Why the price of XRP has almost NOTHING to do with utility

[2ndtimearound]

2 hours ago, Worldcryptoboss said:

The price of XRP has almost NOTHING to do with it's utility. 

That's right. Even though there are a number of new ways in which the Ripple network is bringing innovation, none of these have or will have a major impact on the price of XRP.

We've not even had utility volume through exchanges yet, so technically speaking you cannot even verify your claim yet. 

You think banks won't see value in saving 40% to 70% per transaction while freeing up their Nostro and Vostro accounts?  They will like that VERY much.

You think exchanges won't want a **** ton of extra volume pumping through their exchanges? They will like that VERY much.

XRP has a huge amount of indirect value to those who use it.  In turn, that will actually drive up its price.  When other exchanges see how successful Bitso, Bittrex and coins.ph become with xRapid, they will want some of that action.  So too will the banks not hooked up to xRapid. 

You even said yourself - supply and demand.  If XRP can save banks time and money (it can), and can prove that in a live environment (it will), then its demand is going to skyrocket. 

[minicuzzo]

I always get very suspicious when others talk like they're 100% sure

[Staigera]

4 hours ago, XRPRJB said:

This feels very much like one of the posts you should bookmark so you can come back in five years and have a good laugh at.

Why? I'm having a good laugh right now.

[Worldcryptoboss]

2 hours ago, 2ndtimearound said:

We've not even had utility volume through exchanges yet, so technically speaking you cannot even verify your claim yet. 

You think banks won't see value in saving 40% to 70% per transaction while freeing up their Nostro and Vostro accounts?  They will like that VERY much.

You think exchanges won't want a **** ton of extra volume pumping through their exchanges? They will like that VERY much.

XRP has a huge amount of indirect value to those who use it.  In turn, that will actually drive up its price.  When other exchanges see how successful Bitso, Bittrex and coins.ph become with xRapid, they will want some of that action.  So too will the banks not hooked up to xRapid. 

You even said yourself - supply and demand.  If XRP can save banks time and money (it can), and can prove that in a live environment (it will), then its demand is going to skyrocket. 

The best tech isn't always the tech that ends up "winning" by being the most popular.There are literally hundreds of examples of technology that SHOULD be adopted because it saves major amounts of money but isn't, for a number of varying reasons.

There is not doubt that Ripple products HAVE great utility, the question is:

1. Whether or not the world's financial system will adopt it en mass as their primary tool for moving money (highly unlikely at least in the short to medium term i.e. 3-5 years)

2. Whether or not this will be XRP, as opposed to some other derivative of Ripple, or another tool for doing so, and how much value if XRP itself is not utilized. 

 

[Worldcryptoboss]

2 hours ago, minicuzzo said:

I always get very suspicious when others talk like they're 100% sure

Personally, I'm not sure of ANYTHING. I am only using the past examples - i.e. crypto currencies value since it's inception has had almost NOTHING to do with its utility. As a matter of fact, I daresay the utility of Bitcoin has decreased with its rising prices

[Guest]

I agree, to see **** coins with no real use priced significantly higher than XRP really irritates me.

[Worldcryptoboss]

3 hours ago, kev4022 said:

You're right in the sense that TODAY utility doesn't drive the value, that's because as of today there is no utility. XRP right now is as worthless as all the other coins. 

Fast forward 3-5 years when xRapid is the driving force behind 1 trillion dollars plus of daily cross border transactions, well... your argument will be invalid and I wouldn't care either way because I'll be drunk on a tropical beach enjoying my early retirement.

Why are we not using Bitcoin in everyday transactions? How many people are actually USING bitcoin as opposed to investing purely as a store of value? The percentage of people who actually use Bitcoin has increased, but is still significantly ,minute to the point where less than .01% of the world's population has used Bitcoin as anything BUT a store of value. Meanwhile, the price of Bitcoin has skyrocketed astronomically while it's utility, in real world terms, has stagnated. 

Secondly, I'll repeat again that just because Ripple is a great conduit for financial transactions does NOT mean that it will be adopted en mass by worldwide financial organizations.

 

[Staigera]

8 minutes ago, Worldcryptoboss said:

Secondly, I'll repeat again that just because Ripple is a great conduit for financial transactions does NOT mean that it will be adopted en mass by worldwide financial organizations.

 

 

What other options are there? 

Go back to swift?

Yeah that's a solid plan.

[OzAlphaWolf]

14 hours ago, Worldcryptoboss said:

I think even IF banks do adopt some sort of Ripple protocol or use their systems en mass, it would still not have a major impact on the price of XRP

Then you should sell XRP (assuming you have any), invest all your crypto money into BTC and go bother their forums. We don't care. We're here for a journey that will demonstrate BTC to be as significant as yesterday's fart.

[Benchmark]

15 hours ago, Worldcryptoboss said:

The price of XRP has almost NOTHING to do with it's utility. 

You're still trapped in the bitcoin-mindset.

[Guest]

11 minutes ago, OzAlphaWolf said:

Then you should sell XRP (assuming you have any), invest all your crypto money into BTC and go bother their forums. We don't care. We're here for a journey that will demonstrate BTC to be as significant as yesterday's fart.

Sorry off topic, but what if you can store a very bad fart in a great new innovation "Fart storage" and use it to give it to your "EX" in future, maybe.. will it still  be insignificant

It does sounds a lot like Btc and its forks, creating value out of your a**

[OzAlphaWolf]

5 minutes ago, Invincible said:

Sorry off topic, but what if you can store a very bad fart in a great new innovation "Fart storage" and use it to give it to your "EX" in future, maybe.. will it still  be insignificant

It does sounds a lot like Btc and its forks, creating value out of your a**

Sad but true story. As teenagers, my brother and I did bottle some farts once and open them a few days later. Truly dreadful and horrifically funny experience.

[Biggerdo]

11 hours ago, Worldcryptoboss said:

Why are we not

Secondly, I'll repeat again that just because Ripple is a great conduit for financial transactions does NOT mean that it will be adopted en mass by worldwide financial organizations.

 

That’s true if the Banks have the final say but if the customers/account holders demand a better faster cheaper service then the banks will have no other option , if they lose thousands of customers to the Bank down the street that are using XRP successfully..

Edited August 21, 2018 by Biggerdo
Snipped

[TheXRPNinja]

Finally some good f*cking discussion in here

[2ndtimearound]

12 hours ago, Worldcryptoboss said:

The best tech isn't always the tech that ends up "winning" by being the most popular.There are literally hundreds of examples of technology that SHOULD be adopted because it saves major amounts of money but isn't, for a number of varying reasons.

There is not doubt that Ripple products HAVE great utility, the question is:

1. Whether or not the world's financial system will adopt it en mass as their primary tool for moving money (highly unlikely at least in the short to medium term i.e. 3-5 years)

2. Whether or not this will be XRP, as opposed to some other derivative of Ripple, or another tool for doing so, and how much value if XRP itself is not utilized.

Ripple already announced that they will converge all their products into one so clients can choose the "best path" for their transacation (based on cost and speed).  That means a whole bunch of xCurrent clients will be introduced to xRapid via this subtle change.   xRapid will offer them greater savings in time and costs.  Ripple already have at least 100+ banks/FIs as customers.  I would venture that if they do not win a single new customer ever again, but can retain the customers they do have, XRP can still be utilised to a HUGE degree via the likes of AmEx and Santander and SBI's conglomerate of banks. 

As for another digital asset to be used, XRP has the 3rd largest cap in the world - and it is the fastest of the top 3 cryptos and has software designed specifically for its use with cross-border settlements.  It's taken XRP 5 years to gain its value and liquidity.  Sure, another DA could come along and replace it, but that would take years of adoption of that DA - with it added to exchanges and people buying it up. XRP is already there.