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

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33 minutes ago, DutchPanda said:

exactly. And maybe a fourth. I think that Swift will join Ripple labs to get best of both worlds: the Banks still having their familiar message system, and XRP moving the money arounf the world. If this happens to be the caser: instant moon.

This 

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Blocktower Capital is a crypto asset investment firm. One thing I noticed is these types of firms is that they will wait until something is successful before they promote it to their clients. Seems very biased as well

Screenshot_20181005-143816.png

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24 minutes ago, Kalarie said:

if nothing else, I think that was worth reading.  Haven't seen a viable bankcoin yet, but doesn't mean it can't happen.  I never expected XRP to hold a monopoly, I just think it has a real first mover shot at gaining huge market share.

And one billion XRP every month at their disposal to grease their wheels and fuel their engine.

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3 hours ago, automatic said:

It is not a matter of "if" they will develop a competing bankcoin; they WILL develop competing bankcoins (Quorum is a good example).

Am I wrong, I thought Quorum was some sort of Identity Protocol? I don't think Quorum is what you think it is (IE not an XRP competitor).

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16 minutes ago, ImTheRippler said:

Am I wrong, I thought Quorum was some sort of Identity Protocol? I don't think Quorum is what you think it is (IE not an XRP competitor).

Quorum is an "Enterprise-focused version of Ethereum";  I was using that as an example of large players trying to (hijack?) get in on the action by developing their own flavor of whatever is hot. 

I expect that same scenario to unfold once xrp starts making it big.

 

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21 minutes ago, automatic said:

Quorum is an "Enterprise-focused version of Ethereum";  I was using that as an example of large players trying to (hijack?) get in on the action by developing their own flavor of whatever is hot. 

I expect that same scenario to unfold once xrp starts making it big.

 

There aren't many details available but it seems like Quorum is an attempt at an analogue to Ripplenet (IE a permissioned blockchain system) not an analogue to the XRP coin (although they could I guess ICO one to compete on ETH eventually).

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I think the Linux kernel is the appropriate comparison, the Linux kernel is the most succesful operatig system of all time, but hardly anyone knows that their homes are filled with equipment controlled by distributions of the Linux kernel. The same could be true of the XRP ledger in the future. The XRP ledger combined with ILP controls value the same way that TCP/IP breaks up, puts together again and routes information.

Only XRP has the momentun going for it, Stellar is a competitor but the legal hurdles for that project migt get hairy when journalists begin to question its non-profit status as liquidity keeps growing.

Edited by mandelbaum

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1 minute ago, mandelbaum said:

Only XRP has the momentun going for it, Stellar is a competitor but the legal hurdles for that project migt get hairy when journalists begin to question its non-profit status as liquidity keeps growing.

I don't blame people who hold XLM as a hedge against XRP going **** up, but 5 minutes of Google searching will tell you that anything Jed touches should be widely viewed as a liability (and it is).

You think Stripe was ****** answering questions about how the Feds were after their high profile partner? Imagine how someone like a huge international bank would feel once the feds come knocking asking questions. Not happening! 

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3 hours ago, n2it said:

One thing I think Ari was overestimating was the amount of open source code available for a bankcoin to leverage. Sure rippled and its ledger are open source and would provide a base to build upon. But Ripple has built proprietary software (xCurrent, xVia, xRapid) already to do the hard parts of messaging, price discovery, atomic transactions, etc. They're using XRP to maximize cost savings.

Exactly this. Banks do not do software well. They do it very poorly. They outsource development for this reason and get totally fleeced and burn money on software projects that end up on the scrap heap. I'm not sure I can think of an instance of bank revolutionising anything. Do you know how long online banking took? They still don't have it right. Either some outside party solves for liquidity or it never gets solved.

If banks cloned rippled and started poking around, you know what would happen? They would make a big, insecure mess.

The idea of banks getting together to build a robust, functioning network or anything crypto-related, or something as mature as Ripple's product suite, or even modifying some aspect of it, is far-fetched indeed. It is very far from the core competence of any bank.

We are still in new territory, however. Ripple can still fail with XRP and there are enormous risks. Maybe the whole idea just doesn't work. Maybe the whole wacky crypto coin thing crashes and burns completely. Time will tell.

For those who want to read, the whole debate is here:

I think David Schwartz wins this one.

Edited by spondulix

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4 hours ago, Sebastian said:

Ari's argument banks will avoid using XRP because they do not want to enrich Ripple is potentially valid.  This is arguably the biggest downside to the centralized ownership of XRP.  I suspect some (but not necessarily all) of the banks, who choose to use publicly traded digital assets, may prefer another one.

I don't see a problem here. Banks use assets to make themselves rich all the banks assets are currency  they don't control any currency on earth. They can't create currency only the governments can. And the government is always the counter party risk. With that said banks are not making the government any richer cause they have literally ALL the control. So all the banks care about is loaning and transferring currency. Don't matter to them who owns it all. They just facilitate custody,(BANK ACCOUNTS) TRANSFERS and LOANS. They could care less what the actual device is that makes them money as long as they can use it to do just that. So again I don't see why this is a problem.

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1 hour ago, automatic said:

Quorum is an "Enterprise-focused version of Ethereum";  I was using that as an example of large players trying to (hijack?) get in on the action by developing their own flavor of whatever is hot. 

I expect that same scenario to unfold once xrp starts making it big.

 

An analogy with Henry Ford's Model T comes to mind...

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