Rutski reacted to mandelbaum in Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets
BitGo has been creating custody wallets on the XRP-ledger for 3 years, they are closing in on generating 31 000 wallets.
Someone knew what was coming, Goldman Sachs invested in BitGo back in 2018.
Rutski reacted to cmbartley in Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets
When you consider Ripple implementing PayID on RippleNet, PolySign providing bank custody and implementing PayID, Avanti bank launching as a fully regulated crypto bank in WY, and crypto ecosystem participants implementing PayID, it's easy to imagine how value could start to move like email...
Rutski reacted to LeonidasH in David Schwartz Interview on the Modern CTO + Audio
From July 22
Rutski reacted to LeonidasH in YouTube files ludicrous motion to dismiss Ripple’s lawsuit
Rutski reacted to VanGogh in Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets
credit to XRPDarren @Fame21Moore for pointing me to this article
"From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today," said Acting Comptroller of the Currency Brian P. Brooks. "This opinion clarifies that banks can continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency."
Rutski reacted to RambeauTeasebox in XRP Isn’t A Security, Declares Former CFTC Chairman
Rutski reacted to LeonidasH in Volante’s platform can be used to settle through XRP
Rutski reacted to Elysium2030 in Staying the course in remittances and SME payments.
Absolutely disappointing news.
You shouldn't be blinded by the marketing blabber, Ripple and XRP have been looking for their usecase for the last few years and it seems to be nowhere to find one.
First Xrapid, then the rebranding to ODL, then new customer groups, Miguel Vias has left the company. Then the fact that the number of customers stagnates on a low level (200..now 350 2 years later. This is not the growth of a company marching ahead).
The price of XRP since the bubble beyond good and bad, plus numerous promises that were not kept and finally Brad's embarrassing XRP > Bitcoin 2020 tweets and the clear lack of commitment to XRP when talking to Chatterley(?)
I am really served by these chatterers.
It doesn't bother me that everything takes a bit longer, it bothers me that they constantly fail to deliver.
They spit in the face of all the people who bought XRP.
Next rigged bull run I'm out with 90% of my XRP.
**** You Ripple.
Rutski reacted to XRP-Observer in Staying the course in remittances and SME payments.
I think it is at least partially for the XRP community, because this week we can see the Liquidity Index Bot showing decreasing XRP liquidity, on Bitstamp I also see Monday's volume being the lowest since February etc. I see it as a message for us, they said: "You will see lower volumes, don't panick, we are still working on our goals". Now, whether it will be enough to calm down everybody...
Rutski reacted to jbjnr in Staying the course in remittances and SME payments.
It's very worrying. If ODL isn't cheaper than conventional moneymarkets, then it won't get used. Dropping from 15m a day to 2m was a massive change yesterday and after reading that report last night I immediately sold a chunk of my xrp. I will wait to see if volume comes back before dipping my toes back in. That report raised a huge red flag for me and it's the first time in almost 3 years that I've strongly doubted the xrp experiment.
My greatest worry has been that institutions using ripplenet get instant settlement which allows them to change the way they rebalance their accounts and so even using 'old fashioned' nostro/vostro over ripplenet is saving costs to such an extent that the original estimates of what ODL would save on top of that just have not taken place. The fact that they have had to pay MGI such large amounts to use ODL (build liquidity) was disturbing, and now dropping large payments altogether gives me reason to pull back and wait. The departure of Miguel Vias troubled me too, as he was responsible for building liquidity. Those large payments made up the majority of transactions, if they were saving MGI money, they wouldn't stop it overnight (perhaps it was just costing ripple far more than mgi was saving and they've had to renogotiate terms on that deal) - either way, I will wait and watch to see if ODL volume returns.
I'm still curious to know how the western union interest plays out. (Apologies for this somewhat downbeat post. I'm usually quite positive about xrp, but not today).
Rutski reacted to fernandoobregon in Staying the course in remittances and SME payments.
interesting that they mention western union and not just moneygram.
Rutski reacted to Parabellum in Staying the course in remittances and SME payments.
Rutski reacted to Drew in Staying the course in remittances and SME payments.
Anyone have a clue as to who the target audience is for this information - seems a bit odd.
Rutski reacted to WrathofKahneman in Question on the Cross-Border ODL network
Your question is a good one, and one without a clear answer to my mind though others surely know more. I would suggest this thread in which the CEO of FlashFX answers the questions he can. If I recall, the imbalances are discussed somewhere around page 5.
Rutski reacted to Jot7684 in Question on the Cross-Border ODL network
Hello XRP community,
Long time lurker. Thank you for all the informative posts over the years.
I have a question about the ODL network that Ripple is currently spinning up.
To put context to the question, this is what I understand. XRP is the native digital asset to transact value across ODL (via Interledger Protocol?). It's sort of like the hub of a bicycle wheel. When a fiat-XRP pair is established, a spoke is added connecting that fiat to the XRP hub. That fiat currency can jump from the hub to any other connected fiat in two transactions (initiating fiat -> XRP and XRP -> final fiat). It's a better concept imo vs the many fiat-fiat pairings in the forex market and it creates a worldwide liquidity pool managed by ODL exchanges. This should be more efficient than the micro-pockets of various fiat-fiat liquidity pools across the world.
I've been observing the ODL pathways through utility-scan. USD -> MXN / USD -> PHP / AUD -> USD are active. The reverse MXN -> USD / PHP -> USD / USD -> AUD transact so little volume I consider them effectively inactive (despite being open).
My question is how does Ripple manage the ODL network to balance XRP liquidity on the inactive XRP -> fiat ends?
It would seem to me that there would be an over-accumulation of XRP on the XRP/MXN, XRP/PHP ends for instance. I can see that if one ODL exchange site is short on XRP, they can source more XRP on their local open market (sellers and buyers, like the XRP community, that hold XRP and want the native fiat of that exchange or vice versa). But I don't see how that latent market liquidity is replenishable. The only way I could really see it working is if an exchange maintains a sister exchange in another fiat / country so they could freely transfer XRP back and forth to keep their respective pools balanced. But I haven't read anything about any exchange like Bitstamp actually doing that. As far as I can tell, they are all individual actors working with but also competing with each other.
I sure could use some instruction. Appreciate any links you can give me to research papers, interviews or answers you might have. Thank you all.
EDIT: For clarity & removed grammar/spelling mistakes.
Rutski reacted to LeonidasH in The Coil ecosystem grows with WordPress plugin and Uphold integration
Rutski reacted to bitcoinisking in The Libra Association Has Added Three New Members: Paradigm, Slow Ventures And Singapore’s Temasek Holdings
Temasek, one of Singapore’s two sovereign wealth funds, is among the latest companies to join the Libra Association, the consortium Facebook set up to create a global digital currency.
Paradigm and Slow Ventures were also named as new members of the Geneva-based association.
Both headquartered in San Francisco, Paradigm is a crypto investment firm and Slow Ventures is a venture capital business that has backed companies including Slack, Postmates, and Airtable.
Read more: https://azcoinnews.com/the-libra-association-has-added-three-new-members-paradigm-slow-ventures-and-singapores-temasek-holdings.html
Rutski reacted to peanut56 in SBI Plans to Utilize Ripple Payments Network to Consolidate ATM Access in Japan
Thank you, for your post. Please don't be discouraged by remarks of folks that have been here for a while that say we already knew that. A lot of us have been here a while and have lost our sensibility to new comers that have excitement. I hope for all of us that the news you presented is implemented as quickly and as safely possible and that you may for go a brutal bear market that has drained myself and others of all civility.
Again thanks and this is great. We need Katio to blink.
Rutski reacted to Live_Market_Index in SBI Plans to Utilize Ripple Payments Network to Consolidate ATM Access in Japan
Ripple partner SBI Holdings says it plans to use Ripple’s payments technology to make it easier for people in Japan to access ATMs. In its latest yearly financial results report, the financial services company says it’s working to integrate its Ripple-powered settlements app MoneyTap with ATMs run by various banks across the country.
Rutski reacted to Pablo in Incentivising UNL Validators
Here's the way a court would likely see this:
"if Ripple sets up a non profit to handle payouts and “Donates” a portion of the escrow each month to this entity?"
I think it's too late for Ripple to do this. If the Foundation wallet had been set up at genesis and given a wide remit to manage various tasks related to the XRPL and adoption (i.e. everything Coil does plus other matters such as payouts to validators, handling conferences, etc), they might have had a chance.
In this sense, Ethereum got it right (shame about the tech). And we see their pay-off for starting with a sound corporate and governance structure.
I should admit that because of the EVM, I very nearly became an ETH-head in the early days. And EVM was the reason I canned the idea. A solid layer 2 solution like Codius deserves much better.