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The Future of money


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That mister sherman has quite a strong belief in the USD as a global currency and seems to look at BTC and etc. as tools for criminals to deal with their monetary affairs and does not see any use cases in DLT as such. He also claims visa as a universal tool to pay all over the world.

There are multiple issues with these cliams a lot of it is based on bias and on lack of information. So here the most obvious example.

We all know the advantages that xrp offers for settlement etc. just to illustrate  - visa due to it network which is a global standard gets paid by retailers depending on the purchase of the customers that use visa. E.g i use visa to pay a 100 trousers at a retailer - visa demands 5% off that money i pay from the retailer this is because i am a foreigner of country x and do not have a bank account with local fiat y. Visa transfers the money to the retailer in country x and books it of my bank account with currency y. It is not more than another form of correspondent bank system with internal liquidity pools that depend only on visa.

Now comes XRP into play it can act as a tool of settlement with public liquidity pools which does not depend on one entitiy to supply the liquidity it makes the space of providing liquidity more competitive and most important it is a tool of settlement a tool which has immutable rules due to it being a DLT unlike as correspondent bank relationships or single authorities as visa always have a certain amount of risk that go with them just alone the technology they use to faciliate these payments (look at swift a company doing the messaging for most banks in the world with a ~ 6% fail rate).

The next issue is XRP same as any system as David Schwartz would say is a walled garden so how do we allow communication between different ledgers if i am not willing to accept XRP, $ or !"&%§ as payment that is when the ILP comes in place it providers connectors between different ledgers making them interoperable. So i can pay you in whatever currency you want as long as there are connectors between our ledgers this requires market makers between DLTs or single entities like VISA to allow connectors running on their systems. The thing though is from a sole economical perspective i want to pick the rail that makes my payment most cheap - compare visa to XRP (I would prefer XRP).

What is happening right infront of our eyes or more or less the liberalization of money transfer with all it`s benefits and disadvantages for different actors. Governments have less possibilities such as VISA to sanction countries - the consumer can decide what currency to receive or not - the retailer can be certain the money has settled in 3 seconds and can spend it straight away to make another investment - people without time or knowledge of this technology may be left behind etc.

The implications of this field are so massive a lot of people do not know what the future could look like.

Edited by Sarnos
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Not much of a surprise they see bitcoin as a true **** coin. I see it that way as well just my personal belief. My hope Is for it to slowly die whereas a crypto with an actual use case (xrp) takes over the financial sector. Which I think it will, Congress still sees btc as speculation and and for criminal acts. Honestly i strongly believe this is why ripple has worked with regulators and governments because they saw this coming. But not for a use of currency but as a way to help banks and such by reducing time and money from the traditional way. That's why I see xrp as the one that will stand tall 

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11 hours ago, retirenow said:

What are these idiots voting on ?


It's a hearing. Lots of blah de blah. I might be able to get through it over the weekend. 

Edited by Guest
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