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Interesting debate on Twitter involving David Schwartz, Tom Channik, Ari Paul, Rob Lee

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This is the second time Ive heard recently from informed, intelligent but perhaps anti XRP parties that XRapid does not require you to use XRP.

AFAIK, XRpaid only runs on XRP ( and previously on BTC). Are they confusing XRapid with ILP which is completely open source and asset agnostic?

 

Would be great to get some definitive clarification on what assets can run on XRapid.

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This Ari Paul guy articulates an issue I've always had with the XRP adoption paradigm, being the whole implicit result of a transfer of wealth to a coin the bulk of which is (at present and for the foreseeable future) controlled by a private party...but I've rationalized this concern through my understanding as to how the whole process is being rolled out (building liquidity from the bottom up, starting with small players/transactions and building), the inflationary nature of the coin and the FOMO power of speculation...ultimately, I think he will be proved wrong because of the inherently disruptive nature of the technology...but definitely food for thought! good stuff!

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If banks can create a bankcoin that is better and faster and can do settlements how come they haven't all these years?  Look at SWIFT, they had 40 years to come out with a new technology and work with banks to come out with some type of a bankcoin and just recently they created a GPI only because they felt the pressure and it seems they scrambled to create it.  

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2 minutes ago, camxrp said:

His argument assumes that banks can create an equal or better technology than xrapid/xrp. 

sort of...I took it to say that banks might prefer to use inferior tech if they can control it...one of my hopes is that ultimately banks won't have a choice but use XRP if they want to remain competitive/relevant

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He avoids DS' point that XRP exists as a "neutral" remittance tool between banks, such that none control it.  Otherwise, there is not enough incentive for banks to cooperate with one bank's crypto project.  He seems convinced there is no incentive for banks to use XRP for settlement as long as the infrastructure is there.  I do take him though, to be poking around at the classic chicken/egg problem of how to create usage when it is not fully in use already.  

 

 

 

Edited by WrathofKahneman
a little bit of style in the sty?

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I understand that Ripples current target market is small and medium banks, banks outside the west etc. These companies have a vested interest in finding a cheaper way of transferring money across currency that avoids the excessive charges run up by correspondent banking network which profits only the big US and European banks.

 

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5 minutes ago, WrathofKahneman said:

He seems to avoid DS point that XRP exists as a "neutral" remittance tool between banks, such that none control it.  Otherwise, there is not enough incentive for banks to cooperate with one bank's crypto project.  He seems convinced there is no incentive for banks to use XRP for settlement as long as the infrastructure is there.  I do take him though, to be poking around at the classic chicken/egg problem of how to create usage when it is not fully in use, yet.  

Bingo! 

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