Guest Vinnie

What are your views on XRP?

341 posts in this topic

Well, that was a useful bit of information re: originators of Ripple. It is easy to wrong, for me, but it drags out additional information more informed sources.

Thanks!

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4 hours ago, Haydentiff said:

Nope. Jed had an idea and sought out @JoelKatz to investigate if a distributed agreement protocol could solve the double spend problem without a central authority. I always thought that @JoelKatz developed the Ripple Protocol Consensus Algorithm single-handedly until the lawsuit happened and it was revealed that Arthur owns the protocol. Legend has it that there is only one man who might be even more brilliant than JoelKatz. And that mysterious man's name is Arthur. There are no images of him online. He's just this guy... You know?

:P

 

 

+1

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5 hours ago, Max Entropy said:

Hi D-Fault123, I have been in that situation... it is difficult to let go of a company that one creates... So promoting XRP a year or even four (4) months prior to leaving, is for me understandable. At some point, control and direction of the company become the dominant factors, and moving on is the only path.

correction: prior to announcing to dump his billions of XRP on fairly illiquid markets and effectively destroy any confidence in the currency he promoted just one year before.

It was a malicious and unprofessional act. No one blames him for just "leaving".

Edited by D-fault123

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17 hours ago, Haydentiff said:

I don't like to listen to myself talk. I get on my own nerves. I'd rather come here and bug you guys. :D

It's a pity. I'd love to subscribe to the "HaydenCast" or the "TiffanyGram" or whatever the show would be called!

You have a lot of insight into diverse topics and your opinion & positions are well researched and, I think, make a lot of sense.

TPM likes this

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I like how ripple is focussing on commercial space/b2b. That's what attracted me to XRP. 

 

one thing that confuses me/bugs me is that ripple allows banks to use their native country currencies instead of xrp. this makes me feel uncertain on xrp's future. but i dont know much at all. if xrp provides benefits over other currencies then im sure it will be used. if someone can clarify for me that would be great.

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27 minutes ago, elusive13 said:

I like how ripple is focussing on commercial space/b2b. That's what attracted me to XRP. 

 

one thing that confuses me/bugs me is that ripple allows banks to use their native country currencies instead of xrp. this makes me feel uncertain on xrp's future. but i dont know much at all. if xrp provides benefits over other currencies then im sure it will be used. if someone can clarify for me that would be great.

There is a significant cost savings when using XRP as well as faster processing times.  I imagine banks may use their own token or currency at first until they feel safe with the new tech. Then the greed will set in and using xrp will add millions to their pocketbooks

Edited by princesszerp

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5 minutes ago, elusive13 said:

I like how ripple is focussing on commercial space/b2b. That's what attracted me to XRP. 

1. Thank you for getting back on topic!

2. You're a newbie, so your feedback is especially interesting and appreciated. (Welcome!)

3. To Ripple team @Vinnie / @nikb / @JoelKatz / @mDuo13 / @warpaul et al: Has Ripple looked at BitMint or the concept of "tethered money"? I'm wondering since you're renown experts in the fintech space if some folks (probably those more in the biz/mgmt end) know of the concept, or have spoken to, Gideon Samid (I bet he and David Schwartz would have the most "epic" conversations on cryptography!). It's a slightly different take on smart/digital money, i.e. the contract is "inside of" the money itself, so to speak, not on the blockchain and not account based like Ripple/Bitcoin/Ethereum, and from what I understand is just a randomised cryptographic bit-string tethered to some contractual purpose at the point of issuance. He also proposes the idea of cascading, evolving "super money" systems, which is very interesting indeed. He thinks cryptocurrency will eventually be taken over by tethered-fiat or super-fiat (backed by commodities/assets). He also thinks that current cryptography is still potentially vulnerable; apparently BitMint is not susceptible at all in the way blockchains are, but much of the reasoning as to why is above my pretty little head (randomisation, bla bla, cyphers, bla bla math...).

:)

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Today XRP is in a second position by volume on poloniex and not falling as opposed to BTC, which is good for us zerpers.

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2 hours ago, elusive13 said:

one thing that confuses me/bugs me is that ripple allows banks to use their native country currencies instead of xrp. this makes me feel uncertain on xrp's future. but i dont know much at all. if xrp provides benefits over other currencies then im sure it will be used. if someone can clarify for me that would be great.

@elusive13 - This white paper will help you and other newbies out........go to page #8 and it will spell out the EXRTA savings XRP offers each bank. If they don't use XRP, it could cost them MILLIONS per year....

It is all about XRP giving banks the ability to eliminate funding NOSTRO ACCOUNTS......

 

ROI IF BANKS USE XRP? 11 MONTH PAYBACK PERIOD

"......A respondent bank that processes $12 billion in international transactions a year (over 5 corridors with an average transaction size of $6,30019) can assume a conservative, estimated $10 million one-time cost of deploying Ripple and a payback period of just over 11 months.

Read Whitepaper - Page #8

https://ripple.com/files/xrp_cost_model_paper.pdf

ripple_return on investment-COVER2.png

 

** WHY WOULD BANKS USE XRP?

$10 MILLION IN SAVINGS ANNUALLY USING XRP(Minimum)

As such, if  BANKS can recoup $10 Million each year with Ripple + XRP, then, the math is easy. Implementing Ripple + XRP reduces bank costs(with $12 Billion in annual transactions) by $10 Million annually at a minimum based on no longer needing nostro accounts.

Not a bad sales pitch to start with..... much faster/safer settlement and cuts costs $10,000,000 EVERY YEAR.There are many other benefits and cost saving measures(see link above)......but this is a good one to lead off with!

 

OR READ THIS RIPPLE ARTICLE

https://ripple.com/insights/ripple-and-xrp-can-cut-banks-global-settlement-costs-up-to-60-percent/

Edited by TPM

dierstekker, elusive13 and nur like this

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