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At least 15 central banks are serious about getting into digital currency

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13 minutes ago, Montoya said:

Not necessarily true. They may simply choose to default to the most stable and widely accepted, the same way people do with fiat. In other words, if a crypto dollar is more widely desired than XRP, why would they choose to use XRP?

All this time in Crypto and that's what you ask? 

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53 minutes ago, Montoya said:

Not necessarily true. They may simply choose to default to the most stable and widely accepted, the same way people do with fiat. In other words, if a crypto dollar is more widely desired than XRP, why would they choose to use XRP?

Because using the dollar is needless and it puts the world at the mercy of whatever crackpot is running the USA at any given time? Using one country’s currency as reserve is problematic.

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57 minutes ago, Montoya said:

If a crypto dollar is more widely desired than XRP, why would they choose to use XRP?

Not intending to be an XRP shill here, really.  Lol.

I'm a Systems Architect.  My experience has been that predicated questions create predicated conclusions that often limit growth  E.g., If 640K of memory is more than anyone will ever need, why would anyone ever choose to buy a more expensive computer that has more memory? (Yes, this was a real debate back in the 80's.)

At this point in time, the only thing I know for certain is systems, processes, and norms constantly evolve.  So, it's just as fair to ask "If XRP is more widely desired than a crypto dollar, why would they choose to use a crypto dollar?".   Maybe they will, maybe they wont.  Either way, I look forward to hanging out with you and this fine group while we watch how the crypto space evolves.

Cheers.

Edited by BeachSandInToes

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1 hour ago, BeachSandInToes said:

Not intending to be an XRP shill here, really.  Lol.

I'm a Systems Architect.  My experience has been that predicated questions create predicated conclusions that often limit growth  E.g., If 640K of memory is more than anyone will ever need, why would anyone ever choose to buy a more expensive computer that has more memory? (Yes, this was a real debate back in the 80's.)

At this point in time, the only thing I know for certain is systems, processes, and norms constantly evolve.  So, it's just as fair to ask "If XRP is more widely desired than a crypto dollar, why would they choose to use a crypto dollar?".   Maybe they will, maybe they wont.  Either way, I look forward to hanging out with you and this fine group while we watch how the crypto space evolves.

Cheers.

Thanks for your input.  That's actually one of my concerns...I personally think at this stage of development it's risky to release CBDCs onto the public without trying to understand the ramifications, so I doubt many central banks are actually ready and willing to take it to that level...they will likely observe some other 'Guinea pig' country and see what happens. Instead, I think central banks will use CBDCs or CBDC-based products for something more predictable, and manageable, and less risky, like making payments among various federal agencies much more efficient, transparent, accountable, etc. using a private, permissioned network.  I  think central banks will experiment with and even try to use CBDCs or CBDC-based products for cross-border payment solutions with their trading partners..I believe it's possible, so that's why I'm glad/relieved that many central banks will need legislative approval for CBDCs and this could stall their experimentation with and implementation of CBDCs for internal and cross-border use, and public circulation of CBDCs even longer because of the possible risks involved. So a part of me feels like this gives the crypto space a significant head start to get itself established and succeed, XRP in particular, because this space doesn't have as many hurdles for crypto adoption and usage as governments do.

Edited by enrique11
additional comment

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1 hour ago, BeachSandInToes said:

Not intending to be an XRP shill here, really.  Lol.

I'm a Systems Architect.  My experience has been that predicated questions create predicated conclusions that often limit growth  E.g., If 640K of memory is more than anyone will ever need, why would anyone ever choose to buy a more expensive computer that has more memory? (Yes, this was a real debate back in the 80's.)

At this point in time, the only thing I know for certain is systems, processes, and norms constantly evolve.  So, it's just as fair to ask "If XRP is more widely desired than a crypto dollar, why would they choose to use a crypto dollar?".   Maybe they will, maybe they wont.  Either way, I look forward to hanging out with you and this fine group while we watch how the crypto space evolves.

Cheers.

You're absolutely right. My intention was not to posit what I see as a likely or unlikely outcome. It was simply to point out that the OP's certainty surrounding the adoption of a single universal settlement unit and its jurisdictional agnosticism is a bit premature.

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2 hours ago, Montoya said:

Not necessarily true. They may simply choose to default to the most stable and widely accepted, the same way people do with fiat. In other words, if a crypto dollar is more widely desired than XRP, why would they choose to use XRP?

I tend to agree with many here in that most countries, I believe, are wanting to get away from a single state-controlled currency with respects to final settlement of payments. A crypto-dollar continues the US dominance in this regard. What is needed is a highly scalable, currency agnostic, cheap alternative digital asset serving in this capacity. If not XRP, I could very well see, in the distant future, where an SDR crypto-asset equivalent could serve a more active/prominent role in this regard. The IMF could do a crypto SDR with, hypothetically, 5 or 10 digital assets or maybe add these 5-10 digital assets to the current SDR basket. @KarmaCoverage or @tar can probably offer more color/clarity to this subject matter than I could. 

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1 hour ago, ImTheRippler said:

Because using the dollar is needless and it puts the world at the mercy of whatever crackpot is running the USA at any given time? Using one country’s currency as reserve is problematic.

I agree, but banks may not. Need is a subjective term. Some people would argue that the dollar, crypto or otherwise, provides a great deal of security. And the current state of affairs regarding the sale of U.S. government bonds demonstrates that at this moment non-U.S. banks, governments, businesses, and citizens prefer the dollar over any other alternative, including XRP. My point is that XRP needs liquidity. The dollar is only king because everyone accepts it and the U.S. economy is the most stable in the world. Until XRP can gain that, or the U.S. manages to completely destroy its currency, it is my opinion that most would likely prefer to use a digital dollar over XRP. I also think it is a moot point though. I don't see the U.S. making a crypto dollar anytime soon. But Ripple had better act quick.

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3 minutes ago, King34Maine said:

I tend to agree with many here in that most countries, I believe, are wanting to get away from a single state-controlled currency with respects to final settlement of payments. A crypto-dollar continues the US dominance in this regard. What is needed is a highly scalable, currency agnostic, cheap alternative digital asset serving in this capacity. If not XRP, I could very well see, in the distant future, where an SDR crypto-asset equivalent could serve a more active/prominent role in this regard. The IMF could do a crypto SDR with, hypothetically, 5 or 10 digital assets or maybe add these 5-10 digital assets to the current SDR basket. @KarmaCoverage or @tar can probably offer more color/clarity to this subject matter than I could. 

I agree completely. But what countries want is sometimes largely irrelevant. None of them like using the dollar now, but they do. Why? Because all other options are worse, or at least perceived to be worse. XRP needs to overcome this perception. I think the mistake many are making here is assuming all actors will act logically. Yes, you are right that logically they should all use XRP. But that doesn't mean they necessarily will.

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1 hour ago, ImTheRippler said:

I'm not asking what is optimal. I understand that a non-jurisdictional settlement currency is preferable for a number of reasons. I'm asking what is likely. This is an entirely different argument. I hope, for selfish reasons, that banks do see the value of XRP.  However, I simply do not yet believe it is a foregone conclusion. 

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6 minutes ago, Montoya said:

I'm not asking what is optimal. I understand that a non-jurisdictional settlement currency is preferable for a number of reasons. I'm asking what is likely. This is an entirely different argument. I hope, for selfish reasons, that banks do see the value of XRP.  However, I simply do not yet believe it is a foregone conclusion. 

If you searched around a bit you might find leaders of countries like China are open to the idea of such a Supra-national settlement currency. If globalism is to succeed and competition to make a better world (if you believe that stuff) its almost a necessity. Not saying it will 100% be XRP but it stands a better chance than most.

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13 hours ago, lucky said:

what ‘world central bank” are you referring to?

 

13 hours ago, King34Maine said:

@LostInXrp are you thinking about the World Bank?? If so, its sole purpose is to focus on poverty reduction and the long-term economic development/growth of developing countries.

 

11 hours ago, Benchmark said:

There is not.

 

11 hours ago, enrique11 said:

You're probably referring to the World Bank.  It's a bank that basically lends to underdeveloped countries to build their infrastructure like schools, hospitals, etc.  The Bank loans these countries money. Then World Bank economists frequently travel to those countries to oversee and evaluate the projects making sure the money gets spent in a rational way and the funded projects make sense and can actually contribute to economic growth.

 

After all it looks like I reffered to BIS. As I said I am not an expert. But anyway, many new entities and layers can appear in the future to digitalize FI and disrupt current system :)

Nothing stops Ripple to affiliate/sell their software for Central Banks, so latter can brand it whatever name.

Even XRPL can be part of that software suit, nothing stops Ripple to fork it and continue facilitate CB requirements.

So many scenarios

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7 hours ago, coinologist said:

I've read lots on this, they seem very focused on regulations https://medium.com/@xch4nge 

Thanks @coinologist I found this tidbit through your link - off topic, but nevertheless very interesting - I hope this catches on...

The Key to Mass Adoption? Usability.

https://medium.com/@xch4nge/why-ease-of-use-will-win-the-day-2a0e09220799

"At XCH4NGE, we believe that you should be able to buy, sell, store, and use cryptocurrency as easily as you do GBP or EUR. That’s why we offer GBP pairs for the 5 most popular cryptocurrencies in the world (BTC, BCH, ETH, XRP, & LTC), fast transaction times, secure multi-signature wallets, and high-level verification of all users before they enter our platform. Having trouble? We’ve got you covered. XCH4NGE offers 24/7 live, human support with publicly available resolution targets so you know what to expect."

"Although we have built our fiat to cryptocurrency platform with maximum user convenience in mind, the high-street banking institutions are putting up no small amount of resistance. Until regulators announce legal frameworks for cryptocurrency, banks have made it very clear that they do not wish to enable crypto-related activity involving their accounts. Though unsurprising, this inflexibility has nonetheless resulted in fund freezes and account closures up and down the country."

"Selling your crypto shouldn’t mean your bank account gets shut down, and soon it won’t! XCH4NGE is pleased to announce that we will be implementing a new payment system that mitigates risks for our users while making fiat payments palatable to your bank. Where payments are currently sent directly between users’ bank accounts, we will now be facilitating transactions via our corporate bank account. Once a transaction has been agreed upon, the cryptocurrency is placed in escrow while the buyer pays XCH4NGE directly. When the payment has been verified by our team, we then release the coins and credit the seller."

(Bold emphasis is mine)

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