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My take on the Brad Garlinghouse interview at the Yahoo Finance Summit


Chewiecoin
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Hello everyone, 

i would like to address this question about the use XRPrapid:

if i understand well this regards the use of XRP as liquid tool to send money cross-borders. Taking the example Brad B. made :

I am the BANK A in US and i want to send 1000$ to bank B in Argentina : if the two banks use Xrapid then Bank A can convert 1000$ into XRP and it can send. Then the Bank B will receive the  corresponding amount of XRP and  convert it into Argentinian Pesos.

My Question is what happens to the XRP that were used for this transfer? They disappear ? They are in a way "Burned" ?

Thank you for your answer.

 

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22 hours ago, Chewiecoin said:

I finally got the chance to watch BG’s interview at the Yahoo Finance crypto summit and I really enjoyed it.  It’s so rare to find a CEO that is so passionate, charismatic and knowledgeable about his or her company. Well done Brad.

I am sure a lot of this has been posted in various threads but I wanted to give my take on the interview:

1) Lian Lian partnership. Heaps of already great threads on this. Fourth largest payment provider in China using xCurrent. Fantastic! The marathon of announcements continues. It’s all very good for Ripple and XRP.

2) I really enjoyed Brad’s explanation of xCurrent vs xRapid. It took my understanding of the differences to the next level. I think we underestimate the difference between the two products. We think xRapid (which uses XRP) is just a faster and cheaper version of xCurrent. There is so much more to it. xCurrent is a messaging service that solves the delayed settlement between international banks, from days to seconds but you still need to prefund local fiat in banks all around the world. $20 Trillion worth of dormant capital is sitting in banks doing nothing just so banks can use the SWIFT network. Yes xCurrent helps that by making the settlement near instantaneous but you still have all that dormant capital.

xRapid solves that problem. No need to have all that dormant capital. Exchange your local fiat for XRP transfer to the receiving international bank in seconds and they convert XRP to their local fiat. Fabulous. 

Also Brad’s point about it taking 6 to 9 months to finalise an agreement with an international bank to have the nostro and vostro account. xRapid does away with all this old fashioned nonsense.

It just makes more and more sense for banks to start with xCurrent and then move to xRapid. We are definitely going to see widespread xRapid adoption over time. 

4) Bank of England and another yet unannounced central bank working with Ripple. Fantastic. There are so many FI’s working with Ripple that we don’t yet know about and more will come on board. Hopefully more central banks as well. China anyone?

5) SBI Ripple Asia. Again, I knew the partnership with SBI was good but not this good. 63 Japanese banks representing over 40% of all Japanese bank accounts is incredible and not just using it for cross border payments but domestic payments between each other. More amazing news.

6) Ripple wants XRP to be successful and is willing to spend its war chest ensuring this. Ripple wants XRP volume and velocity. “We will invest in the success of the XRP ecosystem” That’s a great statement. Ripple is backing its coin.

7) ”I don’t comment on price”. Yes,  nor should he or anyone at Ripple. We get so many posters in here whining about why Ripple isn’t talking about the price. They absolutely shouldn’t be.

8) “Don’t worry about XRP’s price in 3 hours, 3 days, 3 weeks or even 3 month. Look at the price in 3 to 5 years” woohoo fantastic statement. One I have been preaching for months in here. The short term price does not matter. What matters is that Ripple has the fundamentals right and has a real use case solving a real world multi trillion dollar problem. The higher prices will come in time. Patience and Time.

Overall an excellent interview and one that will encourage new investors to XRP and more importantly will help existing FI’s investigate the benefits of Ripple in their business. It will be a wave of adoption soon. 

The future is very bright.

It was truly fantastic interview. Over 100 banks & FIs are using Xcurrent and only 3-4 entities are using XRapid. I feel more and more will use Xcurrent initially and later switch over to XRapid which is cheaper and will use Ripples's XRP. Process might take 3-5 years and real richness to investors will come then only. Extremely optimistic and long term hodler.

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44 minutes ago, teddybear said:

You can't learn IQ. Huge misconception.

Nobody needs math or anything to do an IQ test. It's mostly visual patterns.

For discussion purposes only:

- first: how do we define IQ? ( e.g. What do we call tall/short? What is the reference?) . IQ test are developped by and for the Western world.  It depends on the way you measure something what the outcome is. ( quantum mechanics: atoms are particles and waves at the same time: depends on the way of measuring)

- I have done dozens of IQ tests in my life and all sorts available. You actually can practise them to score higher. I know I did. And besides that I score much higher when there’s an emphasis on logical thinking in words ( Watson Glaser test) than in visual tests ( I’m to impatient and pictures don’t interest me as much). The difference in outcome was from “ medium acadamic” to “ top 5%” and one time even “ below academic average”). Still I have had the same IQ ( I guess/hope) in these 5 years. 

So Africa having a lower average IQ can be an outcome of the way of measuring it and IQ definition, rather than a real difference in intelligence.

Edited by Ripple-Stiltskin
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Unless you are born with a remarkably low IQ, what matters more is how well your parents are able to nurture your development.

There are loads of intelligent people who never achieve anything mentionable because of very low self esteem caused by terrible parenting.

On the other hand you can find people of moderate intelligence, who are able to end up far in life.

Of course a person with higher intelligence can achieve more than a person with moderate intelligence. But in the end what matters more is what a person thinks of him/herself and his/her abilty to conquer the challenges of life. These basic attitudes are not inborn, but to a large extent shaped by our ealry interactions with our caretakers.

 

I find it strange coming from you @teddybear, you are always touting how much therapy has done for you. I'd think you understand the weight nurture carries in the nature/nurture equation.

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42 minutes ago, Mrecho said:

Hello everyone, 

i would like to address this question about the use XRPrapid:

if i understand well this regards the use of XRP as liquid tool to send money cross-borders. Taking the example Brad B. made :

I am the BANK A in US and i want to send 1000$ to bank B in Argentina : if the two banks use Xrapid then Bank A can convert 1000$ into XRP and it can send. Then the Bank B will receive the  corresponding amount of XRP and  convert it into Argentinian Pesos.

My Question is what happens to the XRP that were used for this transfer? They disappear ? They are in a way "Burned" ?

Thank you for your answer.

 

No, they retain their value. Otherwise, nobody would want to pay $1000 in Argentinian Pesos for it in your example. Technically, a tiny amount is burned in transaction cost. 

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37 minutes ago, ZeeperCreeper said:

I find it strange coming from you @teddybear, you are always touting how much therapy has done for you. I'd think you understand the weight nurture carries in the nature/nurture equation.

You are confusing intelligence and inner peace. Contradictory to what you might think, intelligence is rather counterproductive to inner peace, for a easily readable and rather funny reference check out "Curse of High IQ" by Aaron Clearey.

I get IQ results in the 120s, which is quite above the 100 global average. And my intelligence is quite an obstacle when doing therapeutic sessions, as I have a problem accepting things that are irrational, but the childish mind which ultimately causes the majority of mental illness is irrational.

You don't "understand" therapy. You do and accept. And smarter you are, the harder it is. "dumb people are happy" has some truth to it.

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29 minutes ago, DQA said:

You guys have gone horrendously off topic. Perhaps open a separate topic to debate the nature of IQ?

Yeah, sorry. I went from the nostro accounts to global acceleration of the economy, to inequality to IQ.

Well, when price is stalling out and is boring, then it can become philosophical. Needs distraction.

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1 hour ago, Ripple-Stiltskin said:

IQ test are developped by and for the Western world.  It depends on the way you measure something what the outcome is.

Sorry, we can't say that all are humans and all are equal no matter the colour, origin or sex, but then measure differently where we see fit or where we feel a desire to sugarcoat the reality. That's having double standards and just awfully wrong.

Edited by teddybear
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33 minutes ago, jcdenton said:

No, they retain their value. Otherwise, nobody would want to pay $1000 in Argentinian Pesos for it in your example. Technically, a tiny amount is burned in transaction cost. 

Other question (rather basic): Does xCurrent actually settle the money faster, or does it just improve the messaging?

In other words, does only xRapid solve both the liquidity and the low settlement issue?

Edited by teddybear
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1 hour ago, teddybear said:

Please elaborate. What's wrong about my statement that IQ is something you are born with instead of something that you can get through education?

Although appealing, the idea of a universal measure of "intelligence" is flawed. If you take the time to read through the WAIS-IV manual (which is the most widely used IQ test in the world), you'll see that the theory behind it is really outdated... I mean, most of the concepts they use to describe some of their tests aren't even remotely close to what has been described in cognitive neuroscience.

In any case, intelligence is an ethnocentric construct (there's no such thing as a culture-free test)... our western society values some skills over other ones, which will then determine what we actually test to find out whether somebody is "intelligent". But, for example, why isn't Theory of Mind tested when trying to assess somebody's IQ? I feel that somebody with a high-level of social cognition would probably be perceived as smarter than somebody who can just plow through Raven's matrices in 3 minutes.

To be clear, it's not only the definition of intelligence that is ethnocentric, but it's also how the tests are conceived (one researcher I know that studies this is Tarek Bellaj). In any case, problem solving is heavily influenced by learning (i.e., memory)... knowledge of similar problems allows you to formulate new hypotheses and solve the problem quicker (see heuristics). Basically, your level of education has a enormous impact on how you solve problems (which is then reflected on an IQ test). And as you know, education depends on your socioeconomic status and even your country of origin. 

I think that every cognitive neuroscientist out there agrees that intelligence is determined by both nature and nurture. But yes, somebody with an IQ of 80 (measured when he was a child) won't ever score 130... unless he had some learning disability that compromised the first result.

Also, a legit IQ test isn't limited to visuospatial reasoning... the WAIS-IV also measures things like working memory, processing speed, verbal reasoning, etc.

To conclude, regardless of what an IQ test actually measures, in our society it's true that scoring high on an IQ test correlates with "useful and less useful behavioral traits" (to simplify, I don't want to elaborate too much...), which makes it a useful, albeit opaque, tool. Using it to compare ourselves to other cultures is a misguided endeavor.
 

Edited by BlackRainbowFT
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6 minutes ago, teddybear said:

Sorry, we can't say that all are humans, no matter the colour, origin or sex, but then measure differently where we see fit or where we feel a desire to sugarcoat the reality. That's having double standards and just awfully wrong.

Like I said: so the outcome depends on the standard you set ( and whois setting the standard). Its rather cold now in Holland, but in Siberia they call these tempartures “ summer”. Who is right?

on topic again: yeah, nice interview with Brad! Although I’m sure BTC hardcore fans see this different. Whois right, lol.

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13 minutes ago, teddybear said:

You don't "understand" therapy. You do and accept. And smarter you are, the harder it is. "dumb people are happy" has some truth to it.

Accepting is only the first step in the therapeutic process. Irrationalities in behaviour/thought always stem from unresolved issues. Deep psychological healing and change can't happen without deep understanding of the origins of those irrationalities. Peace of mind that comes with higher self-acceptance is great. But it's really just scratching the surface of what thorough therapeutic work can offer.

I'll stop hijacking the thread now.. :)

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13 minutes ago, ZeeperCreeper said:

Accepting is only the first step in the therapeutic process. Irrationalities in behaviour/thought always stem from unresolved issues. Deep psychological healing and change can't happen without deep understanding of the origins of those irrationalities. Peace of mind that comes with higher self-acceptance is great. But it's really just scratching the surface of what thorough therapeutic work can offer.

I'll stop hijacking the thread now.. :)

Well said.

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2 hours ago, Mrecho said:

Hello everyone, 

i would like to address this question about the use XRPrapid:

if i understand well this regards the use of XRP as liquid tool to send money cross-borders. Taking the example Brad B. made :

I am the BANK A in US and i want to send 1000$ to bank B in Argentina : if the two banks use Xrapid then Bank A can convert 1000$ into XRP and it can send. Then the Bank B will receive the  corresponding amount of XRP and  convert it into Argentinian Pesos.

My Question is what happens to the XRP that were used for this transfer? They disappear ? They are in a way "Burned" ?

Thank you for your answer.

 

Bank B now has the XRP and can convert that to Pesos anytime it wishes. XRP has value let's say it's 1 XRP = $1 USD and 1 XRP = 5 Pesos. 

Bank A buys 1,000 XRP for their $US1,000 and sends it to Bank B in seconds. Bank B now has 1,000 XRP which is worth 5,000 Pesos. 

XRP has value. Bank B can store it for a future transaction or sell it for 5,000 Pesos. The 1,000 XRP is not burned it is still active. You store it or sell it. 

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