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Found 6 results
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  1. Hi all! I am wondering if we can see what are the implications on using xRapid. Cuallix is the only available example for now. Did they reduce fees for money transfer, how long do the transactions take from start to end(start being when one sends money, end being the receiving part has money in their account).
  2. https://www.coindesk.com/ripple-claims-3-money-transfer-firms-xrp-2018/ Three of the top five money transfer companies worldwide will be implementing Ripple’s XRP token in their payment flow systems this year, the company said in a tweet Thursday. (Hope no one has covered this very recent news yet....otherwise mods, please move.)
  3. As I am seeing it right now, a big reason why ripple and xrp are not starting to roll out is the volatility of xrp. Something that could have been excluded if xrp was backed by for example the dollar. I know about the possibility of intermediary businesses that could be responsible for the risks of the volatility. But isn't the concept of ripple just all about creating a way of extremely fast money transfers without any third parties along the way? It is also confusing because ripple still holds 60 percent of the pre-mined currency. Because of this it is easy to think that ripple has a second goal next to creating a fast and seamless way of transferring money (cross border). And that reason is earning good money for the organization itself. I know that ripple states that they are using the money earned by selling of their xrp to advance the system. But In my opinion this just cannot go hand in hand with the fact that they still own 60 percent. I would also struggle to believe that this "system" is only able to be created with an backup reserve as the 60 percent that has been decided to be held by ripple. Is it for example not possible to create a fast and cheap crypto currency as xrp that is backed by a fiat currency? Or could anyone tell me why ripple needed to choose to make ripple as it is today. I will definitely appreciate any thought or comment
  4. The XRP token is not in the current bull run because of some misconceived reasons which require scrutiny: 1) Although many banks are using the XRP platform as a money transfer system, the XRP token is not boosted by this fact because the ledger has nothing to do with the altcoin. My idiot-level view: Imaging the XRP platform to be a car that can run on different types/brands of fuel like gasoline, water, diesel, brine, etc. (i.e. the metaphors for major fiat currencies, Bitcoin and the major Altcoins including the XRP token, collectively the "Usable Currencies"). In such a sense it can be said the XRP ledger (the "car") is currently helping banks remit many forms of money (the Usable Currencies) at a high speed and low remittance fees . However, such remittance fees, though much lower than SWIFT fees, do vary from Usable Currency to Usable Currency with that of the XRP token being the lowest. Quite obviously, as the XRP token is currently not in circulation to the extent of fiats and Bitcoin, it means it is these Usable Currencies minus the XRP token that are the current "fuel" driving the XRP platform. And the XRP firm has to let this be the situation for now in order for the platform to gain usage and popularity and as such the XRP token has not as yet experienced any great demand as the would-be ultimate currency for remittances. Once the platform catches on and becomes a popular way of remitting money, users will start comparing remittance costs among Usable Currencies and that is when the XRP Altcoin will hit the moon. Simply put, the token is indeed linked to the ledger but when you introduce a new car in the market with your own brand of petrol, you have to allow the car to sell well first before the petrol that goes with it can gain traction. 2) The XRP platform aims to replace the SWIFT system of money transfer, but since SWIFT is owned by banks, one can be sure the banks will not allow it to happen. My idiot-level view: The above is based on the wrong presumption that SWIFT is owned by all banks in the world and each bank stands to lose out should XRP take over SWIFT. The truth is SWIFT is only owned by its members which are financial institutions and non-member financial institutions do not benefit from the high fees charged by the SWIFT system. In any event, financial institutions are not the only party transferring money, non-banking related businesses, which is the overwhelming majority, also have to remit/transfer money and it is due to a lack of choice that they have to make use of the SWIFT system via banks. The XRP system enables such majority to bypass banks and SWIFT. The fact that so many banks have presently converted themselves to XRP banks (see below) proves that it is a matter of time before SWIFT banks become overwhelmed because XRP fees are as much as 60% cheaper. 3) New ledgers/platforms are coming into existence which adopt or copy some of XRP"s technology and as such, the XRP token is unlikely to appreciate and instead its price may even collapse. My idiot-level view: Presently, XRP has been approved or is being used by the US Federal Reserve, the Bank of England, a consortium of Japanese banks with 61 members including Japan Post Bank as well as the country’s three megabanks – Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group – representing more than 80 per cent of Japanese banking assets, the Siam Commercial Bank, with another between 20 and 25 banks planning to sign with Ripple in the next 18 months in the Asia-Pacific region. There is also a lot of interest expressed by both the public and the private banks in China with one of the biggest banks there already using the system which is also supported by large communities, including those of Google, Facebook and Uber. And the Ripple team is working hard in signing up more users worldwide. Such first mover advantage will be very difficult for any new competitor to overtake. 4) XRP's Interledger solution is a peer-to-peer solution which means banks using it can lose control of their own network as distinct from a Hyperledger, which is a private blockchain with a centralised hub to control the process and banks using it will be able to control transactions among their own branches. My idiot-level view: As previously mentioned, banks presently do a lot of remittances/transfers because businesses, which form the bulk of remitters, have no choice but to do so through banks. Once the XRP system catches on because of its great savings and its flexibility and convenience of use (without for anyone having to go to or through the bank) monetary transfers by banks will fall to a negligible level. As such, the role of banks in such transfers is likely to be wiped out someday. Hence, the point here is a non-issue to me. 5) The Ripple firm has retained 60 billion XRP coins and can therefore flood the market with it causing the token's unit price to collapse. My idiot-level view: Apart from the firm's promise in locking 14 billion in XRP Cryptocurrency (which does not seem to appease many people so far), the truth of the matter is this. Would the firm shoot itself in the foot by allowing the XRP unit price to collapse thereby rendering whatever XRP coins it is holding or retaining worthless? 6) XRP is a centralized system which means the system is under the control of a single firm. My idiot-level view: The question here is this. Does XRP the firm introduce its technology to the world just for the sake of technology or the fun of it, or is it also to make money? If it is also to make money, the fact that the system is under centralized control must mean that it gives the firm a guaranteed freedom without interference to administer the whole platform and improve on it wherever necessary in order to steer it to become the world's standard for money transfers or, to put it in another way, to ensure that whatever XRP coins it is retaining will make a lot of money for all those guys who have been contributing towards the technology and managing the whole system. In short, why begrudge these guys making big money out of their tokens? Do third-party holders of XRP coins be it investors, punters, businesses, banks, etc. not stand to benefit in the process if the closed system becomes a success unlike what is now happening to decentralized Bitcoin -- think BTC, BTH, SegWit2x, and other potential forks that have yet to come about! Is that good for Bitcoin as the top Cryptocurrency? 7) XRP is dead because of the above (misconceived) allegations. My idiot-level view: Apart from the above views in rebuttal, the point here is that currently at about 16 cents, XRP is almost guaranteed to be the best punt for one to at least double his capital quickly once BTC's price starts to unwind together with those of ETH, BTH, etc. in tandem when those who have sold out to take profit will likely put part of it into XRP hopefully to double or triple their profits because at 16 cents it is not that difficult for XRP to go up by just another 16 or more to 32 and above. THE ABOVE IS NOT INTENDED AS FINANCIAL ADVICE BUT JUST A PERSONAL VIEW
  5. So basically , I have a friend in US and he wants to send $400 to me in Europe. Irronically , I will invest those $ in XRP He needs to use Western Union for that transfer, and the problem is: 1. I loose money on high transfer fee 2. I loose money on Dollar to Euro exchange. If there was some kind of "Ripple/XRP" solution, that would be great, we all agree on that
  6. http://www.moneyobserver.com/news/12-07-2016/bitcoin-roundup-right-now-bitcoin-might-be-safer-currency-sterling "In yet another move to lower costs and improve efficiency using blockchain technology, several banks, including Italy's UniCredit and Spanish-based Santander, have successfully used the Ripple distributed financial technology platform to transfer funds.
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