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Help me understand why banks will?


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I agree with the timelines that this will take time and that is fine by me. The question I have is with xRapid's impending launch why would banks trust fund transfers that is being ultimately secured by these shady exchanges? 

Will BOA say, "Sure I will trust my fund transfer to Binance, Bittrex, Uphold, etc?"

Help me understand this piece. 

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Also, there Will emerge a handful of “blue chip” institutional exchanges that the big boys will use.  These exchanges are working behind the scenes around the clock with regulators the world over.  Custody solutions have been a big hurdle that’s being resolved and with this in place the banks and large money transfer org’s will depend on these new market leaders.

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How does anyone trust anyone in the financial sector. Billions magically disappear every month in the current loop. The statistics are horrifying.

There will be bad individuals involved within exchanges, and maybe even entire exchanges of bad people, but it will get better over time

If someone sets up a new Mt-Gox, no one will do business with them.

It's like with Tesla. If someone dies in an accident in a Tesla, it's global news. If 400 died the same day in Volvos, no one cares.

 

Edited by mandelbaum
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When Xrpaid initially kicks off Im sure banks and FI's will be hesitant at first and rightfully so.  RIpple being the masterminds they are probably anticipated this and maybe would offer them some type of "insurance" to get this off the ground which would guarantee the arrival of funds etc.  Just my 2 cents.  Besides sending it with Swift is 6% error so we have some wiggle room ?

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I think David Schwartz said it best. They don’t have to trust each other, just trust that the mechanism works. If the exchanges act shady then the transaction will fail and nothing will go through. It will then initiate again and the process will take 2 minutes and 8 seconds instead of the regular 2 minutes. I know XRP takes 3 seconds on the exchange, but all told it’s been taking 2 minutes to settle in the receiver’s bank account.

Edited by Raz
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4 hours ago, pumpndump said:

I agree with the timelines that this will take time and that is fine by me. The question I have is with xRapid's impending launch why would banks trust fund transfers that is being ultimately secured by these shady exchanges? 

Will BOA say, "Sure I will trust my fund transfer to Binance, Bittrex, Uphold, etc?"

Help me understand this piece. 

Because they WILL make it work.

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