Potential XRP risks as outlined by Joel Katz

[corak]

12 minutes ago, FunkyGiraffe said:

Heck, lets replace it with 'Bitcoin' and see what happens

• Someone else does almost exactly the same thing Bitcoin does, but does it better. Where to start and end the list here?
• Unfavorable regulatory changes make Bitcoin's business model impractical. What business model?
• Some serious technical problem is found in the Bitcoin system and neither Bitcoin or anyone else is able to fix it. Transaction times, Transaction cost, centralization, 51% consensus
• Some horrible personal or business scandal affects Bitcoin Mt. Gox, BTC/USDT pairing
• Someone comes up with a better way to do Bitcoin Just about everyone in the last 8 years

Nope, no effect whatsoever.

I wish any part of this post was even a joke...spot on

[Pablo]

41 minutes ago, JoelKatz said:

RippleNet is sort of agnostic to how the money moves.

To my mind, this is the genius behind the approach taken by Ripple. While it doesn't necessarily get XRP investors super excited, it is this openness to the existing state of international banking that puts it leagues ahead of many others. Ripple offers baby steps or giant strides, depending on that client's appetite for change. That Ripple has a full suite of solutions, including its own currency to drive further savings on the Ripple ILP, should be something that does make investors super excited about the future both of Ripple and XRP.

Banks aren't much good at developing their own technology solutions - most offloaded their specialist IT staff years ago and I can't see any bank successfully developing and implementing their own DLT without a lot of headaches, a lot of sunk cost and even more risk. That means bringing in the experts such as Ripple.

On the other side of the ledger, I was genuinely surprised that IBM went down the ETH path. They still need to build the solutions and sell it to the banks. They are 12-18 months away from being ready and by then, it could be too late.

Edited November 22, 2017 by Pablo

[JoelKatz]

I think we're right at that critical point now where we are starting to pivot some customers to XRP for some corridors. We have enough adoption now and enough value and liquidity in XRP that that's realistic. Cuallix is, so far, the only announced partnership of this type. The main limiting factor right now is everyone having enough confidence that the system is going to work correctly that they're willing to flip the switch and let it make large, irreversible payments without intervention. This means, for example, correctly handling a large variety of failure/error cases which, though unlikely, must be properly handled in a production system. Fortunately, we went through a very similar process with xCurrent.

[bookworm]

Thanks JK ... which means that UAT is mostly completed for some banks with a small hesitation on Going Live in Production and any Compliance/Risks as is usually the case.

With year end approaching, the go live may need to wait given long hours and staff shortages during the xmas break with the exception on any earlier bank adoptions.  Only my opinion based on banking experience ...

[Insoniac]

4 hours ago, Ripplezzzz said:

I think the risk that the Ripple board will enter an airplane that crashes is much higher than something Bitcoin related.

Jesus, thank you for that mental image 

[AJSmirker]

7 hours ago, Siniath said:

I still think the greatest risk to XRP is bitcoin. You never know when it's going to burst but one thing is certain: it will take us down with it. 

A sharp drop in price will make FIs very wary of the whole crypto space. It could throw us back years. 

So imo it's going to be a race: will XRP be adopted first or will bitcoin crash first. 

2018 will be the year of Crypto regulations. With Bitcoin being the premier coin of terrorists, governments will make it a hot potato. You're about to see a lot of wealth go down the drain.

[pucksterpete]

4 hours ago, AJSmirker said:

Bitcoin being the premier coin of terrorists

ya got that wrong, its the USD which is the premier terrorist coin    

Edited November 22, 2017 by pucksterpete

[cryptoxrp]

3 hours ago, JoelKatz said:

I think we're right at that critical point now where we are starting to pivot some customers to XRP for some corridors. We have enough adoption now and enough value and liquidity in XRP that that's realistic. Cuallix is, so far, the only announced partnership of this type. The main limiting factor right now is everyone having enough confidence that the system is going to work correctly that they're willing to flip the switch and let it make large, irreversible payments without intervention. This means, for example, correctly handling a large variety of failure/error cases which, though unlikely, must be properly handled in a production system. Fortunately, we went through a very similar process with xCurrent.

@JoelKatz Tnx for the your earlier explanation on "... maybe banks are perfectly fine with just using Ripple software ..." and above post. Very much appreciated.

It might be "early days" but some of us are very curious how the Cuallix Xrapid implementation is holding up. Your remark "Fortunately, we went through a very similar process with xCurrent." is giving me a lot of confidence that the most critical issues have been solved already..... are you at liberty to give us some additional technical info?

Also there seems to be a signal (post on this website) that Unicredit might already be using or testing Xrapid. Your above post however seems to deny this.... can you elaborate?

[zenkert]

3 hours ago, JoelKatz said:

Fortunately, we went through a very similar process with xCurrent.

Sure you mean "Fortunately" @JoelKatz ? Not " Strategically well planned" ?

[xrpreston]

5 hours ago, FunkyGiraffe said:

Heck, lets replace it with 'Bitcoin' and see what happens

• Someone else does almost exactly the same thing Bitcoin does, but does it better. Where to start and end the list here?
• Unfavorable regulatory changes make Bitcoin's business model impractical. What business model?
• Some serious technical problem is found in the Bitcoin system and neither Bitcoin or anyone else is able to fix it. Transaction times, Transaction cost, centralization, 51% consensus
• Some horrible personal or business scandal affects Bitcoin Mt. Gox, BTC/USDT pairing
• Someone comes up with a better way to do Bitcoin Just about everyone in the last 8 years

Nope, no effect whatsoever.

i see benjamin lawsky and ron will  joining the bod and saying this is one of those rare opportunities and is the most excited about working with hyper-growth company's

as putting  ripple as a company in a class with either warren buffet or Bernie madoff . its either the biggest ponzi scheme ever, or the future of the way its going to be !

[JoelKatz]

2 hours ago, cryptoxrp said:

It might be "early days" but some of us are very curious how the Cuallix Xrapid implementation is holding up. Your remark "Fortunately, we went through a very similar process with xCurrent." is giving me a lot of confidence that the most critical issues have been solved already..... are you at liberty to give us some additional technical info?

I wish I could, but I don't think there's any more information that I can release. It gets very close to releasing information about specific partnerships, which I cannot do without the consent of the partner. In one of the earlier posts, I implied something that's not exactly right, and I can't untangle it without releasing information I can't release. So I kind of got too close to that line already.

 

2 hours ago, cryptoxrp said:

Also there seems to be a signal (post on this website) that Unicredit might already be using or testing Xrapid. Your above post however seems to deny this.... can you elaborate?

There are other partners using or testing xRapid. But Cuallix is the only one that we have announced yet.

[Graine]

9 hours ago, Ylod said:

but I think it is completely unnecessary and once again will be abused to spread more FUD among the masses.

And we can't have masses doubting our cult, can we?

[Rchopra]

10 hours ago, Siniath said:

I still think the greatest risk to XRP is bitcoin. You never know when it's going to burst but one thing is certain: it will take us down with it. 

A sharp drop in price will make FIs very wary of the whole crypto space. It could throw us back years. 

So imo it's going to be a race: will XRP be adopted first or will bitcoin crash first. 

Or btc crash can be opportunity to buy  for those who missed out or want to biy more. Bcz crash in price would not change xrp utility of cross border payments. 

[otstudio]

52 minutes ago, JoelKatz said:

I wish I could, but I don't think there's any more information that I can release. It gets very close to releasing information about specific partnerships, which I cannot do without the consent of the partner. In one of the earlier posts, I implied something that's not exactly right, and I can't untangle it without releasing information I can't release. So I kind of got too close to that line already.

Cheers to @JoelKatz for spilling as much as he can without cutting his own head off. Must be quite the tight-rope walk. Wonder if he's ever been called into the CEO office and told to zip it for a while..... Keep the good news rolling. 

[cryptoman]

I do not know of many companies out there are that transparent, and certainly not within the digital currency sphere.  @Hodor not sure if you've touched upon this in your blogs but that level of transparency is something that should definitely be reckoned with. 

This definitely enhances and fosters a positive public image &, adds to the good reputation as well as refutes the naysayers and those that don't bother to do their research and due diligence.