JoelKatz

Ripple Employee
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  1. Dizer liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    That is our hope. We would love to see broad adoption of ILP across all kinds of payments systems and stores of value. That would create a massive level playing field for XRP to compete on. The idea is to knock down all the technical obstacles to XRP bridging payments.
  2. IAMGROOT liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    Possible, but difficult to achieve. It would be amazing if that kind of thing happened.
    Another reason to make XRP part of an open system is to allow other people and other organizations to pursue their projects and visions. We hadn't been getting much transaction on that front until recently. We're seeing a lot more cases where people would use Bitcoin, but can't because on-chain transfers are too expensive. They test our XRP and see that they can fully confirm a transaction in less than ten seconds for less than a penny. And they wonder why anyone would use anything else.
  3. IAMGROOT liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    You're effectively asking why Ripple is building an open network rather than a closed one. I think the simplest way to see why an open network is better is to look at the Internet. You can't get broad cooperation with others to build a closed network. Also, the competition that an open network fosters produces a better end result for everyone.
  4. interexchange liked a post in a topic by JoelKatz in $27 Trillion Market - Bank DLT and Blockchain Insider Claims Ripple Pivoting Away from XRP   
    He says this:
     
    Either he doesn't understand the difference between payment and settlement or he's deliberately trying to mislead people.
    Also:
    Actually, we've done precisely the reverse. Just a few months ago, we didn't even have a link to XRP on our home page. Now, it's up front in all of our messaging.
    Lastly:
    This really makes no sense at all. We hold over 60 billion XRP with a notional value of over $20 billion, which we can sell over time at near zero cost (assuming the price and liquidity holds). You think our bank software business will be anywhere close to that any time soon? How many banks do we have to sign to get as much revenue as a 1 cent increase in the price of XRP? 100? 300?
    But, of course, we don't have to choose because they both go together perfectly. Every bank that adopts our services and network is one more endpoint whose payments can settle over XRP the instant the liquidity is there.
    As for it being "potentially impossible", I would just say that it's very unlikely that we won't ever have instantaneous global settlement. If there's a technology or product in existence that can do this better than XRP, please tell me what it is. And if you're talking about something not in existence, why would you think we'd find it impossible to compete with something that doesn't even exist yet? And remember, right now we hold more than half the XRP that will ever exist. If getting banks to buy XRP was the bottleneck, we could easily just give it to them.
  5. Dizer liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    That is our hope. We would love to see broad adoption of ILP across all kinds of payments systems and stores of value. That would create a massive level playing field for XRP to compete on. The idea is to knock down all the technical obstacles to XRP bridging payments.
  6. thunderw liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    I agree. But if we're successful in getting ILP broadly deployed, wherever we're able to create the liquidity, the volume will follow immediately.
    Take a look at steps 3 and 4 here:
    We also have other strategies to bootstrap liquidity and volume in targeted corridors and strategies for selecting corridors. But we're not ready to make that public yet.
     
    No. ILP is a protocol like HTTP or TCP. You can run as many instances of it as you want all over the place and they don't affect each other. It has horizontal scalability.
  7. IAMGROOT liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    Possible, but difficult to achieve. It would be amazing if that kind of thing happened.
    Another reason to make XRP part of an open system is to allow other people and other organizations to pursue their projects and visions. We hadn't been getting much transaction on that front until recently. We're seeing a lot more cases where people would use Bitcoin, but can't because on-chain transfers are too expensive. They test our XRP and see that they can fully confirm a transaction in less than ten seconds for less than a penny. And they wonder why anyone would use anything else.
  8. IAMGROOT liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    You're effectively asking why Ripple is building an open network rather than a closed one. I think the simplest way to see why an open network is better is to look at the Internet. You can't get broad cooperation with others to build a closed network. Also, the competition that an open network fosters produces a better end result for everyone.
  9. IAMGROOT liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    You're effectively asking why Ripple is building an open network rather than a closed one. I think the simplest way to see why an open network is better is to look at the Internet. You can't get broad cooperation with others to build a closed network. Also, the competition that an open network fosters produces a better end result for everyone.
  10. goldstar111 liked a post in a topic by JoelKatz in Ripple vs. Ethereum (Not the price, but the merits)   
    For banks to use some improved technology to facilitate their international payments, they need two big things.
    First, there's everything but the movement of money. That's governance, rulebooks, integration, compliance, and so on. Ripple is building this with things like Ripple Connect and the GPSG. When Ripple signs a bank, that bank buys Ripple Connect, a software product that integrates with their existing systems and permits the money to move various different ways. Often, when they first implement Ripple Connect, the money moves the same way it always has.
    You might wonder why banks would bother if the money moves the same way. The answer is that there are still huge benefits from using Ripple Connect instead of something like Swift, even if the money ultimately moves the same way. In particular, the transfer completes much more quickly, the fees are known in advance, and the success of the payment can be reported to the customer almost immediately.
    But to get the maximum benefit, you really want the money to move quickly as well. Imagine if someone receives a very large international payment and then immediately wants to send the received money over a domestic rail. If the receiving bank is sitting with a token that's only valuable on some particular international banking network that isn't the domestic rail. what can they do? They have to somehow sell that token to get whatever they need to make the domestic payment. In other words, to make a real instantaneous payment that settles, the received value has to already be at, or very close to, the receiving bank. This means someone has to have a pool of liquidity at or near that receiving bank.
    Traditionally, corporations that have to pay out around the globe maintain such pools themselves at their own expense. They keep, say, a pool of money in Thailand so they can pay out in Thailand. And if that pool runs low, they replenish it, taking a few days to do so. That means their pool of liquidity in Thailand must be deep enough to cover several days of anticipated payments in Thailand.
    RIpple's strategy is to incentivize the creation of such pools of liquidity to and from XRP in strategic payment corridors. One way we might do this is to pay those who place the best offers to exchange XRP for domestic liquidity in strategic areas. This will allow payments to not only be made fast but to settle fast because the recipient will receive legal title to funds that have already been pre-placed in their destination payment network. This is precisely what ILP makes possible.
    Ultimately, the improvement in efficiency (over just using Ripple Connect and traditional settlement systems) comes from having one big pool of liquidity rather than everyone maintaining their own. The pool will ultimately be dominated by whoever has the lowest cost of capital and the easiest way to move money into or out of that system (depending on the net flow).
    What we envision is that in a single, atomic ILP transaction, someone gains ownership of the funds at (or very close to) the sending bank in exchange for XRP which they send to someone who surrenders ownership of funds already at (or very close to) the receiving bank. This means instant payment and settlement without the need for the sender, the sending bank, or the receiving bank to maintain their own pool of liquidity.
  11. thunderw liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    I agree. But if we're successful in getting ILP broadly deployed, wherever we're able to create the liquidity, the volume will follow immediately.
    Take a look at steps 3 and 4 here:
    We also have other strategies to bootstrap liquidity and volume in targeted corridors and strategies for selecting corridors. But we're not ready to make that public yet.
     
    No. ILP is a protocol like HTTP or TCP. You can run as many instances of it as you want all over the place and they don't affect each other. It has horizontal scalability.
  12. Dizer liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    That is our hope. We would love to see broad adoption of ILP across all kinds of payments systems and stores of value. That would create a massive level playing field for XRP to compete on. The idea is to knock down all the technical obstacles to XRP bridging payments.
  13. thunderw liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    I agree. But if we're successful in getting ILP broadly deployed, wherever we're able to create the liquidity, the volume will follow immediately.
    Take a look at steps 3 and 4 here:
    We also have other strategies to bootstrap liquidity and volume in targeted corridors and strategies for selecting corridors. But we're not ready to make that public yet.
     
    No. ILP is a protocol like HTTP or TCP. You can run as many instances of it as you want all over the place and they don't affect each other. It has horizontal scalability.
  14. Dizer liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    That is our hope. We would love to see broad adoption of ILP across all kinds of payments systems and stores of value. That would create a massive level playing field for XRP to compete on. The idea is to knock down all the technical obstacles to XRP bridging payments.
  15. thunderw liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    I agree. But if we're successful in getting ILP broadly deployed, wherever we're able to create the liquidity, the volume will follow immediately.
    Take a look at steps 3 and 4 here:
    We also have other strategies to bootstrap liquidity and volume in targeted corridors and strategies for selecting corridors. But we're not ready to make that public yet.
     
    No. ILP is a protocol like HTTP or TCP. You can run as many instances of it as you want all over the place and they don't affect each other. It has horizontal scalability.
  16. Dizer liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    That is our hope. We would love to see broad adoption of ILP across all kinds of payments systems and stores of value. That would create a massive level playing field for XRP to compete on. The idea is to knock down all the technical obstacles to XRP bridging payments.
  17. IAMGROOT liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    Possible, but difficult to achieve. It would be amazing if that kind of thing happened.
    Another reason to make XRP part of an open system is to allow other people and other organizations to pursue their projects and visions. We hadn't been getting much transaction on that front until recently. We're seeing a lot more cases where people would use Bitcoin, but can't because on-chain transfers are too expensive. They test our XRP and see that they can fully confirm a transaction in less than ten seconds for less than a penny. And they wonder why anyone would use anything else.
  18. IAMGROOT liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    You're effectively asking why Ripple is building an open network rather than a closed one. I think the simplest way to see why an open network is better is to look at the Internet. You can't get broad cooperation with others to build a closed network. Also, the competition that an open network fosters produces a better end result for everyone.
  19. interexchange liked a post in a topic by JoelKatz in $27 Trillion Market - Bank DLT and Blockchain Insider Claims Ripple Pivoting Away from XRP   
    He says this:
     
    Either he doesn't understand the difference between payment and settlement or he's deliberately trying to mislead people.
    Also:
    Actually, we've done precisely the reverse. Just a few months ago, we didn't even have a link to XRP on our home page. Now, it's up front in all of our messaging.
    Lastly:
    This really makes no sense at all. We hold over 60 billion XRP with a notional value of over $20 billion, which we can sell over time at near zero cost (assuming the price and liquidity holds). You think our bank software business will be anywhere close to that any time soon? How many banks do we have to sign to get as much revenue as a 1 cent increase in the price of XRP? 100? 300?
    But, of course, we don't have to choose because they both go together perfectly. Every bank that adopts our services and network is one more endpoint whose payments can settle over XRP the instant the liquidity is there.
    As for it being "potentially impossible", I would just say that it's very unlikely that we won't ever have instantaneous global settlement. If there's a technology or product in existence that can do this better than XRP, please tell me what it is. And if you're talking about something not in existence, why would you think we'd find it impossible to compete with something that doesn't even exist yet? And remember, right now we hold more than half the XRP that will ever exist. If getting banks to buy XRP was the bottleneck, we could easily just give it to them.
  20. thunderw liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    I agree. But if we're successful in getting ILP broadly deployed, wherever we're able to create the liquidity, the volume will follow immediately.
    Take a look at steps 3 and 4 here:
    We also have other strategies to bootstrap liquidity and volume in targeted corridors and strategies for selecting corridors. But we're not ready to make that public yet.
     
    No. ILP is a protocol like HTTP or TCP. You can run as many instances of it as you want all over the place and they don't affect each other. It has horizontal scalability.
  21. thunderw liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    I agree. But if we're successful in getting ILP broadly deployed, wherever we're able to create the liquidity, the volume will follow immediately.
    Take a look at steps 3 and 4 here:
    We also have other strategies to bootstrap liquidity and volume in targeted corridors and strategies for selecting corridors. But we're not ready to make that public yet.
     
    No. ILP is a protocol like HTTP or TCP. You can run as many instances of it as you want all over the place and they don't affect each other. It has horizontal scalability.
  22. thunderw liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    I agree. But if we're successful in getting ILP broadly deployed, wherever we're able to create the liquidity, the volume will follow immediately.
    Take a look at steps 3 and 4 here:
    We also have other strategies to bootstrap liquidity and volume in targeted corridors and strategies for selecting corridors. But we're not ready to make that public yet.
     
    No. ILP is a protocol like HTTP or TCP. You can run as many instances of it as you want all over the place and they don't affect each other. It has horizontal scalability.
  23. thunderw liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    I agree. But if we're successful in getting ILP broadly deployed, wherever we're able to create the liquidity, the volume will follow immediately.
    Take a look at steps 3 and 4 here:
    We also have other strategies to bootstrap liquidity and volume in targeted corridors and strategies for selecting corridors. But we're not ready to make that public yet.
     
    No. ILP is a protocol like HTTP or TCP. You can run as many instances of it as you want all over the place and they don't affect each other. It has horizontal scalability.
  24. Dizer liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    That is our hope. We would love to see broad adoption of ILP across all kinds of payments systems and stores of value. That would create a massive level playing field for XRP to compete on. The idea is to knock down all the technical obstacles to XRP bridging payments.
  25. thunderw liked a post in a topic by JoelKatz in Why sell xrp to individuals?   
    I agree. But if we're successful in getting ILP broadly deployed, wherever we're able to create the liquidity, the volume will follow immediately.
    Take a look at steps 3 and 4 here:
    We also have other strategies to bootstrap liquidity and volume in targeted corridors and strategies for selecting corridors. But we're not ready to make that public yet.
     
    No. ILP is a protocol like HTTP or TCP. You can run as many instances of it as you want all over the place and they don't affect each other. It has horizontal scalability.