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anotherscott

Fidor Bank to use Ethereum

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http://www.coindesk.com/fidor-ethereum-core-banking/

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In contrast, Gruban said Fidor is no longer seeking to use blockchain services such as Ripple as a payments rail between itself and other banks. He said that such efforts "never really materialized" despite the bank’s enthusiasm, and that as a result, Fidor is now exploring internal use cases.

Sigh, I hope Ripple has bigger fish on the table.

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17 minutes ago, anotherscott said:

 

Sigh, I hope Ripple has bigger fish on the table.

I am grateful for Fidor Bank because they obviously helped get Ripple (Labs) on the map, but the circumstances and partnerships have changed greatly since then. Ripple doesn't need the legitimization any more. They are running with the mega-banks now. So, in that respect, I think Fidor Bank is a very small (bait) fish that brought about the big fish bank relationships that Ripple has now. 

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1 minute ago, MikeF said:

I am grateful for Fidor Bank because they obviously helped get Ripple (Labs) on the map, but the circumstances and partnerships have changed greatly since then. Ripple doesn't need the legitimization any more. They are running with the mega-banks now. So, in that respect, I think Fidor Bank is a very small (bait) fish that brought about the big fish bank relationships that Ripple has now. 

Haha - I was waiting for someone to put some spin on this, but so quickly? Who are these megabanks MikeF?

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1 minute ago, Haraldo said:

Haha - I was waiting for someone to put some spin on this, but so quickly? Who are these megabanks MikeF?

Santander 

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Aww, this is kind of sad because Fidor was one of the firsts, but this might be more of a reflection on Fidor than Ripple.  Ever since Frank Schwab left, Fidor has become completely uninteresting. The "Bitcoin Bank" never happened. Fidor was supposed to be up and running in NYC last summer but as of 2 months ago, they were still not fully partnered with a bank yet (they need a bank to provide the banking license).

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I don't have anything negative to say about Fidor Bank.  It is certainly very innovative, but they are still not a very big bank. According to this, you can take  a controlling interest for 32.85 Million in their stock:

https://www.macroaxis.com/invest/market/F5R.DE--valuation--Fidor-Bank-AG

Ripple's more recent relationships like Santander, SBI Holdings, Seagate, etc. are in the multi-billions category. 

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Its interesting article for sure. I can totally understand Fidor, although it must be noted that forum link above says that Fidor.de is using Ripple, while Fidor.uk is not. Not sure but I think Fidor is German bank, also not sure how come Ripple is not convienient for intrabank transfers.

But I understand Fidor, for Ripple to be functional you need many banks using it, so far only a couple of smaller banks have publicly stated their relationship with Ripple (although web page says 10 of 50 biggest). So if Fidor cannot send to anyone else YET, since noone other started to use it yet, it makes sense for them to see other uses of blockchain technology.

It is getting interesting in crypto world, I am fully invested into Ripple and hope to see something good come out of it. But for sure its getting interesting, not just ethereum, big companies like IBM and Microsoft are knocking at the door. In that light, I like Ripple strategy with ILP, it is probably more important thatn Ripple (and XRP) and might be best chance to bring Ripple to light (and hopefully increase XRP value).

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Would be so good to know Ripple corrente moves behind the scenes.. Hope they have a clean path and making some real advances with some banks and FIs. As small as Fidor might be, this can never be good news for ripple. Just not that bad. Nothing changes. 

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Fidor has been delisted from Frankfurt stock exchange last year and if i recall correctly was about to increase capital after delisting with funding from Russia (sanctions are still in force).

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This may be explained

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this account hold Fidor's EUR, Fidor gateway was set RequireAuth flag, only fidor authorized people can hold their IOU, so I think it is Fidor....

 

Edited by yxxyun

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This actually looks like Fidor is making a big "pivot"; dropping support for Ripple (which was never more than a proof-of-concept in their UI and never really existed) is just a small and probably insignificant part of this pivot.

Signs that point to "big pivot": using node + javascript, dropping Ruby, talk about "private apis" instead of "open apis", etc. There are also other statements which I think are related to this "big pivot":

Quote

 

"Using Ethereum it was a very easy thing to do, it was 200 lines of code in Solidity to write a model where it can really load up an account with fiat currency and send money between accounts," Gruban explained.

It is also 200 lines of code in Java or C#?

Quote

 

"Ethereum is out there being used by a lot of people," he said. "We’ll be coming to a point soon where we can say this has been tested more than any core banking system."

 

I think this statement is somehow significant and has to do with real reasons behind this pivot. How can be Ethereum more tested than "any" core banking system? Ethereum virtual machine is young and probably contains more bugs than Java or .NET virtual machine. And there are no banking dapps on ethereum network, so the banking apps can't be tested.

After Frank Schwab left, Fidor's direction regarding cryptocurrencies and open APIs became a little bit unclear, at least to the general public. This "pivot" probably shows what was cooking behind.

So basically, I think Fidor had technical/marketing issues with their implementation and had to do some big changes. For example, the development part of their public API never actually fully supported continuous integration, because developer accounts were associated with real banking accounts. And they were also using Ruby, which is rarely used in banking (backend and also frontend) apps.

So dropping Ripple support is probably just part of this big pivot. They just don't want to support RCL because other tasks have higher priority or much more attractive cost/benefit ratio. Therefore this "pivot" doesn't imply Fidor won't use RCL via ILP in the future. They just don't want to support it at this moment, because they're doing other stuff.

EDIT: Node in article maybe refers to Ethereum node and not necessarily Node.js node as I assumed. So maybe they didn't completely drop ruby. The code sample is actually Solidity ("address" type) and not javascript. But I still think it is a big pivot. Fidor white-label banking solution sales weren't great despite aggressive marketing.

 

 

 

 

 

Edited by T8493

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