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JoelMcD

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  1. Like
    JoelMcD got a reaction from Odiseo in Suggestion: DeFi Support Enhancements   
    I see anything that improves interoperability as a good thing. In this case, you'd be making it easier for smart contracts, which will underpin stock trades, derivatives, etc, to operate on their ledger of choice (Ethereum, cardano, hedera, whatever) and still take advantage of XRPL for settlement.
  2. Like
    JoelMcD got a reaction from Malloy in Suggestion: DeFi Support Enhancements   
    Yep, I think this one's a winner.
  3. Like
    JoelMcD reacted to JoelKatz in Suggestion: DeFi Support Enhancements   
    Some enhancements could be made to the XRP Ledger to provide better support for emerging use cases in decentralized finance. For example, validations could be augmented to include the last fully-validated ledger. This would permit validators to automatically operate as oracles and allow, for example, users to prove to Ethereum smart contracts that particular things happened on the XRP Ledger.
    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 
  4. Like
    JoelMcD reacted to JoelKatz in Suggestion: Play Forward Ledger   
    Currently, when a server loses sync with the network, it has to simultaneously try to re-synchronize with the network and fetch all the ledgers it missed. The current design requires the server to first synchronize with the network and then work backwards to fetch what it missed but then work forwards to rebuild any missing intermediary ledgers.
    We propose that the design be changed to support a fetch operation that fetches a ledger’s header and all the transactions in the ledger in order. This will allow a server to play forward from the preceding ledger to the queried ledger with minimal network traffic. When a server loses synch, it can then collect validations to determine the ledgers it needs to go forward from its last-validated ledger to the current ledger.
    This has three advantages. First, it provides greater protection from hostile majority attacks because the server only obtains full ledgers by building them locally. Second, it allows the server to conserve network and CPU resources by only having to play the ledgers forward, rather than backwards and then forwards. Third, it reduces the load the server places on other servers and permits it to stop being a burden and resume helping other servers more quickly.
    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 
     
  5. Like
    JoelMcD reacted to JoelKatz in Suggestions for XRP Ledger enhancements   
    Since 2012, Ripple has been committed to advancing the XRP Ledger as an open, decentralized system for payments. We have worked together with the community to dramatically increase the decentralization, performance, and feature set over the last seven years. 
    Ripple’s vision for the XRP Ledger is for it to continue to provide the best interoperability with Interledger. Key to this vision is for the XRP Ledger to remain best in class in security, performance, and settlement features.
    We’ve been working on a number of possible features and design changes that could be introduced to the XRP Ledger, and we want input from the entire community about these features. How helpful are they to the use cases that the community is currently pursuing? What changes are developers and contributors to XRP Ledger interested in implementing?
    Today, we are posting descriptions of many possible enhancements to the XRP Ledger. They fall broadly into three categories:
    Consensus: Consensus is the heart of the XRP Ledger. It’s the way the ledger makes forward progress in a decentralized way. While PoW has provided only limited decentralization and appears to be a technological dead end, distributed agreement algorithms such as the XRP Ledger’s consensus algorithm provide real decentralization and continue to improve in their performance and reliability, year after year. Several of the suggested enhancements focus on improving the robustness of the XRP Ledger’s consensus mechanism.
    Performance and Resource Consumption: Due to the nature of public ledger systems, every on-ledger transaction imposes some resource costs on every participant. This creates a trade-off where increasing the transaction rate and lowering transaction fees can increase operational costs and drive some participants out of the ecosystem. Keeping resource consumption down increases the set of participants who can run their own server nodes, improving decentralization. Some of the suggested improvements aim to increase our understanding of the software’s resource consumption, reduce the consumption of bandwidth and memory, and improve network reliability.
    Features: The XRP Ledger currently has a sophisticated feature set including account management features, powerful multisigning, a decentralized exchange, and best-in-class support for off-ledger scaling. However, there are always more things it could do. The suggested improvements in this category add new capabilities such as an XRP-collateralized stablecoin and ways to ease the burden of the 20 XRP account reserve.
    We would appreciate members of the  XRP Ledger community looking over these suggestions and providing feedback. Suggestions for other features are welcome as well. Let’s build a roadmap to continue innovating together.
    You can find all of the suggestions in one place on Xpring's blog post. There are also links there to the individual forum posts for each feature for discussions.
  6. Like
    JoelMcD got a reaction from XRPboi in TCS Launches Real Time Payments - Looks like RippleNet   
    Sounds promising. I saw an IT News article today confirming the Reserve Bank of Australia (RBA, central bank) is now running TCS BaNCS alongside it's New Payment Platform (NPP, which handles domestic real-time payments). Work on this began in 2015. CIO says job done, we're ready to go.
    https://www.itnews.com.au/news/rba-cio-declares-new-core-live-retires-mainframe-531427
    Connecting the dots... the RBA now has access to liquidity on demand and real-time cross-border settlement via BaNCS and can then handle the 'last mile' via NPP.
  7. Like
    JoelMcD got a reaction from xrphilosophy in TCS Launches Real Time Payments - Looks like RippleNet   
    Sounds promising. I saw an IT News article today confirming the Reserve Bank of Australia (RBA, central bank) is now running TCS BaNCS alongside it's New Payment Platform (NPP, which handles domestic real-time payments). Work on this began in 2015. CIO says job done, we're ready to go.
    https://www.itnews.com.au/news/rba-cio-declares-new-core-live-retires-mainframe-531427
    Connecting the dots... the RBA now has access to liquidity on demand and real-time cross-border settlement via BaNCS and can then handle the 'last mile' via NPP.
  8. Like
    JoelMcD reacted to XRP2theMoon in TCS Launches Real Time Payments - Looks like RippleNet   
    Looks like TCS has official started using RippleNet? Thoughts everyone?
    TCS announced last year they were joining RippleNet via Quartz
    https://www.fxstreet.com/cryptocurrencies/news/tata-consultancy-services-tcs-adopts-ripple-technology-201904090245
    Quartz gateway connects to TCS Bancs payment system to offer real time payments
    https://xrprightnow.com/tata-consultancy-services-launches-real-time-payments/
    Connection Cliff Notes:
    -TATA connects to RippleNet via Quartz
    -Quartz gateway connects the TCS BaNCS payment systems
    -Real-time Payments solution is part of the TCS BaNCS
  9. Like
    JoelMcD got a reaction from Paradigm in Maybe (just maybe) there was some science behind $589+ after all   
    Congrats on your first post Dave! 
    I'm not quite sure what you're getting at here. If it's the 'using tokens that represent central bank currencies' line then that's right and generally understood. As XRP can be exchanged for local currencies (USD, GBP, AUD, etc) which happen to be issued by their respective central banks, it can be said today that the tokens represent central bank currencies.
    CBDCs are a little different, as they are central bank digital currencies. I'm not sure any are live just yet but there's lots of talk of central banks creating these as a digital (and price-stable) alternative to cash within their economies. The opportunity for XRP then, would be as a medium of exchange between the various CBDCs.
  10. Like
    JoelMcD got a reaction from Paradigm in Maybe (just maybe) there was some science behind $589+ after all   
    Fun? Far fetched?... It certainly is.
    Am I mortgaging the house to 'go all in' for the opportunity... no, not a chance. Though I will be listening carefully to the language used by the IMF, BoE, ECB and others over the next 6-12 months, and taking note of who's sitting at the table.
  11. Like
    JoelMcD got a reaction from Paradigm in Maybe (just maybe) there was some science behind $589+ after all   
    Well, to be fair I only said 'maybe'
    I'm less worried about the bear, and more focused on the possibility that addressing global debt might increase the value of XRP. Every time new facts come to light I find myself looking back over past announcements / theories / suggestions to see if it sheds new light on where all this might be going. The recent IMF and BoE talk of the need for change and the idea of a common digital bridging asset got me thinking... why would nations 'buy in'?.... where would the money come from?... where's the fair exchange of value for giving up sovereign reserves?
  12. Like
    JoelMcD reacted to 2ndtimearound in Maybe (just maybe) there was some science behind $589+ after all   
    I certainly hope so.  A lot of things have to happen to get to that point that a) XRP's price rises to 3 digit dollars and b) it can be sustained there from massive (massive!) and consistent demand to actually hold XRP - not just demand for xRapid's usage, which ultimately is demand for XRP liquidity, not XRP itself (xRapid merely shifts XRP from one exchange to another, but actually holding XRP creates the price pressure).
  13. Like
    JoelMcD got a reaction from JACKRAUL555 in Maybe (just maybe) there was some science behind $589+ after all   
    Well, to be fair I only said 'maybe'
    I'm less worried about the bear, and more focused on the possibility that addressing global debt might increase the value of XRP. Every time new facts come to light I find myself looking back over past announcements / theories / suggestions to see if it sheds new light on where all this might be going. The recent IMF and BoE talk of the need for change and the idea of a common digital bridging asset got me thinking... why would nations 'buy in'?.... where would the money come from?... where's the fair exchange of value for giving up sovereign reserves?
  14. Like
    JoelMcD got a reaction from JACKRAUL555 in Maybe (just maybe) there was some science behind $589+ after all   
    Fair point. I suppose everything has to start somewhere. There's the MXN/PHP/USD corridors in play already, and soon XRP will underpin the world's second largest non-bank money transfer company's operations. Sure, it's small change compared to the big picture, but it feels a decent start to me.
    I'm not hung up on the figure so much, nor do I kneel at the alter of BG123, but I thought it was interesting when I ran those numbers that it came out so close.
    Do I think we have a global debt problem?... yes
    Do I think the IMF and central banks want to solve it?... yes, or at the very least contain it
    Do I think they'd consider adopting an appreciable asset, that doesn't currently sit on any nation's balance sheet, and could be allocated then increased in value to repay debt, at the same time as providing liquidity to the cross-border payments market and promoting financial inclusion (through low cost financial services)... yes, I sure do.
     
  15. Like
    JoelMcD got a reaction from JACKRAUL555 in Maybe (just maybe) there was some science behind $589+ after all   
    Recent discussion about bridging CBDCs and the looming global debt crisis got me thinking. How do you shock the global economy out of a descending spiral of high debt and low (or negative) interest rates that has seen us circling the drain for the past decade?
    What if XRP is being considered not just as a (the?) global bridge digital asset, but also as a way to address the astronomical, and ever-increasing, cost of global debt? What if, in exchange for nations giving up a portion of their sovereign reserves, as required to create a centralised/IMF global reserve of XRP, those same nations were given the chance to forgive their sovereign debt?
    If this were the case, you wouldn't calculate potential XRP value based on transaction flows, but on the realised value of debt forgiven. So I ran the numbers... assuming all 100 billion XRP are available to the market (now we know this isn't strictly true, but the alternative only pushes the $/XRP higher) and using today's Global Debt Clock figure of $59,507,840,000,000 ($59.5 trillion), we come out with a figure of $595 per XRP. Sure, it's a little more than the bear's prophetic $589+ but it's awful close, and besides, that was a year ago and the debt increases daily.
     
    What if this was the hint all along?... What if?
     
    #xrpthebridge
    https://www.economist.com/content/global_debt_clock
  16. Like
    JoelMcD got a reaction from Bearmark in Maybe (just maybe) there was some science behind $589+ after all   
    I agree it's investors and market makers that drive a lot of the current utility. Fast forward 3, 5, 10 years... I see greatly increased, and sustainable, demand coming from Central banks, commercial banks, and other financial services providers. I see XRP flowing around the world all day, every day, with a volume orders of magnitude higher than present. In this scenario there's far less dependency on investors to help set market value.
  17. Like
    JoelMcD got a reaction from AlejoMoreno in Maybe (just maybe) there was some science behind $589+ after all   
    Sure, war is a great driver of economic activity... until someone loses. Never mind the cost of human life on both sides and the collateral damage to other nations drawn into the conflict, societal values and the environment.
    War is a zero-sum game, I just don't see it fitting the level playing field narrative we keep hearing.
    Bonkers? Maybe. It sure stretches the imagination.
  18. Like
    JoelMcD reacted to 2ndtimearound in Maybe (just maybe) there was some science behind $589+ after all   
    At the end of the day, it's investors and dedicated market makers that allow xRapid to work.  With every XRP buy, there's a seller.  With every XRP sell, there's a buyer.  The order books require investors and market makers to place their limit orders so that xRapid has the required liquidity (anyone feel free to correct me if I am wrong).  So if a country owns $1 trillion in XRP as a means to pay off their $1 trillion debt, they will need to eventually sell that XRP to actually pay off their debt.  That means $1 trillion of XRP is bought up by market makers / investors using their cold hard cash (that the country wants in order to pay off their debt).  Again, maybe I am looking at it too simply, but at the end of the day, a debt is paid in fiat currency, is it not?
  19. Like
    JoelMcD reacted to 2ndtimearound in Maybe (just maybe) there was some science behind $589+ after all   
    All that's happening here is that investors pay off the debts of the world.  Debt is newly-created money that (in my mind) only future labour can pay off.  Those trillions of dollars poured into buying XRP by investors means they are not investing elsewhere.  It will impact markets significantly when we're talking trillions of dollars going exclusively to XRP. 
     
  20. Haha
    JoelMcD got a reaction from strikerjax in Maybe (just maybe) there was some science behind $589+ after all   
    Recent discussion about bridging CBDCs and the looming global debt crisis got me thinking. How do you shock the global economy out of a descending spiral of high debt and low (or negative) interest rates that has seen us circling the drain for the past decade?
    What if XRP is being considered not just as a (the?) global bridge digital asset, but also as a way to address the astronomical, and ever-increasing, cost of global debt? What if, in exchange for nations giving up a portion of their sovereign reserves, as required to create a centralised/IMF global reserve of XRP, those same nations were given the chance to forgive their sovereign debt?
    If this were the case, you wouldn't calculate potential XRP value based on transaction flows, but on the realised value of debt forgiven. So I ran the numbers... assuming all 100 billion XRP are available to the market (now we know this isn't strictly true, but the alternative only pushes the $/XRP higher) and using today's Global Debt Clock figure of $59,507,840,000,000 ($59.5 trillion), we come out with a figure of $595 per XRP. Sure, it's a little more than the bear's prophetic $589+ but it's awful close, and besides, that was a year ago and the debt increases daily.
     
    What if this was the hint all along?... What if?
     
    #xrpthebridge
    https://www.economist.com/content/global_debt_clock
  21. Haha
  22. Like
    JoelMcD got a reaction from XRPboi in Maybe (just maybe) there was some science behind $589+ after all   
    If it happens, and I admit it's a BIG if, I suppose the allocation of XRP to nations could be at a low unit price, even if it were for a future claim against the escrow. Time would then pass and XRP usage for remittance and trade would increase organically as it's the fastest/cheapest option available (money moves like water flows, along the path of least resistance) and so increases the value of XRP. The IMF might speed up this value creation process by playing some form of market maker role and stepping the price up alongside the organic demand. Nations could then realise the XRP value increase and sell it into the market, then use the profit to meet their debt obligations with no real impact on their sovereign currency.
    The $595 figure is a crude calculation, and would suggest all debt to be paid in one go, which would never happen. What's more interesting for me, is the idea that XRP might somehow play a role in addressing not just one (improving financial inclusion) but two global finance imperatives (spiralling sovereign debt).
  23. Like
    JoelMcD reacted to mariusthegreat in Digtal Reserve Currency talk???   
    Maybe...
    Levelling the playing field by putting all in together. Its almost akin the the Euro, but its not the Euro, its a stake in a multi functional (Sovereign) currency / asset which is used to benchmark global trade (almost Libor in operation) and it will be highly liquid - So if for example the UK goes into a recession  - in this model, this should not affect global trade  as say the USD - in the current model, affects foreign companies / countries due to the sheer amount dollar debt / liabilities on their balance sheets - spillovers > contagion. This is my interpretation of the Carney paper.
    This could be the very beginning of a global currency but NOT a global currency. There will be off-shoots i believe.
    To be clear I am not saying gold is worthless or useless, to the contrary it has many uses, in Electronics, pharmacy, jewellery etc. I just completely disagree with the gold standard and it appears many central bankers do to.
     
  24. Like
    JoelMcD reacted to 2ndtimearound in Principles before Profits   
    Not surprising....retail investors are not contrarian investors....they go with the flow (often very late).  Many don't buy or sell when they should.
  25. Like
    JoelMcD reacted to 2ndtimearound in Maybe (just maybe) there was some science behind $589+ after all   
    It's one thing to write debt off (debt jubilee).  However, it's another thing altogether to magically turn that debt into credit.  If I owe someone $1000 and the person I owe writes the debt off, then there's no debt - simple as that. But it seems the OP says that the $1000 I owe magically turns into REAL MONEY that another person inherits magically.  How can that theoretical debt (that I would have to produce future labour to pay it off with) turn into credit that another person then owns?
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