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Graine

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About Graine

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    In the land of myths and the times of magic
  1. Once upon a time I waited for SBI VC for this very reason. It was supposed to be the way XRP will make its claim upon trading realm. Almost a perfect match between legacy banking and innovation. But then bitcoin happened. Who knows, why Kitao-san chose to do it the way they did it. You could try asking him on twitter.
  2. When does a payment go through xRapid? When whichever pathfinding logic the FI uses deems the fiat1/XRP/fiat2 path as optimal. Let's presume, that for whichever reason an FI choses to route payments through xRapid exclusively, regardless of the rate. What would happen in that case? Say, Cuallix wants to send a payment from USD to MXN. It deposits USD to Bitstamp. It looks at the orderbook depth, and executes a market (not a limit) buy order at best ask, if and only if the payment amount is equal to the size of an order at best ask price. It sends the XRP bought to Bitso At Bitso, Cuallix assesses the order book again and executes a market sell order at best bid price, if and only if the payment amount is equal to the size of an order at best bid price. Cuallix withdraws MXN to whichever FI it needs. So how does the above influences the market? Before the payment, the order books on Bitstamp and Bitso were at price equilibrium (either because of arbitrageurs, or market makers, etc) at a rate that may or may not diverge from midday FX USD/MXN rates (depends on many things like ease of crypto access, capital controls, etc). Buy order on Bitstamp consumes an offer already present in the orderbook and creates a slight buying pressure (if anyone wanted to buy xrp at the price Cuallix's order took, they need either to post a limit order and wait till it's filled, or buy the next order, which has a higher price, than Cuallix's). At Bitso, Cuallix creates an inverse situation - instead of buying pressure, we have slight selling pressure that leads to XRP being slightly cheaper in comparison to midmarket FX rates. If the size of payment that goes through xRapid matches the existing orderbook depth of best bid / best ask orders, the price effect is almost unnoticeable for the market. But that is a very specific case that will not always be true. What you are really wondering is what would happen if the amount of money Cuallix sends through xRapid exceeds the still shallow order books. This is where the fun starts. Cuallix deposits a yuuge amount of usd to Bitstamp. Bitstamp staff are happy, their bank partners are happy. The exchange users are very happy. Cuallix looks at the orderbook depth, calculating how much XRP it needs to buy and Cuallix is very sad. Because, to buy the needed XRP, they will have to buy a whole bunch of orders from the ask side, that will move the XRP/USD market price upwards ~5%. But Cuallix has committed (by whatever reason) to using xRapid, so they execute the market buy order. XRP holders are happily observing the price spike that might fuel a rally upwards, Bitstamp enjoys the fees incurred on trade and the fees their banking partners will generate from the money bag Cuallix deposited. Pennydesk wakes up their outsourced writer to quickly make some article to generate traffic and spin the story their way. What will happen now, is very dependant on the time it takes for XRP to move from Bitstamp to Bitso. I. ~ 4 seconds: Price spikes ripples to the markets that have bots on (IOUs on RCl, some major exchanges). USD/MXN is not affected (say, no bots, too little time). Hence, Cuallix has already suffered 5% slippage, and will suffer 5% more due to shallowness of the orderbook. Cuallix sells their XRP stash, and takes 10% slippage. Ripple will reimburse all or some part of it as per agreements made. Lucky fellows who have bank accounts in Mexico and Slovenia will enjoy a nice 10% arbitrage opportunity. If RialtoAI doesn't consume it before them :). II. 30 - 90 seconds (as per Vias's talk). Price on other markets matches Bitstamp. MXN/XRP moves upwards proportionally. Cuallix sells their XRP for MXN and suffers ~5% slippage. Ripple covers their loss. IMPORTANT: You don't really need to send XRP on ledger after each payment -> the buy/sell is instant. The slippage incurred is similar to case I. TL;DR Without an adequate MM program, when an FI routes significant volume through xRapid, we will see: 1. XRP traded at premium (see XRP/KRW during pump) in the market that sends more than it receives (i.e. net senders) 2. XRP traded at discount in the market that receives more than it sends. Dixi
  3. Maybe a sharp bump to 0.35 than stagnant return to 0.2. Depends on how many other announcements Ripple makes, and if CME's futures take BTC to 10k+. Both are scheduled for mid December
  4. Ripple and National Payments Corporation of India

    This like Santander joining EEA to play around something else, while implementing xCurrent. I don't see how it means that Google's venture will be based on Ripple. More looks like google wants a piece of those payments big data.
  5. @mars75 is particularly hopeful for MAS's driven Ripple adoption. But project Ubin seems to be very tight lipped about it so far.
  6. Ripple rapidly getting attention amongst investors

    XRP/KRW price spike. See the Korean premium during the pump.
  7. I wouldn't think Ripple would be eager to let go of stably appreciating asset like XRP quite quickly. You could try plotting XRP price/volume on the chart to see some curious outcomes. The orderbooks are still quite shallow, so I would hope an increase in selling won't flood the market.
  8. You have services like FlashFX that utilize RCL's advantages for near-instant money transfer. But it would be up to each entity, whether they would want to pass some of the benefits to customers.
  9. Oh yes. It's all true. Mandatory naked gatherings in Bohemian grove every blue moon. Participants are to bring their own mantles. Choose easily washed materials. Laundry prices for robes do bite.
  10. It doesn't work that way. Post a txid with a transaction from your wallet that has a memo "xrpchat" in it. Otherwise, we all here hold 55 billion xrp each.
  11. Unless gents at CME are ready to allocate significant capital on crypto spot exchanges, we might see a curious price divergence. More likely, whoever amasses critical position on CME will have enough capital to sway spot market. But it would be visible. And something tells me resident manipulators won't give away the profitable niche easily.
  12. Swell Part 2

    Nope. Need 3...2...1 campaign to legitimize it. I can still hear the cat shuffle in the bag.
  13. Because it's not an official server in the first place. Ripple doesn't have or endorse any servers. Everything you see - sans official forum - is a community run initiative.
  14. Santander, AMEX, Ripple

    Exactly. And xRapid is still in alpha (as per Mr. Katz's comments on discord). So that they have to postpone routing "hundreds of millions of clients' money" before most bugs are removed.
  15. Santander, AMEX, Ripple

    RippleNet is an umbrella term for ripple products. Sounds nice from marketing perspective and is vague enough to thwart any questions re: is it on RCL or ILP, also you can technically say it's blockchain based, so it's good for publicity and corporate media (who neither have time or desire to enquire how much blockchain is used in that case). From coindesk's article: " Treacher said the SEB platform has already conducted $630 million-worth of transactions since it launched into production in Q2 of this year. While that project is advancing and is able to transact in nine seconds or less, according to Treacher, it is for now — like the American Express project — restricted to what he calls a "pure" blockchain that doesn't require a cryptocurrency. What both these projects have in common is "a direct connection," he said. "There's no intermediary cryptocurrency." So what Amex is using is xCurrent, which is a purely ILP-based solution. You could technically argue, that all of Ripple partners will end up on ledger (the question is, which ledger is still wide open) and it is planned to touch XRP. Eventually. Soonish. But not now. "According to Treacher, the integration routes non-card payments through the shared payment network for nearly instant, auditable cross-border payments."
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