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  1. No problem, I'm sure exchanging opinions with XRPChat members can be frustrating at times. To add more information, this is how Bank of England uses the terms "payment" and "settlement", and from what I understand, they also use the term "settlement" when it is required between two different providers that do not have an established partnership or agreement, not when the payment is done within one company from one account to the other: "What is a payment system? Payment systems are a set of common rules and procedures, which support the transfer of funds between people, businesses and financial institutions. Most payment systems are managed by operators, and supported by one or more infrastructure providers of hardware, software, and communication networks. Some financial institutions have direct access to each payment system and provide payment services to their customers. Why is a settlement agent necessary? Not all accounts are held at the same payment service provider, so when a customer makes a payment to a business that has an account with a different provider, the customer’s provider owes the business’s provider the value of the payment. This creates a level of risk, so a payment system requires an intermediary, known as a settlement agent, to use for the final settlement of funds between providers. Banks and other institutions can hold accounts with us, which are used to settle money moved between them. We provide these accounts to support our mission of maintaining monetary and financial stability. There is a financial stability advantage for a settlement agent being a central bank like the Bank of England. As we are financially supported by the Government, this removes the risk of account holders losing money held in, or moved between, accounts held with us. The real-time gross settlement service We operate the real-time gross settlement (RTGS) service, infrastructure that holds accounts for banks, building societies and other institutions. The balances in these accounts can be used to move money in real time between these account holders. This delivers final and risk-free settlement." https://www.bankofengland.co.uk/payment-and-settlement EDIT: added bold emphasis
  2. Why would this be limited to banks only? The difference is, if Alice sends Bob 100 USD and they are both Santander clients, Santander simply writes this down on their own ledger. They hold both Alice's and Bob's money. The 100 USD never left Santander. This is the simplest method of payment. Because they both hold money at the bank and Santander controls the ledger, Santander could reverse the transaction at any time. Of course, they are liable by local laws, so they will not do it on a whim, but they can do it. However, if Alice sends Bob 100 USD worth of XRP by purchasing the XRP on an exchange and sending it to Bob's exchange and Bob cashes out (be that in USD or by transfering XRP to his own wallet), this transaction is now irreversable by any third party, except if Bob personally transfers the XRP back to Alice. This is called (Near) Instant Real Time Gross Settlement. In fact, it doesn't require banks or exchanges at all, if Alice sends 300 XRP to Bob's XRP wallet for example. This too would be called Real Time Gross Settlement. xRapid just simplifies the part where Alice would have to transfer funds from her bank account to the exchange, buy the XRP, transfer it to Bob's exchange, and Bob would have to sell the XRP and transfer it to his bank account. Please don't mock people by writing "This is funny ", we're all here to debate this. If arguments are strong enough, I have no problem changing my definition or understanding of payments and settlements.
  3. "Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on one-to-one basis without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable." https://en.wikipedia.org/wiki/Real-time_gross_settlement EDIT: PayPal cannot "settle", because they are moving money internally on their own ledger. For settlement to take place, you would need two seperate parties with two seperate ledgers.
  4. Yes, that was one of the corridors that they confirmed to be using. If you could identify Mercury FX's destination tags (if they do not constantly change) in a corridor, you might be able to follow the transactions that way. Again, someone correct me if I'm wrong.
  5. If I understand correctly, you would be searching for transactions between the Mexican and Filipino exchanges that could belong to anyone, so you actually could never pinpoint an xRapid transaction per se. You could speculate if it was xRapid or just a person sending his XRP from one exchange wallet to another. Someone correct me if I’m wrong. The volume you are looking for is therefore hidden in the total volume of both the Mexican and Filipino exchanges. I guess you could go fishing for transactions made between the two exchanges, then try to catch the sell orders on either side that match the transacted amount of XRP, if exchanges provide that kind of information through their API.
  6. I finally got to checking out TransferWise’s API, but if I understand correctly, you have to apply to get the credentials for their API sandbox, which I really don’t feel comfortable doing. As stated before, I will share my entire code with strangers, so I really would not like to use unique API keys or anything like that in the process. Did you ever try their API? Have any suggestions for me? Also, I still can’t get a good (semi)live MXN/USD exchange rate. The MXN/USD rate on Bitso is over 1% higher or lower than what you get on other markets. At a difference of that magnitude, it kind of defeats the comparison purpose, because it represents a large portion of the money “lost” due to XRP transaction. Any suggestions there?
  7. Wow, that will be a perfect extension to what I have built so far! Thanks for your suggestion! It's important to compare existing solutions with what Ripple is trying to achieve. Yes, I've already made the option to change amounts to be sent possible, but currently I am limited with Bitso websocket orders, because if you sell all the XRP at once, you can get a maximum of only a few 100k MXN (which the script checks before sending anything to Bitso). I have to check if this is a problem of websocket not showing all the orders (it only displays the top 20), or if this is due to Bitsos low XRP/MXN volume.
  8. I will add the fees eventually, but the thing is, if you take Kraken for example, you have 0% fee as a maker and 0.1% fee as a taker if your volume is over 10 million USD, which should be easily achievable if xRapid gets into production with multiple clients. Eventually, I really do believe xRapid clients will have a fee much lower than 0.1%.
  9. Yes, right now this is what I get. But the end result is, that the user knows how much USD they sent and how much MXN they received. To better grasp at how much money actually got lost during the process, it would be convenient for the user to see how much MXN they actually hold, valued in USD. For example, the input would be 10 USD at Bitstamp and the output would be 9.71 USD at Bitso, as opposed to 185.66 MXN. EDIT: As an alternative, I could leave it at MXN on Bitso side, and add an extra bracket stating something like "you lost 0.5% of your money during the transaction" or "you gained 0.5% extra money during your transaction", in case the prices have premium on Bitso side. But I would still need to convert the MXN to USD to calculate the percentage.
  10. Ha, that's a great suggestion, I didn't think of it. I will definitely use it, if I cannot find a workaround. The long goal (which I did not previously discuss) here would be to present a fairly simple page where people could see how xRapid works and how much MXN they would receive on the other side, depending on the amount they would want to send. The purpose is to better support arguments if an increase in XRP price is needed for higher value transactions to come through intact (i.e. if you can send a million USD to Mexico via xRapid without loosing too much money at current XRP prices, spreads and volumes). Because this would be presented to general public, I think it would be too much to ask them to generate a private API key just to convert Bitso MXN to USD in order to compare how much USD you actually received in MXN. The best solution I found is from European central bank - they update the world EUR/FIAT rates daily and you can fetch them for free in JSON format, but everything there is in EUR. Maybe I could use USD/EUR -> EUR/MXN conversion from their site as a workaround, but I was hoping for something more elegant. Unfortunately I did not find the same service offered by FED or similar institution to get the USD/MXN directly.
  11. Thanks for you quick replies! I would prefer to stay away from crypto exchange rates for fiat pairs, as I’m not sure if the rates are always the same as they are on non-crypto market. But since this is just a test, I think you’re correct, this is probably by far the easiest solution for now. Yeah, I thought of Github and I will use it for now, because it will allow for easier code fixes and reviews. I would like to use something else in the long run though. Thanks! My quick google search came up with the same thing long before I posted the question (since it is literally the first hit on google) There are multiple solutions like 1forge.com, however, you have to register and receive a private API key. Since I will most likely be sharing the entire code with strangers and I really do not know a lot about APIs in general, I do not know if anyone can exploit the private key in any way (especially with daily limits for free users), so I would rather stay away from it. Cool, I will look into that!
  12. Hey everyone, I continued to be interested in this topic, so I decided to make a simple page to simulate how much USD could be transferred from Bitstamp via XRP to Bitso, and how much MXN you would get on the other side. If I understand correctly, this is how xRapid works: buy XRP with USD on Bitstamp, transfer XRP to Bitso, sell your XRP on Bitso to receive your MXN. My script does not account for maker, taker and withdrawal fees, because I assume xRapid partners will have different fee rates compared to the rest of us, but the fees can easily be added later on. It also accounts for atomic exchanges (without 3-5 seconds delays for transfers). I made 3 simple Radio Buttons to choose the amount of USD you want to send from Bitstamp (10/100/1000 USD) in order to demonstrate that transactions of higher USD value are more expansive because of the spreads, which should eventually be solved with a higher XRP price and potential lower spreads (probably due to eventual lower volatility). I wanted to test one of the corridors that Ripple is supposedly using (USD/MXN) and wanted to use Bittrex and Bitso, because they are both confirmed xRapid partners, but I ended up using Bitstamp and Bitso, because they both have great and easy to use API documentations (as stated in my original post, I am not a developer, so this was all fairly new to me). The page displays the chosen amount of USD sent from Bitstamp, amount of XRP, MXN and USD received on Bitso, along with live orders from both exchanges. I have two questions: 1. In order to compare how much USD you receive on your Bitso (Mexican) account, I need to convert the received MXN to USD. Instead of keeping a constant like 1 USD = 19.1457 MXN in the code, I would like to (at least daily) get the USD/MXN rate somewhere. Any API I found online to do this task is not free. Do you have any recommendations on what to use to get the exchange rate? 2. I would like to share my app with the community. All the HTML, CSS and JS is located in the same .html file. Do you recommend any web hosting sites for this purpose? @essexboyracer @n2it @tulo @Sukrim
  13. The coins on the picture are sorted by market cap of total supply (at least for XRP), whilst we usually compare market cap based on circulating supply.
  14. Can you provide a credible source for these two statements? (not saying you are wrong, just genuinely interested)
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