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Hodlezerper

Circle Competes with Ripple

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11 hours ago, Hodlezerper said:

It seems to me their aim is to become a bank of sorts. 

They seem to be going after the peer-to-peer space to gain market share among individuals, and then keep them in their platform as a bank providing loans, etc. I know they're working on their own crypto that they'll release to support their platform so it'll be interesting to see how that works. I suppose it could be a smart contract type of deal?

I guess the other thing Ripple has going for it is their actual ledger, which is kickass. So, there's that .

Could you please link to sources for this? I can't seem to find any.

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Circle is a competitor to Ripple but the strategy has some differences. They are more operational on the payment processing than Ripple.

Ripple is focused on building a network of which it is a major service and token provider. Circle is trying to build a vertical from the wallet to the exchanges, to creating a token and processing payments (the financial flow).

The RippleNet network has a great value but the token battle over the real world usage hasn't even begun yet.

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2 hours ago, Sebastian said:

@Dutchpinoy, see https://www.centre.io/ for what @Hodlezerper and I are referring to.

It sounds like they are trying to invent (or re-invent) ILP, only for for wallets and P2P. It might be a drawback that users are required to use the token (which they have no specific plans to release?) with nothing similar to xCurrent to get users on the network for trials and ramping up. I believe they will find it difficult...

Thanks for the information @Sebastian ... the linked Forbes article had this further explanation (see quotes below):

Blockchain Startup Circle To Launch Open Source Project To Send Money Like Email And Text

"CENT is somewhat similar to the Ripple XRP token, which is used to facilitate inter-bank, typically international, financial transactions, however CENT will be used to facilitate P2P transactions between different wallet providers such as Venmo and WeChat."

"The company currently has no specific plans for releasing the token although node operators are required to use it."

https://www.forbes.com/sites/laurashin/2017/10/05/blockchain-startup-circle-to-launch-open-source-project-to-send-money-like-email-and-text/#73c7800f1593

 

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I haven't researched Circle yet and hadn't even heard of them until yesterday. Could someone please make the case for Circle being a direct competitor to Ripple & XRP? So far I don't see it based on what's been posted and I haven't had time to research it yet. How would Circle eliminate the need for nostro accounts and what is their plan to do so? Or is that even their plan? 

From where does CENT derive it's value? Are they going to back it themselves, and would it be backed with one fiat currency or multiple fiat currencies? If it's backed by the company itself, especially using fiat, then CENT would be a liability, not an asset, and this would be another "walled garden" situation.

I'm not seeing how Circle/CENT could be a liquidity solution the same way XRP is, so to those that think it's direct competition I'm very interested to learn what it is you know about this. 

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Circle (and other blockchain-based remittance companies in latam or africa) has been quietly doing what Ripple wants do for quite some time. But with recent acquisition and enforcing Ripple's stack onto Circle, I'd think it'll be a symbiotic relationship. 

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1 hour ago, Graine said:

Circle (and other blockchain-based remittance companies in latam or africa) has been quietly doing what Ripple wants do for quite some time. But with recent acquisition and enforcing Ripple's stack onto Circle, I'd think it'll be a symbiotic relationship. 

From what I can tell this seems way different than how Ripple is positioning XRP. Circle's CENT coin is currently centralized. The beauty of XRP is that it's designed to be a GLOBAL bridge asset which can only work because it is decentralized. If it's centralized (like CENT) then it could never be globally adopted. Circle is trying to get everyone on the planet to adopt their platform... which historically hasn't worked out so well, hence nostro accounts.

If Circle wants CENT to be decentralized (so that it *might* be globally adopted) and for people to invest in it like people have been investing in XRP since 2012 then they can go for it. It's taken XRP 6 years to get to it's current value and liquidity level, and for someone to start down that path today in direct competition I say GOOD LUCK. But again, I don't think that's what they're doing.

I want to learn more about Circle but I'm just not seeing them as currently being a direct competitor to Ripple/XRP. 

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5 minutes ago, MoonLambo said:

Ripple is positioning XRP.

Abstract from the coin for a minute. ILP is a superior proposition and clearly has more partnered FIs. 

Circle has been enabling cross-border payments using blockchain tech. Yes, they use a variant of nostro/vostro. And yet their proposition was sufficient to thrive. Circle could save using Ripple even more. 

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6 minutes ago, Graine said:

Abstract from the coin for a minute. ILP is a superior proposition and clearly has more partnered FIs. 

Circle has been enabling cross-border payments using blockchain tech. Yes, they use a variant of nostro/vostro. And yet their proposition was sufficient to thrive. Circle could save using Ripple even more. 

ILP looks to become the standard, for sure!

I apologize but I think I'm missing your second point. What do you mean when you say Circle could saving using Ripple even more?

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1 minute ago, MoonLambo said:

What do you mean when you say Circle could saving using Ripple even more?

No need to trap the capital. Instant settlement. Access to wide array of markets 

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This article might clarify some parts

https://www.coindesk.com/circle-x-crypto-exchange-will-coinbase-challenger/

So they want to become a multi asset exchange (so more that crypto only) naming it Circle X. Imagine if their would be a blockchain that could be used as a infrastructure to basically trade everything you issue on it.. ?

Yes, that's what I'm thinking. Circle X will use the XRP ledger as the underlaying infrastructure. Maybe such an application is actually what the mysterious xPool might be, so a enterprise ready multi asset exchange application.

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A large part of Goldman’s business is VC investments. If ICOs are getting traction in funding companies it would make sense to buy an exchange and not lose the revenue from the ex-VC model.

Establishment money parks its money with Goldman, and then historically Goldman then invests in new IPOs. If tech companies move away from ‘blood sucking’ IPO model in favour of ICOs, then Goldman will want to maintain its mediation role.

Good luck... distributed exchanges will defeat centralized exchanges.

Reference:

- 0x Protocol

- EtherDelta

Edited by MaxEntropy

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I think they are a competitor and big one as well, here is a very recent IMFwill  talk on digital payment 

I HAVE SKIPPED IT TO WHERE IT STARTS, Ripple or anyone to do with ripple inst there. The Bold white guy is CIRCLE, the Black guy is the fed reserve, just watch and you will see how this convo starts bear in mind ripple is not mentioned here but it seems in this scenario discussion it is circle that is doing what ripple would be doing, Christine.L really confuses me sometimes she sounds like all in ripple and sometimes she doesn't. OH YEH even JPM coin is there

PS: I hear people say its ok ripple or circle are invested together and that means XRP MOOON.. Umm no That is just simple investing technique lets say you put your stocks in 2 competing gaming consoles you know they both will do good but one is going to do massive..By betting on both makes no difference to one of the othewhere. But its better for your pockets.

 has the guys from ripple been lately i have not seen them as reserve guy.

 

Edited by btemtd

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