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The_Phoenixed_Banker

Thoughts from an Ex-Banker-VP of Tech

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1 hour ago, The_Phoenixed_Banker said:

Ripple in my opinion is the current front runner because they have already signed 100 plus banks, meaning they have already cleared these compliance hurdles and already have a process in place that can continuously deliver the same results.

I never ever buy XRP based on a post in the Forum @The_Phoenixed_Banker. Never.
But this Post made me do it :angel:.

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1 hour ago, The_Phoenixed_Banker said:

 Regulation - In my opinion, the fact that Ripple has successfully signed 100 banks means that they have anticipated and sufficiently prepared for this from day one.  A bank would not sign unless Ripple passed these tests and agreed to continue to do so on a regular basis for as long as the relationship lasts.  I also want to point out that these requirements are even more stringent and bring along additional layers of audit when you are talking about cross-border payment solutions.

Stellar Lumens - The IBM relationship was definitely a big win for them......  if IBM (or MasterCard) went to a bank and said "we can now do everything Ripple can through Stellar and build on our existing relationship", the bank would say "well before we commit to onboarding this new tech we need access to the system backend, permission to hack it, check it against all regulations and whatever is found would need to be fixed before we can even consider it, oh and we got to audit it 6 a times a year, hack it once a year, need you to attest that you agree with all this and that all remediation's are done within a specified timeframe and that going forward if you ever fail to comply we will decommission your service and end the relationship with no penalty."  My overall opinion here is that for one the space is large enough for both to be successful and for two I cannot really see Stellar being as successful as Ripple in the financial institution space.  IBM can guide Stellar through all the regulatory and auditing requirements of banks but in my opinion by the time they are ready to move forward Ripple would already be five steps ahead.  I do think Stellar will be successful, just in their own way..........A new vendor in this space could easily take 3-5 years, since Stellar probably has IBM guiding them I could see 2-4 years.  This is where Ripple shines, with 100 banks already signed they clearly anticipated this hurdle.  It would really not surprise me to find out that they invested more into compliance than into product development.

My personal opinion on this entire landscape is that I believe Ripple, Stellar, and OmiseGo will all be successful.  Ripple in my opinion is the current front runner because they have already signed 100 plus banks, meaning they have already cleared these compliance hurdles and already have a process in place that can continuously deliver the same results.  I would be very curious to see how long it takes for a headline to appear stating "Stellar signs X bank through IBM".  My opinion is that this will not occur for at least another year or two......

Great read! Well written. Above a few quotes which I enjoyed the most. Very glad to have you onboard.

As a human race we are truly embarking 'on a new digital frontier' which I beleive will bring us the global Internet of value for all to enjoy. :rolleyes:

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Wanted to add that it's my belief the smaller money transmitters' ability to evolve rapidly will be the main driving force that motivates the larger banks to step up quickly, in spite of regulations.  The smaller companies' nimbleness will allow them to adopt XRP-bridging much sooner than the banks and they'll start taking their business away.  I've worked for banks too, and nothing lights a fire under their *** like a competitor taking their money away.

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2 hours ago, Xrpdude said:

Why do people quote the entire thing in order to say thank you... So weird!!

Noticed that too all over the forum @Xrpdude Not just this Post.
Maybe the need some basic education in Quoting skills?
Like this:
 - Don+t quote the entire post if not needed. Just mark a piece of text like this. And click "Quote this"
 - See attached picture

quoteThis.png.0d7e92e80aa88e565c6d6341d6c5eefe.png

:yahoo:

Edited by zenkert

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4 hours ago, XRPeteSampras said:

Thanks so much for the post, @The_Phoenixed_Banker, and I have a few questions (whenever you have time to answer).

  1.  When you were in your role at the bank, did you ever bring up Ripple to your company?  If not, was anyone else talking about it?
  2.  Brad Garlinghouse, in referring to banks who are adopting Ripple but are not yet utilizing xRapid, said that it would inevitably happen and that " the capital will flow to the most efficient path."  What is your opinion on whether or not the banks will be inevitably adopting xRapid and using XRP?
  3.  We heard rumors that there was considerable FOMO (Fear of Missing Out) at SWELL in the conference rooms.  Do you buy this?  Do you think perhaps Ripple's success will be increasing exponentially in the coming years, signing up more and more banks? 

I know you don't post often, but I'm glad you stepped in!  I hope we see a lot more of your opinions posted here.

Yes, indeed would like to hear his view !

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Just now, Amigo said:

I know you don't post often, but I'm glad you stepped in! 

Hey @Amigo he has only posted one Post.
Why say - I know you don´t post often?

Language has be taken care of, carefully.
It might be the key to further conversations, used correctly.

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