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moey91

A question for educated ripple enthusiasts?

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Okay so I am a huge ripple fan and invested in xrp back at the start of 2016 I have some fears thats been lingering on my mind for sometime now I got a pretty large stake in xrp and these are the only concerns i have about going forward in the future of xrp. 

1. My first question is can't the banks of the world create there own blockchain to suit there needs in international cross border payments and cut out the middle man that would be ripple in this case? I mean they have all the money in the world to hire the best of best to develop this sort of tech right? I know these questions can be confronting, I am not that educated on ripple to be able to answer this question for my self and wanted someone with a knowledge on xrp to be able to provide a educational answer on this topic. 

 

Thanks for your answers.

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You will get better answers from others, but I have seen this question before, and can give you a basic answer.

First rule: XRP is a Digital Asset (not a crypto coin, although they are very similar)

Yes Banks can make their own coin, just like you or I could make our own coins. However the bank coin and ours would be worthless, until we can convince others, that they have value. So, this means that all banks would have to agree to the same 'new' coin, and work together developing a common ledger protocol, all this while still competing with each other for the end user.

Secondly, at least in the US, there are strict regulations on the banking industry, that requires years of testing, and certifications before banks can even use certain new products. (Ripple has already passed a lot of these hurdles)

The plan, is that XRP will be an asset, that will be used to represent the world's wealth, while that wealth is in transit. For this reason, we already see value in the so-called coin.

Ripple already has developed 3 software products, that are past testing and are now actually being licensed and used in the banking and money exchange industry. The first 2 products, are the path to Ripples third package: xRapid which is XRP.

There are also other uses for XRP, which add value so keep reading this site and look for Hodor's Blog -

Put more simply- Banks love to make money not new technology. Ripple likes to make money as well as new technology. Banks love NEW tech if it makes Banks more money.

Why would a bank want to invest $ in their own SW development team? Have you ever worked with some of those people :lol:

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44 minutes ago, moey91 said:

Okay so I am a huge ripple fan and invested in xrp back at the start of 2016 I have some fears thats been lingering on my mind for sometime now I got a pretty large stake in xrp and these are the only concerns i have about going forward in the future of xrp. 

1. My first question is can't the banks of the world create there own blockchain to suit there needs in international cross border payments and cut out the middle man that would be ripple in this case? I mean they have all the money in the world to hire the best of best to develop this sort of tech right? I know these questions can be confronting, I am not that educated on ripple to be able to answer this question for my self and wanted someone with a knowledge on xrp to be able to provide a educational answer on this topic. 

 

Thanks for your answers.

No! Why doesnt a hand cream company make their own bottles to save money? cause it costs too much to own the bottling plant so they outsource it. 

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If that is your concern then you haven't read anything on this site or you are trying to cause FUD.  

Banks and anyone else can make their own coins and that's great..   now how do they get funds transferred outside their own walled garden?  They need a world wide asset that all parties accept...   XRP. 

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1 hour ago, Valhalla_Guy said:

You will get better answers from others, but I have seen this question before, and can give you a basic answer.

First rule: XRP is a Digital Asset (not a crypto coin, although they are very similar)

Yes Banks can make their own coin, just like you or I could make our own coins. However the bank coin and ours would be worthless, until we can convince others, that they have value. So, this means that all banks would have to agree to the same 'new' coin, and work together developing a common ledger protocol, all this while still competing with each other for the end user.

Secondly, at least in the US, there are strict regulations on the banking industry, that requires years of testing, and certifications before banks can even use certain new products. (Ripple has already passed a lot of these hurdles)

The plan, is that XRP will be an asset, that will be used to represent the world's wealth, while that wealth is in transit. For this reason, we already see value in the so-called coin.

Ripple already has developed 3 software products, that are past testing and are now actually being licensed and used in the banking and money exchange industry. The first 2 products, are the path to Ripples third package: xRapid which is XRP.

There are also other uses for XRP, which add value so keep reading this site and look for Hodor's Blog -

Put more simply- Banks love to make money not new technology. Ripple likes to make money as well as new technology. Banks love NEW tech if it makes Banks more money.

Why would a bank want to invest $ in their own SW development team? Have you ever worked with some of those people :lol:

Thanks alot on your answer that clarifies everything appreciate your response on this ☺

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@moey91, I truly do not mean this statement to be an insult, but I am genuinely surprised that you have been an investor in XRP since 2016 and yet have not yet learned the answer to the question that you pose. 

I will give you the benefit of the doubt and assume that you somehow haven't ever received a good answer about this.  I would honestly start following David Schwartz on twitter and search his posts on Quora.  It really is an excellent way to have this question and many other similar questions answered in a clear, concise, and sensible way.  Regardless, what a couple of members have posted above are great general explanations for why banks, even if they tried to create their own blockchains or tokens, are not really a threat to XRP.

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2 minutes ago, XRPeteSampras said:

@moey91, I truly do not mean this statement to be an insult, but I am genuinely surprised that you have been an investor in XRP since 2016 and yet have not yet learned the answer to the question that you pose. 

I will give you the benefit of the doubt and assume that you somehow haven't ever received a good answer about this.  I would honestly start following David Schwartz on twitter and search his posts on Quora.  It really is an excellent way to have this question and many other similar questions answered in a clear, concise, and sensible way.  Regardless, what a couple of members have posted above are great general explanations for why banks, even if they tried to create their own blockchains or tokens, are not really a threat to XRP.

Yes i know i should dig deeper into researching some of this information for my self the reason i invested into xrp was knowing there use case and seeing that they where partners with the bank i bank with at the time, so i thought wow if they have reached my bank than they defiantly bringing something good to the table. Other than reading some article's here and there i havnt actually gave it the time to get right into it which i will start doing. And thanks on the twitter tip im on to it now. 

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THE template:

1. New User, pretends to be interested or in search of opinions.  ✔

2. I am an XRP investor since 201X and a hodler  ✔

3.  I believe in Ripple's mission ✔

4.  BUT, here's my concern / highlight or spin up something potentially negative, but sound supportive ✔

5.  Create a well disguised, FUD'ish thread title 

6.  Continue the discussion and expand your FUD point slowly and methodically. ✔

7.  Have a “friend” or other user (usually a new user)  jump in and defend you when you’re called out for fitting the template.  The “I think this is a valid question” posts.

Edited by Phintech

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Just now, moey91 said:

Other than reading some article's here and there i havnt actually gave it the time to get right into it which i will start doing. And thanks on the twitter tip im on to it now. 

Ah ok then....   I apologise for suggesting you might be trying to cause FUD.  

I honestly didn't think anyone could be long time invested without knowing about that answer.  

I suppose I am so interested in it that I forget others might not be.  

Its also unfortunate that your post exactly matches the new member FUD template that is done so often by truly antagonistic people deliberately spreading doubt. 

We really should get organised and just have a numbered standard question list and simply link to it with the answer number.   Maybe next week eh!   :) 

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8 minutes ago, Tinyaccount said:

Ah ok then....   I apologise for suggesting you might be trying to cause FUD.  

I honestly didn't think anyone could be long time invested without knowing about that answer.  

I suppose I am so interested in it that I forget others might not be.  

Its also unfortunate that your post exactly matches the new member FUD template that is done so often by truly antagonistic people deliberately spreading doubt. 

We really should get organised and just have a numbered standard question list and simply link to it with the answer number.   Maybe next week eh!   

9 minutes ago, Tinyaccount said:

Ah ok then....   I apologise for suggesting you might be trying to cause FUD.  

I honestly didn't think anyone could be long time invested without knowing about that answer.  

I suppose I am so interested in it that I forget others might not be.  

Its also unfortunate that your post exactly matches the new member FUD template that is done so often by truly antagonistic people deliberately spreading doubt. 

We really should get organised and just have a numbered standard question list and simply link to it with the answer number.   Maybe next week eh!   :) 

Thats okay im not the sharpest tool in the shed when it comes to xrp and ripple but yeah i was legitimately asking. I made the investment becouse i know difficulties of cross-border payments, being a importer / distributor of consumer electronics i know the pain of using the banks platform to transfer funds, and the idea of xrp being able to do it in seconds and cheaper would make a world of difference in the retail / everyday trading network. And like i said my banks NAB and ANZ where partners with ripple at the time of my investment and that was my thought process to make that decision. Other than singing up tp xrp chat plus other facebook pages i havnt really got into a full analysis of research. 

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23 minutes ago, Phintech said:

THE template:

1. New User, pretends to be interested or in search of opinions.  ✔

2. I am an XRP investor since 201X and a hodler  ✔

3.  I believe in Ripple's mission ✔

4.  BUT, here's my concern / highlight or spin up something potentially negative, but sound supportive ✔

5.  Create a well disguised, FUD'ish thread title 

6.  Continue the discussion and expand your FUD point slowly and methodically. ✔

7.  Have a “friend” or other user (usually a new user)  jump in and defend you when you’re called out for fitting the template.  The “I think this is a valid question” posts.

Wasn't trying to cause FUD i was legitimately asking that question my apologies if it was mis interpreted as something elese. 

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30 minutes ago, moey91 said:

Wasn't trying to cause FUD i was legitimately asking that question my apologies if it was mis interpreted as something elese. 

Cool.  Like others have said, this topic has been covered so many times and is easily searchable.  My bad if it wasn’t your intention but my first reaction to these is a defensive position because 95% of the time it’s correct.

👊

Edited by Phintech

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46 minutes ago, moey91 said:

Wasn't trying to cause FUD i was legitimately asking that question my apologies if it was mis interpreted as something elese. 

Thanks for the communication, @moey91.  I hope you understand that XRP supporters get hit from all sides of the FUD spectrum and can be a bit punchy when they perceive that another enemy is at the gates.  It can be incredibly frustrating because many of the questions that are posed not only have been answered quite sensibly a thousand times, but the very questions themselves are intended to spread FUD to people who are new to the space.

I wish you all the best in your investment, of course, and I hope that especially on XRPChat we can all continue to try to answer questions in earnest to help provide good information for people.  Even if they are FUDsters, it may be better to kill them with kindness and truthful information than to engage them.  Those who are new and standing on the sidelines will benefit much more if we took that approach.

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one of the other things that comes to mind is that if it was so easy to just create a new digital asset with the capabilities of xrp, then xrp wouldn't be the best performing asset in terms of transaction time and speed. It's not new so it has some nearly "first to market" benefits. the guys have been at this project for basically 14 years.  https://en.wikipedia.org/wiki/Ripple_(payment_protocol)

being that it's increasingly widely accepted helps as well, it's gaining adoption rapidly (no pun intended) and I think it would be difficult for a new digital asset to just suddenly be created and surpass it. although I believe 2018 will be the deciding year for which way that goes. 

Plus, Ripple is extremely compliant. They're a stand up company working with nations around the world on regulatory boards and financial communities to create a true asset and a value add. Trying to displace them would take some clout and as mentioned above, banks aren't tech companies, they're financial companies. You'd need someone bank sized that was tech based 100% jumping into this at the speed of light to catch and surpass XRP/Ripple. I'm not saying it can't happen, just that Ripple has a really good foundation right now in my opinion. 

14 hours ago, MegaNerd said:

No! Why doesnt a hand cream company make their own bottles to save money? cause it costs too much to own the bottling plant so they outsource it. 

Totally agree. To take it a step further many companies don't even make their own products. That hand cream may not actually even be made by the hand cream company. They may have it sourced from one location, the bottles from another, then all they do is market and sell it. Banks are basically doing the same thing with financial services. 

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