PunishmentOfLuxury reacted to hamasugu in SBI subsidiaries Money Tap and PayPay (softbank and yahoo japan) have formed a business alliance. They do the charge business using Ripple's technology.
Money tap will be connected to PAYPAY this winter
SBI is also considering connecting to LINE PAY.
President Kitao also aims to use XRP
PayPay has exceeded 20 million users
LINE PAY registered users in Japan exceeded 30 million
LINE is largest messenger app in Japan. There are about 60 million users. Recently, Yahoo! Japan and LINE have announced Management integration.
I think money tap is the default route to become an XRP wallet
PunishmentOfLuxury reacted to Professor Hantzen in Why are XRP private keys so short
The "key" you're presumably referring to (a "secret", in the form "shA2hufwhA7JNC7Cf4GncxTssxzk9") is in fact a kind of double-compressed version of the private key. Unlike some other systems, the actual private key is not typically revealed to, or directly used by the account owner when accessing the XRPL.
It goes something like this:
SECRET --> PRIVATE_KEY_SEED --> PRIVATE_KEY
That said, due to this methodology, XRPL private keys are in fact *effectively* only 128 bits long, and whilst this is used to derive a 256 bit private key (like Bitcoin), the amount of information going into the derivation algorithm is always 128 bits, so the security of the system, when set up and accessed in this way, must therefore be bound to those 128 bits - unless someone can prove to me otherwise.
So ultimately you may be basically correct in a practical sense, though I'm not familiar with whether commonly-used Bitcoin and Ethereum software employs similar techniques.
Not that it matters, as you may still need conventional computers at galactic scales to get anywhere bruteforcing them.
Something worth noting in this regard is that the XRPL was designed to be modular and upgradable, and it is very easy to swap out the account keying system to something more robust (eg, something quantum-resistant). This is much more difficult with other systems, making the XRPL overall more secure as it can readily adapt its security.
PunishmentOfLuxury reacted to Stedas in XRP Ecosystem
Great to see XRP ecosystem is growing rapidly 👍
Over 100+ companies using, testing and accepting XRP:
money transfers crypto cards crypto wallets crypto exchanges crypto loans micropayments financial institutions payment providers
PunishmentOfLuxury reacted to JASCoder in Interesting view from a Bitcoin Investor (Maxi?)
Regarding scaling up ODL deployed corridors...
From what we've gathered watching the metrics at Bitso, volume usage is throttled by the order book depth at the receiving endpoint - that is, the MXN buy orders need to be in the optimal range for that route to be used at the time for a required value transfer. Note, the last three days at Bitso they show trade volumes consecutively in the top all-time five (12-14m). I'm currently researching the dynamics of their respective order books, and hope to have something to add to this thinking soon.
As for inviting the "influencers" to Ripple's august meetup... That is fairly unconventional to say the least lol. But for a company based out of San Francisco, with a "long-haired" Director sporting a pirate patch on his Twitter avatar, and a corporate website with their 404 set to the Grateful Dead's dancing bears... Well, this is a most special company
PunishmentOfLuxury reacted to Fleshmeister in Ripple insights: TransferGo Partners With Ripple to Offer Global Real-Time Payments Everywhere to Everyone
PunishmentOfLuxury reacted to Pablo in Massive SWIFT-related scandal in Australia
Plenty of info on this thread. If Freaky is to be believed (he claims he works in the IT team at Westpac), XRP/Ripple is definitely not involved in the AUSTRAC breaches because Westpac isn't using any Ripple tech in a production environment:
What Westpac did, however, is pretty extraordinary. Not only in terms of the scale of the breaches but in the technique used: setting up a bilateral arrangements that skirted around the SWIFT messaging system as well as AML/KYC requirements, allowing Westpac and its correspondent banking partners in the Philippines to perform international remittance transfers without much reporting or oversight.
This was done by the relevant banks basically because - and here is the punchline - SWIFT is too slow and too expensive and the Phillipines remittance market is red hot and highly competitive:
This has to be a rallying cry for Ripple and FlashFX. Please tell me they are beating down the doors of AUSTRAC, ASIC, APRA and the Federal Government here in Australia to promote ODL and xCurrent. If they need help, I'm sure there's more than a few fellow Australian members here who would gladly help with the effort.
Come on Ripple - seize the moment!
PunishmentOfLuxury got a reaction from retryW in New key derivation documentation!
@SimpleXRPTools Very good post. The terminology surrounding XRPL account keys is inconsistent and really confusing, unless you are a cryptography expert.
I think we need definitive, consistent and non-technical (as much as that is possible) definitions of the following:
1. XRPL account address - the string beginning with 'r'.
2. Master key, secret seed, master seed, private key (if those are all the same entity) - the string beginning with 's'. Let's just have one term for this, please.
3. Regular key - does that begin with an 's' as well? Why would you want to use a regular key instead of the master key, assuming the latter has not been compromised?
4. Any other XRPL account keys I haven't thought of.
PunishmentOfLuxury reacted to Stedas in Ripple in numbers (facts and stats)
Ripple in numbers (infographic)
The 3rd annual Swell by Ripple conference is over. It shows that 2019 was an unprecedented year for Ripple for growth:
300+ customers 2-3 new customers per week 10x year-on-year growth 70+ payout countries on 6 continents 10 offices worldwide over 25 ODL customers This infographic shows the most important facts about Ripple and ODL (Od-Demand Liquidity).
SHARE ➡️ http://stedas.hr/infographic-ripple-in-numbers.html
#fintech #blockchain #crypto #infographic #XRP #ripple
PunishmentOfLuxury reacted to itcdominic in VoIP - A Disrupting Technology
I started in the telecom industry in 1982. The telephone systems and wiring were so proprietary and tough but extremely simple for those lucky enough to have mentors or teachers to help them with this old school mechanical stuff.
I started learning on several new and unique ways in telecom from mechanical to digital then on to packetized voice or VoIP.
Those in the telephone company and many others often stated "The phone Companies will NEVER use VoIP technology".
I left the phone company and worked as a consultant to CISCO and assisted during the disruptive stages, I worked with Business Development team and engineering teams as we presented to governments and schools. We pitched the technology everywhere we could. The TECH got better and better, our pitch got better and better and the "old school" telecom guys started getting worried. This technology was not within their knowledge base of understanding.
This new technology was IP based and data technology was a whole new world. Some studied and learned and came along. Many did not but kept jobs working the old tech until they could retire.
Point is, the packetized Internet of Value (IoV) is exactly like the disruptive technology that took over in the world of telecom.
Go ahead Banks....sit back and ignore it, I assure this tech is superior to what you know to be true today. Don't adapt? Then die a slow death.
AMERICA, what are we waiting on? The rest of the world is embracing and working in and through regulation to keep the innovation moving in a healthy direction. Don't Adapt? Then die a slow death....because the world of FINANCE is in the stages of disruption. Its inevitable, this is new tech that will change the financial world as we know it.
Write it down, it is upon us.
PunishmentOfLuxury reacted to macropolo in Ripple's Xpring Holy Trinity
I wrote an article about some cool new authentication and key management programs that are integrating XRP support. One of these in particular seems like it could have big implications for the ease of use of crpytocurrency wallets for less technically inclined members of the public.
PunishmentOfLuxury reacted to Julian_Williams in bKash
bKash has hardly been discussed on the forum, but it is likely to be very successful - very much modelled on the success of M-Pesa which has largely replaced cash in local currencies in East Africa and reduced corruption in Afghanistan
About M-Pesa: https://en.wikipedia.org/wiki/M-Pesa
PunishmentOfLuxury reacted to JASCoder in Greetings - fresh refugee here from toxic Redditville
I'm an old IT dev, with experience in enterprise level development work, including applications using cryptography of various flavors.
I have grown more and more amazed at the XRPL-related networks which are building out so quickly across the globe, and at the impressive accomplishments and leadership Ripple Labs have shown. I'm active on Twitter (xrpcommunity) and follow events closely these days.
I've begun some hobby-level development work in this area, and am seeking others of a similar mindset.
I had been a regular at Reddit (using an alt), having joined back in early 2017. I plan to stop contributing any further to that site.
PunishmentOfLuxury reacted to LLAC3 in Real Time XRP on Demand Liquidity Tracker
Thank you for sharing this here. I participate to the construction of this website. @mouradski (Twitter) is the dev. We spent a lot of time understanding and observing how ODL works at the exchange level. We have found models, purchase of XRP with Fiat on exchange partner, then transfer via XRPL and finally sale of XRP for local FIAT on another exchange partner (exact amount but often in several trade). About 60 seconds for the whole process. The algo dev by @mouradski tracks these models.
We have recently added Market BTC for AUD to PHP and AUD to MXN and everything has been activated since yesterday! Just before the swell. We are working to add the exchanges as our research or official announcement by Ripple are coming.
@badrain344 ( twitter ) help to design the website .
Here's for actual listening exchange : Bitstamp, Bittrex, Bitso and Coins.ph ( the 4 official ) and BTC Market ( AUD/XRP), SBIVC ( JPY/XRP ), Mercado Bitcoin ( XRP/BRL ) for the unofficial but very suspected exchange.
Feel free to ask any question! PS: Sorry for my language but we are French ...
PunishmentOfLuxury reacted to King34Maine in Ripple’s Xpring Invests in New Smart Contract Platform
My gut tells me they (FLARE) will be another acqui-hire similar to Logos, Algrim, and Strata all of whom were assimilated into Ripple's Xpring platform to build various XRP/XRPL/Codius/ILP-based DeFi/ODL instruments/products. The problem is not that there's a lack of talent in this space, but too many disjointed/fragmented 3-6 member platforms out there all trying to "make it big!!!" A lack of key infrastructure to scale, market penetration, partnerships etc is what many lack. Established blockchain/DLT companies/platforms like Ripple/Xpring provide the infrastructure, exposure, $$$$, guidance/focus, etc needed to produce products at-scale ready for institutional/consumer use. I wonder what ever came of Xpring's investment into the Agoric smart contract platform? Wonder if there are talks to acquire them?
PunishmentOfLuxury reacted to Julian_Williams in Fireside with Jeremy Light at IAMTN Global Summit 2019, London
.50: Introduction to Ripple - "over 200 customers"
2.00 - 4.00 Describes ODL and roll out - vol growing strongly.
4.00 ease of use of APIs and data rich secure
5.10 Moneygram; ODL will suite Moneygram -
6.00 why is "blockchain" useful - example "ripplenet on premis" ledgers all kept in sync but institutional ledgers are not visible to public with atomic settlement all done in real time 24/7 (8.20) Ripplenet is peer to peer network using things like multihop which is again linked atomicly. No need for nostro accounts at destination which are hard to set up and expensive to maintain. ODL need only one account and there is no FX risk
11.00 how many countries have ODL? about 135 exchanges but now only working with a few corridors - new ones in the pipeline.
12.30 APIs - relationships becoming very complex - spaghetti of APIs
14. Questions - spaghetti of APIs - becomes one API which depends on Ripple network that might go down, and everything will go down. Answer peer to peer does not work like that and is very resilient
15.50 Elaborate on why Nostro will not be needed? answer - describes how ODL provides liquidity without need to have nostro account in every country.
17.50 Every transaction will be on its own exchange rate tied to that country and that moment.
19.30 paying to individual retail chains? Ability to collect/pay funds to any number of destinations
20.50 - how to join Ripplenet? Simple process - have to decide which version - want ODL on cloud or on premis. Can take between 3 weeks and 4 - 5 months depending on the size and complexity of the customer. Have a "Test harness" Training and integrations services and cost - it is all about low cost.
23.00 - Bilateral or multilateral? Multi API (spaghetti) or single API model? Shopuild think it is peer to peer with due diligence with your partners, but one common rulebook across the network with standardised APIs and standardised data structure. Standardisation allows you to get economies of scale and allows you to grow.
25.30 Libra? - Great catalyst and raised profile of regulators. Overambitious.
27.10 Price of XRP - can XRP be used for remittances and is there enough liquidity? Liquidity is more important than price of XRP. Helping exchanges grow. As usage increases the liquidity will grow.
29.40 - what is reaction of regulators? We make things compliant, customers are responsible to be compliant. We keep regulators informed of the development of the IoV.
PunishmentOfLuxury reacted to Mpolnet in MoneyGram International Reports Third Quarter 2019 Financial Results
Finally had the chance to skim through the actual earnings call transcript - link below. Lots of positive feedback as it relates to the Ripple partnership and I expect the next 5 quarters to continue in this exciting trend. I'm personally very excited to see what they have to say in their 2020 Q4 report as more of what they mentioned in their 2019 Q3 report gets built out and deployed.
Sorry in advance for the long post - earnings call highlights that are potentially relevant to Ripple/XRP are below:
"During the quarter, we launched and signed a new partnership with Agricultural Bank of Egypt. This relationship will help expand our presence in the fifth largest remittance market globally, a market where remittances account for a significant portion of the country's GDP." - @WrathofKahneman had previously predicted this could become a future corridor.
"And lastly, through our direct bank partnership team, we signed a new agreement with Bank Alfalah to enable account deposits in Pakistan. Account deposits are an increasingly popular receive option for consumers and we're very excited about the growth in this channel and the potential to accelerate our business in Pakistan." - while a different bank, Ripple recently (September 2019) announced that Faysal Bank Limited has joined RippleNet.
"In Mexican peso, for example, we purchased the cryptocurrency XRP on a U.S. exchange, transfer it to an exchange in Mexico and sell the XRP on the exchange in Mexico for pesos all within about 60 seconds. Essentially, we're using cryptocurrency as a unit of measure through the Ripple blockchain. This means that we can reduce our inventory of pesos and reduce our exposure to volatility during the shortened time that we need to hold them. This is just like just-in-time inventory for our currency position, reducing our working capital needs as well as matching the timing of our sends and the settlement with our agents. The majority of these benefits will come with scale in the future.
In addition to those benefits, we are compensated for developing and bringing liquidity to these markets as well as providing a reliable level of foreign exchange trading activity on a daily basis. The third quarter was the first time we recorded revenue from this agreement. Today, we're driving about 10% of our daily Mexican peso volume through this technology. Through our partnership with Ripple as we develop new markets and bring our liquidity to these markets, our trading volume will be in significant scale to the foreign exchange markets using this blockchain technology. We expect to add new currencies in the fourth quarter and develop new currency pairs that don't include the U.S. dollar over the coming months. On top of that, we believe that we can develop new digital products that would benefit from real-time settlement as XRP markets become more established and more liquid. We expect a general increase -- I mean I am sorry, a gradual increase in the impact on the company as we pilot new markets and bring them to scale with Ripple's assistance." - Moneygram is compensated for creating liquidity and Q3 was the first time they realized revenue from providing this service. Therefore, not only does XRP have the potential in reducing operational costs to increase bottom line but also provides new revenue opportunities to FI's willing to act as market makes thereby further increasing bottom line. If this revenue stream becomes substantial I hope other exciting partners will take note and become market makers to expand their revenue. Makes sense why they are eager to expand more aggressively into other corridors. As more quarters pass it will become more telling how big of an impact the use of XRP has on a real world business. Positive news could be followed by FOMO as others look to capitalize on Moneygram's potential success. Imagine the potential impact of SBI and it's partners if they share in revenue from increasing liquidity.
Q&A Section of the Earnings Call:
Q: "So on the Ripple technology, we should conceive of that as really more on the costs side. There's not a revenue-generating opportunity that might come from the technology at some point in time? Or are you -- maybe a broader way to ask that question is, are you imagining or experimenting with potential revenue-generating opportunities from distributed ledger or Ripple? Or is it really more just sort of something that which should help you in terms of the cost structure of the business?"
A #1:"I think in the short term, there'll be a revenue piece to this. Right now, it's relatively minor. It's included in other revenue, but there will be revenue associated with the Ripple agreement. And then over the longer term, it will have cost benefits as well. So that's -- we're looking at it from both the short-term and long-term perspective."
A #2: "Yes. I think to add to that, if you think about what the potential is, is to really utilize the technology to match almost perfectly matched consumer transfers with the settlement processes. Because as you know, those processes are very different today, right? We prepositioned cash flow around the world. And so the more real-time we can make that, the more efficient we'll become and the better revenue opportunities there are. I think right now, we're using the on-demand liquidity platform. But there are opportunities through RippleNet to begin to move money directly into accounts with other partners inside of Ripple. So those are all there. And those are conversations that we're having and excited to ramp those up and get those going, which will all be new revenue opportunities for us." - This relates to my previous point about cost savings and revenue opportunity as scale gets built out. For those who click on the link above, the next question touches on visa direct and Moneygrams desire to roll it out for cross-border transactions that compete with Zelle and Venmo - very interesting and could potentially relate to the integration of ODL.
Q: "Switching to, I guess, Ripple, maybe following up on one of the previous questions on understanding kind of the long-term opportunity. To the extent that its scale, the opportunity here is savings on settlement cost. That's how I sort of read this. First of all, does this show up in the transaction and op support line? I mean I'm trying to sort of quantify what the -- not the risk, but I guess the cost is today of settling in currencies, which my understanding is that at most, you're just taking a 24-hour position in a currency. And particularly, something like the peso, which is a fairly liquid tradable currency, it wouldn't seem like there's a tremendous amount of risk in that 24-hour settlement. So as we think about real-time settlement with Ripple, can you help us really understand just how much costs savings opportunity there is? Because you obviously sold 10% of the company for -- in part for this partnership?"
A #1: "Yes. Well, it's -- in the quarter, there's nothing material in -- there is some portion of an immaterial amount in revenue. In the long term, to get into your specific questions about, like, the peso, for example. Peso, even though it's a very liquid currency, it's very volatile. It can be 2% in a day. And what we're really talking about there is basis risk is that we have an instant product, customers can pick up the money within minutes. We have to settle with our agents, generally within hours. And we have a position in Mexican peso that can reprice on a real-time basis. So when you think about that and then you think about all the currencies that we have exposure to, eliminating basis risk, it doesn't show up in your P&L. What you really have is a mismatch that impacts margins, but without really on a line item. And the other thing that doesn't show up specifically is the amount of capital that's required to essentially prefund all of our foreign exchange markets all over the world. And that's the point we're making about the future state requiring scale. And I don't think in 1 quarter, doing 10% of our Mexican peso volume through this product. It didn't really materially change the amount of working capital that we needed. It didn't materially change the basis risk that we experienced on Mexican peso. But you can think about the future state where -- when this does become a meaningful part of our currency pairs. And when you're taking that timing and matching it to the settlement of a transaction and then actually designing products that can benefit from that. That's where we think it does start to resonate. And so it really -- it's a hard question to answer because I can't tell you, "Oh, T&O is going to go down 2% because we're using Ripple." It has all these interest rate, interest expense could be impacted, the -- and margins in general. So it's really a long-term -- it changes the way we can operate. And in the near term, it's favorable to the company in its development phase and then it's favorable to the company in a long-term basis."
A #2: "Yes. I mean I think, adding to that because I think that's said very, very well. I mean I think the deal is not about the foreign exchange, U.S. dollar, Mexican peso, right? I mean it's more where Larry was going. It's about how do you fundamentally change the way that settlement works globally. And how do you fundamentally create real-time settlement, real-time in market. And I think that that's what's so interesting and so compelling about this, right? If you think about 20,000 plus corridors all over the world with money moving from Point A to Point B. What we're always kind of doing is running a book that's bringing that back to U.S. dollars in many ways. And I think as we've talked about in different ways over the years, you don't conceptually need to do that. You have to do that because of the way that systems and banking work today. But in a blockchain world, that's really not necessary. And I think the scale and efficiency you can create with that and the sort of the permutations of value created through moving money into bank accounts, while it's keeping it in market as liquid as possible from a real-time basis. It's just so compelling. And it's not like you can do that in the morning. But over the next several years, I mean that opportunity is just sitting there. And I think the company, they can take advantage of that and monetize it, is going to do exceedingly well. And that's what we're running hard against and hard at, because I think it's an awesome opportunity to just fundamentally rethink how money really moves around the world and how you actually offer and provide service and value to customers."
Q: "Just following up on the Ripple questions. Could you spend a minute and maybe the revenue opportunity with Ripple, I'm still having a little bit of a hard time understanding it. Could you go over that one more time?"
A #1: "Yes. I mean I'll take a crack at it. Maybe hearing a new voice on the same topic. As interesting as my colleague is so I'm teasing. Anyway, the -- no, I mean there's a couple of things going on. So first and foremost, right, we did the efficiencies on the FX trading and management. We also have an arrangement with Ripple where as we bring volume and liquidity to markets, we share in the benefit of that. So there is upside to us as we grow and provide liquidity to those platforms. The way that, that's actually calculated and how we're, in essence, compensated for that is probably not something we want to get into from a competitive perspective, but suffice it to say, as we bring liquidity to those markets and we push volume across the platform, we do get compensated for that and that is recorded as revenue. Which was -- which hasn't really shown up in revenue yet."
A #2: "Yes. And that's kind of the base agreement. Now as we expand into more corridors and then we start to utilize things beyond the on-demand liquidity platform and begin to use things like RippleNet. Now we're talking about like real-time account deposit type services, utilizing XRP and blockchain into partners on the RippleNet exchange or service, whatever you want to call it. And that is also revenue for us as well as we begin to utilize that for money movement as well. So there's revenue coming from that. We don't have any specific to that yet, but that is on the roadmap and pipeline for the coming months."
PunishmentOfLuxury reacted to Tinyaccount in Chinese Ponzi scheme PlusToken have over 400 million XRP
Yes and they actually were talking about BTC, but it applies to other coins too. In the case of BTC particularly the percentage of coins sullied by involvement in crime is unfortunately higher than desirable.
But ignoring the degree of staining... this is a very bad idea to pursue.
Imagine that XRP has become the standard and is used in retail and wholesale payments. Say a scammer steals XRP by the ‘send me ten and I will send you a hundred’ scheme. At some later point law enforcement catches this lowlife and they discover that $1000 worth of XRP was spent at the pub you work at. The publican paid you in XRP because you desired that (relatives overseas? Smart money on the long term rise of XRP price?).
Now along comes the law enforcement usage of FIFO wrapped into smart software and they discover that your wage was entirely the proceeds of crime. They demand the proceeds of crime back. Even if the publican makes you good afterwards he is out by a thousand. A myriad of messier and worse examples can be found.
A bad idea.... it’s the same as if any cash note you hold that was ever involved in crime can be taken back off you. It’s all reasonable in a legal sense since it actually IS the proceeds of crime. But if this were pursued it would be the law being an ass.
PunishmentOfLuxury reacted to kanaas in MoneyGram International Reports Third Quarter 2019 Financial Results
They have around 350k agents. Thats on average about 10k per agent prefunded for payouts. Not so unusual when you talk about 5 days or more to settle with their banks what brings the average below 2k per agent. And those ARE trapped as for every lets say USD in .... there has to go lets say an INR.... out. Those USDs are not send by airplane as you know but by cross border settlement... and the INR has to be instant available with that local agent... The cost to prefund the local INR will be much lower with instant settlement....obvious
PunishmentOfLuxury reacted to Montoya in Ripple - A Washington D.C. Blockchain Heavyweight
Lobbying should be Ripple's number one focus. They already have the best tech and a corporate structure that has bore them impressive fruit as far as business relationships. They have it down to an art. Buuuuuutttttt...none of that matters so long as the 900 pound gorilla of government could crush the industry overnight. And they just could do that. Politics has become so infantile and vindictive, the greater good or long term growth doesn't even figure into the equation anymore. More and more demagogues are simply looking for convenient scapegoats, and "tech bros" as they like to call them disparagingly, make an easy target to take attention away from the staggering failure of the government in every area it touches. They, and their constituents don't understand the technology, and it therefore, as with all new things, someone will try using it to whip up fear and distract from the real issues facing the country. And then, when they finally do understand it, many politicians will be horrified to discover that it reduces their power. This is untenable in their minds, as any technology that limits their power is seen as anathema to the "greater good" ie whatever half baked vision they have for us. This is not to say there are not a few forward thinking congress critters. Those are the ones Ripple should reach out to and build relationships with. I'm glad to see that they are taking it seriously and I hope it will pay regulatory dividends in the long run.