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I just transferred USD from my bank, here in the US, to GateHub. The website mentions that processing can take up to 7 days, but I just read some horrific reviews of funds not showing up for up to a month. Can anyone comment on their experience regarding wire transfers and how long it actually takes?
The IMF wields enormous influence over nation-level financing worldwide. This is evident not only from the tentacles of its financing apparatus that can make or break the national reserves of entire countries, but also from its role as a potential problem-solver in developing countries, or countries with political issues or imminent military conflict. This level of influence is not without the cost of frequent political protest. What is the IMF? The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. (source: https://www.imf.org/en/About ) Sound like it's in Ripple's wheelhouse? It should. Ripple's goal is to make XRP "the .... institutional standard for digital value transfer globally." (source: Miguel Vias @ Consensus 2017 *https://www.youtube.com/watch?v=aiNDDWZs0b4*) What does the IMF Do? According to their own information, they do three things: Surveillance Lending Capacity Development Here's what "Capacity Development" is defined as: Delving further: Again, this is their own public information, freely available (source: http://www.imf.org/external/np/exr/facts/tech.htm ) Ready for the Twist? Do you see where I'm going yet? So, let's take the final step. What were their latest actions specifically with regards to Ripple and other financial technology companies? On March 15, 2017, the IMF Managing Director, Christine Lagarde, formed an advisory group. It's purpose: (source: http://www.imf.org/en/News/Articles/2017/03/15/pr1784-imf-managing-director-welcomes-establishment-of-high-level-advisory-group-on-fintech) So if you don't already know, guess who is a member of that advisory group? Our own Chris Larsen! (Executive Chairman of Ripple) Remember one item: No representative of any other crypto-currency was invited to participate. ONLY XRP. The other financial technology group members are a potpourri of new fintech innovators. The IMF wields enormous influence on the 189 member nations, and exists with their support, and at their behest. But it also fulfills its mission to enhance those member nations' technological capabilities and to standardize the way in which financial information is communicated. In addition, it is the IMF's best interests to embrace new technological innovations such as ILP, payment channels, and the RCL's method of conducting ForEx exchanges and settlement in seconds instead of days. These Ripple innovations are completely in-line with the IMF's goals for capacity development. SWIFT might act in a protectionist manner to enable it's member banks to continue to "hold" our money in float for days, but the IMF has no patience for protectionist practices that inhibit its global goal of capacity development. Are you starting to believe?
A lot of the new ICOs that are happening are being used to debut a coin that has some very specific purposes, and usually there is a necessity for funding the small group of developers that create a new coin. These groups are usually located in one country. It's tempting as a developer or original entrepreneur to just have one team, locally sourced, that will remain in it's current geographic location. The result is a coin that targets a market that seems to mirror the coin's creators. Do they really have a goal of establishing the coin for serving people in all corners of the world, or is really a method of lining their own wallets with easy money? Bitcoin was a novelty item at the beginning of its existence, and because of its mainly academic origins, those were the people that originally owned the coin in its infancy - collegiate academics that experimented with the new digital creation of Satoshi Nakamoto. It's access quickly expanded to support exchange of *goods* over the dark web in a fashion that originally deterred traditional law enforcement. In theory, it had no borders to its appeal or reach, and its proponents ignored its darker side and focused instead on the potential of blockchain technology to transform the concept of currency without regard to borders or fiat government. Bitcion does indeed have international reach. Exchanges exist in all corners of the planet to support its immense demand created by popularity in the media. Most of the alt coins sought to emulate Bitcoin by establishing a foundation that would promote the coin and provide an easy-to-use wallet for new users. Sometimes the foundation would be based in a foreign country with lenient rules regarding financial technology and securities trading. Then XRP Happened The development team decided that they would go in a different direction than the original. They would eschew the blockchain consensus algorithms for something new, something more efficient and robust, something that didn't depend on mining to provide security to the network. they didn't stop there. They also went in a different direction for Governance. Instead of a foundation, they would promote strong governance by forming a company, so that decisions and improvements to the protocol could be made quickly as needed. We are now at Rippled version 70 compared to Bitcoin version 14. (source: https://xrpcharts.ripple.com/#/topology | https://github.com/ripple/rippled) The original team knew the potential of what they'd created. To work as they envisioned, it needed to spread to all countries and be available in all worldwide markets. Each member of the team knew that the road would be paved with difficulties, and nobody would just hand them the keys to transform an industry mired in inertia motivated by greed. Did they knew then the lengths that SWIFT would go to try to protect the status quo? It was a system where their member banks could continue to make money while they held onto people's money as it "floated" from bank to bank in a process that still takes days to transfer currency from country to country. It would not be an easy path for the company to navigate, using very limited amounts of initial capital. International Reach Ripple went through years of transformation, carefully taking aim at strategic locations throughout the world, locating personnel, offices, and alliances across borders. Chris Larsen was fearless in forging alliances in Asia and Europe almost immediately. They opened an office in London. Then Australia. Now India is in the works. In addition to brick-and-mortar offices, Ripple is augmenting their value-pair reach and liquidity by supporting integration with new exchanges. In less than two weeks, they were able to add six exchanges to their network, adding liquidity to the markets that are being targeted for value-saving Forex settlement. Ripple is deliberately and methodically building what will unavoidably be the replacement for antiquated modes of value exchange between currencies. Six new exchanges worldwide in less than two weeks... No other crypto-currency foundation has matched their ability to move at speed to establish a presence worldwide, and they are building a different kind of consensus now, a consensus that they are the inevitable future of international banking. Weather any crypto storm knowing that your money is on the right bet!