Hi, Everyone! Just for fun, let's have a hypothetical race to see who can provide the fastest/cheapest transfer of value, according to these requirements:
1) The money must begin as USD in fiat form, held in a dollar-denominated account at a financial institution based in the USA.
2) The race ends when the ultimate recipient purchases a snack from a vending machine located anywhere in Europe, using a 1-euro coin. This recipient is penniless, and may not beg, borrow, or steal a euro coin from anyone else. They must first receive the equivalent value that originated in the USA and then convert/exchange/trade it for a euro coin.
3) No party(ies) to the transfer may loan or advance any kind of money or collateral to accelerate the process. The value must flow sequentially from the originator to the individual buying the snack, no matter which parties may come between them.
I'll go first, and then we can discuss/debate ways to reduce the amount of time without cheating. Here's my setup, using XRP as my bridge currency:
I call one of my employees, named Maja (pronounced MY-uh), and explain the rules. There is a vending machine conveniently located in the lobby of our office building in Ohrid, Macedonia (pronounced OAK-rid). Because we are in a competition based firstly on speed, and secondly on cost, we discuss some shortcuts we might take without violating the rules above. One key shortcut on my end, for example, is that I am already going to have a market order ready to execute to purchase 4 XRP with USD, knowing that Maja will end up with more than one euro's worth of XRP, even after all commissions and fees.* I also have Maja's Bitstamp account address and destination tag pre-filled and ready, before we start the clock. Maja ponders the circumstances and decides that her legal shortcuts will include having her laptop present near the vending machine, and already logged into her Bitstamp account. She will also have a co-worker, named Alex, there with her, since he has a way to receive her XRP prior to handing her the coin in his pocket.
I click Buy to immediately execute a market order for 4 XRP from the Coinbase Prime corporate account, as Maja simultaneously starts the timer. I then click withdraw to execute the transfer to Bitstamp. In the meantime, Maja hangs up her phone and refreshes her laptop screen a few times until she sees the deposit has arrived. She then promptly transfers the full amount to Alex. He confirms he has received it shortly thereafter, and he hands the coin to Maja. She purchases a bag of pretzels and stops the timer. The elapsed time was, let's say, 87 seconds. The primary cost was a small commission for the taker fee from Coinbase. We had completed a micropayment, with no counterparty risk, in under a minute and a half, at very low cost. Now, what would you do to improve on either the speed or the cost, while meeting all of the requirements laid out above?
I'm tagging @EcneitapLatnem@ADingoAteMyXRP@jag216@retep@Xill@Ripple-Stiltskin@dr_ed@itcdominic@zerocool@Trentsteel and @invest2lose from a somewhat-heated debate on another thread, just to launch the discussion here. Being tagged does not imply guilt or shame. I've simply listed you in the chronological order of your posts on the previous thread.
The goal here is not to fight, necessarily. The goal is to discuss ways to improve upon XRP's speed/cost/utility or replace it with another asset/medium that performs this function more quickly, efficiently, and reliably.
* The current XRP price is north of .28 euros.