Jump to content

Jtadaly

Member
  • Posts

    26
  • Joined

  • Last visited

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

Jtadaly's Achievements

  1. Everything about this article screams Ripple/XRP https://www.cnbc.com/2020/08/06/goldman-names-new-head-of-digital-assets-in-bet-that-blockchain-is-the-future-of-financial-markets.html Start with GS's conclusion 60 days ago that Bitcoin is not a new asset class (I disagree). Then: "At Goldman, McDermott is expanding his team, doubling its headcount with hires in Asia and Europe. He has also lured talent from a key competitor: JPMorgan Chase’s head of digital assets strategy Oli Harris has joined the bank, according to people with knowledge of the move." He's hiring the guy who created the JPMCoin to create the GSCoin because those walled gardens will be inter-changeable when there is an Internet-of-Value bridged by the TCP/IP of value. "First up is helping the essential plumbing of finance like repurchase agreements, known as the repo market, go digital, he said. Banks and hedge funds rely on the short-term funding for daily operations, and more than $1 trillion typically flows through the market every day. “In securities finance and repo, if you look at those markets, they’re ripe for standardization,” he said. “There’s a lot of legacy processes in the vast movement of collateral that makes them very cost inefficient, so by leveraging distributed ledger technology, you can standardize processes to manage collateral across the system, and you have a much more efficient settlement process given the real time settlement." The plumbing of finance? Why does that sound familiar? Short-term funding of daily operations? You mean like On-Demand Liquidity? Standardization? A synthetic reserve currency maybe? Across the system? Real-time settlement? "But crucial to any of these efforts is building consensus with other banks, institutional investors and regulators. The technology will only take off when it gains a critical mass of users across the world of finance, he says, adding that industry consortiums are the best way forward. Given that approach, McDermott says he spends a lot of time talking to other companies, including JPMorgan and Facebook, the social network that recently updated its cryptocurrency strategy to appease regulators.He even hinted that one Goldman project involves collaboration with JPMorgan, potentially regarding how the two banks’ nascent technology efforts could work together. JPMorgan created the JPM Coin, which is pegged to the U.S. dollar, to pay for transactions that migrate to the blockchain." Critical mass of users? Like, a fin-tech network that had over 300 partnerships already established and a liquidity pool created? How the technology efforts could work together? In the last three weeks, the most bullish developments I've seen in 3 years of crypto were the OCC announcement about banks custodying crypto, a NasDaq company (MSTR) announcing it was investing cash in digital assets and this article about Goldman.
  2. Very good. The reason R3 and Ripple have pursued DTCC is because DTCC has an issue (speed, real-time settlement, accuracy) that they can solve using the R3 enterprise blockchain and XRP. DTCC is the intermediary that records a stock sale transaction. The sellers and buyers meet on an exchange (for example the NASDAQ) and agree to a transaction. The transaction takes place on DTCC and the product is held by BNY Mellon. DTCC did $2-quadrillion in such transactions in 2019. Now, imagine those transactions are done in XRP. The utility demand skyrockets (as does the value of XRP improving it's efficiency for transactions). Now, recreate that market for crypto. The crypto market is smaller today... but not for long. And the legacy market will eventually move to tokens rather than its current format. Not quite ALL the money... but a LOT of it. Massive demand and utility. Enough to probably make XRP double-digits (caveat: that's conjecture, not mathematical).
  3. Holy Smokes! That's right! I forgot about that... great catch: https://money.com/who-is-matthew-mellon-crypto-billionaire/
  4. BNY Mellon is, in fact, the largest Custody bank in the world and has been for some time: https://www.institutionalinvestor.com/research/6565/the-world-s-largest-custodians
  5. I keep saying "Standard Chartered" but I mean "Standard Custody and Trust". Sorry if I did that. But... I think they need Standard Custody and Trust. In the legacy Wall Street market today, trades are done on the exchanges (NASDAQ, NYSE, DOW) while processing is handled by DTCC (Depository Trust Clearing Corporation) and Custody is done by a bank. The largest (from memory) is BNY Mellon. Most XRP fans will recall that DTCC has long been a target for Ripple and many trials have been performed with implementation pending (likely due to regulatory clarity on XRP as a Security). They performed $2-quadrillion in transactions in 2019. My guess here is that the exchanges (CB, Binance, Gemini, Coinbase etc) will require a clearing house (PolySign) and custody (Standard). Ripple has likely seen these needs in the market for a long time as they traveled down the road with potential partners. Here is where the connections are: Vice Chairman at PolySign: Tim Keaney who spent 12 years at BNY Mellon. Lives on Marco Island, FL James Malgieri: Standard Custody & Trust. He's ex-BNY Mellon. Lives on Marco Island, FL https://www.dfs.ny.gov/reports_and_publications/weekly_bulletins/wb20190920 As I have heard someone opine recently...this would be getting close to "All The Money".
  6. Here you go! I put Long up there in the crypto industry with luminaries such as Larsen, Schwartz, Hoskinson etc on the business side, less technical. She has a career in legacy Wall Street and recognizes the value-proposition of crypto and has no bias for or against any project. She left the Street to move to her home state of Wyoming and over the last couple years has worked with state-government to make or change law to be crypto-friendly. The result of her efforts has been Avannti, the first crypto-native, dedicated Federally accredited bank. Easily one of the most important people in the sector and Ripple-friendly.
  7. When the OCC letter came out two weeks ago, I theorized in conversation that Standard could provide "Custody-as-a-Service". Upon further investigation, that appears to be precisely so. I highly recommend the interview on Off the Chain by Anthony Pompliano and Caitlin Long (Avanti). In it, Long goes into why the OCC letter is a big deal, even bigger than legacy crypto companies realize. Firstly, the letter was a response to a query from a major bank. Something like JPM, BoA, PNC, BNY (not Goldman as they are state-chartered). Secondly, the finding now means that Trusts (GBTC) and even exchanges cannot legally custody crypto. They will need to either file for a bank license (as Trump told Libra to do), merge with a national bank or Federal Credit Union or (and this was not discussed) find a Custody service-provider. Long also explains that the mind-set of legacy crypto doesn't fit with bank and bank doesn't fit well with crypto. In particular, the banks don't have the skill-set, personnel or philosophy to work in an environment that SETTLES in real-time and finally. This leads me to believe that custody as a service will evolve rapidly. Players like PolySign (as DTCC) and Standard (as legacy bank) will fill a void that existing businesses cannot or will not. Other players are of course Long's Avanti (with a bank charter due in October) and Silvergate, Signature and Metropolitan, all national banks who have invested heavily in crypto. Long never comes out and says it, but I have heard her HINT that Ripple/XRP technology may form the backbone of Avanti's system. I'd love to hear thoughts from the community. JD
  8. Jtadaly

    Hi! I'm Bob

    <<"The enemy of my friends is my enemy" That sounds a bit tough and cheek given I've never met the man, but I'm actually serious. I value my friends at Ripple more than anyone can imagine. >> Perfectly well answered and accepted in the spirit provided. Thank you for your response.
  9. Jtadaly

    Hi! I'm Bob

    @BobWay Hello, Bob! Welcome to this community and thank you for your contributions both at Ripple and here. It is like getting a peak behind the curtain at a magic show! My Question: How do you see IBM/Stellar as a competitor to Ripple? From my perspective, they have a chance to be Coke/Pepsi. One of the resistance points of legacy banking is that the banks have traditionally invested in and designed their own systems and software (the spaghetti) on IBM machines. IBM seems dedicated to not missing the boat on the hardware vs. software divide this time around. Add to this, the banks have invested $billions in their systems that they would in large part scrap to transition to Ripple. I think this gives IBM/Stellar a leg up in that part of the market. Conversely, Ripple has a leg up on the non-legacy banking system and in the traditionally non-banked markets. Jed McCaleb and Jesse Lund will be launching Money 20/20 on March 19th in Singapore and have promised an exciting announcement. As an investor, I'm evenly split between the two. Can you share any thoughts you have, particularly around Mr. McCaleb and how his new business might interact with his old one? If this is a sensitive topic I certainly understand and respect any reluctance to address. Thank you!
  10. Jtadaly

    Hi! I'm Bob

    I know what the first rule of ‘Bob Club’ is.....
  11. Jtadaly

    Hi! I'm Bob

    GREAT TOPIC. WORTHY IF ITS OWN CHAPTER IN ‘THE BOOK OF BOB’. Because if there is an exclusivity agreement with BoA, it explains Visa and Mastercard’s Battle for Earthport.
  12. Jtadaly

    Hi! I'm Bob

    @BobWayHello, Bob! Welcome to this community and thank you for your contributions both at Ripple and here. It is like getting a peak behind the curtain at a magic show! My Question: How do you see IBM/Stellar as a competitor to Ripple? From my perspective, they have a chance to be Coke/Pepsi. One of the resistance points of legacy banking is that the banks have traditionally invested in and designed their own systems and software (the spaghetti) on IBM machines. IBM seems dedicated to not missing the boat on the hardware vs. software divide this time around. Add to this, the banks have invested $billions in their systems that they would in large part scrap to transition to Ripple. I think this gives IBM/Stellar a leg up in that part of the market. Conversely, Ripple has a leg up on the non-legacy banking system and in the traditionally non-banked markets. Jed McCaleb and Jesse Lund will be launching Money 20/20 on March 19th in Singapore and have promised an exciting announcement. As an investor, I'm evenly split between the two. Can you share any thoughts you have, particularly around Mr. McCaleb and how his new business might interact with his old one?
  13. Jtadaly

    Hi! I'm Bob

    Hello, Bob! Welcome to this community and thank you for your contributions both at Ripple and here. It is like getting a peak behind the curtain at a magic show! My Question: How do you see IBM/Stellar as a competitor to Ripple? From my perspective, they have a chance to be Coke/Pepsi. One of the resistance points of legacy banking is that the banks have traditionally invested in and designed their own systems and software (the spaghetti) on IBM machines. IBM seems dedicated to not missing the boat on the hardware vs. software divide this time around. Add to this, the banks have invested $billions in their systems that they would in large part scrap to transition to Ripple. I think this gives IBM/Stellar a leg up in that part of the market. Conversely, Ripple has a leg up on the non-legacy banking system and in the traditionally non-banked markets. Jed McCaleb and Jesse Lund will be launching Money 20/20 on March 19th in Singapore and have promised an exciting announcement. As an investor, I'm evenly split between the two. Can you share any thoughts you have, particularly around Mr. McCaleb and how his new business might interact with his old one?
  14. Unless I’m reading this wrong, Ripple agreed to sell R3 5BB XRP at $0.0085. And as far as I can tell, the price was not refuted, only whether R3 was delivering its part of the bargain https://www.ccn.com/1-billion-ripple-r3-file-dueling-lawsuits-over-cancelled-partnership
  15. I had a discussion with Dr. T/XRPTrump on this topic on Twitter. My theory is that Ripple distribute or sell XRP at a discount under NDA. One way or another, they manage the supply/demand to maintain a low price which makes XRP more attractive to the FI's to buy/hold and eventually either sell or use for liquidity. He didn't seem to be buying the theory or maybe I didn't do a good job of selling it. But I'd be interested to hear if anyone thinks it's plausible.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.