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Pablo

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  1. I've always respected your analyses on a range of topics but I'm sure you'll agree that Libra is not a done thing. Not on the tech, the economics, the politics or the rails. The economic and political realities in the relevant countries (particularly the EU) has yet to play out. Judging by the initial feedback here in Australia, the regulators don't appear to have been consulted carefully and will have much to say about FB's plan to create a wide-ranging, global payment system. On top of this comes the muddle-headed nature of their strategy. The various white-papers and reserve policy are filled with frankly bizarre leaps of faith, sales fluff and contradictions. Is Libra backed 100%? Yes, the paper says. Then no. Then later a thinly veiled confession that Libra will only be fractionally reserved. All done in a way, they confidently tell us, that will avoid a catastrophic run on the reserves and full-blown devaluation. https://libra.org/en-US/about-currency-reserve/#the_reserve The currency is pegged but, and I quote, "The association does not set monetary policy". That's disingenuous at best but more likely an outright falsehood because founding members have a say in many elements of the arrangement including asset blend and a cut of profits generated from any interest bearing assets from which only they benefit. The incentive structure runs counter to the stated aims of stability and nothing good can come of that. In short: someone is making decisions about backing "our" currency. The same guys are profiting from those decisions. That's monetary policy with all the downside but none of the upside. To top it off, there are no consequences on members if the Foundation screws up. Exhibit 1: Cambridge Analytica. As for the bigger picture, nation states which otherwise need a currency to define their statehood and who would otherwise decide monetary policy are being asked to relinquish that essential source of revenue and stabilising influence to an unregulated handful of privately owned corporations. Ironically it will be crypto that becomes the handmaiden for this appropriation by multinationals (not citizens) of a largely peaceful financial world order established out of the roiling cauldron of WWII. I just don't see that happening without a major battle for control that ultimately limits the effectiveness of Libra.
  2. Firstly - I hope it's not a Gatehub online account! There are plenty of places to sell/buy XRP-GBP. There's a thread covering this here:
  3. Wow - this post nails it. The knock-on effects are hard to predict. I think the smart move would be for Ripple to come out with some other big plays and I expect they will. All the major tech companies get a few jackpots with a handful of losses along the way. Google is a great example of that. However if Ripple ever gets into social media platforms or buying sports teams, I'll be the first to say they've "jumped the shark". Edit: anyone heard from Visa recently? Too soon? Ouch.
  4. You got it. One day they will be spending 10X or even 100X this dollar amount to corner market share and expand horizons in both crypto and traditional markets. They need to convert capital reserves into income generating assets. Just like the rest of us.
  5. My second thought after reading the announcement was SBI. This could really focus attention for a lot of Ripple’s clients.
  6. If MG stock is up by 43% and can hold, that would be something very new on Wall St. <installs MG ticker on home screen>
  7. This is the one that bothers me. It sounds like Ripple doesn’t see the banks changing their position in the next 2 years so might as well build out the network in the meantime. I can live without the banks for a few years. Where this leaves all the other clients is another story. I posted about this myself on the MG rumour thread. However when I look past the original shock, the liquidity injected by Moneygram benefits everyone. This could be the catalyst for some really big changes for adoption. I’ll be watching Galg’s remittance charts really closely now!
  8. You do know that Gatehub is currently being hacked and funds stolen? Be careful with emails coming from Gatehub as scammers are sending phishing emails now as well. Do not click on links or open attachments! If you have confirmed that the email is really from Gatehub, then you need to head over to this thread where the matter is being discussed. Act quickly.
  9. Sorry for any confusion, I never worked at Visa. My background is in systems integration, outsourcing and managed services.
  10. Can you provide more info please? Who sent you the email? Which exchange are you with? Why is Jesus holding Abbath?
  11. Like I said, I really feel for Visa. I wonder what they must be thinking having partnered up with IBM and then get hit with this so soon after the Jesse Lund departure: https://modernconsensus.com/people/exclusive-stanley-yong-ibm-cto-departs-big-blue/ OK, I admit it - this is some Grade A+++ FUD. Still, it's true.
  12. Here's another quote from Visa's own webpage: The more I dig for you, the less interesting this announcement becomes. As Visa admitted themselves, it's not a DLT solution - that's the existing correspondent banking solution with an upgraded messaging system. Ripple also offers an upgraded messaging system (xCurrent). If that's all they offered, you would be correct, but that's not what any of us are interested in. It's about removing correspondent banking altogether with its nostro/vostro liquidity traps. Unless you understand that bit, then everyone is a Ripple-Killer and all cryptocurrencies are useless in your eyes. Sorry - but history is leaving you and Visa behind.
  13. ? I've done all the hard work for you and linked the relevant articles from Visa itself. What you wrote is irrelevant.
  14. Sure, but gone live with what? The underlying DLT has barely been tested. Here's the big problem for Visa that they can't admit but anyone who's worked in enterprise-grade IT systems in the financial services sector (ahem) would know: their legacy systems and tech has hundreds of staff, CIOs, CTOs, vendors and SIs, resellers and hangers on supporting it and protecting it. You need to change them too. Visa's solution is no certainty because the greatest enemy is inside Visa itself. Let's dig a bit, shall we? You'll see what I mean: I feel a bit sorry for Visa. They'll struggle to keep up technologically but I'll give them this: they're not complete lunatics. This stuff is hard. So yes, I have to concede it - Visa has gone live with a messaging system originally introduced in the 1970s and thinly spread some DLT sauce on it to remain relevant. They've pulled a "Long Island Ice Tea". Here's where I think the smart money will go 5-10 years: realising that they cannot compete with the emerging networks of value transfer, most of the old guard of the financial system will start outsourcing their own financial networks in the same way they outsourced their mail networks and typing pools in the 80s (think Ross Perot and EDS), then eradicating the whole mail system and typing pools 10 years after that (thanks Bill). They'll need to move their business up the value chain. Visa and SWIFT seem to be saying that they can protect correspondent banking and stem the tide of history but we all know they can't. One last little dig at Visa while I'm at it. What about the team running this? We've got the SVP leading the charge into Visa's unknown future, Mr. Kevin Phalen: https://www.linkedin.com/in/kevin-phalen-6b71a33/ I note Kevin's background is in Philosophy and Theology, not technology. That about sums up the Visa plan doesn't it? A wing and a prayer.
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