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JCCollins

XRP - The Standard (Big read)

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@JCCollins

Read the concluding paragraphs to your article. I do not think you understand the role that the banks will play following a USD reset. You presume that these banks, which now hold the customer account funds, will be utilized on financial matters going forward. Well, you are in the common company of the Ripple management. Good. I will offer an alternative perspective. The banks will be downgraded after a USD reset, while cryptos will appreciate in value. The stature of the banks as investment vehicles will be greatly diminished after the pension funds which hold bank stocks, are downgraded or fail. Banks will become a risky investments and their collective power will be significantly diminished. Deutsch Bank is being restructured as we speak.

I would be interested to hear your views on the banks and XRP, in the scenario, that I describe.

Brian Armstrong of Coinbase just rendered the Ripple Network quaint, with the introduction of the Coinbase Wallet app. This app does not require KYC and AML information. The user is not tracked. This app performs atomic swaps via an arbitrary number of AirSwap and 0x liquidity providers, anonymously. I offer this perspective, because this is the way the crypto communities move beyond the historic confines of the central banks and the FED. This app executes trades in less than 30 seconds. The app does away with network segmentation of the crypto space. . It is the killer app for crypto.

In making this one application available, Brian Armstrong has become a god.

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23 minutes ago, OzAlphaWolf said:

And further, anyone who thinks major corporations are going to switch their cash flows over to non-compliant channels is beyond naive. It's just maximalist delusion.

This. The crypto maximalists can't put out the call for huge institutional money to drive their tokens to new ATHs, while expecting to operate at the fringes of regulation and bad mouthing the same institutions on the other. 

We wanted adoption, we're getting it. But banks and the 'system' are never going to go away, and you can't innoculate crypto from their influence in 2018. It's the only way forward if you want the big returns. And let's be honest; 95-98% of people are here for the returns and profits - not the purity of the tech or anarchist notions of a financial utopia, free of the banking industry.

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I believe XRP will eventually become a global standard currency... however, if nations have their own digital fiat that matches the speed and efficiency of XRP (which they eventually will) then XRP would become unnecessary as a bridge because those national currencies (since they exist on a distributed ledger) will be global in scope.

If I have digital USD and I’m trying to remit as digital Yen, I simply find a market maker willing to trade that digital USD for digital Yen, then transfer the Yen to the new account. Similar to XRapid but simpler. 

The reason XRP is necessary right now, is that those currencies are not digital and global. XRP might still be useful for rare pairs, but other than that it would just add friction to that transaction.

I think once governments start adopting blockchain for their fiat things will get much, much more competitive. I hope we see #xrpthestandard , and we’re wayyyy ahead of governments right now. But they’ll be trying to catch up like their lives depended on it.

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Guest

Great read JcCollins.

Thank you for your contribution to the XRP community.

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Thank you JC! Love to read your work.

I was curious about the tarot card in your photo so I did some searching.

The Fool or The Jester is one of the 78 cards in a Tarot deck. In occult tarot, it is one of the 22 Major Arcana, sometimes numbered as 0 or XXII.

Meaning: The Fool represents new beginnings, having faith in the future, being inexperienced, not knowing what to expect, having beginner's luck, improvisation and believing in the universe.

I find that very fitting seeing how we are all witnessing new beginnings in the international monetary system.

fool.png

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2 hours ago, ADingoAteMyXRP said:

I believe XRP will eventually become a global standard currency... however, if nations have their own digital fiat that matches the speed and efficiency of XRP (which they eventually will) then XRP would become unnecessary as a bridge because those national currencies (since they exist on a distributed ledger) will be global in scope.

If I have digital USD and I’m trying to remit as digital Yen, I simply find a market maker willing to trade that digital USD for digital Yen, then transfer the Yen to the new account. Similar to XRapid but simpler. 

The reason XRP is necessary right now, is that those currencies are not digital and global. XRP might still be useful for rare pairs, but other than that it would just add friction to that transaction.

I think once governments start adopting blockchain for their fiat things will get much, much more competitive. I hope we see #xrpthestandard , and we’re wayyyy ahead of governments right now. But they’ll be trying to catch up like their lives depended on it.

I'm not so sure about that, simply because XRP would act as a neutral third party. It would become the most liquid asset in history if all currencies were exchanged through XRP. If some African countries made their own digital fiat they would still have the problem of liquidity when exchanging to the Thai Baht for example. Most currencies are not very liquid. Actually just a few are. It would be way better for them to go through XRP instead. USD to Euro is another story though. 

I also don't think governments will compete with a neutral third party digital asset like XRP. I'm pretty sure XRP is being pushed to a large extent by IMF behind the scenes. 

Edited by Guest

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2 hours ago, ADingoAteMyXRP said:

If I have digital USD and I’m trying to remit as digital Yen, I simply find a market maker willing to trade that digital USD for digital Yen, then transfer the Yen to the new account. Similar to XRapid but simpler.

There currently isn't a true digital USD or YEN, and I doubt there will ever be one. You can't transform a T-Ford into a race car, you build a new car. Decentralization is a key feature of crypto, which means it cannot be created by a central bank.

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