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

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2 hours 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.

I'm gonna get a little lawyerish here, so apologies, but 2 things:

1. The Ripple description on their site states:

xRapid uniquely uses a digital asset, XRP, to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.

This is poorly worded and i'll admit "uniquely" could be read to mean "exclusive"...however, it could also be read that the way in which xRapid uses XRP is unique...in any event I agree that its not great communication, particularly when xRapid can in fact make use of other digital assets (i.e. its not XRP exclusive), so you could say its misleading, though I don't believe that would be their intent (maybe I'm naïve).

2. As to the the xRapid not being aimed at banks, that was much ado about nothing given if you go back read JK's tweets at the time, he actually responded to a question about services being aimed at banks  by stating "Not currently", which makes sense given the XRP ecosystem/infrastructure isn't yet equipped to deal with the scale banks would require...he was being precise, which I appreciate.

I'm not trying make excuses, i'd agree communication could be much improved, but XRP is still the same quality investment I bought last year...lots of uncertainty and lots of potential, and notwithstanding communication issues, I still believe in Ripple's plans and their people and have seen nothing to dissuade me yet...we shall see, I welcome any thoughtful feedback

Edited by xrpmeplease

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47 minutes ago, Paradox said:

@corak in other words, are you anticipating another pivot with respect to XRPs use case?  I tend to agree with @Sebastian on the communication front, as just when I think I understand the vision articulated by Ripple for xRapid and by extension XRP, the vision changes or is modified in a fundamental way.

Quote

 

Ok, so, let's get right to it. What does this new (but not really so new) information mean for you Corak? Are you selling your stack?

 

I can't really say anything intelligent about a potential pivot - everything's just way too opaque. I just can't see how Ripple's ecosystem will look like 6 months or 1 year from now, let alone 5 years. I had a similar feeling in 2016. Back to a 'wait and see' approach. Maybe it'll work out for us, maybe we'll get rekt - whatever. I sold 35% of my stack at .86 not that long ago, I'm not that bothered by the possibility of getting rekt on the rest of it. There's also a limit to how much I can stress myself about this stuff.

Edited by corak

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26 minutes ago, xrpmeplease said:

I'm not trying make excuses, i'd agree communication could be much improved, but XRP is still the same quality investment I bought last year...lots of uncertainty and lots of potential, and notwithstanding communication issues, I still believe in Ripple's plans and their people and have seen nothing to dissuade me yet...we shall see, I welcome any thoughtful feedback

Oh, yes, for sure, I still believe that investing in XRP is a decent investment. If I didn't believe that I wouldn't be still visiting the forum from time to time. Last summer especially it seemed vastly undervalued compared to BTC and ETH which I've always considered pretty useless anyway (as is the majority of alt coins).

Quote

xRapid uniquely uses a digital asset, XRP, to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.

This is poorly worded and i'll admit "uniquely" could be read to mean "exclusive"...however, it could also be read such that the way in which xRapid uses XRP is unique...

I know xRapid is a bit of a mystery still, but the way it works I think is - deposit fiat to an exchange, trade for XRP, withdrawal XRP and deposit to destination exchange, trade XRP for local currency, withdrawal and send to the recipient. This is hardly a workflow that resembles unique usage.. furthermore, it seems a workflow that requires some pre-funded money anyway which is far from optimal, but I guess - one step at a time. But even if the wording on their site is ambiguous and you are right that they probably meant what you are referring to. I'm 99% sure that I've heard on multiple occasions (even from JK himself iirc) Ripple employees saying that xCurrent doesn't require any XRP usage, but xRapid does. Which is completely misleading. 

 

Also, there was someone that was saying this was announced publicly on Twitter by Ripple. No, this doesn't seem like an official announcement, these are some tweets from Warren that are actually even replies to someone - they have no more than 10 retweets in total so I'd imagine there aren't more than 1000 people that saw them anyway.

Edited by iLeeT

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JoelKatz is pretty active on Twitter, someone should ask for an explanation from him(I have no Twitter, anyone here maybe can do?). Hi would like to hear from the master himself what exactly is going on about XRP and Xrapid exclusiveness. 

Edited by Plikk

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7 minutes ago, iLeeT said:

 I'm 99% sure that I've heard on multiple occasions (even from JK himself iirc) Ripple employees saying that xCurrent doesn't require any XRP usage, but xRapid does. Which is completely misleading. 

 

Also, there was someone that was saying this was announced publicly on Twitter by Ripple. No, this doesn't seem like an official announcement, these are some tweets from Warren that are actually even replies to someone - they have not more than 10 retweets in total so I'd imagine there aren't more than 1000 people that saw them anyway.

Yeah, I thought so too re xRapid requiring XRP use, but though I know more about this than the average cat, I don't trust my technical knowledge, there have been several instances in the last 6 months where I thought I understood something but ended up not getting at all lol

as to the tweets, it was someone describing what they heard in a presentation so take it with a grain of salt, but there are items that have been posted in this thread (and the Liquidity thread) that are pretty clear so unless I hear otherwise i'll assume xRapid being able to use assets other than XRP is accurate...

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4 minutes ago, mDuo13 said:

As it exists today, xRapid always uses XRP. It's not fundamentally required to be that way, but XRP works best so that's how it is at the moment.

this...thanks

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9 minutes ago, mDuo13 said:

The "or more" is important there as that's where you may find future-xRapid appear as an intermediary in an xCurrent-powered transaction.

Doesn't xCurrent allow for ILP pathfinding, utilizing available connections of FIs? 

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5 hours ago, flanman said:

Here's the aforementioned thread in the tech forum, where we first learned about using BTC and other coins with xRapid. That was January.

 

Thank you.  Just blasted through 5 pages and learned a lot as usual.

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1 hour ago, mDuo13 said:

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 intermediary currency. It worked OK, but BTC didn't offer much price advantage, and having multiple intermediary currencies added some complication and limitations so we've since removed the ability of xRapid to use BTC as an intermediary.

As it exists today, xRapid always uses XRP. It's not fundamentally required to be that way, but XRP works best so that's how it is at the moment.

In contrast, xCurrent uses whatever (generally fiat) currencies the institutions hold in their systems already. It's about orchestrating atomic swaps between two or more institutions. The "or more" is important there as that's where you may find future-xRapid appear as an intermediary in an xCurrent-powered transaction.

I'll admit, having a Ripple employee confirm this certainly takes away some fear, uncertainty and doubt. Thank you. Any chance you could inform us what other digital assets are xRapid compatible?

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13 hours ago, panmores said:

A Ripple tweet referred to an Asheesh Birla interview with at least two noteworthy things the SVP of Product at Ripple says:

  1. Ripple signs up about one new client a month (Brad recently said more than one new client a week), and
  2. "It (xRapid) uses digital assets, XRP is one of them, to more efficiently move money." (after 21:40)

Confused.

I haven't read the thread so this is my take.

1. Several Ripple execs have mentioned 1+ a week so I think this was just a slip.

2. I've noticed a change in tone from Ripple. They are distancing themselves more from XRP,  probably a strategic communication decision related to the security issue. I wouldn't read anything into it. At the end of the day they have 55 billion XRPs they want to get into FI and market maker hands. I don't think they'll be telling people to use BTC.

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