that don't say what they do or have limited info: and Swissquote which lists XRP: and Traders Securities which has a company called Nextop that has this thingy:
  47. 69 points
    slinuxuzer

    China and the gang of four

    Yesterday a job posting was discovered at AMEX in their FXIP division and in the job description there was some interesting language that indicated "Santander, Ripple and American Express are launching a block chain service in 2018" it went on in typical job posting fashion talking about how its an exciting time to work in this business unit etc. Shortly after it was discovered American Express updated the listing and removed the language. I consider this to be a legitimate leak, posted accidentally by a hiring manager, if you work at a large corporation you know that one of the main and only places employees can change public facing web info is through job postings, this is because hiring managers typically create and publish the postings and there are little internal controls to monitor what they put out there, I think someone just made a mistake and now we know a piece of the puzzle. I then took a look at what is the FXIP business unit, apparently this is American Express' cross-border payments group that primarily services business-to-business payments, the web page for this group states specifically you don't need an American Express card to use the service, makes sense. So the fact that Santander, Ripple and American Express are teaming up is really interesting to me, this is a scenario that not many have speculated or theorized about. Further digging turned up an article from April that I had read and totally forgotten about until I started looking into this and googled AMEX a bit deeper, the article I found from April talks about American Express being the first US based credit card company to be granted authorization to operate in China, even more interestingly it states that they will operate as part of a joint-venture with mobile payment provider LianLian. LianLian and Ripple announced a partnership in Q1 of 2018. So now, we have potentially, what I call the gang of four (Santander, Ripple, LianLian and American Express) teaming up to operate in China. China having banned the trade of crypto currencies, but I see this could potentially lead to not the trade of currencies, but a leveraging of them on the back end to operate this service. Finally, the last thought I had as part of this is, maybe Ripple's strategy here isn't to sell xRapid directly to the masses, but to team up with a known and trusted brand like AMEX, so the sales conversations aren't as strained as "hey use this space age technology, from a very new company" but instead "please use this cheaper, faster service, from a hundred year old brand whose commercials you've seen your entire life" (Note AMEX's current SLA for cross-border payments is 1 -4 days - I'm sure we can expect a substantial reduction once said new service is launched) https://www.americanexpress.com/us/content/foreign-exchange/international-payments/?src=Online&amp;digi=onl_lin_ops https://www.wsj.com/articles/american-express-advances-in-effort-to-access-china-market-1524668149 https://en.wikipedia.org/wiki/American_Express
  48. 69 points
    justmoon

    Concerns about Coil data collection

    Hey all - thanks for the feedback, especially for breaking down the doc and highlighting the problematic sections. I just read through the thread and will be looking into this. The ToS were prepared by our external counsel and I wasn't part of that process, so I'll find out why those terms were included and if we can take them out. There may be some justification that I'm just not aware of. We have zero interest in selling user data or running ads - those are crappy, backwards ways of making money and the whole point of Coil is that those monetization workarounds are no longer necessary. We are paid directly by our users, so we don't need any other revenue stream. Expect a more full-fledged reply once I've had a chance to meet with the lawyers.
  49. 68 points
    nikb

    A dose of REALITY

    XRP is at the core of and integral to what Ripple does. The strategy simply isn’t to force people to use it, but rather to make it a disadvantage for them not to use it.
  50. 67 points
    BobWay

    Hi! I'm Bob

    This is a great couple of questions. I feel handicapped by not having a whiteboard to draw on in answering. Excuse my ASCII art... The best way to think of XRP usage is in the context of Alice and Bob. But in the current world where neither Alice nor Bob know anything about XRP. Alice is part of an ecosystem of payment senders. The Alice's of the world work their day jobs and receive and hold their money in the local fiat currency. (Alice) ----@ (Bank A) So in Ascii art, "Alice hold her money in an account at Bank A" Bob is part of an ecosystem of payment receivers. The Bob's of the world also hold their money in their local fiat currency. (Bank A) @----- (Bob). "Bob holds his money in an account at Bank B" In drawing it out, you ALWAYS end up with a graph. That graph tells you if and how money can flow and how much it will cost along each path option. (Alice) ----@ (Bank A) @---- (Mark) ----@ (Bank B) @---- (Bob). "Mark holds accounts at both Bank A and Bank B" He allows money to flow through his accounts. Note: These are the types of diagrams the Ripple graph was intended to explore. So notice that I didn't list XRP anywhere in the above diagram. That seems like it sucks at first. But it is worth realizing that what I've done goes beyond Alice and Bob as individuals. What I've done is connect EVERY customer of Bank A with EVERY customer at Bank B. Meaning I've connected two whole ecosystems. If I replace the banks with something larger, then the payment potential gets larger. (Alice) ----@ (SPEI) @---- (Mark) ----@ (IMPS) @---- (Bob). "Now anyone with a bank account in Mexico can send synchronized payments to anyone in India" But what about XRP? Isn't Mark just going to get rich here trading fiat? Yes, but the first step is to get money moving through OUR system (RippleNet). The least scary way (for banks) to do that is via fiat like they are used to. XRP comes in as an alternate lower cost path. (Alice) ----@ (SPEI) @----------------------- (Mark) ----------------------@ (IMPS) @---- (Bob) We want this path to cost more (SPEI) @---- (Mark) ----@ (XRP) @---- (Mak) ----@ (IMPS) We want this path to cost less You can add that path without upsetting the original topology. If a bank is scared of crypto they can pay more. if they want to pay less, they can route through crypto. I'll leave it to you to decide how long you think banks will want to pay more for transactions. So a good way to think about Ripple's strategy is as multiple teams building out operational volume in different sections of the graph. The xCurrent part of RippleNet is building out operation value on the top line. This includes growing the total pool of "Alices and Bobs". The xRapid part of RippleNet is building out the operation that will assure that the XRP path always costs less. Initially this looks like two disconnected ecosystems, Banks vs Payment Services. But I think it is more insightful to think about it as building operational mastery in different conceptual areas. The payment services xRapid is targeting already use the top line banking ecosystem. They are not closing their bank accounts. They are just augmenting them with additional lower cost paths. One you realize that, it become easer to see how banks can adopt these same lower cost paths with few additional operation changes. With that as background, keep an eye on Japan, India, Mexico, and Canada. Then I'd start looking for large markets in South America and East Asia. As I mentioned in a previous post, any countries that are current clearing payments through US banks, but are at risk of "de-risking" account closure are very good candidates to use XRP. This allows them to dis-intermediate the correspondents looking to de-risk them. Again, I don't have first hand knowledge of which partnerships are farthest along. But that is the way I analyze the larger financial ecosystem as a whole.
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