enrique11 Posted July 3, 2018 Share Posted July 3, 2018 https://dailyhodl.com/2018/07/03/ripple-xrapid-pilots-show-payments-powered-by-xrp-could-save-12-21-billion-a-year/ Gangus 1 Link to comment Share on other sites More sharing options...
enrique11 Posted July 3, 2018 Author Share Posted July 3, 2018 Sorry, this sounds like old news...and it's short article, but couldn't find it when I searched the forums. Link to comment Share on other sites More sharing options...
Capone Posted July 3, 2018 Share Posted July 3, 2018 How many times will I have to repeat myself, Banks and any Financial institutions will never voluntarily pass transactions saving to the costumers. Link to comment Share on other sites More sharing options...
n2it Posted July 3, 2018 Share Posted July 3, 2018 5 minutes ago, Capone said: How many times will I have to repeat myself, Banks and any Financial institutions will never voluntarily pass transactions saving to the costumers. They will eventually, as competition for business will result in a race to the bottom for lower fees. Unless collusion. Even then, new entrants will make it happen. Freeing nostro/vostro money would make it viable anyway. enrique11, TheHyena, 2ndtimearound and 1 other 4 Link to comment Share on other sites More sharing options...
Capone Posted July 3, 2018 Share Posted July 3, 2018 1 minute ago, n2it said: They will eventually, as competition for business will result in a race to the bottom for lower fees. Unless collusion. Even then, new entrants will make it happen. Freeing nostro/vostro money would make it viable anyway. You’re right, competition is the only thing that will bring fees down, they will not do it out of goodwill. This is free market capitalism at its purest. n2it 1 Link to comment Share on other sites More sharing options...
Capone Posted July 4, 2018 Share Posted July 4, 2018 But then if banks and financial institutions have to pass most of their savings from Xrapid to the customers because of competition they may not be as enthusiastic as you and me to adopt the new technology. Link to comment Share on other sites More sharing options...
Busa_ Posted July 4, 2018 Share Posted July 4, 2018 Yes they will. If a bank does not adopt the technology, their offering to customers will be more expensive than their competitors and they’ll lose business. n2it 1 Link to comment Share on other sites More sharing options...
mm34505 Posted July 4, 2018 Share Posted July 4, 2018 2 hours ago, enrique11 said: https://dailyhodl.com/2018/07/03/ripple-xrapid-pilots-show-payments-powered-by-xrp-could-save-12-21-billion-a-year/ thanks stella enrique11 1 Link to comment Share on other sites More sharing options...
Greeny Posted July 4, 2018 Share Posted July 4, 2018 23 minutes ago, Capone said: But then if banks and financial institutions have to pass most of their savings from Xrapid to the customers because of competition they may not be as enthusiastic as you and me to adopt the new technology. They wont have any choice. If they do not, then 3rd party entities like Flash FX and such will continue to spring up and take money away from banks, by offering a service that the corporate world will want, at a far cheaper rate than the banks. enrique11 and n2it 2 Link to comment Share on other sites More sharing options...
enrique11 Posted July 4, 2018 Author Share Posted July 4, 2018 24 minutes ago, Capone said: But then if banks and financial institutions have to pass most of their savings from Xrapid to the customers because of competition they may not be as enthusiastic as you and me to adopt the new technology. Exactly, that has been my sentiment for a long time, that's why I have believed that this is a tech to allow little to medium-sized banks to upstage the larger well-established banks who don't participate. Link to comment Share on other sites More sharing options...
Capone Posted July 4, 2018 Share Posted July 4, 2018 1 minute ago, Greeny said: They wont have any choice This is not an attractive proposition for banks . That’s why I think the real destiny of XRP is in P2P transactions. Link to comment Share on other sites More sharing options...
Capone Posted July 4, 2018 Share Posted July 4, 2018 Let me be clear I am talking remittances here , not bank to bank foreign transactions, that’s a completely different thing. Link to comment Share on other sites More sharing options...
enrique11 Posted July 4, 2018 Author Share Posted July 4, 2018 (edited) 6 minutes ago, Capone said: This is not an attractive proposition for banks . That’s why I think the real destiny of XRP is in P2P transactions. Won't work long term IMO....XRP is very deflationary compared to all other cryptos I know of. It's like getting people to transact using collectible coins, or BTC to a leser extent. These are things you will accept and put in a savings account, that's the extent I see P2P from one savings account to another, not go out and spend...and most people have bills to pay or daily expenditures like food, bills, etc. Yeah, ok..remittances...to be put in savings account P2P... Edited July 4, 2018 by enrique11 Link to comment Share on other sites More sharing options...
Greeny Posted July 4, 2018 Share Posted July 4, 2018 P2P will still probably need a 3rd party intermediary. Whether that be a fortune 500 company or a 2 dollar I Pad app, remains to be determined. Link to comment Share on other sites More sharing options...
enrique11 Posted July 4, 2018 Author Share Posted July 4, 2018 (edited) If XRP becomes stable and widely available on many exchanges...why can't individuals just do P2P cross-border payments without intermediaries like moneygram, bank intermediaries, etc. in payment destination countries that have such exchanges? Granted, it might be too complex for some people to do that on the receiving end of the payment, but wouldn't this be a motivation for banks, and other cross-border payment providers to lower the costs of such transactions substantially? Now, if XRP is deemed a security...then it could screw up P2P without intermediary because you would need registered exchange to handle it IMO...I wonder if banks and other cross-border payment providers want the SEC to declare certain cryptos securities to keep people from saving money with cross-border payments, and in other ways that couldn't be done if deemed a security...but then people could alway use non-security like BTC or ETH for those payments. Edited July 4, 2018 by enrique11 Link to comment Share on other sites More sharing options...
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