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ObeyTheWafflehouse

Tracking xRapid volume through MXN/USD

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15 hours ago, ObeyTheWafflehouse said:

@XRPforALL Do you monitor any price fluctuations between the USD -> XRP and XRP->MXN? I have a theory, but I am researching. I don't have access to any XRP ledger information. 

In looking at the ~100 matched trades between bitstamp and bitso, the USD > MXN exchange rate varies from 19.78 to 20.61. When the rate was higher than 20.17 nearly all of the trades on the bitso side were the maker side of the trade being a buy. The remaining trades where the rate was below 20.17, most of the trades were sells of XRP. 

Over 95% of these trades that appear to be matching trades between bitstamp and bitso were trades where the maker side was buying XRP and the taker was selling XRP and also where XRP was purchased with USD on Bitstamp. This would be consistent with how xRapid would work, but I have still been unable to tie any of these exchange trades back to an XRPL payment.

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I was exploring Bitso's API documentation. I noticed this Remittance API. I will first say I'm not even sure if this API is even related to xRapid. But I started thinking, regardless. 

I'm pretty certain I've read that when the xRapid API is used, everything is checked for validity or the transaction will not be allow to be executed. I believe that includes fees and rates, but I'm not sure about KYC/AML and recipient information. 

So one thing that might help to identify transactions via xRapid would be a slightly larger payload or one that's more bits/bytes. I'm not sure if payload is the correct term. Someone who is more familiar with understanding the raw output of a ledger transaction might know. 

I am sure you will not find names or addresses in plain text but withdrawals from Bittrex or Bitstamp that are intended to be directly sent to a bank account on Bitso may have larger memos or additional information/fields than one going to a typical user's exchange wallet. 

Edited by LordVetinari

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Maybe this will also help. 

Quote

 Notice that all that’s required to do this is that all ledgers involved support locking up of funds that are released on a detectable condition.

XRP Ledger supports this with the “Escrow” transaction. Supporting this with currencies like USD and MXN requires interledger, xCurrent, or something similar.

 

Source : David Schwartz

I don't know if he is saying "Escrow" as in an actual transaction on the ledger or just figuratively. But if he's being literal, one way to interpret his answer to the question posed to him is, there may be a very short lived corresponding escrow. 

Edited by LordVetinari

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On 1/13/2019 at 5:06 AM, LordVetinari said:

Maybe this will also help. 

Source : David Schwartz

I don't know if he is saying "Escrow" as in an actual transaction on the ledger or just figuratively. But if he's being literal, one way to interpret his answer to the question

posed to him is, there may be a very short lived corresponding escrow. 

I had read that before, but as David recently mentioned below, it's possible for part of an xRapid transaction to fail. His example, was it could buy XRP, but not sell beecause the rate changed by too much. I further asked what happened to that XRP in this scenario, but didn't get a response. I don't know that I've heard any recent descriptions of xRapid ever mention escrow, so I don't believe it uses an on ledger escrow. 

 

Also, not sure if you've seen it, but big twitter conversation around the order of xRapid execution recently here:

 

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