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Mastercard and Visa: Big Challenge for Ripple?

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So far, announcements had been made regarding Mastercard, having a "network that includes 22,000 banks and financial institutions around the world.", implementing their own blockchain technology for cross-border payments, while Visa, partnering with blockchain-startup, Chain, for cross-border transactions. Should we be worried? That Ripple's market is already being tapped by large financial institutions? Also, IBM partnering with Stellar. It just feels like time is against Ripple, as Mastercard and Visa I believe, are one of the biggest "nodes" that Ripple can partner with or in competition with. Thoughts?

 

https://www.google.com.ph/amp/amp.timeinc.net/fortune/2017/10/20/mastercard-blockchain-bitcoin

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Also, cryptocurrency are not on their mind, specifically Mastercard. It just feels a bit scary, that Ripple might get overrun by these institutions. It seems a little overwhelming seeing on the news a non-stop barrage of announcements of financial institutions regarding blockchain tech and implementation without that certain keyword we've been looking for:

"...in partnership with Ripple..."

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The good news is that Chain Core has integrated ILP, so any enterprise system using Chain should be able to send via other ILP systems (e.g. access XRP liquidity).

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Although the transaction itself will register on the blockchain instantaneously, the funds are still moving through the same system Mastercard uses now, meaning there won’t necessarily be an improvement in speed

Meh. This doesn't worry me too much.

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@liveforxrp that's great but based solely on announcements made earlier, it just feels like Mastercard evaluated what Ripple Tech is and ultimately, chose to build their own blockchain tech and use cash as a means of currency to circumvent and bypass all regulations and problems they might encounter in dealing with cryptocurrency.

 

I guess the underlying thing here is that we all know how RippleNet is great for financial institutions, but as the engine powering it is basically open source, it just feels like Ripple's being used for evaluation only.

I do want to be proven wrong on this, as I also am heavily invested with Ripple.

Hopefully, as everything that's happening now is purely on an inception stage, once the bubble burst, hopefully Ripple stands on top.

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13 minutes ago, x5977 said:

we all know how RippleNet is great for financial institutions

 

Edited by nickphil
misread the post

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Actually looking at the graphic a bit more closely. I think we may be able to infer even more. I'm not sure that the icons on the right were chosen by accident. The MXN xRapid corridor may first be used to service p2p remittances (remember SaldoMX?). The JPY corridor for institutional payments and the KRW corridor for mobile payments. This is highly speculative though.

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2 hours ago, x5977 said:

@liveforxrp that's great but based solely on announcements made earlier, it just feels like Mastercard evaluated what Ripple Tech is and ultimately, chose to build their own blockchain tech

We should not underestimate companies like Mastercard, but usually such companies are able to keep being succesfull not by trying to redevelop hard technology themselves rather than have that developped and implemented by experts. It's all about focus: parties like Mastercard just have to conclude that the technique would keep them in competition, and then outsource that part to the right party. In that way they can focus on their own strengths. For example, they could do all of their marketing themselves as well, but such parties will usually hire a specialized bureau for it as they are just better at that.

Edited by Amigo

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9 hours ago, x5977 said:

Also, cryptocurrency are not on their mind, specifically Mastercard. It just feels a bit scary, that Ripple might get overrun by these institutions. It seems a little overwhelming seeing on the news a non-stop barrage of announcements of financial institutions regarding blockchain tech and implementation without that certain keyword we've been looking for:

"...in partnership with Ripple..."

Not a problem. ILP spreading inexorably. Xrp follows 

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Did you hear Brad answering the first question in his Q&A session - "is Ripple working with AMEX, or (with) Visa?". He was very evasive, didn't answer a thing, just talked about "confidentiality, regulations, that they announce customer relationships when their partners are ready to, and how part of working with the industry is not trying to surprise them". Eric's (VP Business Operations) response is "stay tuned'.

Of course these companies will be looking at their own blockchain solutions but any of them could beat the rest to market by possibly years by partnering with Ripple now.

I'm convinced there is something going on. Do I see something struggling to get out of the bag?

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4 minutes ago, FunkyGiraffe said:

Did you hear Brad answering the first question in his Q&A session - "is Ripple working with AMEX, or (with) Visa?". He was very evasive, didn't answer a thing, just talked about "confidentiality, regulations, that they announce customer relationships when their partners are ready to, and how part of working with the industry is not trying to surprise them". Eric's (VP Business Operations) response is "stay tuned'.

Of course these companies will be looking at their own blockchain solutions but any of them could beat the rest to market by possibly years by partnering with Ripple now.

I'm convinced there is something going on. Do I see something struggling to get out of the bag?

That's the answer for all these questions: 'I can't comment on that', 'NDA stuff'. They should be transparent. If you don't deny a rumour people will assume it is true. If you use Uber, AirBnb, etc in all your examples, people will believe there is something going on even if not. All projects in crypto are using the same strategy to create hype. Problem is that hype has a limit...

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