“Not Even Banks Want A Token Controlled By Banks”—Ripple XRP’s David Schwartz Replies Critics

[lawalkhalid]

https://todaysgazette.com/not-even-banks-want-a-token-controlled-by-banks-ripple-xrps-david-schwartz-replies-critics/

[kenrino]

btw It's a quote by David Schwartz, meaning banks prefer XRP rather than creating a new token themselves.

Edited January 4, 2019 by kenrino

[Guest]

Banks license solutions and provide services. Last I checked, they don't develop software or manufacture hardware. Maybe banks can just skip the mints and make some presses for all that cash they need?

Edited January 4, 2019 by Guest

[Guest]

1 hour ago, LordVetinari said:

Banks license solutions and provide services. Last I checked, they don't develop software or manufacture hardware. Maybe banks can just skip the mints and make some presses for all that cash they need?

Thank you @LordVetinari I have been preaching this every since I invested in XRP.  "BANKS ARE NOT NOR DO THEY HAVE ANY INTEREST OF GETTING IN THE SOFTWARE DEVELOPMENT BUSINESS!!" I work in the Medical Software industry in the beginning you had a few of the larger hospitals who developed their own EHR/EMR packages but the cost to keep things current, the cost to keep qualified staff. etc they soon realized that they need to stick to what they do best "Care of Patients" and purchase, partner, etc with a software company that develops software that caters to their needs and leave it to these entities to keep current and manage all aspects of their technology.  CHASE is not going to buy software made by BOA and vice versa.  I have mentioned I have seen this play out before in the medical industry as I was lucky to be involved when the digitization of medical records etc in the early 2000's and today still.  I was privy to hear and see the Nay sayer's. I heard prominent physicians at the time say "This will never work!!! You will never get Dr's to give up their paper."  I remember when the utilization of electronic  EHR/EMR's proved so valuable the government made it a mandate that all records would be digitized by 2020.  The point I am making is "Hold on because the state of the union with XRP in the cryptosphere is better than any other coin."  Movement in the banking and medical industry moves pretty similar in the fact that they are both heavily regulated medical more so than banking but you get my point.  This ride will be slow but once the nitrous button is pressed "Lookout!!"

Edited January 4, 2019 by Guest

[Scout]

1 hour ago, kenrino said:

btw It's a quote by David Schwartz, meaning banks prefer XRP rather than creating a new token themselves.

Let me clear this up, there appears to still be some confusion.  BANKS”.. Crypto curency idea is to get away from it, not to work for it.”

Proof of this statement can be shown by The National Bank of Kuwait promoting its new Ripple-powered remittance service. The platform, called NBK Direct Remit, is now live.  It uses Ripple’s xCurrent to process instant cross-border payments from Kuwait to Jordan. There is very little incentive for Banks to use XRapid's Cryptocurrency Tokens to move money around when XCurrent can achieve the same results without XRP. Plus banks don't seem to mind having Nostro/Vostro accounts as they are already comfortable with that system.

Edited January 4, 2019 by Scout

[emsemporium]

5 minutes ago, Scout said:

There is very little incentive for Banks to use XRapid's Cryptocurrency Tokens to move money around when XCurrent can achieve the same results without XRP. 

Since when did banks lose interest in improving their bottom line?  I always thought that was their very raison d'être.  Anyway, I'm not here to argue.  Time will tell.

[Guest]

27 minutes ago, Scout said:

There is very little incentive for Banks to use a Cryptocurrency Tokens to move money when Xcurrent can achieve the same results without XRP and banks don't seem to mind having Nostro/Vostro accounts.

There is incentive if they don't have Nostro accounts or prefer not to have dormant capital in Nostro accounts. What would be the incentive for banks to park capital other than it is currently required to participate? Why do you believe banks don't mind assuming the risk of holding won, rubles or lira? You'd be hard pressed to find anyone in banking describe Nostro/Vostro accounts as a feature of remittances. 

Edited January 4, 2019 by Guest

[Guest]

14 minutes ago, Scout said:

Let me clear this up, there appears to still be some confusion.  BANKS”.. Crypto curency idea is to get away from it, not to work for it.”

Proof of this statement can be shown by The National Bank of Kuwait promoting its new Ripple-powered remittance service. The platform, called NBK Direct Remit, is now live.  It uses Ripple’s xCurrent to process instant cross-border payments from Kuwait to Jordan. There is very little incentive for Banks to use a Cryptocurrency Tokens to move money when Xcurrent can achieve the same results without XRP and banks don't seem to mind having Nostro/Vostro accounts.

XRapid gives them like a 40% cost reduction over XCurrent.  I'm not sure what planet you have done business on but even a meager 1% savings when your talking large dollar amounts is something to get excited about.  My guess is that these entities are already testing Xrapid and the hold up is the outcome of US regulation because lets face it the Dollar is still the measuring stick around the world.

Edited January 4, 2019 by Guest

[mistatee2000]

4 minutes ago, RikkiTikki said:

XRapid gives them like a 40% cost reduction over XCurrent.  I'm not sure what planet you have done business on but even a meager 5% savings when your talking large dollar amounts is something to get excited about.  My guess is that these entities are already testing Xrapid and the hold up is the outcome of US regulation because lets face it the Dollar is still the measuring stick around the world.

We are crawling towards the starting blocks with XRP, but the starting gun for the main race won't be fired until the banks have regulatory clarity in the USA despite all the adoption elsewhere. 

[Julian_Williams]

39 minutes ago, Scout said:

Let me clear this up, there appears to still be some confusion.  BANKS”.. Crypto curency idea is to get away from it, not to work for it.”

Proof of this statement can be shown by The National Bank of Kuwait promoting its new Ripple-powered remittance service. The platform, called NBK Direct Remit, is now live.  It uses Ripple’s xCurrent to process instant cross-border payments from Kuwait to Jordan. There is very little incentive for Banks to use XRapid's Cryptocurrency Tokens to move money around when XCurrent can achieve the same results without XRP. Plus banks don't seem to mind having Nostro/Vostro accounts as they are already comfortable with that system.

You are so far out with your assumptions.  Some big banks have cash piles around the world that will continue to be used, but most banks are dependent on the vostro nostro accounts owned by other banks.  Even the big banks will not have vostro nostro accounts for most small countries and will be using correspondence banks.  Then there is the big matter of capital locked up in these deposits that can be released for other investment purposes, so the saving is 40% plus new income streams.

Very cheap cross border payments will become very easy to obtain from small specialist fintech companies with low overheads.  The big banks will be faced with either charging their clients over-the-top rates for the same services, losing money or switching to using XRapid. It is obvious that they will switch to XRapid.

Edited January 4, 2019 by Julian_Williams

[Guest]

13 minutes ago, mistatee2000 said:

We are crawling towards the starting blocks with XRP, but the starting gun for the main race won't be fired until the banks have regulatory clarity in the USA despite all the adoption elsewhere. 

The world hasn't stopped turning. 

[mistatee2000]

1 minute ago, LordVetinari said:

The world hasn't stopped turning. 

Agreed. That's why I still believe in XRP (and Ripple of course)

[Guest]

Quote

Banks are where the value is today. We need bridges to where today's value is if we're going to get mass adoption. The Internet got most of its early growth from the military and existing centralized information services for much the same reason.

— David Schwartz (@JoelKatz) January 3, 2019

No need to read that barrel-scraping article now.

[Phintech]

1 hour ago, Scout said:

Plus banks don't seem to mind having Nostro/Vostro accounts as they are already comfortable with that system.

As comfortable as Kodak was with film and Blockbuster was with renting physical dvds.

[Guest]

10 minutes ago, Phintech said:

As comfortable as Kodak was with film and Blockbuster was with renting physical dvds.

Complacency could easily and quickly lead to obsolescence