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BehindtheLedger

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  1. Using the word volume for unfilled, cancelled orders is a stretch. That behavior - entering and canceling orders - would not result in either trade or payment volume.
  2. I’m gonna have to agree; that would make a pretty nice press release So if AmEx can build its own branded x border payments solution, FXIP, which runs on Ripple, Bank of America can offer its own branded custody solution which runs on Polysign? That’s kind of where my brain goes. Very exciting stuff if so.
  3. We all know Brad Garlinghouse thinks banks will hold digital assets by end of year (paraphrasing). I’ve never been clear on whether he means hold for themselves or on behalf of others (or both?) But since he sounds so confident, does that imply that Polysign comes out of stealth before year end?
  4. That was a good and responsible answer by David Schwartz, especially in a public forum. My slight twist on it is that at any time, the price reflects market participants’ perception of value. And perception is a very hard thing to model. If we suspend our disbelief for a second and consider xrp as a straight currency, what drives currency values? There’s nothing tangible backing them, no hard asset you can exchange them for. No price/earnings ratio. And with crypto, there are no GDP growth metrics or interest rate differentials to analyze, as there are with fiat currencies. What’s left is some mysterious mix of adoption/usage, news, and crowd psychology. The crowd psychology bit is what’s so squirrelly. Bulls beget more bulls, and bears beget more bears, leading to the manic depressive cycles we see.
  5. Great post! The idea of a master algorithm that provides liquidity just-in-time to where it’s needed is kind of fascinating. Taking it a step further you could implement machine learning to anticipate where & when liquidity shortfalls could happen, and pre-empt them (and maybe vice versa). Maybe getting way off track. But although intuitively, it might seem like this would depress the xrp price, arguably it could increase the value of the network quite a bit - which would flow into the price, inevitably. It would be like a dynamic, real-time monetary policy and would optimize the advantage that Ripple has with its xrp stash.
  6. As pleasant as it is to think we’ll wake up one day & xRapid will be processing billions of dollars in volume, I don’t think that’s a realistic scenario. But happy to be proven wrong!
  7. The Interbank foreign exchange market Digital currency & virtual worlds / games The implications of instant settlement on global markets (securities, derivatives etc) ^ from Ripple’s PoV
  8. What evidence is there that the price action was due to some kind of RippleNet testing and not just a short squeeze?
  9. Some of us in the Twitterverse have been trying to detect xRapid volumes. Of course there's no way to do this directly, but using some heuristics and great tools provided by people like Wietse Wind and Thomas Silkjaer, we can get some idea. But, because we really don't have an idea of what's "good" at this stage of the game, it's hard to form an opinion re: how well it's going on the xRapid front. Some high-level things I look at before digging deeper: 1) What's the xrpmxn volume on Bitso? How does Bitso rank in the exchange volume rankings? Is there any upward trend in the ranking? Since Bitso is a relatively quiet fiat exchange, and Mexico is supposedly a key destination for xRapid, incremental xRapid volumes should make a meaningful difference in Bitso's ranking. 2) Same for Bittrex xrpusd - although with the US regulatory environment, it's hard to tell whether Bittrex *should* be seeing meaningful xRapid volumes at this time. 3) What's overall ledger payment volume (excluding outliers from OTC sales, etc.)? Does it look decoupled from overall market volume? Has the number of payments bumped up? If warranted, I'll dig into the ledger payments data and look for patterns / accounts of interest etc. among the known xRapid exchange wallets. The caveat here is that there may be exchange wallets we don't know about yet, and therefore haven't been labelled by services such as Bithomp and XRPScan but they do a great job. At last check a couple of weeks ago, there was a low-level buzz of activity between the partner exchanges, but nothing I'd consider significant. Here's a summary of some unusual activity over New Years weekend that seemed to fit the pattern of xRapid and bumped Bitso up in the volume rankings significantly. This was super exciting to witness, as Bitso moved up literally 100 places in the rankings as a result of these transactions. But, it was short-lived and I haven't seen it repeat since then. At the time I was convinced it was a liquidity test, but not so sure now. The destination wallet was later confirmed to be Bitso's. https://twitter.com/behindtheledger/status/1085237315059023872 It seems like xRapid volumes are non-zero but on the spectrum of global traffic, miniscule. Not to be negative; it's just what the data shows. But again, what's a reasonable benchmark? Bob, to the extent you can, any thoughts on what kinds of volumes and timelines would indicate "good" adoption? And in addition, since xCurrent flows may be potential xRapid flows, what order of magnitude volumes do you think xCurrent is doing at this stage? I hope these aren't unfair questions - thank you!
  10. This reminds me of a comment from Asheesh Birla a while back, that Ripple considered doing a sizeable xrp giveaway in India before deciding to focus on the largest domestic banks instead @BobWay was the underlined text meant to be a weblink?
  11. No offense taken at all. On the contrary, grateful for your insights. And of course, banks are a heterogeneous bunch!
  12. Point taken - a better wording would have been ‘financial institutions who have strict privacy requirements’ Are / were confidential transactions on the drawing board at Ripple (for the xrpl), or is it too risky or out of step with the open ledger concept?
  13. The xrpl dex is, in my opinion, a waaay underhyped feature of the ledger! David, do you feel that confidential transactions would be required for banks to use it? And if so, does that cause concerns about regulations and/or the open nature of the ledger as it stands?
  14. @BobWay very cool to have you here and thanks for all the great information & sharing your experiences. Regarding xRapid, in lopsided corridors such as usd/mxn, market makers on the 'far' end (at bitso, for example) will deplete their fiat reserve & need to rebalance. Let's say they're making markets at bittrex and bitso simultaneously for argument's sake. So, they have a constant need to send xrp from bitso to bittrex (easy) and fiat from bittrex to bitso (not so easy). If they do this via xRapid, they are potentially sucking up liquidity. If they do this via xCurrent, that seems to trap liquidity in the nostro/vostro system just as we have today. How did Ripple think about this issue, what some might see as a dilemma?
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