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What are your views on XRP?

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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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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

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3 hours ago, princesszerp said:

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

I think we should be careful about saying there are cost savings as it's yet to be proven yet. It's hypothesized to save cost, looking forward to this hypothesis being tested. 

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8 minutes ago, cmbartley said:

I think we should be careful about saying there are cost savings as it's yet to be proven yet. It's hypothesized to save cost, looking forward to this hypothesis being tested. 

 

That's a sane way of looking at it. Thanks.

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24 minutes ago, cmbartley said:

I think we should be careful about saying there are cost savings as it's yet to be proven yet. It's hypothesized to save cost, looking forward to this hypothesis being tested. 

I'm sure they've run quite a few different kinds of simulations with their partners to take as many real world situations into account as possible. Of course there are always atleast some minor unknowns... All-in-all, good thing for ripple is that they actually have serious players as partners to test things with and actually have some kind of "real" results to show other serious players. Easier to get that snowball effect rolling.

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1 minute ago, papa said:

Keeping in mind that Ripple is only marketing its technology for low-value (cross-border) payments and thus all of the published estimates but if FIs can use the same technology for value-added (various other types of) payments then there is further potential savings if I'm not mistaken.

Yes, low value / high volume cross-border transactions will supposedly be the first step, as that precise area of payments really needs an efficient, secure and inexpensive solution right now. I'm sure there are all kinds of simulations going on for value transfers in general through RCL and ILP also though, as ripple seems to be fairly serious about that "internet of value" -thing.

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6 hours ago, TPM said:

@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/

 

8 hours ago, princesszerp said:

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

thank you guys for the explanation. ill check out the white paper @TPM :)

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12 hours ago, cmbartley said:

I think we should be careful about saying there are cost savings as it's yet to be proven yet. It's hypothesized to save cost, looking forward to this hypothesis being tested. 

I was of the same thinking until recently. I think the FlashFX fees posted by @Morty largely  prove the advantage. Also, while the results of the R3 testing has been fairly hush hush, I noticed decisively more certain wording in the recent "Bitstamp Now Trading XRP" Ripple Insight. Here's the quote:

Quote

As evidenced by R3’s recent trial with XRP for interbank cross-border payments, the use of Ripple and XRP can enable both cost-cutting and revenue opportunities for participating institutions.

source:https://ripple.com/insights/bitstamp-now-trading-xrp/

Not to mention Swift is now trying to recreate the advantages of eliminating nostro accounts via blockchain...hmmm...I wonder where they learned that trick from?

Quote

Announced today, The Society for Worldwide Interbank Financial Telecommunication (Swift) is integrating open-source blockchain technology with its own products to build a proof-of-concept that might one day replace the so-called "nostro" accounts its members keep filled with cash all over the world – just in case they need it.

source:http://www.coindesk.com/swift-building-blockchain-app-optimize-global-cash-liquidity/

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3 hours ago, Xi195 said:

I was of the same thinking until recently. I think the FlashFX fees posted by @Morty largely  prove the advantage. Also, while the results of the R3 testing has been fairly hush hush, I noticed decisively more certain wording in the recent "Bitstamp Now Trading XRP" Ripple Insight. Here's the quote:

source:https://ripple.com/insights/bitstamp-now-trading-xrp/

Not to mention Swift is now trying to recreate the advantages of eliminating nostro accounts via blockchain...hmmm...I wonder where they learned that trick from?

source:http://www.coindesk.com/swift-building-blockchain-app-optimize-global-cash-liquidity/

You see how close this race has become?

 

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