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

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Posted (edited)

Agree with everyone’s rebuttal to scout and I’ll add that Asheesh Birla and the product team have done a great job integrating the products together and have them work together seamlessly.  Banks, remittance companies and corporates can settle in XRP without having to even touch or hold it.  Multi-hop allows any ripplenet member to settle in XRP where available.  And according to Craig Dewitt on the previous Ripple drop episode all their tests are showing where available xrapid settlement is consistently chosen because it’s faster and cheaper.   The old argument of banks will never use XRP because they won’t hold it is debunked.  We just need to expand our xrapid market makers into more markets and the team did a great job in Q4 with Brazil, Philippines and Middle East.  SBI in March or April will tie all these markets together with Asia.  Even if US takes 1-2 years to fully clarify I’d expect all of Asia connected with Most of the developed and developing world by then.  

Edited by aavkk
clarify last sentence

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Another by the name Kane EM, replied saying, “This is why: “The company is developing a solution that allows cross-border money transactions between banks” and xrp keeps pushing it to banking system.. let me point it out for ones whos in a tank..: “BANKS”.. Crypto curency idea is to get away from it, not to work for it.”

And these are the hypocritical types who rub their hands with glee at the prospect of institutional money coming in so they can cash out and put their winnings in the BANK.

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Davids quote doesnt point to costs or IT recourses available in banks, but rather to the lack of a universal trust in “The other Bank”. HSBC will not trust a “WestPac coin” and so on.... but they both (all) can trust coins like BTC ETH and XRP....

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5 hours ago, Scout said:

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

The same system for the last 50 years...... that's like saying people will never use cars because they have horse and cart and were happy with that system. People, companies, banks etc will use what ever system is convenient until something better comes along.

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3 hours ago, Scout said:

You guys are right, i just let the FUD get the best of me this morning. Sometimes it just seems grim, but there is light at the end of the tunnel. My apologies.

No worries, mate!  Certainly no need to apologize It’s possible there were 5 others reading this who felt the same as you.  Digging into the fundamentals of XRP takes a lot of time but with that effort comes a certain peace that unless a major black swan event occurs our investment will likely be in a muuuuuuch better position in 5 years.  I’m not sure what your exit strategy is (or even if you plan on exiting) or time horizon is but I can say that if it’s at least 3 years from now I like your chances of great success.  

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Posted (edited)
41 minutes ago, aavkk said:

No worries, mate!  Certainly no need to apologize It’s possible there were 5 others reading this who felt the same as you.  Digging into the fundamentals of XRP takes a lot of time but with that effort comes a certain peace that unless a major black swan event occurs our investment will likely be in a muuuuuuch better position in 5 years.  I’m not sure what your exit strategy is (or even if you plan on exiting) or time horizon is but I can say that if it’s at least 3 years from now I like your chances of great success.  

My exit strategy is no secret, it would be to eventually reclaim my original investment and let the rest ride, much better in my XRP wallet than rotting in a bank. I want to see XRP succeed because I truly believe in the technology and I'm so tired of having to send wire transfers through Western Union getting gouged on the transaction fees as my wife has family back home in the Philippines. What I have noticed recently is a lot of remittance companies are gradually lowering their fee's which is a good sign. I figure it must be to stay relevant for what's about to come. But it's articles like this that annoy me: https://www.aciworldwide.com/news-and-events/press-releases/2018/december/aci-worldwide-propels-national-bank-of-kuwait-to-become-first-bank-in-country-to-implement-swift-gpi 

If XRP is intended for fast remittances then why would a bank that has already adopted Ripple tech find the need to also adopt their competitor's solutions. It's these mixed signals that get on my nerves. I just wish things were more clear cut.

Edited by Scout

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50 minutes ago, Scout said:

articles like this that annoy me: https://www.aciworldwide.com/news-and-events/press-releases/2018/december/aci-worldwide-propels-national-bank-of-kuwait-to-become-first-bank-in-country-to-implement-swift-gpi 

If XRP is intended for fast remittances then why would a bank that has already adopted Ripple tech find the need to also adopt their competitor's solutions. It's these mixed signals that get on my nerves. I just wish things were more clear cut.

They have always used swift so an upgrade to GPI will soon be a requirement by Swift.  Don't fret about this.  It's just a messaging protocol and a direct competitor to XCurrent though not as robust.  GPI does absolutely nothing to improve settlement of the payments though.  This is where XRP through XRapid offer a revolutionary opportunity for banks and remittence companies saving an additional ~40% over XCurrent or GPI in some markets.  As far as I can see there are currently no known competitors offering the value and time proposition that XRapid does.  

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8 hours 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.

It's far too early at this point in time to make blanket statements such as this.  Xrapid was just released from Beta only just a few months ago, with new members being on boarded into Ripplenet almost weekly.  If you came back in 2 years and you have still not seen results from Xrapid then you could cry.  

 

No one ever told you this is an overnight get rich type of deal.  Were talking about bringing changes to one of the most obstinate industries!

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9 hours ago, RikkiTikki said:

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.

I also work in the medical field - I can't imagine what crazy shitshow that entailed. I'd be happy if we could get an actual data feed from our local HIE instead of logging into yet another 3rd party portal like a 1995 netcaveman.

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43 minutes ago, quetzalcoatl said:

It's far too early at this point in time to make blanket statements such as this.  Xrapid was just released from Beta only just a few months ago, with new members being on boarded into Ripplenet almost weekly.  If you came back in 2 years and you have still not seen results from Xrapid then you could cry.  

 

No one ever told you this is an overnight get rich type of deal.  Were talking about bringing changes to one of the most obstinate industries!

https://en.wikipedia.org/wiki/Special_drawing_rights

Third paragraph in: "In the review conducted in November 2015, the IMF decided that the Renminbi (Chinese yuan) would be added to the basket effective October 1, 2016."

If that timeline and process is still accurate than the IMF would announce any new SDR basket addition or alteration for 2020 (when the next review is due) in 2019. Also keep in mind, this has nothing to do with banks using XRP which is purely a regulatory issue at this point I think? Since being part of the SDR basket has nothing to do with whether banks process a specific kind of currency or moveable asset in our case. I refuse to believe that banks overlook savings and freeing up liquidity (closing nostro, etc.) especially in recession-vulnerable equity and loan markets.  

 

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6 hours ago, Scout said:

You guys are right, i just let the FUD get the best of me this morning. Sometimes it just seems grim, but there is light at the end of the tunnel. My apologies.

I feel bad now! I'm sorry man I didn't even see this until just recently. 

The best way to combat FUD is more research. Try to research your FUD and compare it to the many informative sources out there. The more you know about the IOV (the masterstroke) the less unsure it will make you feel. 

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1 hour ago, Scout said:

My exit strategy is no secret, it would be to eventually reclaim my original investment and let the rest ride, much better in my XRP wallet than rotting in a bank. I want to see XRP succeed because I truly believe in the technology and I'm so tired of having to send wire transfers through Western Union getting gouged on the transaction fees as my wife has family back home in the Philippines. What I have noticed recently is a lot of remittance companies are gradually lowering their fee's which is a good sign. I figure it must be to stay relevant for what's about to come. But it's articles like this that annoy me: https://www.aciworldwide.com/news-and-events/press-releases/2018/december/aci-worldwide-propels-national-bank-of-kuwait-to-become-first-bank-in-country-to-implement-swift-gpi 

If XRP is intended for fast remittances then why would a bank that has already adopted Ripple tech find the need to also adopt their competitor's solutions. It's these mixed signals that get on my nerves. I just wish things were more clear cut.

I could give you numerous examples to show how xrp is better than other digital assets and cryptocurrency. I could give you numerous examples to show how xCurrent is better than SWIFT and SWIFTgpi. I could give you numerous examples to show you how using xRapid is better than using Nostro and Vostro accounts. However, regardless of how much in favor of Ripple's solutions and XRP the examples are, they are just singular examples. 

I have gotten frustrated so many times, since I started paying attention to Ripple, about the "state of things". Guaranteed, every time I it was due to me not respecting the complexity of what Ripple is trying to achieve.

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