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Dutchpinoy

Looking into factual bad press

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20 minutes ago, Ripple-Stiltskin said:

Because you can’t expect a 100% score with acquisitions, every company loses a client once in a while, thats business as usual. As long as your clientbase is profitable enough and you get enough new clients for growth and sustaining your business model. 

You know, I'd actually been dreading the possibility of such an announcement and what it might do to our prospects for adoption. But you're right, as long as the technology is as good as we think it is and other institutions are confirming the results, a single partner dropping out wouldn't scare off the major players in the long term. These types of level-headed perspectives are what I really love about this community, thanks for helping dispel another one of those nagging points at the back of my mind.

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6 hours ago, Coretex said:

"after piloting XRP, clients decide NOT to use Ripple, for whatever reason"

If something keeps me up at night, it is this.

Then you should ask yourself a question ...

If you were sitting here in 15 years time, pondering the way that banks transfer money around the globe, how do you think it would happen? Would it be

a] still using the same system as the current 2018 banking methods, SWIFT + domestic payments

b] a system based on some new technology that emerged between (say) 2013 and future now.

If the answer is b] - then a new question arises. What will this new technology be? Will it be some fancy system that we have not yet heard about that makes payments and settlements in fractions of seconds and scales to handle millions of transactions globally every second? - or will it be based on something that has been tried and tested already like DLT and is being developed right as we speak by ripple. Something that takes seconds and scales to thousands per second? (And if we factor in payment channels that are supported by ripple already, then we can increase our speed thresholds already).

If the system that is in use in the future is not ripple, then it needs to be something as good as, or better, and it needs to be trialled, tested, rolled out and deployed by many many institutions - and whilst this new system is being developed, ripple is still here, still working and still better than SWIFT (as far as we know currently and I suppose this is the main reason for this thread - because what if it isn't better). It's so much easier to use something that already works, than to create a newer, better version of it.

With 35million ledgers already closed without problem, we can rest assured that if there was a technical problem, there would be clues already, and fixes would be in preparation - if the system didn't quite integrate properly with the current banking system/methods, then that could be tweaked.

The only real dangers are that

1) FIs decide not to use ripple because "it's just easier to stick with what they already have" - but then that brings us to a] above, and it's clear than any bank sticking with a] will be out-competed on costs/speed with by banks that switch to b]

2) an alternative to ripple emerges that is even better, however that has to happen very soon because if it doesn't then too many FIs will already have switched to our version of b] and since ripple already has 100+ FIs (and SWIFT consists of around 11000), then this competition is already going to be playing catch-up from a quite poor position.It's clear that ripple has competitors, but they have been discussed to death on this forum already and so far none has reached the kind of penetration level that ripple has achieved, so they must have the same doubts and concerns as we have for ripple now.

Certainly ripple replacing SWIFT looks highly probable, if XRP doesn't become the next step afterwards - then what? (we should already have some idea).

(Note, I apologise for using a] and b] instead of a) and b ) but the editor turns B) into a smiley face with sunglasses and I don't know how to stop it)

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And let's say a better crypto solution comes out, will Ripple just sit on their thumbs? 

I imagine they'd consider a few solutions:

1) modifying / forking the XRP Ledger

2) buyouts

3) roll a newer crypto (there better be airdrops for XRP holders!)

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10 hours ago, jbjnr2 said:

Then you should ask yourself a question ...

If you were sitting here in 15 years time, pondering the way that banks transfer money around the globe, how do you think it would happen? Would it be

a] still using the same system as the current 2018 banking methods, SWIFT + domestic payments

b] a system based on some new technology that emerged between (say) 2013 and future now.

If the answer is b] - then a new question arises. What will this new technology be? Will it be some fancy system that we have not yet heard about that makes payments and settlements in fractions of seconds and scales to handle millions of transactions globally every second? - or will it be based on something that has been tried and tested already like DLT and is being developed right as we speak by ripple. Something that takes seconds and scales to thousands per second? (And if we factor in payment channels that are supported by ripple already, then we can increase our speed thresholds already).

If the system that is in use in the future is not ripple, then it needs to be something as good as, or better, and it needs to be trialled, tested, rolled out and deployed by many many institutions - and whilst this new system is being developed, ripple is still here, still working and still better than SWIFT (as far as we know currently and I suppose this is the main reason for this thread - because what if it isn't better). It's so much easier to use something that already works, than to create a newer, better version of it.

With 35million ledgers already closed without problem, we can rest assured that if there was a technical problem, there would be clues already, and fixes would be in preparation - if the system didn't quite integrate properly with the current banking system/methods, then that could be tweaked.

The only real dangers are that

1) FIs decide not to use ripple because "it's just easier to stick with what they already have" - but then that brings us to a] above, and it's clear than any bank sticking with a] will be out-competed on costs/speed with by banks that switch to b]

2) an alternative to ripple emerges that is even better, however that has to happen very soon because if it doesn't then too many FIs will already have switched to our version of b] and since ripple already has 100+ FIs (and SWIFT consists of around 11000), then this competition is already going to be playing catch-up from a quite poor position.It's clear that ripple has competitors, but they have been discussed to death on this forum already and so far none has reached the kind of penetration level that ripple has achieved, so they must have the same doubts and concerns as we have for ripple now.

Certainly ripple replacing SWIFT looks highly probable, if XRP doesn't become the next step afterwards - then what? (we should already have some idea).

(Note, I apologise for using a] and b] instead of a) and b ) but the editor turns B) into a smiley face with sunglasses and I don't know how to stop it)

I do not dispute what you are saying. If I did not agree, I probably would not be here.

All I am saying is that I am not a member of the management committees monitoring performance of xRapid pilots. I do not have verified, first hand information regarding performance, risks, issues, etc. related to the pilot that such committee is periodically monitoring, addressing, and evaluating.

As a result, I cannot completely neglect a risk that an issue occurs during the pilot based on which the committee decides not to roll out the solution.

I am not saying the likelihood of this risk materializing is high. I am just stating that I am aware of it and should it materialize, its impact would most likely be huge.

Edited by Coretex

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All valid points. The thing that makes me smile is the fact there are already trials goins with Xrapid, Xcurrent participants list is growing every week and Ripple is working on their solutions for years now.

All serious threads are posted and known and most likely an unknown factor can cause disruption.

Because of the long invested time, almost finished products and no serious setbacks (customers leaving because the product got its flaws or otherwise) and those customers are invested in this technology for serious amounts of time and resources now you carefully conclude there will be a success factor.

All of us have had some doubts at some point, investigated that doubt over and over again and from my point of view those doubts left me as easy as they came. Mostly because promises made are kept, FUD got busted and the movement is still growing more rapidly than I could imagine.

Even when Xrapid is flawed somehow, Xcurrent customers moving to Xrapid takes longer than expected because of some errors or other, there is a serious company with even more proven customers working on solutions (maybe as we speak) with highly talented people like D. Schwartz and all the others, backed by big boys who want this to be a successful. These problems will be met and solved.

At the rate this new technology is developing and with new projects on the horizon as well, it seems from 2019 those who stood their ground will be rewarded one way or another.

Better worry about an exit strategy at this point and inform loved ones of this opportunity. That being said, I am always looking over my shoulder and keep my eyes open for that unknown factor.

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