Jump to content

Amigo

Bronze Member
  • Content Count

    810
  • Joined

  • Last visited


Reputation Activity

  1. Like
  2. Thanks
    Amigo got a reaction from Tinyaccount in POW systems and Climate Change !   
    made a better one a while a go
  3. Like
    Amigo reacted to Tinyaccount in POW systems and Climate Change !   
  4. Thanks
    Amigo reacted to BobWay in RIPPLE Ripple’s CTO clarifies that Interledger Protocol [ILP] is not connected to the RippleNet yet   
    One of the reason I wanted to make an account here was to comment on this particular thread. So apologies for resurrecting something slight older.
    Without contradicting David or Evan, I'd like to add a bit of context here.
    The Ripple product xCurrent does use "The Interledger Protocol" (ILP) version 1.0 in atomic mode. I can say this authoritatively because I was the original architect of RippleConnect (renamed xCurrent) and also part of the Ripple research team during the creation of ILP. One of my key contributions to the protocol was "atomic mode". This is absolutely the right technology for multi-party payments among banks. This includes same currency and cross currency inter-bank transactions. ILP 1.0 atomic mode was specifically designed to "synchronize" multi-party accounting transactions. That is the concept you see referenced here by the Bank of England in their survey. 
    This call for interest explains the concept well.
    There are some awesome related threads on this site as well. Here and here. I apologize if I missed others.
    Synchronized (atomic) payments among banks is one of the key technologies in Ripple's arsenal. It is hard to overestimate how important it is.
    ----
    On interledger.org what Evan was referencing as "the open interledger" is implemented using ILP version 4 (penny switching). You might ask what happened to ILP v2 and ILP v3. I often ask myself that as well. ;-)  It turns out that those were rather short term interim proposals between ILP v1 and ILP v4. Even more confusing is that there were two different view points on ILP v4 as well. I called them "grown up payments" vs "penny switching". ILP v4 PS is a really mind blowing way to think about reducing payment risk by via "packet switching" analogies with the internet. (I'm happy to go into all the details and differences elsewhere if people are interested.) ILP v4 penny switching serves as the underlying technology for ILP "streaming payments". This is one of the key concepts that is so exciting about Coil!
    The important thing to understand is that ILP v4 is NOT a semantic versioning of an incrementally improving ILP v1 (xCurrent) product. The two were designed for different use cases and different user bases. ILP v4 is a second high speed clearing layer (analogous to lightning) that is built to complement the ILP v1 settlement layer (analogous to bitcoin).
    ----
    The two "protocols" are designed to complement each other, however, at the moment the two "networks" don't overlap. This shouldn't cause concern if you understand what the short and long term goals are. Banks are focusing on bank to bank atomic (instantly settled) payments. Individuals are focused on high speed p2p clearing with (currently) ad hoc settlement. If you think of the individuals participants as accounting networks, then they create two (currently) disconnected graphs. This is fine while "the open interledger" is gaining its peer-to-peer feet. But it should be expected that those parties will replace their current ad hoc settlement relationships with standard ILP v1 interbank payments once those API's become available at the consumer level.
    The way I understand the current jargon is:
    RippleNet: is a bank focused network build using Ripple's xCurrent, xRapid & xVia products. These products are base on ILP V1 atomic mode but are currently being referred to as RippleNet rather than as "The interledger".
    The Open Interledger: is a group of individuals building a network using recent interledger.org public standards. These are based on ILP V4 clearing protocols.
    The term "THE interledger" creates a hugely unfortunate and unbelievably confusing naming clash. I hope I've done a little to clarify it.
  5. Thanks
    Amigo got a reaction from melushell in There Is No Such Thing As "Dormant Funds" In Banking   
    I’m not a banker but there seem to be a series of flaws in her story:
    - She claims for every nostro account there is equivalent vostro account. I think that’s incorect as transfer corridors are never symmetric; a bank needs wat bigger nostro accounts in countries where there clients want to send money to than comes back. Also she claims they are debts instead of actual funds. The whole idea is the exact opposite; a bank has to have actual funds where it needs those available at any time.
    - She claims that banks don't want to have large nostro balances anymore because of low interest rates on those accounts but she later refererences statements  that those balances are on the rise because the big increase of cross border transactions. This IS the whole point; banks don’t WANt them yet the NEED them because there is no other option (yet xRapidto the rescue).
    - She claims that nostro capital is not dormant as it is there waiting for a payment to be made. But waiting IS dormant. If I'm stuck daily in a traffic jam I could claim all that time I was 'on the move' but in fact it was a lot of wasted time. Also she claims that it's there for a short time, but that does not fit her claim that banks benefitted significantly from interest given on those funds and that would not be the case if funds are just there for a short time. Sure banks will aim to make them as efficient as possible but in the end, there IS capital locked overseas during the year.
    - She mentions the banks' exposure to fx risk if they would use XRP. But the whole idea that fx risks can be avoided as a bank does not have to prefund nostro's anymore and leaves the fx risk to their client who wants to make a payment at that very moment (with transparent rates at that very moment and the client has the choice to cancel if he does not agree on the given rates).
    - To wrap up a note that, as already mentioned in this thread, focussing on the USD/EUR corridor throughout the article seems off topic as it is generally known that Ripple is not aiming at that (already liquid / balanced) corridor to make the difference (at this moment). Ripple is primary aiming on other ones or even series of them through multihop features. It would serve her readers if people get that broad picture and context instead of making her point on the wrong corridor and even framing Ripples usecase to circumvent sanctions. She is coloured and clearly wants to disprove Ripple’s usecase. Which is good to keep people sharp. But No worries here ;).
  6. Thanks
    Amigo reacted to hamasugu in The SBI's Japan Bank Consortium appears to create new company.   
    SBI's Japan Bank Consortium appears to create new company.
    And SBI spread Money tap. And it seems to have plan to make Money tap into XRP wallet.

    http://www.sbigroup.co.jp/english/investors/disclosure/presentation/pdf/190131presentations.pdf
    From page 105 to page 107
  7. Like
    Amigo reacted to Esprxp in There Is No Such Thing As "Dormant Funds" In Banking   
    “It is processes within correspondent banks that take the time and raise the cost. Partly, this is due to regulatory requirements such as KYC/ALM checks and timezone differences. But it is also because correspondent banks themselves are clunky and inefficient.”
    That is the fundamental question that Ripple / XRP will solve, Mrs. Coppola ...
  8. Like
    Amigo reacted to cmbartley in There Is No Such Thing As "Dormant Funds" In Banking   
    Agree with many of your points @Amigo. The one thing I haven't had time to look into much is whether nostro accounts are actually debt instruments. I'd never heard that and it would change things a bit. 
    I agree that the speed of XRP limits fx risk and her comment about nostros not being dormant fails the logic test. 
  9. Like
    Amigo reacted to Zerp_Legend in There Is No Such Thing As "Dormant Funds" In Banking   
    Of course there are dormant funds. 
    Also, powerful banks benefit a lot from correspodent banking. With xrp small banks from all over the world will have more power/options to send money. Ripple is actually decentralizing the banking system.
  10. Thanks
    Amigo got a reaction from automatic in There Is No Such Thing As "Dormant Funds" In Banking   
    I’m not a banker but there seem to be a series of flaws in her story:
    - She claims for every nostro account there is equivalent vostro account. I think that’s incorect as transfer corridors are never symmetric; a bank needs wat bigger nostro accounts in countries where there clients want to send money to than comes back. Also she claims they are debts instead of actual funds. The whole idea is the exact opposite; a bank has to have actual funds where it needs those available at any time.
    - She claims that banks don't want to have large nostro balances anymore because of low interest rates on those accounts but she later refererences statements  that those balances are on the rise because the big increase of cross border transactions. This IS the whole point; banks don’t WANt them yet the NEED them because there is no other option (yet xRapidto the rescue).
    - She claims that nostro capital is not dormant as it is there waiting for a payment to be made. But waiting IS dormant. If I'm stuck daily in a traffic jam I could claim all that time I was 'on the move' but in fact it was a lot of wasted time. Also she claims that it's there for a short time, but that does not fit her claim that banks benefitted significantly from interest given on those funds and that would not be the case if funds are just there for a short time. Sure banks will aim to make them as efficient as possible but in the end, there IS capital locked overseas during the year.
    - She mentions the banks' exposure to fx risk if they would use XRP. But the whole idea that fx risks can be avoided as a bank does not have to prefund nostro's anymore and leaves the fx risk to their client who wants to make a payment at that very moment (with transparent rates at that very moment and the client has the choice to cancel if he does not agree on the given rates).
    - To wrap up a note that, as already mentioned in this thread, focussing on the USD/EUR corridor throughout the article seems off topic as it is generally known that Ripple is not aiming at that (already liquid / balanced) corridor to make the difference (at this moment). Ripple is primary aiming on other ones or even series of them through multihop features. It would serve her readers if people get that broad picture and context instead of making her point on the wrong corridor and even framing Ripples usecase to circumvent sanctions. She is coloured and clearly wants to disprove Ripple’s usecase. Which is good to keep people sharp. But No worries here ;).
  11. Like
    Amigo got a reaction from Plikk in There Is No Such Thing As "Dormant Funds" In Banking   
    I’m not a banker but there seem to be a series of flaws in her story:
    - She claims for every nostro account there is equivalent vostro account. I think that’s incorect as transfer corridors are never symmetric; a bank needs wat bigger nostro accounts in countries where there clients want to send money to than comes back. Also she claims they are debts instead of actual funds. The whole idea is the exact opposite; a bank has to have actual funds where it needs those available at any time.
    - She claims that banks don't want to have large nostro balances anymore because of low interest rates on those accounts but she later refererences statements  that those balances are on the rise because the big increase of cross border transactions. This IS the whole point; banks don’t WANt them yet the NEED them because there is no other option (yet xRapidto the rescue).
    - She claims that nostro capital is not dormant as it is there waiting for a payment to be made. But waiting IS dormant. If I'm stuck daily in a traffic jam I could claim all that time I was 'on the move' but in fact it was a lot of wasted time. Also she claims that it's there for a short time, but that does not fit her claim that banks benefitted significantly from interest given on those funds and that would not be the case if funds are just there for a short time. Sure banks will aim to make them as efficient as possible but in the end, there IS capital locked overseas during the year.
    - She mentions the banks' exposure to fx risk if they would use XRP. But the whole idea that fx risks can be avoided as a bank does not have to prefund nostro's anymore and leaves the fx risk to their client who wants to make a payment at that very moment (with transparent rates at that very moment and the client has the choice to cancel if he does not agree on the given rates).
    - To wrap up a note that, as already mentioned in this thread, focussing on the USD/EUR corridor throughout the article seems off topic as it is generally known that Ripple is not aiming at that (already liquid / balanced) corridor to make the difference (at this moment). Ripple is primary aiming on other ones or even series of them through multihop features. It would serve her readers if people get that broad picture and context instead of making her point on the wrong corridor and even framing Ripples usecase to circumvent sanctions. She is coloured and clearly wants to disprove Ripple’s usecase. Which is good to keep people sharp. But No worries here ;).
  12. Like
    Amigo got a reaction from cryptoxrp in Saudi/UAE Digital Currency Goes Live in Q1   
    Yes, and that's why Ripple's strategy is so brilliant. Depending on the clients wishes, depending on their legal system, trust in DLT, risk appetite holding or just using crypto, etc., Ripple offers different options. But all options will be designed to be interoperable in the end, one option leveraging the other, multihopping and pathfinding their ways to each other. Ripple's work at SAMA will certainly be no exception (!). There are quite some fake articles out there but this seems not one of them and can impose quite some significance, especially on the longer term. Markets may not respond directly because of the bearish cautions, but my guess is these developments are supercharging both Ripple's AND XRP's position, waiting for a significant release. Ripple is doing really really well at the moment. 
  13. Like
    Amigo got a reaction from Trickery in There Is No Such Thing As "Dormant Funds" In Banking   
    I’m not a banker but there seem to be a series of flaws in her story:
    - She claims for every nostro account there is equivalent vostro account. I think that’s incorect as transfer corridors are never symmetric; a bank needs wat bigger nostro accounts in countries where there clients want to send money to than comes back. Also she claims they are debts instead of actual funds. The whole idea is the exact opposite; a bank has to have actual funds where it needs those available at any time.
    - She claims that banks don't want to have large nostro balances anymore because of low interest rates on those accounts but she later refererences statements  that those balances are on the rise because the big increase of cross border transactions. This IS the whole point; banks don’t WANt them yet the NEED them because there is no other option (yet xRapidto the rescue).
    - She claims that nostro capital is not dormant as it is there waiting for a payment to be made. But waiting IS dormant. If I'm stuck daily in a traffic jam I could claim all that time I was 'on the move' but in fact it was a lot of wasted time. Also she claims that it's there for a short time, but that does not fit her claim that banks benefitted significantly from interest given on those funds and that would not be the case if funds are just there for a short time. Sure banks will aim to make them as efficient as possible but in the end, there IS capital locked overseas during the year.
    - She mentions the banks' exposure to fx risk if they would use XRP. But the whole idea that fx risks can be avoided as a bank does not have to prefund nostro's anymore and leaves the fx risk to their client who wants to make a payment at that very moment (with transparent rates at that very moment and the client has the choice to cancel if he does not agree on the given rates).
    - To wrap up a note that, as already mentioned in this thread, focussing on the USD/EUR corridor throughout the article seems off topic as it is generally known that Ripple is not aiming at that (already liquid / balanced) corridor to make the difference (at this moment). Ripple is primary aiming on other ones or even series of them through multihop features. It would serve her readers if people get that broad picture and context instead of making her point on the wrong corridor and even framing Ripples usecase to circumvent sanctions. She is coloured and clearly wants to disprove Ripple’s usecase. Which is good to keep people sharp. But No worries here ;).
  14. Like
    Amigo got a reaction from invest2lose in There Is No Such Thing As "Dormant Funds" In Banking   
    I’m not a banker but there seem to be a series of flaws in her story:
    - She claims for every nostro account there is equivalent vostro account. I think that’s incorect as transfer corridors are never symmetric; a bank needs wat bigger nostro accounts in countries where there clients want to send money to than comes back. Also she claims they are debts instead of actual funds. The whole idea is the exact opposite; a bank has to have actual funds where it needs those available at any time.
    - She claims that banks don't want to have large nostro balances anymore because of low interest rates on those accounts but she later refererences statements  that those balances are on the rise because the big increase of cross border transactions. This IS the whole point; banks don’t WANt them yet the NEED them because there is no other option (yet xRapidto the rescue).
    - She claims that nostro capital is not dormant as it is there waiting for a payment to be made. But waiting IS dormant. If I'm stuck daily in a traffic jam I could claim all that time I was 'on the move' but in fact it was a lot of wasted time. Also she claims that it's there for a short time, but that does not fit her claim that banks benefitted significantly from interest given on those funds and that would not be the case if funds are just there for a short time. Sure banks will aim to make them as efficient as possible but in the end, there IS capital locked overseas during the year.
    - She mentions the banks' exposure to fx risk if they would use XRP. But the whole idea that fx risks can be avoided as a bank does not have to prefund nostro's anymore and leaves the fx risk to their client who wants to make a payment at that very moment (with transparent rates at that very moment and the client has the choice to cancel if he does not agree on the given rates).
    - To wrap up a note that, as already mentioned in this thread, focussing on the USD/EUR corridor throughout the article seems off topic as it is generally known that Ripple is not aiming at that (already liquid / balanced) corridor to make the difference (at this moment). Ripple is primary aiming on other ones or even series of them through multihop features. It would serve her readers if people get that broad picture and context instead of making her point on the wrong corridor and even framing Ripples usecase to circumvent sanctions. She is coloured and clearly wants to disprove Ripple’s usecase. Which is good to keep people sharp. But No worries here ;).
  15. Like
    Amigo got a reaction from HotAlternative in There Is No Such Thing As "Dormant Funds" In Banking   
    I’m not a banker but there seem to be a series of flaws in her story:
    - She claims for every nostro account there is equivalent vostro account. I think that’s incorect as transfer corridors are never symmetric; a bank needs wat bigger nostro accounts in countries where there clients want to send money to than comes back. Also she claims they are debts instead of actual funds. The whole idea is the exact opposite; a bank has to have actual funds where it needs those available at any time.
    - She claims that banks don't want to have large nostro balances anymore because of low interest rates on those accounts but she later refererences statements  that those balances are on the rise because the big increase of cross border transactions. This IS the whole point; banks don’t WANt them yet the NEED them because there is no other option (yet xRapidto the rescue).
    - She claims that nostro capital is not dormant as it is there waiting for a payment to be made. But waiting IS dormant. If I'm stuck daily in a traffic jam I could claim all that time I was 'on the move' but in fact it was a lot of wasted time. Also she claims that it's there for a short time, but that does not fit her claim that banks benefitted significantly from interest given on those funds and that would not be the case if funds are just there for a short time. Sure banks will aim to make them as efficient as possible but in the end, there IS capital locked overseas during the year.
    - She mentions the banks' exposure to fx risk if they would use XRP. But the whole idea that fx risks can be avoided as a bank does not have to prefund nostro's anymore and leaves the fx risk to their client who wants to make a payment at that very moment (with transparent rates at that very moment and the client has the choice to cancel if he does not agree on the given rates).
    - To wrap up a note that, as already mentioned in this thread, focussing on the USD/EUR corridor throughout the article seems off topic as it is generally known that Ripple is not aiming at that (already liquid / balanced) corridor to make the difference (at this moment). Ripple is primary aiming on other ones or even series of them through multihop features. It would serve her readers if people get that broad picture and context instead of making her point on the wrong corridor and even framing Ripples usecase to circumvent sanctions. She is coloured and clearly wants to disprove Ripple’s usecase. Which is good to keep people sharp. But No worries here ;).
  16. Like
    Amigo reacted to ADingoAteMyXRP in There Is No Such Thing As "Dormant Funds" In Banking   
    Totally agree with Tinyaccount's response above. xRapid is a near-term solution, designed to onboard organizations to XRP. From there they will transact on-ledger.
    I also want to point out that the Forbes article is weirdly misleading in several places.
    If you're satisfied by the interest rate on your checking account please raise your hand! Hello? Anybody?
    This alone discredits the title of her article. The capital is certainly dormant. But it gets weirder.
    That... what? Is that a real sentence from her article?
    Her "checking account" analogy works great here. Imagine Bank A offers me 7% on my savings account but only 0.15% on my checking account. Then Bank B comes along and offers me 7% on my checking account too. Who do I go with?
    Now imagine I'm a correspondent bank and I need a checking account in every country on the planet.
    Settlement is instant precisely because of the locked-up nostro/vostro accounts. Banks are required to settle as soon as the payment goes through, so they have to keep huge sums in nostro/vostro accounts.
    As payments speed up from 3 days to 3 seconds (ahem, xCurrent, GPI, other services), the total need for nostro/vostro will be INCREASING. This is because banks need to instantly pay and settle any transfer that comes through -- even a spike they didn't predict. Back when there were 3 day payment delays, they could afford to send the money for this spikey payment some other way, because they had 3 days to do it. Now? Not-so-much.
    Why is she making all these disingenuous points?
  17. Like
    Amigo reacted to Tinyaccount in There Is No Such Thing As "Dormant Funds" In Banking   
    This was discussed earlier.  It’s worth looking at this post and further posts in that thread:
     
  18. Like
    Amigo got a reaction from GiddyUp in Make XRP crypto of Tokyo Olympics 2020   
    Some concrete steps here..(?)
    https://www.theblockcrypto.com/tiny/olympic-dreams-japan-has-high-hopes-for-a-blockchain-based-consumer-payment-network/
  19. Like
    Amigo got a reaction from DannyRipple in Make XRP crypto of Tokyo Olympics 2020   
    Some concrete steps here..(?)
    https://www.theblockcrypto.com/tiny/olympic-dreams-japan-has-high-hopes-for-a-blockchain-based-consumer-payment-network/
  20. Like
    Amigo reacted to Truckdriver in Bakkt - Starbucks - XRP   
    http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/  a good article about Bakt/NYSE  mentions their thoughts on Starbucks and bitcoin,  I hope your right and the possibility of XRP being utilized,  it makes sense to us , but we'll see with these sneaky bitcoin maximalist or they use both ? Whoever uses bitcoin will die of thirst 
  21. Like
    Amigo got a reaction from Wesa182 in Bakkt - Starbucks - XRP   
    News is swelling a bit about a Bakkt application to convert digital assets at Starbucks-payments and they will market it significantly
    https://abacusjournal.com/bakkt-behind-the-pending-launch-faced-with-an-unexpected-delay-bakkt-prepares-massive-roll-out-and-marketing-blitz/
     
    About a year ago, the executive chairman of Starbucks mentioned that cryptocurrencies are coming, yet ruling out bitcoin
    https://www.cnbc.com/2018/01/26/starbucks-schultz-a-digital-currency-is-coming-but-wont-be-bitcoin.html
     
    In august, Starbucks mentioned that paying directly with assets like bitcoin will not be the case, but there will be an exchange step in between.
    http://fortune.com/2018/08/06/starbucks-accepting-bitcoin/
     
    Now, obviously Bitcoin transaction costs are at most moments too expensive and the involved speed too slow to make it usable to pay a cup of coffee. Bakkt could off course offer an app with which you can "upload some value in Bitcoin to a Starbucks wallet" yet convert it to USD at that very moment, but that's zero innovative and in essence creating consumer-mini-nostro-USD accounts at retailer businesses. As Bakkt is handling things carefully and will have done their homework, my take is that Bakkt will offer some form of XRP-integration as it's basically the only liquid coin with enough speed and low transaction costs enabling instant conversions (enabling sort of an xRapid for retail payments). 
    PS. With the additional 51% attack risks of Proof-of-Work coins like Bitcoin I still find it odd that financial products like futures and ETF's are requested for approval for bitcoin only and similar products for XRP are not being applied for approval. But I guess that's food for another topic.
  22. Like
    Amigo got a reaction from BBS in Bakkt - Starbucks - XRP   
    News is swelling a bit about a Bakkt application to convert digital assets at Starbucks-payments and they will market it significantly
    https://abacusjournal.com/bakkt-behind-the-pending-launch-faced-with-an-unexpected-delay-bakkt-prepares-massive-roll-out-and-marketing-blitz/
     
    About a year ago, the executive chairman of Starbucks mentioned that cryptocurrencies are coming, yet ruling out bitcoin
    https://www.cnbc.com/2018/01/26/starbucks-schultz-a-digital-currency-is-coming-but-wont-be-bitcoin.html
     
    In august, Starbucks mentioned that paying directly with assets like bitcoin will not be the case, but there will be an exchange step in between.
    http://fortune.com/2018/08/06/starbucks-accepting-bitcoin/
     
    Now, obviously Bitcoin transaction costs are at most moments too expensive and the involved speed too slow to make it usable to pay a cup of coffee. Bakkt could off course offer an app with which you can "upload some value in Bitcoin to a Starbucks wallet" yet convert it to USD at that very moment, but that's zero innovative and in essence creating consumer-mini-nostro-USD accounts at retailer businesses. As Bakkt is handling things carefully and will have done their homework, my take is that Bakkt will offer some form of XRP-integration as it's basically the only liquid coin with enough speed and low transaction costs enabling instant conversions (enabling sort of an xRapid for retail payments). 
    PS. With the additional 51% attack risks of Proof-of-Work coins like Bitcoin I still find it odd that financial products like futures and ETF's are requested for approval for bitcoin only and similar products for XRP are not being applied for approval. But I guess that's food for another topic.
  23. Like
    Amigo got a reaction from Truckdriver in Bakkt - Starbucks - XRP   
    News is swelling a bit about a Bakkt application to convert digital assets at Starbucks-payments and they will market it significantly
    https://abacusjournal.com/bakkt-behind-the-pending-launch-faced-with-an-unexpected-delay-bakkt-prepares-massive-roll-out-and-marketing-blitz/
     
    About a year ago, the executive chairman of Starbucks mentioned that cryptocurrencies are coming, yet ruling out bitcoin
    https://www.cnbc.com/2018/01/26/starbucks-schultz-a-digital-currency-is-coming-but-wont-be-bitcoin.html
     
    In august, Starbucks mentioned that paying directly with assets like bitcoin will not be the case, but there will be an exchange step in between.
    http://fortune.com/2018/08/06/starbucks-accepting-bitcoin/
     
    Now, obviously Bitcoin transaction costs are at most moments too expensive and the involved speed too slow to make it usable to pay a cup of coffee. Bakkt could off course offer an app with which you can "upload some value in Bitcoin to a Starbucks wallet" yet convert it to USD at that very moment, but that's zero innovative and in essence creating consumer-mini-nostro-USD accounts at retailer businesses. As Bakkt is handling things carefully and will have done their homework, my take is that Bakkt will offer some form of XRP-integration as it's basically the only liquid coin with enough speed and low transaction costs enabling instant conversions (enabling sort of an xRapid for retail payments). 
    PS. With the additional 51% attack risks of Proof-of-Work coins like Bitcoin I still find it odd that financial products like futures and ETF's are requested for approval for bitcoin only and similar products for XRP are not being applied for approval. But I guess that's food for another topic.
  24. Like
    Amigo got a reaction from ADingoAteMyXRP in Bakkt - Starbucks - XRP   
    News is swelling a bit about a Bakkt application to convert digital assets at Starbucks-payments and they will market it significantly
    https://abacusjournal.com/bakkt-behind-the-pending-launch-faced-with-an-unexpected-delay-bakkt-prepares-massive-roll-out-and-marketing-blitz/
     
    About a year ago, the executive chairman of Starbucks mentioned that cryptocurrencies are coming, yet ruling out bitcoin
    https://www.cnbc.com/2018/01/26/starbucks-schultz-a-digital-currency-is-coming-but-wont-be-bitcoin.html
     
    In august, Starbucks mentioned that paying directly with assets like bitcoin will not be the case, but there will be an exchange step in between.
    http://fortune.com/2018/08/06/starbucks-accepting-bitcoin/
     
    Now, obviously Bitcoin transaction costs are at most moments too expensive and the involved speed too slow to make it usable to pay a cup of coffee. Bakkt could off course offer an app with which you can "upload some value in Bitcoin to a Starbucks wallet" yet convert it to USD at that very moment, but that's zero innovative and in essence creating consumer-mini-nostro-USD accounts at retailer businesses. As Bakkt is handling things carefully and will have done their homework, my take is that Bakkt will offer some form of XRP-integration as it's basically the only liquid coin with enough speed and low transaction costs enabling instant conversions (enabling sort of an xRapid for retail payments). 
    PS. With the additional 51% attack risks of Proof-of-Work coins like Bitcoin I still find it odd that financial products like futures and ETF's are requested for approval for bitcoin only and similar products for XRP are not being applied for approval. But I guess that's food for another topic.
  25. Like
    Amigo got a reaction from Cesar1810 in Bakkt - Starbucks - XRP   
    News is swelling a bit about a Bakkt application to convert digital assets at Starbucks-payments and they will market it significantly
    https://abacusjournal.com/bakkt-behind-the-pending-launch-faced-with-an-unexpected-delay-bakkt-prepares-massive-roll-out-and-marketing-blitz/
     
    About a year ago, the executive chairman of Starbucks mentioned that cryptocurrencies are coming, yet ruling out bitcoin
    https://www.cnbc.com/2018/01/26/starbucks-schultz-a-digital-currency-is-coming-but-wont-be-bitcoin.html
     
    In august, Starbucks mentioned that paying directly with assets like bitcoin will not be the case, but there will be an exchange step in between.
    http://fortune.com/2018/08/06/starbucks-accepting-bitcoin/
     
    Now, obviously Bitcoin transaction costs are at most moments too expensive and the involved speed too slow to make it usable to pay a cup of coffee. Bakkt could off course offer an app with which you can "upload some value in Bitcoin to a Starbucks wallet" yet convert it to USD at that very moment, but that's zero innovative and in essence creating consumer-mini-nostro-USD accounts at retailer businesses. As Bakkt is handling things carefully and will have done their homework, my take is that Bakkt will offer some form of XRP-integration as it's basically the only liquid coin with enough speed and low transaction costs enabling instant conversions (enabling sort of an xRapid for retail payments). 
    PS. With the additional 51% attack risks of Proof-of-Work coins like Bitcoin I still find it odd that financial products like futures and ETF's are requested for approval for bitcoin only and similar products for XRP are not being applied for approval. But I guess that's food for another topic.
×
×
  • Create New...