PunishmentOfLuxury reacted to kanaas in Stuart Alderoty speaking for the Technology Policy Institute
Maybe I missed it, but I never saw this recording. In general all he's saying is very interesting (very good speaker), but in regards to the SEC it becomes very interesting from 25:00 ...
PunishmentOfLuxury reacted to JASCoder in Brad Garlinghouse from Davos: IPO a natural evolution for Ripple
15 Reasons why Ripple Labs going public is positive by "Esoteric Trading Solutions" (aka susietrader) on Twitter:
(BTW - all this angst and handwringing reminds me of the condemnation chorus of cries we saw on USENET when Yahoo "sold out" and moved off the Stanford hostname and "went commercial" with their own "dot com" URL.)
PunishmentOfLuxury reacted to moncho in A Sneak Peek on xrplorer
Thomas Silkjaer was really kind in letting me have a sneak peek into his latest project Xrplorer and write an early preview about it.
xrplorer is a graph database representation of the XRPL, it is currently in the final stage of filling the database and will be released soon.
I'd like to share the link to the post:
PunishmentOfLuxury reacted to QWE in Brad Garlinghouse from Davos: IPO a natural evolution for Ripple
Sorry for interfering with a long post here, but I would just like to point out that estimated Bitcoin annual mining costs currently sit at above 3.5 billion USD (https://digiconomist.net/bitcoin-energy-consumption ), which would make it 7 billion USD in 2 years. This is just to cover the network electricity expenses, not factoring in anyone cashing out ANY profit.
In effect, for miners to cover their electricity costs alone, they have to cash out 3.5 billion USD per year. Since they are not doing it for charity and have other expenses (such as equipment, possible employees, rents etc.), the amount being cashed out of BTC grows quickly.
On top of that, compared to XRP, other cryptocurrencies are similarly down from their ATH (ETH, ADA, XLM etc.). Some of them have known large holders (like XLM), others have anonymous large holders (like ETH), but all are similarly down in price. Vitalik Buterin alone cashed out 40 million USD in a period of 6 months ( https://www.coinspeaker.com/vitalik-buterin-eth-holdings/ ) and that’s just one guy. Yet everyone keeps blaming Ripple for “dumping” XRP, despite them selling their holdings in a far more predictable, transparent and constant way.
I don’t think it is fair to single out an arbitrary time frame to asses the success of cryptocurrencies, unless January 2019 was the time you bought all your cryptos and that specific time frame is the only one relevant to you. For example, if you bought ETH in summer 2017, you would be in the red today, while buying XRP in summer 2017 would mean you would be in the green today.
I don’t believe there’s a great conspiracy against XRP to keep the price down just because it is XRP. I believe the price is down for the same reason other coins are down. The bubble burst, people left, and the few manipulators in crypto space are switching between BTC and alts to try and increase their holdings. I would say most of them don’t care about Ripple, XRP, BTC and the whole crypto tribalism, they are here because they found a way to make money. I don’t have proof of my last statement, but I base my assumption on the fact that XRP is not the only one that fell far from its ATH.
I do understand, however, that markets work in cycles and psychology of the crowds works in a predictable way. Once the price starts climbing, people will come back quickly. Unless the crypto market dies completely, of course, but there’s only a negligible chance of that happening in my opinion.
And lastly, remember how in December 2017 everyone blamed Ripple for suppressing the price, supposedly because banks wanted XRP to be as stable as possible? Well, everyone got disproved on December 16th when the price started flying
PunishmentOfLuxury reacted to xrphilosophy in The big problem with XRP, and why you'll be waiting (a very long time)
Slow maybe, but not too slow, nor stupid. Banks never HAD to change before. Now they HAVE to. Google, Amazon, Apple, Alibaba, and countless others are leaving them no other choice.
Big difference between 2020 and 1965, 1982, or the 2000's. when banks were less threatened and SWIFT reigned Supreme. Big difference between the world order in any of those time frames and the rising powers and global power shift of today. Big difference between the financial system and "The Cloud". No populations around the earth demanded the cloud.
Populations around the globe have a tremendously huge distrust towards many existing institutions, especially banks. Rightfully so. They have demanded a way to get out from under the rule of the banking system, the increase of wealth inequality, and digital money has helped them do it. And will continue to challenge exisiting incumbents. The crypto market was born.
Banks HAVE to keep up. There is no other choice. That's why they are working on this at a faster pace than ever. No prior timelines can be attributed to the current paradigm shift because there is no comparison in recent memory to what is happening right now. Banks will not be eliminated.
I just don't buy the argument that this compares to the cloud revolution, nor do I buy that banks "have always been slow therefore they will always be slow". Not if money is involved!
The Supreme Court of India finally ruled yesterday that all digital currencies are now legal and can be traded. I wonder if that will facilitate some new types of banking relationships there? It's moving quickly, but can so easily be shot down by lone men on the internet with price predictions and timelines.
PunishmentOfLuxury reacted to mistatee2000 in Brad Garlinghouse from Davos: IPO a natural evolution for Ripple
How can a company like Ripple have an IPO when a large part of their valuation is in XRP escrow and the DA does not have clarification on whether it is a commodity or a security. I would not know where to start. You could try using current market valuations of $0.22 for XRP, but where would that valuation be if tomorrow it is classified one way or another. If in the unlikely event it was to be classified as a security, anyone buying Ripple shares would have just bought in to a "dog". As usual too many high risks for Ripple unless you value the company without the XRP. If Ripple go for an IPO they must be really certain of a near future classification, either way.
PunishmentOfLuxury reacted to Tinyaccount in AMA with Nicolas Steiger, founder of FlashFX, Australian user of ODL
Nicolas Steiger ( @Nicolas ) is the co-founder of FlashFX the FI that was “Born to make money transfers simple, fast, and fair.” FlashFX use ODL. https://www.flash-fx.com/
He gave an interview to @CryptoEri and has generously volunteered to continue to answer questions here.
I will endeavour to keep this post edited with the questions so that Nicolas can easily see what we are asking.
Please just ask questions in this thread and Nicolas may answer directly... I will also try to maintain the list of outstanding questions here.
Nicolas we really appreciate this and realise that you may not be able to go into every aspect for business reasons.
What is company’s future?
The questions and answers are continued over next posts:
Is the limiting of ODL capacity automatically handled by software or is it a manual control? Eg if liquidity on target exchange was drained by a third party transaction would ODL see the cost was too high and pause? A: ODL flow will automatically exchange currency/xrp on either exchange once the initiating entity agreed the pre-quoted price. There is always back up liquidity from market makers, so if an order book is hit by a bigger market order, liquidity is immediately replenished by those market makers.
What kind of growth are you expecting over next 1-2-5 years? A: We're expecting great growth expansion from RippleNet and will drive ODL two-way flows to all available end-points. On a B2B side and our ability to process payments from RippleNet into Australia via NPP in real-time, we're expecting to pinch a few high-profile contracts from bigger players who can only process same day AUD settlement. FlashFX has and will continue to evolve around Ripple capabilities
How many corridors do you see yourself active in next year? A: So on ODL I thought it was possible to have 20 different send / receive end-points by end of the year in general. For us, we are connecting to any available ODL destination and in the meantime will partner with any available RippleNet participant, for end of Q1we will have 3-5 additional ones and the pipeline for Q2 is filling up fast with interested parties wanting to connect to FlashFX.
Can you comment on the growth of current corridors you are doing business in? A: For us PHP was completely a new corridor so it will take time to develop. Having said that we will later in Q1 enable a new partner that will drive some tremendous growth and flow in AUDPHP. USDbitstamp is something we have been doing using IOU for the past 2 years, we'll continue to push this corridor and we have a number of clients that seek to increase and re-activate their USDbitstamp activity. Its also dependent on overall crypto flows and demand.
How much cheaper is ODL compared to the other services? A: I dont have hard an fast fact and numbers on this yet, we are still evaluating this and in the meantime please rely on official Ripple numbers. For us with expansion on RippleNet flow whereby we can save on Bank swift fees is already a big win. Transaction fee compression will continue in all markets. We've started FlashFX by not charging the end-user any transaction fee, so while the user might not see a difference per se, our operational cost structure will improve.
Would it be possible for us to watch the volume growing as the service matures? A: I believe I found a link on this forum that tracks the flows on these exchanges however I am not yet sure that this is accurate ODL flow. Would need to investigate further and match up. For now, we're just focused on generating flows in any market where we can.
Is the present price, .22, restricting your ability to grow your volume of ODL transactions? A: The utility of XRP as a digital assets works with any price point, the liquidity matters most to facilitate payments from A to B.
Will you provide public facing APIs for data hounds to poll ? A: We have API for our clients to transact payments and integrate into FlashFX however I believe the exchanges will provide sufficient access to data for data hounds.
What are the constraints and costs for replenishing fiat capital reserves consumed by trades at the endpoint of a one-way corridor ? A: That question relates more to issues we previously had when we only had our own liquidity dealing with IOU. That was our initial AUDUSDbitstamp flow. We had to manage the FX and send the fiat back to Bitstamp. Not effective way in the long run. Now with ODL at lot better and theoretically we have unlimited liquidity pool through external market makers.
I know your main ODL corridor is AUD/US. Since Bitstamp is not located in the US, how does the money get to a US bank account? Does it need to be wire transferred to a US bank, or does Bitstamp connect to US banks? Our AUDUSDbitstamp is for user who wish to have USD liquidity on Bitstamp only. We can't yet facilitate payments into the US and we hope this can be resolved soon. So depending on the destination of the users transfer, we use traditional FX and swift for US payments but if someone wants USD on Bitstamp or on their Ripple wallet it will go via ODL. Eventually USD ODL will be used for local US distribution. The issue is largely a licence issue. A Financial institution would need to have 50 licences for every state to make local payments. Having only a BitLience for NY does not help for NJ, or other states (basic example).
Does FlashFX have any plans to operate a Ripple node? Is that something you had to consider or discuss? A: We have been running a Ripple gateway for years and are also running a validator for our on-ledger transfers.
Do you handle KYC/AML with in-house programs, or have you used/integrated another service? A: We have both but in large part we do KYC/AML, PEP sanctions and transaction monitoring at onboarding and transaction level for sender and recipient. It a must have and largely automated, with manual review where needed. https://www.prnewswire.com/news-releases/international-payment-transfer-provider-flashfx-enhances-additional-customer-on-boarding-security-through-4stops-kyc-and-anti-fraud-solution-300781882.html
How will pull payments work? Is it a FlashFx implementation or a function of Ripple or XRPL? A: I know on NPP there will be a pull function soon however the sender still needs to confirm obviously. I am not across this function on Ripple yet. Need to investigate. Thanks.
Are there new uses you imagine FlashFx filling in the future? A: More and more what we do is B2B, where 3rd parties use our infrastructure to make international payments. Think credit unions, digital banks etc. They like the mix of traditional and innovative ways to make international payments. The other new one for us having overseas banks using us for local distribution in Australia, where we seek to take away this service from traditional banks who are not efficient, tech-savvy and are not on Ripple.
Was that really you in the chatbox on the site?
A: I really like to engage with all customers on the chat box. We want to help everyone and I am happy to engage as much as I can.
PunishmentOfLuxury reacted to Nicolas in Crypto Eri interviews FlashFX's Nicolas Steiger
sorry for not responding earlier. I understand its easier to have a thread and people can read responses. Maybe one of the admins is collecting questions and then we have a live chat, where those questions are being reviewed and answered as opposed to me speed answering community questions. Just looking for an efficient way to do this.
PunishmentOfLuxury reacted to Nicolas in Crypto Eri interviews FlashFX's Nicolas Steiger
There are no limitations as such. The only limit is having the liquidity and quality of pricing at the exchanges. For now we putting through trades ranging from 200$ to 100k$. With time that will increase dramatically with flow through these exchanges. More payments volumes, more market makers, more liquidity etc.
PunishmentOfLuxury reacted to Julian_Williams in Bitkub servicing seven Thai banks joining ODL
Bitkub are becoming Ripples official exchange in Thailand and they have announced 7 Thai banks are signed up to start using their ODL services, see slide Slide at 47.00
Crypto Eri explains it better than I can
So that is seven banks in one hit!
2020 will be good for Ripple
PunishmentOfLuxury reacted to Chris_Reeves in Will ODL cause an increase in price? Some thoughts..
*Longish post warning*
Okay so we're all speculating that in the long term, ODL will ultimately drive a higher price. But how can that happen? What we've seen so far is that there is, currently, very little correlation between increased ODL volume and the overall price of XRP. That much I believe we can agree on. So does volume actually increase the price? My short answer is no, but all of the factors that are impacted by increased volume "should" drive positive price correlation.
As Ripple continues to engage in new exchange partners, these exchange partners begin acting as Market Makers (MMs) and subsequently begin working with high volume traders to become MMs for ODL transactions. That's basically how it works. So, with an increase in overall transaction volume through ODL, this will facilitate a larger need for MMs. These MMs are required to hold XRP on the exchange and fill the order books to facilitate transactions and then they get some economic incentive (differs by exchange). With more MMs come more people purchasing large amounts of XRP on the open market to then use in their market making. This alone will impact the current supply as the economics of market making drive more large scale traders to work with the exchanges to get their cut of the fees. This, I believe, will cause an increase in price, nothing else.
And don't even get me started on banks. Once clear regulations are in place, I believe that banks, with their large amounts of currency, will begin market making for ODL transactions to get a cut of fees. This could be a huge revenue source for these banks. We could also see banks buying exchanges specifically for the purposes of facilitating ODL transactions for their own financial gain. At this point, the price of XRP would be significantly higher than where we have it today, just from the standpoint of very large institutions own XRP solely for the purposes of facilitating ODL transactions.
Fast forward 10-20 years, these same institutions are just going to send XRP back and forth because it has a clear value usage in their cross border flows.
Long and short, market making is what will grow the price and volume needs to be much higher than where we are today to incentivize more MMs. Ripple is doing exactly what is necessary, growing exchange partners and launching new corridors. The positive price action from the increased MMs will do the rest.
PunishmentOfLuxury reacted to LeonidasH in After partnering with Alipay, Tranglo is now integrating RippleNet
PunishmentOfLuxury reacted to DtotheK in Bac Florida Bank a Ripple customer since 2019
For best result you can use https://github.com/aboul3la/Sublist3r a simpler option is dnsdumpster.com which shows a bunch. There are others I feel are important and relate to japan but I can't say for sure. I just like keeping an eye that the list is growing which indicates to me they are working on an increasing number of projects.
PunishmentOfLuxury reacted to mike91 in Just got a fraud? airdrop at Gatehub...anybody else?
IT'S A SCAM
Scammers are trying this method to lure xrp holders to the domain.
It redirects you to a domain with unicode letters that looks like 'ripple.com' but actually has different letters.
It also uses a faked Bithomp site (BithoNp dot com) to steal your secret key if you enter one.
Do not enter your secret keys anywhere. Do not send xrp to strangers, do not download untrusted apps etc.
PunishmentOfLuxury reacted to Julian_Williams in The general Public and XRP ownership
Its nice to see you contributing on to xrpchat (again) @TiffanyHayden
That is factually incorrect, Moneygram and other companies are already using ODL. It is not guaranteed that it will take off on the scale we are hoping, but the growth on the Mexican US corridor looks like the system is proving itself and that there will be many more corridors opening during 2020. It looks very promising
Its true that Ripple can succeed with or without XRP. It is worth noting that ODL is the Ripplenet product that sets Ripple apart from other cross border options offered by other companies. No other company is anywhere near to offering a competitive without counter party bridging asset with corridors already open and pools of liquidity available that is tested and has AML and KYC.
PunishmentOfLuxury reacted to ADingoAteMyXRP in ATH ODL Jan 17, 2020
I would bet Moneygram has set some kind of a ceiling for this early period to give their data science team a good sample to analyze the advantages of these flows.
Why? So they can share some bulletproof A/B tested impacts of ODL. Especially for Ripple, Moneygram would be a gold-standard case study. It’s one thing to sell a product as better — a whole other thing to be able to point to real world at-scale usage and say “their costs went down by X% compared to standard flows.”
Once they prove it out the sky’s the limit.
PunishmentOfLuxury reacted to JASCoder in ATH ODL Jan 17, 2020
Follow-up - Bitso trade volumes DEC2019 thru JAN2020 - Patterns of ongoing deployment...
As promised, please reference marked up chart below for your interest.
Before I forget, I want to add one more tidbit of info related to the DoM (depth of market) costs that I've also been computing and capturing into a database...
If you caught that recent comment from a Ripple Labs official, they described the following (paraphrased): "WU can charge up to 10% for cross-border remittances, we can provide the same for only 2%"
Now, what's interesting about this, is the BASELINE ODL costs I've been seeing for the BS-buy and Bitso-sell, factoring for the FX rate and the DoM books, has in general been running at around 0.8% - sometimes low as 0.4% at lower volumes - BUT YESTERDAY, I was seeing around 1.2% and lower, which is obviously directly related to the higher volume they are driving on this corridor, coupled with the "re-balancing" rates with the arbitrage processes. So what we're seeing in the hard data, IS aligning with official comments - and also implies that the additional overhead costs (plus profits?) are the additional 1% to result in their claimed "2%" total cost.
I'd like to add, that I believe once the liquidity is deeper, and the volumes are higher, they'll get the baseline "friction" down even lower. This will be fascinating to watch for
What you see in the chart below, is three key points:
Weekends and holiday periods are a bit chaotic - I also saw this around our Nov 2019 Thanksgiving time (see posts in Bitso thread). Before the late Dec. "madness" period, we were seeing a slow and steady ramp up of weekday volumes. The two post-madness period (J2/J3) we see a re-establishment of weekday volumes, and yesterday's heavy 2.11m volume (2nd ATH recorded) - combined with four days of increasing volume, depict the heaviest week evah ! NEXT WEEK SHOULD BE INTERESTING, eh mates ?!!
PunishmentOfLuxury reacted to JASCoder in ATH ODL Jan 17, 2020
Thanks for sharing mate, I too was closely monitoring the hourly Bitso trade volumes yesterday, and noticed something new in "The ODL Force" (see chart below).
You've inspired me to post a 2nd chart, which I'll mark it up to help describe the more granular patterns exhibited over the last two months...
Below, you can see the five hour "spike" spanning hours 17:14 thru 17:18 - with XRP volumes spanning 2.3m to 1.2m trades EACH HOUR. This typically has only occurred once or twice in a 24 hour cycle. In fact, the hours prior and post this 5-hr span were consistently running "hot" at around 750k per hour, when more typical it's been averaging 600k or less per hour.
All of this will make more sense in context of the daily patterns of the last two months, I'll work on that next and post it next...
PunishmentOfLuxury reacted to WrathofKahneman in VISA TOKEN SERVICE
So the Visa token is not a cryptocurrency, so to speak, it is a online TX token that they are putting on blockchain for security's sake. It represents a card, or perhaps the card transaction, but it is not the transfer of value itself, just a secure record. This "token" will never be on an exchange; it's an ID security protocol for the internet. The W3C has been working to standardize some of these things.
PunishmentOfLuxury reacted to mistatee2000 in possible Ripple buy-out soon
In this case I hope that you are wrong. In my mind it would show that they are not expecting any more growth with other key money transfer companies as total vertical integration like this would cause significant conflicts of interest. I'm not sure what extra benefit would be derived by such a merger, though if there are huge benefits which I can't see, then happy to be proved wrong.