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Asheesh Birla: "xRapid uses digital assets, XRP is one of them..."


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It's probable that any confusion on whether xRapid can use non-XRP currencies is a result of the product evolving over time. There was a beta of xRapid that could use BTC instead of XRP as an int

I just watched the interview video and indeed, Asheesh mentioned that Ripple is signing up one new client a month and that xRapid uses digital assets, of which XRP is one. In view of the recent a

That's not the point though. The point is there are different/misleading statements within Ripple, it's a problem that happens quite often. You can't advertise xRapid as XRP exclusive on your website

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4 minutes ago, GrizzlyMan said:

I count myself among the many who are frustrated.  Perhaps there are just too many voices right now.  David, Asheesh, Cory, Miguel.  Not sure everyone is on the same page.

I would add the false impression that xRapid would only use xrp to the list.

I'm not going to blame my limited understanding of how xRapid works on Ripple, the information was available, I just misunderstood...still the same company, still the same plan...

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3 hours ago, tulo said:

You'll see that (including all the withdrawal fees and exchange fees) it's less pesos using BTC rather than XRP. And overall it is not a cheaper and faster payment than using transferwise

Tuloski, don't you crush the hopes of the people that buy xrp in the hope of "589+, xRapid will moon XRP, banks will buy XRP at any price upwards". Or there'll be no one to buy ours. 
.

2 hours ago, Rutski said:

Kinda disappointing to see a lot of misunderstanding or confusion with Ripple|XRP lately. I wish Brad would clear up the air on whats happening. 

Because Ripple is known for being transparent and considerate of the public? I thought the pivot would've removed such thoughts. ZipZAP!

2 hours ago, xrpmeplease said:

And while the product supports other cryptocurrencies, XRP is said to have express advantages.

Damn, I should start reading pennydesk again. Missed this. 

6 minutes ago, flanman said:

Funny to see people in general chat go through the same emotions the tech forum went through months ago when we learned that xRapid can use BTC

What? When? Link, please?

This news has me ?:bad::dash1::JC_out_cold:

We speculated about the possibility after ILP was announced, rehashed them, once Thomas said they are rolling out ILP hooks for BTC LN and Ether, got called Fudsters for entertaining the possibility of xRapid using other assets. And so nonchalantly Ripple confirms xRapid is not XRP exclusive. All the while selling hundreds of millions of XRP upon the general folks. XRP that may not even be used for the only Ripple solution that was marketed as XRP mandated... 

I've never thought I'd see Ripple route the FIs volume through other crypto... 
Good god... What a disaster. 

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1 minute ago, Graine said:

Tuloski, don't you crush the hopes of the people that buy xrp in the hope of "589+, xRapid will moon XRP, banks will buy XRP at any price upwards". Or there'll be no one to buy ours. 
.

Because Ripple is known for being transparent and considerate of the public? I thought the pivot would've removed such thoughts. ZipZAP!

Damn, I should start reading pennydesk again. Missed this. 

What? When? Link, please?

This news has me ?:bad::dash1::JC_out_cold:

We speculated about the possibility after ILP was announced, rehashed them, once Thomas said they are rolling out ILP hooks for BTC LN and Ether, got called Fudsters for entertaining the possibility of xRapid using other assets. And so nonchalantly Ripple confirms xRapid is not XRP exclusive. All the while selling hundreds of millions of XRP upon the general folks. XRP that may not even be used for the only Ripple solution that was marketed as XRP mandated... 

I've never thought I'd see Ripple route the FIs volume through other crypto... 
Good god... What a disaster. 

I hadn't pegged you for a troll...or sarcastic?

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4 hours ago, tulo said:

You'll see that (including all the withdrawal fees and exchange fees) it's less pesos using BTC rather than XRP. And overall it is not a cheaper and faster payment than using transferwise.

  • If you want to wait an hour to save $N, maybe.  That's currently how long six Bitcoin confirmations take.  Ethereum isn't fast either - fifteen minutes minimum if memory serves. 
  • Transferwise is not anywhere close to as fast as sub-four-seconds.  Their architecture matches you up with other bid/offers on this side of the border.  Try using their service and see how fast it is if you're sending money to one of the top remittance countries. 
Quote

While we’re working hard to make all transfers instant, most of our transfers aren’t yet. It  will certainly not be slow, though. Delivery time depends on the currency you send and may vary from a few seconds to a few business days from the moment a transfer is shown as complete on your account page.

https://transferwise.com/help/article/2140394/basic-information/will-my-transfer-be-instant

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2 minutes ago, Hodor said:

If you want to wait an hour to save $N, maybe.  That's currently how long six Bitcoin confirmations take.  Ethereum isn't fast either - fifteen minutes minimum if memory serves. 

You forgot there is always the deposit and withdrawal at exchanges, which takes usually hours/days. So 1 hour more to wait for BTC is not a big deal if I can save 1% in slippage.

In the future, with ILP completely integrated we can talk about speed, and XRP is superior to BTC and ETH by orders of magnitude, but that is not how xRapid is working now.

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8 minutes ago, Hodor said:

If you want to wait an hour to save $N, maybe.  That's currently how long six Bitcoin confirmations take.  Ethereum isn't fast either

Prefund both sides with btc/eth, and execute the trades simultaneously. Or contract an MM that will do it for you for a small fee. Boom. Instant transfer. 
Why would an FI care about the 'settlement' time on whichever ledger happens to route the transfer, when they got their payment instantly and relatively cheap?

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5 minutes ago, Graine said:

Prefund both sides with btc/eth, and execute the trades simultaneously. Or contract an MM that will do it for you for a small fee. Boom. Instant transfer. 
Why would an FI care about the 'settlement' time on whichever ledger happens to route the transfer, when they got their payment instantly and relatively cheap?

Wasn't main goal of XRP to avoid prefunding? :)

Also, the initial deposit of MXN/USD and the final withdrawal of MXN/USD from the exchanges go on the same old rail of SWIFT. So what's the point?

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6 minutes ago, Graine said:

Prefund both sides with btc/eth, and execute the trades simultaneously. Or contract an MM that will do it for you for a small fee. Boom. Instant transfer. 
Why would an FI care about the 'settlement' time on whichever ledger happens to route the transfer, when they got their payment instantly and relatively cheap?

Isn’t that still a nostro/vostro  system subject to a messaging system and market fluctuations?

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4 minutes ago, tulo said:

Also, the initial deposit of MXN/USD and the final withdrawal of MXN/USD from the exchanges go on the same old rail of SWIFT. So what's the point?

MXN transfers are instant, because of SPEI. Their central bank is awesome like that. 

 

5 minutes ago, tulo said:

Wasn't main goal of XRP to avoid prefunding?

Ripple claimed that. But they also once claimed that xRapid is XRP exclusive. 

LN payment channel between exchanges eliminates prefunding. Same goes for sharding, whenever Buterin rolls it out. 

I've never thought Ripple would manage to churn out another 'pivot'. 

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5 minutes ago, iLeeT said:

That's not the point though. The point is there are different/misleading statements within Ripple, it's a problem that happens quite often. You can't advertise xRapid as XRP exclusive on your website and also aimed at banks and nostro/vostro accounts only to then being told by other people within the same organization that xRapid is not even aimed at banks and it's not XRP exclusive. You can't say you'll share pilot results and production dates in March and then go silent. Actually, you can, but it's unprofessional to say the least. I know we, the speculators, have no rights in saying anything to Ripple as we don't have an actual stake in the company, but whether or not they like it - speculators' money are the only thing driving up the price and luqiditiy at the moment and it's probably going to be the case for some years to come. Ripple are able to cash out millions of dollars based on that so a little bit of cooperation and transparency wouldn't hurt.

100% agree. that's why I don't agree with statements like 'you are so little you don't matter'. maybe 1 person, but not all combined.  Nobody said 1st of March report to me about xRapid pilots. About this and that. they said they will. Ash made a different mistake on twitter if I recall correctly. 

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3 hours ago, iLeeT said:

I'm not really surprised by any of this to be quite frank, I mean during the past year we had quite some ambiguous, if not outright misleading, statements from Ripple with regards to XRP and/or xRapid.

First it was the Cuallix announcement which to me at least was really ambiguous - at that time (7-8 months ago) it seemed as if they had xRapid all up and running only to find out that they've transferred less money during the past 6 months than I usually do on exchanges and they are not live in production (I'm not sure if they still aren't live).

Then David announced that xRapid is not even aimed at banks even though in a period of 3-4 months it was advertised that this is a liquidity solution aimed for banks and nostro/vostro accounts (I know, it could be in the future).

Then Asheesh mentioned that they'll give more information about xRapid testing periods, pilots, results, production plans etc. by the end of March. It's May now.

I don't really give too much of a f about these misleading statements but I can imagine it could be frustrating for many people.

 

 

@peebo38 : Can you please address these problems to your superior? Inconsistent communication is one of your biggest weakpoints.

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