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Ripple's Asheesh Birla, Building the internet of value at Payments Canada Summit


xrpmommy
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So let me ask you this question bc I do not know the answer

 

If Amazon was using Ripple software and they were using XRP

 

Wouldnt the corresponding bank they were sending the payment to have to accept XRP in order for this to work?

 

So Say Amazon was going to pay me out and my bank is Chase and chase doesnt accept XRP this process wouldn't work am I correct?

 

Amazon and the corresponding bank would have to both use XRP

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9 minutes ago, mm34505 said:

So let me ask you this question bc I do not know the answer

 

If Amazon was using Ripple software and they were using XRP

 

Wouldnt the corresponding bank they were sending the payment to have to accept XRP in order for this to work?

 

So Say Amazon was going to pay me out and my bank is Chase and chase doesnt accept XRP this process wouldn't work am I correct?

 

Amazon and the corresponding bank would have to both use XRP

Short answer no. If they were using XRP (xRapid), the two parties in question would never have to hold XRP themselves. Market makers like exchanges within relevant corridors (who are taking the risk) would facilitate the swap between XRP and Fiat. The receiving FI would only ever receive fiat. 

Edit:

In a perfect world, if XRP was legal tender, and was used by both FI's, then yes they would both hold XRP as an asset on their books, and therefore could trade with it.  

Edited by nav
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The thing about Beezo's is he is not afraid to pull the trigger on cutting edge innovation that he knows will ultimately increase his bottom line with word coming out of the savings using XRP in cross border payments lips may begin to get a little loose as comfort zones increase.

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10 minutes ago, nav said:

Short answer no. If they were using XRP (xRapid), the two parties in question would never have to hold XRP themselves. Market makers like exchanges within relevant corridors (who are taking the risk) would facilitate the swap between XRP and Fiat. The receiving FI would only ever receive fiat. 

Edit:

In a perfect world, if XRP was legal tender, and was used by both FI's, then yes they would both hold XRP as an asset on their books, and therefore could trade with it.  

SO am I right by saying this:

If Amazon was using Xrpaid and sent $500 to my Bank chase who doesnt use Xrapid they would still be able to receive the money and deposit it into my account

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This stands out more than any other because he used the Amazon problem in past tense like it's been resolved.  Again this could just be a slip up but typically these speeches are rehearsed and gone over so this kind of slip up does not happen and incriminate you or your company. Being that ripple knows a buzzword can create more speculation then ever in the Crypto realm I am sure they are well rehearsed to stay away from them if there is no validity surrounding them.

 

Edited by Guest
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This is a Cory Johnson interview (audio only) with Adam Johnson of Bloomberg speaking about how XCurrent, XRapid and XVia work.  Again with Amazon as an example. 

https://secure-hwcdn.libsyn.com/p/c/c/8/cc8538aa519c2b6b/Bullseye_Brief_Ep41_Johnson_and_Johnson.mp3?c_id=20160181&cs_id=20160181&expiration=1526579404&hwt=4f60a6f447064ab316dec3a3579e3b82

 

Starts talking about Amazon at 8:20  

The interview is from 2-3 weeks ago.

Edited by taebuoytogI
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Just now, taebuoytogI said:

This is a Cory Johnson interview (audio only) with Adam Johnson of Bloomberg speaking about how XCurrent, XRapid and XVia work.  Again with Amazon as an example. 

https://secure-hwcdn.libsyn.com/p/c/c/8/cc8538aa519c2b6b/Bullseye_Brief_Ep41_Johnson_and_Johnson.mp3?c_id=20160181&cs_id=20160181&expiration=1526579404&hwt=4f60a6f447064ab316dec3a3579e3b82

 

Starts talking about Amazon at 8:20  

This is starting to be a little more than coincidental.. 

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I thought it was interesting how he emphasised that to get business adoption you have to solve the payments infrastructure before introducing Smart Contracts as a sort of add on facility.  And later he said you have to solve the regulatory issues before the payments issues can be rolled out (something their competitors are only now beginning to realise).  All common sense I know, but it is also the factor that puts Ripple XRP into poll position for selling their currency (XRP) to a  sceptical or lazy business community.

A few weeks ago we were discussing how Etherium is written in code that is difficult to integrate than Codex (which I believe is written in Java). 

XRP is set to conquer the cross border fiat to fiat payments and follow up with add on modules that wipe away the opposition in fields like smart contracts, and they are now working with Coil to provide further modular "aps" to work on top of the payments structures that are the key to acceptance in many other fields. Spectacular!

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