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Chris_Reeves

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Chris_Reeves last won the day on August 24 2018

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  1. Conveniently, Ripple is not completing xborder remittances to Canada but I expect that to change with Sologenic coming online
  2. Again, this is something that would have to be done before conversion to local currency.
  3. This contradicts what Ripple says as step 6 already has the conversion from XRP to the local currency. I agree that this method makes the most sense though.
  4. Below is the step by step guide provided by Ripple for ODL Transactions. Take a look at number 7. 1. The sender requests a quote on pricing and FX. 2. Ripple’s technology calculates the pricing and FX across all parties, and returns a quote to the sender. 3. The sender accepts the quote and submits payment instructions, initiating the payment. 4. The send-side exchange debits the sender’s account, and converts that amount (less fees) into XRP. 5. XRP is sent across the XRP Ledger (settles in 3 seconds) from the send-side exchange to the receive-side exchange. 6. The receive-side exchange converts XRP into local currency, and credits the sender’s account (less fees). 7. Ripple’s technology confirms the amount received is accurate, and will top up the sender’s account if needed. 8. The receive-side exchange forwards the payment to the receiver. 9. The receiver forwards the payment if necessary. 10. The sender and receiver confirm the transaction is complete How do you think this is accomplished? Does Ripple hold an account on each ODL partner exchange and they literally transfer the currency into the receiver's bank account along with the sold amount from the transaction? Since this is done following conversion of XRP into the local currency, I can't imagine another way for them to accomplish this goal. I wonder how much this costs. Using the utility-scan.com data set, I bet we could round to the nearest $1,000 USD to get the intended amount to be sent and determine the difference. Ripple may just be using their war chest to compensate other companies for using a product that's not nearly ready for production use. Long XRP.
  5. Let's take a breath and think about this.... what did this news change? They're using Visa Direct in areas where they have a strong nostro/vostro presence without RippleNet members available to leverage the "xCurrent" component of RippleNet. This is no surprise as I'm sure they're using Swift GPI in areas as well. That being said, for Moneygram to specifically say that their treasury department is utilizing the ODL portion of RippleNet in their cross border flows is absolutely amazing! Sure, we'd love to see all of the small transactions utilize RippleNet but there isn't enough liquidity and market makers to allow this to be a reality in the short term so their treasury department is creating batch orders that most likely match the combined amount of cross border flows going through their systems. So a few things: 1. Why is this surprising? We all knew it was batch transactions just by looking at the consistent $$ sent through ODL 2. Would you expect it to be any different? The goal is for this to facilitate the elimination or significant reduction in nostro/vostro accounts, something directly controlled by treasury departments 3. Do you think it'll be this way forever? We're in maybe the "walk" phase of "crawl, walk, run" and this news, to me, is showing significant progress and positive implications for RippleNet as a whole. Moneygram is upgrading all of their tech, even in areas where Ripple cannot currently be effective. It's like being concerned that SBI will use Swift for some transactions while implementing RippleNet. We're early. Zoom out.
  6. Let's take a breath and think about this.... what did this news change? They're using Visa Direct in areas where they have a strong nostro/vostro presence without RippleNet members available to leverage the "xCurrent" component of RippleNet. This is no surprise as I'm sure they're using Swift GPI in areas as well. That being said, for Moneygram to specifically say that their treasury department is utilizing the ODL portion of RippleNet in their cross border flows is absolutely amazing! Sure, we'd love to see all of the small transactions utilize RippleNet but there isn't enough liquidity and market makers to allow this to be a reality in the short term so their treasury department is creating batch orders that most likely match the combined amount of cross border flows going through their systems. So a few things: 1. Why is this surprising? We all knew it was batch transactions just by looking at the consistent $$ sent through ODL 2. Would you expect it to be any different? The goal is for this to facilitate the elimination or significant reduction in nostro/vostro accounts, something directly controlled by treasury departments 3. Do you think it'll be this way forever? We're in maybe the "walk" phase of "crawl, walk, run" and this news, to me, is showing significant progress and positive implications for RippleNet as a whole. Moneygram is upgrading all of their tech, even in areas where Ripple cannot currently be effective. It's like being concerned that SBI will use Swift for some transactions while implementing RippleNet. We're early. Zoom out.
  7. I'm not certain the point you're making. I'm just saying that speculation and trading volume (outside of ODL) drives the majority of overall volume for XRP today. While I believe that ODL will have an impact, it's not going to until the volumes are many multiples higher than where we are today. That's my point, nothing more. And I apologize for sounding condescending. It was not my intent; I was just typing quickly before having to leave the computer for a bit.
  8. This one is pretty simple and doesn't require a source, just simple math. Current daily volume for XRP runs somewhere between $600-$900 million. ODL at it's peak has hit around $8 million per day. At $600 million per day, that's just barely over 1% of total volume. It'll get there but it'll take time.
  9. Has anyone looked into this in more detail? I'd really be interested to see what the estimated impact of the bitcoin halving will be on the entire crypto space. Since utility doesn't drive a vast majority of the overall volume, I suspect that this could look similar to 2016-2017 that shows a massive bull market followed by a massive dip. Thoughts?
  10. Well that's not necessarily true. Each coin has a different representation of what "utility" is within the space. Ethereum certainly has utility, maybe not in important world-changing functions, but there is certainly utility. That being said, my original premise was not that volume drives price but rather that increased volume requires and increased amount of XRP to be purchased and held by market makers to facilitate the cross border remittance transaction. Volume does not inherently drive price, but the byproducts of increased volume "should" ultimately lead to a greater demand, thus causing a higher price.
  11. Building a new way to facilitate cross-border remittances takes more time that you'd like, clearly. They're not beholden to you to make the price of XRP rise. They don't care about you.
  12. People do realize that the IMF has held a basket of currencies (SDRs) for years now, right? This isn't some new process and I don't see the SDRs being used by Central Banks as the asset of choice for cross border remittances. I don't see how your premise holds up to reality Tiff. @TiffanyHayden @Julian_Williams
  13. Alright let's unpack this. Premise by Tiff: Federal Reserve Controls Cross Border Remittances Reality by Me: The Federal Reserve completes a significant amount of cross border remittances but has ZERO impact on how other companies (outside of US) decide to facilitate cross border remittances.
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