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Reserve not included in the XRP balance. It's really unintuitive to have the reserve included in the XRP balance when it's not actually usable. PROS: Intuitive. CONS: Easier said than done. In addition, Transaction Fees to be taken from the Reserve. PROS: It would allow accounts to be much more easily read and audited (at least from a human's perspective). A lot of transactions become awkward when you need to take the transaction fee into account. Nice, clean, integer amounts become unwieldy. e.g.100 XRP - 20 XRP - 0.000012 XRP FEE = 79.999988 XRP vs 80 XRP - 20 XRP = 60 XRP (and a hidden reserve balance of 19.999988). Since transaction fees are so low, the average user will never need to worry about their transaction fee ever again. At today's fee of 0.000012, your 20 XRP reserve would be enough for 1,666,666 transactions. Even if the fee increases you're still unlikely to run out unless you're a large organisation. Takes a little of shine off of the DAG coins (e.g. Nano). Wallet software designed for public use could probably get away with hiding the fee section of the transaction altogether. Feeless might be best, but so-cheap-and-easy-that-no-reasonable-person-would-care, is not far behind. FROM USER @Khaleesi: there would be less complaints about the Reserve being lost value. CONS: Again, easier said than done. I don't really know for sure, but I assume this would be a major change to the XRPL, requiring a huge effort to pull off. It would also need a new transaction type for recharging the reserve when it runs out. FROM USER @Dario_o : It makes it cheaper for a dedicated spammer to spam the network. Since they were going to pay the 20 XRP in fees anyway, they essentially get the account for free. EDIT: I think these changes are objectively better than the status quo but it's probably far too late in the game to be making complicated changes like this.- 19 replies
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Blog URL: https://coil.com/p/Hodor/Acceleration-/3dawvDvgk The IoV is growing at an increasing speed! To learn about the 𝐩𝐫𝐨𝐟𝐨𝐮𝐧𝐝 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 that were announced over the last busy week, refer to today's blog: 𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐍𝐞𝐰𝐬: The IMF publishes a paper titled 'From Stablecoins to Central Bank Digital Currencies.' 𝐑𝐢𝐩𝐩𝐥𝐞 𝐍𝐞𝐰𝐬: Ripple and the Xpring team organize a series of important announcements preceding the first UBRI Connect Conference & Hack-a-thon; A new Xpring SDK (software development kit) is published; Brad Garlinghouse appears at two venues - a YouTube video with Anthony Pompliano, and the Economic Club of New York; David Schwartz publishes thirteen proposals for changes to XRP; Ripple acquires an Icelandic crypto trading firm; XRP Experts explain how XRP owners can (currently) use the XRP account reserve in an XRP wallet; and Jim Chauncey-Kelly talks about Ripple's corporate culture. 𝐂𝐨𝐢𝐥 𝐍𝐞𝐰𝐬: Stefan Thomas kicks off the second day of the UBRI Connect Conference with a talk about web monetization; Ken Melendez incentivizes authors on Coil that choose to participate in Coil Blogging Club competitions; Cinnamon successfully integrates Coil & ILP with its video streaming platform; and I provide links to five new Coil articles from various authors. 𝐗𝐑𝐏 𝐍𝐞𝐰𝐬: Sincerely George organizes an effort to identify developers who should be considered eligible for the XRP Community Choice Awards; Crypto.com updates its service to allow XRP holders in the U.S. to directly debit their XRP in their Crypto.com wallet; VinDAX, a new ICO-funded exchange, adds support for XRP trading; Wietse Wind publishes two massive data stores in SQL Lite format, containing the closed XRP Ledgers and their associated transactions; Richard Holland announces a new version of the XRP Toast Wallet; @_JonnyLawrence shares a new GIF that intuitively explains On-Demand Liquidity (ODL); and PDAX, a Philippine crypto exchange, adds support for XRP. I hope you enjoy the read: Please feel free to share my blog with a friend or share it on any other platform - and thanks for doing so! My blog announcement links on other platforms: Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Reddit r/alternativecoin Reddit r/CoilCommunity Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
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Consensus is better than Proof of Work. When it comes to all categories of strengths for a decentralized cryptographic network, XRP is stronger than Bitcoin in every category: Double-spend prevention, security, censorship-resistance, dependability, scalability, and settlement speed. The fact that we're even still talking about Bitcoin in 2018 is a testament to how effective protectionist market interference can be; but XRP doesn't care - it is being adopted at scale by real businesses for real global commerce. There are a myriad of reasons for this, but in this blog, I focus in on one specific aspect of XRP: its transaction validation model and how it compares to Bitcoin. I hope you enjoy! Please leave any feedback below. Feel free to share my blog with a friend, or on any other platform! (and thanks for doing so!) Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Reddit r/alternativecoin Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
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Today's blog discusses technical analysis' current dominance of crypto markets; but it's also where I make a startling prediction. I predict that fundamental analysis will eventually rule the day in the crypto markets; I talk about which factors that individual investors should consider when evaluating crypto choices, and then point out where XRP stands in the mix. In crypto, it may be buyer beware, but investors have the ability to reduce their risk by conducting a proper analysis of choices. Hope you enjoy the read - please leave any feedback below. Also, feel free to share my blog with a friend or on any other media or platform - and thank you for doing so! Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread- 24 replies
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Every once in a while, it's good for crypto investors to take stock of their investments and where they're at in terms of liquidity and adoption. Today is that day, and I'm taking a look at the same numbers that we discussed just three months ago. Headlines: Liquidity is massive. The number of wallets doubled. To find out more, you'll have to read for yourself! Hope you enjoy the read & please let me know what you think; feel free to share my blog with others or on any other media or platform, and thank you for doing so! Blog announcements on other media: Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
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This is my latest blog entry! I take a close look at XRP volume and supply, and discuss how the entire crypto market might have just jumped in size and liquidity. Hope you enjoy & please leave any feedback below. Also, please feel free to share my blog with others and on other media & thank you for doing so! My blog announcements on other media: Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
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My understanding of XRP is not the targeting of the fee - but the instant settlement, which i see as a huge value for banks and in term puts Ripple in a great place However I am concerned that many are now saying how they cannot wait for free / or extremely cheap cross border payments etc......is this really going to happen in the foreseeable future? I for one cannot see banks eradicating these fees as simply they subsidize their operations / generate profit despite what the actual cost might be (as is the same for most service providers, overheads etc.) Ripple themselves have been very coy in avoiding to raise the point of reducing customer fees.....but have said banks could receive the cost savings for their transactions (this would make it an even more profitable service! and a BIG selling point) In the current and foreseeable system, essentially if Fiat is the end game, we are saying fees would still be in place for FX trades (cross currency) and bank processing charges, however the Ripple ledger reduces part of the fees in the process as 'Ripple lowers your bank's back-office costs through an efficient mechanism to process and settle international payments'. (Ripple website quote) only in case where two banks were exchanging XRP would result in the fee's being all but eradicated and that would only be for the banks using and they have no obligation to pass these on to us customers. So basically, even if banks used the ledger we would be hit with bank charges in any case as they are our intermediary between the ledger. That's not to say some new entity will try to replace banks in this system but that appears to be a long way away (assuming how much banks will try to disrupt and delay). I'd like to end by clarifying this is not a negative post for Ripple, I am glad that Ripple have taken this stance in their marketing and sales as it avoids completely alienating their customers (banks) by saying one service they provide and charge for can be done for a near zero cost (with XRP) Oh yeah and don' forget the one benefit out of this for us mere banking customers instant settlement! -
Hey Guys, I am looking at the best and quickest way to buy some xrp. Verification on Bitstamp and Gatehub is taking a while. I have a few questions regarding this, Can i buy bitcoin on Zebpay (a Bitcoin exchange in my country) and transfer that to my GateHub wallet (which is still under verification) and convert the BTC to XRP there ? Is there any fees on Gatehub when i convert BTC to XRP ? Also, will they allow me to do it if i am still under verification ? What is the general range of exchange fees out there ? like 0-2%? or 2-5% or 5-10%? I got no idea so would appreciate you're thoughts on this ? Thanks guys.
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In my latest blog post, I discuss micropayments, and how I believe that Ripple and XRP can be a perfect back-end processor for these low-value transactions. I originally posted a similar topic in the spring of 2017; I use a couple of the same sources, but I've since updated it with some current factoids and examples. Hope you enjoy the read! Leave any feedback below, and please feel free to share on other media. My announcements on other media: Twitter Reddit Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
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After bitcoins Segwit went live, bitcoins Transaction fees have been on the rise. This is not a small bump but a huge spike in fees. Will this be good for Ripple in the long run? What is going on here? You can see it in this chart. @JoelKatz @nikb @miguel @TiffanyHayden @Hodor @cmbartley @kanaas @zerpdigger @Hodlezerper https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m Here is a artificial about it. http://www.businessinsider.com/bitcoin-price-miners-making-killing-in-transaction-fees-2017-8 -
Is it possible to setup a Gateway with IOU fees based on time? Example, the fee of The IOU is 1% per year. If the IOU is owned for 6 months then sold, the fee would .5%. This would be the case on calculating the fee on days too. Every time the IOU is sold, the fee would be the total time owned. Would this be within the Transfer fee and the transaction time stamp of each IOU coin when it is sold?
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I am keen to understand why does GateHub use SWIFT for cross boarder payment to Australian NAB instead of the Ripple Connect mechanism? Based on my understanding the NAB bank https://ripple.com/network/financial-institutions/ is using Ripple Connect application. I assume using Ripple Connect would speed up the cross boarder payment from GateHub to NAB and cost less, however I may be missing something here. Regards, -
I understand micropayments now. At least, I thnkI understand. What is a Micropayment? The term "micropayments" is usually the term traditionally given to monetization of very samll transactions - under $12 - for content provided over the internet. One example is Blendle, a media startup that lets you pay a few cents for the privilege of reading their news articles online (source: https://www.wired.com/2016/03/pay-25-cents-read-article-blendle-certainly-thinks/ ) So Who Processes These Things Now? PayPal Micropayments is a platform that's been around for a few years, and it builds off of the usage by Ebay vendors for small transactions. The fee structure is built on the concept of giving a vendor the ability to pay the processing fee based MORE on a percentage of the sale price rather than the flat processing fee. Instead of the usual 3.4% + 20 cents, you’ll pay 5% + 5 cents. Basically a higher percentage but lower fixed cost. (source: https://www.thebalance.com/increase-profits-with-paypal-micropayments-1140571 ) XRP Advantage Now compare that to the processing fee of processing a micropayment through the RCL using XRP payment channels. The current fee is listed as 10 drops, or .00001 XRP. If we use a value of 30 cents as an example, that's a transaction cost of $.000003. Now, that's the network fee for using XRP transactions. Any actual service provider of an online wallet may also layer other charges to cover costs associated with processing transactions and providing other services such as returns, insurance, and other items, but you can see clearly that PayPal is about to face some competition in this market. Speed Another issue that micropayments platforms have typically had is the ability to scale for increased usage. Did I mention that XRP Payment channels were fast? The XRP Ledger using payment channels can scale to handle over 50,000 transactions per second. (source: https://ripple.com/files/xrp_overview.pdf ) The first FI to integrate using XRP Payment Channels is going to have a substantial advantage when it comes to mircopayments. Or maybe PayPal might see the light and choose to contact Ripple?
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This. SEC working 'diligently' on plan to test lower exchange fees. http://reut.rs/2qeRoHp -
Saw an article on Coindesk in regard to Ethereum Foundations spin up of the "Metropolis" release, the next version of the Ethereum network. http://www.coindesk.com/metropolis-ethereum-blockchain-attacks-look-forward/ But the line in the article that caught my eye was: "Another forward-looking example of abstraction [a concept that supposedly will manifest in the Metropolis release ], according to Murray, is for users to be able to pay for ethereum transaction fees with any cryptographic token, including bitcoin." How would XRP operate outside of the Ripple Network? I consider myself a "well-informed newbie" in the crypto-currency arena -- which is like being the world's tallest small-person, so I might be asking all the wrong questions -- but would destruction/consumption of XRP for transaction fees still be factor when XRP is used on the Ethereum network? Are there additional components or considerations using XRP when it's outside the Ripple Network? Is this just another Inter-Ledger Protocol use case? If a smart contract on Ethereum is using XRP as its ether (transaction payment "gas") and that transaction is under funded, do the XRP just disappear? Again - I might be asking the wrong questions, but I'd be curious if there are XRP use cases that don't involve the Ripple network.- 7 replies
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