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JoelQuinn

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    JoelQuinn got a reaction from mars75 in Ripple's Potential Role in the Universal Financial Access 2020 Initiative   
    Gone are the days where a post by @mars75 would illicit pages upon pages of discussion. Irregardless, another comprehensive and well constructed case for a future the world is on the cusp of realizing. I've appreciated your contributions since I was a lurker in the early days. Cheers.  
  2. Like
    JoelQuinn got a reaction from baggy23 in Ripple's Potential Role in the Universal Financial Access 2020 Initiative   
    Gone are the days where a post by @mars75 would illicit pages upon pages of discussion. Irregardless, another comprehensive and well constructed case for a future the world is on the cusp of realizing. I've appreciated your contributions since I was a lurker in the early days. Cheers.  
  3. Like
    JoelQuinn got a reaction from Lamberth in Ripple's Potential Role in the Universal Financial Access 2020 Initiative   
    Gone are the days where a post by @mars75 would illicit pages upon pages of discussion. Irregardless, another comprehensive and well constructed case for a future the world is on the cusp of realizing. I've appreciated your contributions since I was a lurker in the early days. Cheers.  
  4. Thanks
    JoelQuinn reacted to mars75 in Ripple's Potential Role in the Universal Financial Access 2020 Initiative   
    Late last year, Xi Jinping gave a speech declaring that blockchain technology presented an important breakthrough on several key areas within China and that the government intended to utilize the technology. Xi Jinping claimed that the development of distributed ledger technology provided a pivotal moment in which it allowed the Chinese state to reform and improve the inefficiencies found within the Chinese financial market. Stating that “It is necessary to explore the application of ‘blockchain’ in people’s daily life, and actively promote the application of blockchain technology in the fields of education, employment, pension, data-driven poverty alleviation, medical health, anti-counterfeiting, food safety, public welfare, social assistance, etc”. (1) Xi’s speech was in stark contrast to China’s previous posture on blockchain technology, specifically on cryptocurrencies such as BTC. But the public statement displayed that the Chinese government had finally come to an understanding on the potential blockchain technology can provide to the state. Unfortunately, most crypto evangelists took the speech to mean that the Chinese market was opening itself to the publicly traded cryptocurrencies found in crypto exchanges. An appreciation in the total crypto market capitalization only reinforced this notion that China was simply going to adopt the current, open source blockchains present. Weeks passed and China’s historical stance on cryptocurrencies was further fortified when several crypto exchanges halted or ceased services amid speculation of a crackdown within the country. (2) A contradicting development to Xi’s previous speech earlier in the year. However, there has been collaboration and developments by the state in the background that would corroborate Xi’s statements.
    Financial Access 2020
    The foundation was laid at the 2015 World Bank Group–IMF Spring meetings. These meetings resulted in the establishment of the Universal Financial Access 2020 (UFA2020) initiative. The World Bank Group along with both private and public sector partners, committed themselves to promote and enable global financial inclusion in a multi-year program. With the intentions of enabling individuals who are not currently connected to the financial system, to have access to a transaction account to store money while also being able to send and receive payments. Setting a goal of enabling one billion unfinanced individuals to gain access by 2020. Their approach being the development of a platform that has a biometric identity database, virtual payment addressing, and digital payment interoperability. (3)
    At the time, there were over 30 partners that committed towards the UFA2020 initiative. Participants that now include the likes of Alipay, Du Xiaoman Financial (Baidu), BBVA Microfinance Foundation, CFPA Microfinance, Confederation of West African Financial Institutions (CIF), MasterCard, Pakistan Microfinance Network, State Bank of India, VISA, etc. (4) With each of these partners doing independent projects or collaborations to meet the UFA2020’s target.
    One such program that was spawned from the UFA2020 initiative, was the Financial Inclusion Global Initiative (FIGI). A three-year program formed by the collaboration between the World Bank Group, the Committee on Payments and Market Infrastructure (CPMI), and the International Telecommunications Union (ITU). The program is funded by the Bill & Melinda Gates Foundation. (5) Their collective goal is “to support and accelerate the implementation of country-led reform actions to meet national financial inclusion targets, and ultimately the global ‘Universal Financial Access 2020’ goal”. (5) This subgroup plans to utilize the “work of the CPMI-World Bank Group Task Force on the Payment Aspects of Financial Inclusion (PAFI), the BMGF’s Level One Project, and the ITU Focus Group – Digital Financial Services, to deliver implementation solutions, deep topical analyses and practical investigations, working toward the goal of Universal Financial Access by 2020”. (5)
    Bill & Melinda Gates Foundation’s Level One Project is recognized by followers of Ripple due to the project’s development and intention of utilizing the Interledger Protocol to address interoperability between financial systems while helping lower the costs in developing inclusive payment platforms. Thru panels held at the FIGI symposiums, there is apparent dialogue and collaboration between the FIGI organization, the World Bank, and Ripple. (6)
    China
    The main purpose of the FIGI receiving grant money from the BMGF in 2017, was to accelerate financial inclusion in developing countries. With three countries being selected to be the focus of the initiative. Those countries being Mexico, Egypt, and China since they contain millions of unbanked individuals. (7) Ultimately, the development and progression of the initiative will be used as models for digital financial inclusion innovations around the globe. And regarding the selected countries, the People’s Bank of China (PBOC) specifically requested support from the World Bank Group to aid in bridging the gap between the Chinese financial system and their citizens found in remote areas. (7)
    Interesting enough, the FIGI initiative aligned with other partnerships and projects in 2017. Partnerships that were composed of Ripple, Huawei, Mojaloop, etc. As some in the Ripple/XRP community might remember, officials from the PBOC visited the San Francisco Ripple offices in August 2017. (8) The community speculated on numerous possibilities on why Ripple was being visited by PBOC officials but there was no disclosed explanation of the meeting between Ripple and the PBOC. But looking at other announcements from 2017 chronologically, some perspective on the PBOC and Ripple meeting can be gained.
    First, the PBOC sought guidance and help by the World Bank Group to foster financial inclusion innovation within the country. The FIGI under the UFA2020 initiative, choose China to be one of the three countries focused on fostering innovation early 2017. In August 2017, the PBOC visited the Ripple offices in San Francisco. Two months later, BMGF and Ripple’s collaboration and development on Mojaloop was publicized. (9) Yet one aspect of the announcement on Mojaloop that was overlooked was that four mobile systems companies were brought to help develop an Open API for mobile money interoperability. Those companies being Ericsson, Telepin, Mahindra Comviva, and Huawei. (10) And with a document from the International Telecommunication Union (ITU) on “Digital Currency including Digital Fiat Currency”, we know that the Mojaloop API was designed by the four mobile companies that included Huawei. (11) Huawei and the BMGF have also been collaborating on promoting interoperability and financial inclusion since the previous year. Late 2016, Huawei announced partnership with the Gates Foundation on the Level One Project. (12) With the partnership focusing on developing “scalable, low-cost, interoperable and fraud resistant payment systems will be based on open Application Programming Interfaces (API’s) and help people in the world’s poorest regions improve their lives and build sustainable futures by connecting them with digitally based financial tools and services”. (12) Coincidentally occurring right when the Mojaloop API was being developed in the same Level One Project. Nonetheless, the Mojaloop API seems to be both an innovation and solution both Huawei and the BMGF sought to develop in their partnership.
    We know that the BMGF and Bill Gates himself, have been aware since 2016 ,of the potential revolution the Interledger Protocol can bring to the financial system1d. With Bill Gates even recognizing how Ripple’s technology can move money across countries efficiently and cheaply. (13) Although Ripple’s known involvement in China is thru LianLian Pay and some possible penetration thru third parties such as AirWallex, there appears to be a potential utilization of the Mojaloop API thru Huawei in FIGI’s project within China. This can potentially explain why Ripple expanded into China with the opening of offices in the country. (14)
    Outside FIGI
    Outside of FIGI’s scope in China, there are other developments with UFA2020 affiliates forming and investing in projects that could leverage the Interledger Protocol. A recent example involves a group of Ripple investors and partners raising capital for Currencycloud. Currencycloud is a UK startup that has developed remittance APIs that allows any financial business to integrate money transfer services thru Currencycloud’s platform. A duo of Ripple shareholders in SBI and Siam Commercial Bank participated in the Series E round for the UK startup. But interesting enough, VISA and the World Bank Group’s International Finance Corporation also partook in the series round. (15) Two key members of the UFA2020 initiative. These investors intend to promote and utilize Currencycloud’s API for cross-border payments. While VISA has also entered a partnership with the UK startup. Thrugh the partnership, VISA plans to expand and improve their services by using Currencycloud’s platform. (16) Yet Currencycloud has another notable partnership with the Ripple associate, DWOLLA. DWOLLA is not only known for sharing a seat with Ripple on the US Faster Payments Council but more importantly, for their collaboration in developing the Mojaloop platform. (17) DWOLLA will be leveraging the UK startup’s platform to expand their network for coverage on 38 currencies in 180 countries. (16) And on a final note, Currenycloud has an impressive group of clients that includes The Bill & Melinda Gates Foundation. (16) Furgther adding another affiliate to the assortment of UFA2020 and Ripple partners involved with Currencycloud. (16)
    Looking at announcements or projects through the perspective of promoting and expanding the Universal Financial Access 2020 initiative, one can conceivably see the purpose and structure of collaborations done by Ripple associates to possibly promote adoption of the Interledger Protocol.
     
    1. https://medium.com/@mablejiang/xi-jinpings-speech-at-the-18th-collective-study-of-the-chinese-political-bureau-of-the-central-1219730677b2
    2. https://cointelegraph.com/news/china-5-crypto-exchanges-halt-or-shut-services-amid-perceived-crackdown
    3. https://www.worldbank.org/en/topic/financialinclusion/brief/achieving-universal-financial-access-by-2020
    4. https://ufa.worldbank.org/en/partners
    5. https://www.worldbank.org/en/topic/financialinclusion/brief/figi
    6. https://twitter.com/DougMPearce/status/936176649963388928?s=20
    7. https://www.devex.com/news/3-model-countries-selected-for-a-new-financial-inclusion-initiative-90778
    8. https://twitter.com/Ripple/status/902201846592184320?ref_src=twsrc^tfw|twcamp^tweetembed|twterm^902201846592184320&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fripple-talks-with-peoples-bank-of-china-key-to-chinese-blockchain-market
    9. https://ripple.com/insights/news/ripple-the-gates-foundation-team-up-to-level-the-economic-playing-field-for-the-poor/
    10. https://www.gatesfoundation.org/Media-Center/Press-Releases/2017/10/Bill-Melinda-Gates-Foundation-Releases-Open-Source-Software-to-Expand-Access-to-Financial-Services
    11. https://www.itu.int/en/ITU-T/focusgroups/dfc/Documents/FGDFC-O-003.pdf
    12. http://carrier.huawei.com/minisite/software/mobile-money/foundation.html
    13. https://ripple.com/insights/why-bill-gates-believes-2016-will-be-the-year-of-financial-inclusion/
    14. https://www.asiacryptotoday.com/ripple-plan-expansion-to-shanghai-china
    15. https://techcrunch.com/2020/01/26/currencycloud-nabs-80m-from-visa-world-bank-group-and-more-for-its-cross-border-payments-api/
    16. https://www.currencycloud.com/company/clients/
    17. https://modusbox.com/announcing-mojaloop-io-an-open-source-software-platform-for-financial-inclusion-to-uplift-the-worlds-poor/
  5. Like
    JoelQuinn reacted to Julian_Williams in Ripple Launches New Product, RippleNet Home   
    It is huge: this is demonstrating what happens when your money gets digitalised.  Suddenly you get your data organised and reorganised, you can study patterns, optimise systems and work in ways you never dreamed of.  Think of 1990s analogue phones that do one thing - carry a voice along a line and compare it to your iphones and voip phones with all their add on functionality and internet services.   This is the equivalent of an ap on top of your digitalised money services.  It is breaking out of the analogue cash straight jacket and giving us a glimpse of the increased functionality of digital money/wallets and IoV.
     
  6. Like
    JoelQuinn reacted to JoelKatz in Suggestion: XRP-collateralized Stablecoins   
    The advantage is that if you hold XRP directly, the value of what you hold changes over time. Some people want that, some people don't. This scheme lets those that want that hold XRP and those that don't can hold the stablecoin. Those that choose to hold the stablecoin have the equivalent of on-ledger XRP that is denominated in dollars, or whatever other peg they like.
     
    Someone creates a stablecoin pegged to some asset. The creator provides the price feed and governance. Then anyone who wants to can lock up XRP and issue the stablecoin. Holders of the stablecoin can redeem against the collateral. As the price changes, holders of the stablecoin have claims to changing amounts of XRP to keep the value of the stablecoin constant. Holders of XRP collateral have the value of the collateral change.
    Say you have $100 worth of XRP and you really want to be long XRP. With this scheme, you could lock that $100 worth of XRP up as collateral and issue $50 worth of a USD stablecoin. You could then trade that for XRP and have $150 worth of XRP locked up as collateral. You now have a leveraged long position in XRP.
  7. Like
    JoelQuinn reacted to Hodlezerper in Suggestion: XRP-collateralized Stablecoins   
    I'm so pumped to see you all back on here...
  8. Like
    JoelQuinn reacted to JoelKatz in Suggestion: XRP-collateralized Stablecoins   
    One of the original use cases for the XRP Ledger (since 2012) was using the built-in decentralized exchange to exchange between stablecoins and to exchange stablecoins for XRP. Currently, only stablecoins that have a backer/issuer are supported.
    We propose adding a collateralized stablecoin feature to the XRP Ledger. The key distinguishing property of this proposal is that the stablecoin is always redeemable for XRP on the ledger from the collateral pool. So, for example, if you hold one unit of a USD stablecoin, you can make on-ledger payments at any time just as if you held $1 worth of XRP.
    We propose a scheme as follows:
    Anyone may place XRP into a position that they own. If the position is sufficiently collateralized, it may issue a stablecoin. Position owners may adjust the XRP in their positions so long as it maintains sufficient collateral. Position owners may issue and redeem stablecoins in their positions so long as it maintains sufficient collateral. Severely undercollateralized positions may be taken over by re-collateralizing them -- whoever does so keeps the remaining excess collateral. An order book mechanism will be used to permit the stablecoin to be automatically exchanged for XRP by redeeming against the least collateralized positions first. This encourages over-collateralization and cleans up positions that are in danger of becoming under-collateralized Pathfinding will be augmented to use redemption against the collateral so payments with a stablecoin work the same as if you held the corresponding amount of XRP.
    The scheme is not perfectly decentralized because some organization or federation still must supply the price the asset is pegged to on a continuous basis or the stablecoin will freeze. That organization can set a reserve ratio that they can use to tax the stablecoin system or to provide a reserve to buy out under-collateralized positions.
    The most obvious application is a stablecoin pegged to a fiat asset such as the dollar. However, stablecoins can also be pegged to the value of precious metals, stocks, indexes, and so on. 
    This post is one suggestion for an enhancement to the XRP Ledger. See this post for context:
    https://www.xrpchat.com/topic/33070-suggestions-for-xrp-ledger-enhancements/
    You can find all the suggestions in one place here: https://coil.com/p/xpring/Ideas-for-the-Future-of-XRP-Ledger/-OZP0FlZQ 
  9. Like
    JoelQuinn reacted to JoelKatz in Suggestion: Light Accounts   
    Light accounts would allow a limited account to be created without having to pay the 20 XRP reserve. Instead, a 5 XRP reserve would be paid. Light accounts would be limited in their function but they could certainly hold, receive, and send XRP.
    There are some options around what features a light account would be permitted to access. Light accounts could be permitted to have a single multisigner list or they could be permitted to have a small number of payment channels or escrows. Likely they would not be permitted to have any trust lines or offers.
    This post is one suggestion for an enhancement to the XRP Ledger. See this post for context:
    https://www.xrpchat.com/topic/33070-suggestions-for-xrp-ledger-enhancements/
    You can find all the suggestions in one place here: https://coil.com/p/xpring/Ideas-for-the-Future-of-XRP-Ledger/-OZP0FlZQ 
  10. Like
    JoelQuinn reacted to King34Maine in Ripple’s Xpring Looks to Build XRP DeFi Products With New Acquisition   
    I don't think that it has anything to do with the Logos blockchain tech. In my honest opinnion, It's more to do with the engineering staff. Reading the blog by the founder of Logos they are being assimilated into xPring. They will no longer be working/developing the Logos platform:
    "While this chapter of Logos is closing, the ideas and spirit behind Logos will continue in our work at Xpring. We have not yet finalized the plans for the Logos core technology, which has continued to set the bar for blockchain performance, but we hope to have exciting news to share in the near future."
    "As we look ahead to our next chapter at Ripple, we expect that our team will work on a variety of projects at all levels of the Xpring platform, with a particular focus on enabling a wide range of DeFi applications. We continue to strongly believe that the future of payments and finance lies in blockchain and decentralization, and Ripple is the perfect place for us to help build that future."
    Essentially, the DeFi services they had intended to build on-top of Logos they will now build on top of XRP and the XRPL. Similar to what Stellar did when they bought-out Chain. It wasn't for the Chain-based tech, but the engineering resources. If you aren't aware blockchain/crypto engineers are hard to come by these days. Just take look at Ripple's career page. We are gearing up for what I'm calling the "consolidation phase" of this crypto revolution where we will see a surge in M/A of smaller entities by larger tech and fintech firms. At the end of the day, common sense typically rules. Not every blockchain platform is going to have the escape velocity and partnerships to make it to the finish line no matter how advanced and novel their blockchain tech stack is. To be honest, I fully expect Ripple to continue making these small acquisitions in the short and long-term. 
    After all, Brad G. did revealed that Ripple was "in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage.” He also emphasized that Ripple would continue to make substantial investments and even "out-right acquisitions" within the blockchain space in the future "to accelerate our growth and give us more capabilities that serve customer needs." 
  11. Like
    JoelQuinn reacted to Benchmark in Brad Garlinghouse Responds to FUD (Litigation, XRP Sales, Etc.)   
    Here's the discussion: XRP needs to be distributed for RippleNet to be successful and Ripple decides how. 
    Some XRP hodlers will, meanwhile, never be satisfied with any rationale for this distribution while their "investment" is not valued to their liking.
  12. Like
    JoelQuinn reacted to OzAlphaWolf in Moneygram Earnings call this morning...They are pumped for xRapid   
    "Fudbots gotta fud" TM
  13. Haha
    JoelQuinn reacted to Ripple-Stiltskin in SBI VCTrade is live !   
    Trolls everywhere...
  14. Like
    JoelQuinn reacted to Tehol_Beddict in (SBI backet) Sentbe considering xCurrent   
    Thanks @GiddyUp @Dutchpinoy
    It’s a mixture of things. The mods started pushing the dot connecting out of the main threads. Also, the dots have become less apparent to me. I can’t tell if it’s because I’ve been way too busy to obsessively dot connect or the powers at be are doing a much better job at hiding the dots. I sense it’s the latter.
    This one is always top of mind lately if you look at what’s happening with post offices around the globe: 
    I haven’t been researching nearly as much as I was in the past but I have a strong sense that the dots are being hidden much more effectively. Global regulators and corporates keeping things under wraps. Still as confident as ever. Just have an EdTech business to run that’s taking up all of my time again.
  15. Like
    JoelQuinn reacted to GiddyUp in (SBI backet) Sentbe considering xCurrent   
    Miss you @Tehol_Beddict you always dug up the best stuff 
  16. Like
    JoelQuinn reacted to JannaOneTrick in Q2 2019 XRP Markets Report   
    Q2 2019 XRP Markets Report
    24th July 2019
     
    Q1 escrow: 2.30 billion XRP were returned to escrow.
    Q2 escrow: 2.10 billion returned to escrow.
    xRapid transactions increased 170% from Q1 to Q2.
    Ripple had a 30% increase in the number of live xRapid partners in Q2.
    Ripple decided to pull back from providing XRP over-the-counter at scale toward the end of Q2, in light of the OTC desks’ ability to source institutional demand for XRP in the open markets. Going forward, Ripple plans to focus institutional sales on markets where the on-exchange liquidity for XRP is insufficient to meet institutional demand.
     
    https://www.ripple.com/insights/q2-2019-xrp-markets-report/
  17. Haha
    JoelQuinn reacted to Benchmark in Q2 2019 XRP Markets Report   
  18. Like
    JoelQuinn reacted to automatic in Q2 2019 XRP Markets Report   
    Good stuff.  Underlined should have positive future price impact.
    "Ripple’s long-term view is that efficient, liquid XRP markets should resemble the traditional FX markets, given XRP’s use case of global value transfer. As a large portion of FX trading occurs on the OTC markets, in 2017, Ripple began providing, through XRP II, a licensed subsidiary, OTC purchases of XRP to meet institutional demand, at a time when XRP/USD liquidity was limited. Since then, XRP listings increased as Ripple has partnered with the top digital asset brokers and used inventory to serve as a backstop for XRP liquidity. This allowed these OTC liquidity providers the ability to source XRP, even when institutional quantities of XRP were difficult to access across exchanges.
    Ripple decided to pull back from providing XRP over-the-counter at scale toward the end of Q2, in light of the OTC desks’ ability to source institutional demand for XRP in the open markets. Going forward, Ripple plans to focus institutional sales on markets where the on-exchange liquidity for XRP is insufficient to meet institutional demand."
  19. Like
    JoelQuinn reacted to Plikk in I'm out.   
    Bullish 
  20. Like
    JoelQuinn reacted to invest2lose in I'm out.   
    Never understood the point of these threads.
  21. Haha
    JoelQuinn reacted to hallwaymonitor in SendFriend use Xrapid   
    Good XRP news <=> XRP price dumping. Let me check the price. OK, we are are -17,55 % down. So, everything is normal. Just chilax.
     


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  25. Like
    JoelQuinn reacted to rootvegetable in David Schwartz twitter comment clarification.   
    hehe, good to see you holding down the keynesian fort my friend! I hear your points, but I'm only interested analyzing and measuring the choices imperfect people actually make, not the theoretical and hypothetical utility maximization people might do if they had perfect knowledge and perfect information. Anyhow, this isn't really the thread to debate the different schools of economic thought. If you can apply the school of your choice to answer OP's question in a way you find satisfactory that would steer us back on topic.
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