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Chris_Reeves last won the day on August 24 2018

Chris_Reeves had the most liked content!

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  1. When the USD is the global reserve, it matters.
  2. It's not usually due to XRP liquidity. It's due to an irrelevant coin being the other side of the pairing. There are a bunch of coins that pay to get listed on exchanges that ultimately don't gain any community traction and it's more costly for the exchange to keep the pairing than they're making in overall volume of fees from transactions. It's commonplace.
  3. All they're going to do is implement regulations regarding the ability to create and maintain Stablecoins. Their goal is to prevent the Tether debacle that is still ongoing. And by that I mean the questions around just printing USDT without having the appropriate dollar reserves to back it up. They won't ban them, just regulate the hell out of them.
  4. that's why liquidity is so critical. it'll bring price stability. and when I say liquidity, I mean depth of order book at a particular price, not the actual price of XRP.
  5. To my knowledge, there wasn't a specific entity working on developing a stablecoin on the XRPL. It was an idea proposed by David Schwartz where it would be backed by XRP.
  6. The better question is why would someone be incentivized to spend a deflationary asset? That is at the crux of trying to make a currency out of a deflationary asset. No one wants to spend it. It's better off being used as back end plumbing to assist the current financial system, not as a currency used in daily transactions.
  7. Conveniently, Ripple is not completing xborder remittances to Canada but I expect that to change with Sologenic coming online
  8. Again, this is something that would have to be done before conversion to local currency.
  9. 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.
  10. 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.
  11. 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.
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