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Uphold to make big announcement on Oct 9th

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Ehm.. I’m still digesting but (as also posted in another thread) if this is it

https://universalprotocol.io/

Convenience & Security

By building foundational architecture for interoperability, the Universal Protocol Platform will allow users to interact with multiple cryptocurrencies (and an abundance of other assets) on a single blockchain. UPP combines proven technologies – smart contracts and reserve functionality – with genuine innovation: highly secure & convertible Proxy Token

I read this as their ambition of ‘one chain / erc-20 based coin to pipe all interoperability’. That’s not going to work; the strength of Interledger Protocol is that it is coin (and even ledger) agnostic and with that p2p scalable which 1 interoperability chain is not.

Great that the call for interoperability is growing though, but ILP is still the way forward.

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18 hours ago, BiffTannen said:

Can’t wait for this joke of an announcement. 

Not sure what’s more annoying, uphold for announcing they have an announcement in hopes of hyping people up for some bs, or people actually getting hyped up over this bs. 

wow I take it back this was HUGE:scratch_one-s_head:

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I am a dividend kind of guy so I think this is great. When xrp moons and it will, during any further bear markets you can earn during the down period and even reinvest the money if you wanted. Plus they are insured. The banks only insure up to 250,000$. So maybe this is even safer than the money earned from a bank

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Just received Uphold email summarizing the announcement:

 

"Access to better yields & flexible credit on digital assets

The surprise is out! During today’s livestream from San Francisco BLOCKCHAIN WEEK, we announced a revolution in the earning power and utility of your digital assets held at Uphold.

In case you missed it, you can soon generate a substantial yield or secure a flexible credit line against your cryptocurrency holdings:

Uphold Earn allows you to access a yield of 2-to-5% on your digital assets.

Uphold Borrow gives you flexible credit at interest rates as low as 9%.

Soon, you will be able to use your Bitcoin or ETH to earn a return or participate in the world's first non-term Crypto Line of Credit (the C-LOC). Over the following months, we'll add more cryptocurrencies - including XRP - to provide a comprehensive yield and credit offering for digital assets.

We are launching the powerful new Uphold mobile app in November.

Register here for early access to the new Uphold app, and for more details on Uphold Earn and Uphold Borrow.

If you register before Wednesday, October 31st, you’ll qualify for these great rewards: 

1% off the interest on any loan.

1% higher yield on digital deposits.

Oh, and a few more things: We're giving away $500k in UPUSD, the new Universal Dollar stablecoin; we're soon launching both physical and virtual debit cards, and we're going to turn this waiting list into a dynamic leaderboard rewarding early referral, community participation and transactional activity!"

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On 10/5/2018 at 6:36 PM, Triple said:

What's interesting to me is that the header of the email that this flier was advertised out with reads:

"Earning your interest!"

My guess is earning interest on holding your XRP on their platform? Total shot in the dark lol but it seems like whatever it is, it will be promising!

I almost feel like the title is related to the text saying "we're about to make crypto work even harder for you".

???

Called it!

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14 minutes ago, Triple said:

This smells a lot like what I was guessing at with this May 2017 write up after PayChan was introduced. Although in this case, it seems that Uphold's depositors, not Ripple as I had guessed,  are the creditors (earning 5%) and with the borrowers (paying 9%) Uphold makes a clean 4% spread. That is good business, especially if the underlying is appreciating at a solid clip. 

This looks like classic sell the CD for 5% and sell the loan for 9% banking business to me. 

@tulo :shock:

Edited by KarmaCoverage

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1 hour ago, Kpuff said:

I am a dividend kind of guy so I think this is great. When xrp moons and it will, during any further bear markets you can earn during the down period and even reinvest the money if you wanted. Plus they are insured. The banks only insure up to 250,000$. So maybe this is even safer than the money earned from a bank

Insured for what bro..? Insured for hacks,  insured for deposits, insured for what amount..?  Insurance is a vague term. I love uphold, but they are just a baby compared to stability and guarantees offered by banks. Yes u can lose money with them as well but they got much more equity and reserves to bear losses than a recently started company. I hope uphold becomes bigger than coinbase soon and gets vsludd  in billions of dollars but its gonna take sometime and announcements like this certainly help.

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3 minutes ago, RDS said:

Insured for what bro..? Insured for hacks,  insured for deposits, insured for what amount..?  Insurance is a vague term. I love uphold, but they are just a baby compared to stability and guarantees offered by banks. Yes u can lose money with them as well but they got much more equity and reserves to bear losses than a recently started company. I hope uphold becomes bigger than coinbase soon and gets vsludd  in billions of dollars but its gonna take sometime and announcements like this certainly help.

https://www.lloyds.com/~/media/files/the-market/communications/market-bulletins/2018/07/y5196.pdf

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This looks to be Uphold's XRPLedger wallet.. rKfzfrk1RsUxWmHimWyNwk8AoWHoFneu4m  Checking https://xrpcharts.ripple.com/#/graph shows they have about $2.5 million XRP on deposit.

Interestingly this wallet does not have any trustlines. Is there a graph tool to map a wallet via Payments inflow and outflow, and maybe orderbook and PayChan participation?

 

Edited by KarmaCoverage

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2 hours ago, Kpuff said:

I am a dividend kind of guy so I think this is great. When xrp moons and it will, during any further bear markets you can earn during the down period and even reinvest the money if you wanted. Plus they are insured. The banks only insure up to 250,000$. So maybe this is even safer than the money earned from a bank

They aren't insured by the FDIC. 

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So if I hold 100 xrp on uphold, I can earn 2-5 xrp per year on this? Did I understand correctly?

if so, how secure is uphold compared to storing off-exchange?

Edited by princesultan

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