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What If … Ripple’s XRP Becomes The Federal Reserve’s Preferred Technology In 2019

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Certainly think it is a long-term possibility. I guess a few things will need to be done beforehand potentially:

  • Increase in liquidity (Wall Street entry into crypto could facilitate this along with obvious xRapid use case)
  • Cobalt? Taking over Fed settlement and potentially other countries RTGS systems would need more than 1,500tps?

This is the dream though (even if it is a tin-foil dream)

https://www.docdroid.net/rNLBpXQ/ripplexrp.pdf#page=7

rtgs-ripple-xrp.PNG

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Posted (edited)

I highly doubt this will be Ripple, more likely it'll have something to do with SWIFT GPI or an improved ACH system for within our own borders. I don't see how they'll adopt XRP for this, especially since the supply is so concentrated in the hands of a few people. They have time for this, they develop their own system on the ILP(if they choose it) and develop their own coin on it and distribute it as they see fit. I doubt they'd use an asset which is 55% owned by one company and has large chunks owned by single individuals and I don't think they'd let the general public invest in this coin before they issue it if this is the solution they choose.

 

I still see XRP as a bridge currency for cross-border transactions. That's mainly my hope for it. 

Edited by Archbob

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7 hours ago, Archbob said:

I doubt they'd use an asset which is 55% owned by one company and has large chunks owned by single individuals and I don't think they'd let the general public invest in this coin before they issue it if this is the solution they choose.

Do you even know the history of the U.S. Federal Reserve? It's a private organization. XRP is the perfect tech.

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3 hours ago, VanGogh said:

Do you even know the history of the U.S. Federal Reserve? It's a private organization. XRP is the perfect tech.

Well, its owned by the member banks, the board of governors is actually appointed by the president. If and when it switches to Crypto or DLT, it'll be its own central bank coin that is distributed among its member banks, not a coin that is owned by 1 corporation that isn't a part of their entity.

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17 minutes ago, Archbob said:

Well, its owned by the member banks, the board of governors is actually appointed by the president. If and when it switches to Crypto or DLT, it'll be its own central bank coin that is distributed among its member banks, not a coin that is owned by 1 corporation that isn't a part of their entity.

What if Ripple decided to donate the majority of xrp's (when they drop out of escrow) to the fed or imf or any other party that would suffice as being more 'central', to ensure future survival of the ecosystem.

Sometimes you have to sacrifice something to make it work.

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Posted (edited)

There's still too much concentrated in the hands of a few individuals. It'll be years before than can happen anyways and other DLT solutions will have caught up by then. I still think its way more likely that CBDC's will become the Norm by then. I mean the IMF has literally said they are waiting for CBDC's from the major countries. XRP will be one of the bridge currencies at least though.

Ripple's ecosystem doesn't depend on XRP, that is something they've been trying to get people to understand that Ripple and XRP are seperate and one does not depend on the other. Ripple can thrive and be very profitable just by selling X-current. SWIFT makes a killing on that alone.

Edited by Archbob

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Posted (edited)
11 hours ago, Archbob said:

I doubt they'd use an asset which is 55% owned by one company

This is such a weird argument that pops up over and over again. If you're the FED or a central bank and wish to own a substantial share (> 1%) of the new global digital currency, XRP would be your first option, BTC your last.

A single company being able to provide the asset in bulk in a single OTC buy in this distribution phase is a huge advantage over other coins, not a disadvantage.

Think this through a few steps more, and ask yourself whether having too much of something valuable can ever be a problem. Even if their holdings would be an obstacle to adoption, they can destroy their escrows with a simple transaction. But it isn't a problem.

Just imagine what type of warranties, insurances and services Ripple can provide when they not just hold a buffer of billions in XRP but also a buffer with billions in various fiat currencies: not the fractional banking unbacked coins the public owns, but the real ones that are 100% backed by central banks. XRP will be the safest digital asset in every aspect.

Edited by lucky

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Posted (edited)

Neither XRP or BTC will be the option used. Governments aren't going to agree to hand 55% or even 5% of the world to one entity. It really doesn't matter what that entity guaranteed. No one in their right mind would give one company that much power willingly. Its much more likely that they will issue their own fund or coin if there is a global currency.

If the governments wanted to own a lot of it, they would just create their own coin, why would they all buy from one company. Central banks can back whatever they create. XRP realistically is no better than any fiat, its not backed by Gold, Oil, or anything substantial, its just bytecode and not something tangible that can be used for production or power. Gold and Silver have metallic properties that are hard to reproduce and are needed in making things, Oil is needed to provide energy. XRP isn't actually needed for anything, you could create any crypto to serve its purpose. Unlike Gold, Silver, or Oil, it can easily to duplicated. Its really not any different than paper money.

Edited by Archbob

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10 minutes ago, Archbob said:

Neither XRP or BTC will be the option used. Governments aren't going to agree to hand 55% or even 5% of the world to one entity. It really doesn't matter what that entity guaranteed. No one in their right mind would give one company that much power willingly. Its much more likely that they will issue their own fund or coin if there is a global currency.

If the governments wanted to own a lot of it, they would just create their own coin, why would they all buy from one company. Central banks can back whatever they create. XRP realistically is no better than any fiat, its not backed by Gold, Oil, or anything substantial, its just bytecode and not something tangible that can be used for production or power. Gold and Silver have metallic properties that are hard to reproduce and are needed in making things, Oil is needed to provide energy. XRP isn't actually needed for anything, you could create any crypto to serve its purpose. Unlike Gold, Silver, or Oil, it can easily to duplicated. Its really not any different than paper money.

You're so full of SHDITTT. You're only arguing your false b.s. to the newbies here, so go elsewhere. Another one to ignore.

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1 minute ago, Archbob said:

Neither XRP or BTC will be the option used. Governments aren't going to agree to hand 55% or even 5% of the world to one entity. 

They already did that with Google (owns majority of search) and Microsoft (owns majority of desktop). Not a single government is able to compete with private companies in the technology space, a group of countries would even perform worse. Governments role is to define regulation, not try to create technology, at least not since the Apollo project.

Money will follow the same path as other utilities, and move away from expensive an inefficient bureacratic government control to a highly competitive space of corporations, which are becoming just as powerful as nations.

In this case, there are immense drawbacks to being the last adopter. Especially when the real competition is not about doing the old stuff faster, but for a share in the new 100% digital 100% automated 24x7 online economy and doing completely new stuff that was impossible before.

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57 minutes ago, VanGogh said:

You're so full of SHDITTT. You're only arguing your false b.s. to the newbies here, so go elsewhere. Another one to ignore.

You know this isn't YT or twitter, there's not that many people here that believe that XRP will be the world currency, most of us do believe it being a bridge currency.

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Posted (edited)
43 minutes ago, lucky said:

They already did that with Google (owns majority of search) and Microsoft (owns majority of desktop). Not a single government is able to compete with private companies in the technology space, a group of countries would even perform worse. Governments role is to define regulation, not try to create technology, at least not since the Apollo project.

Money will follow the same path as other utilities, and move away from expensive an inefficient bureacratic government control to a highly competitive space of corporations, which are becoming just as powerful as nations.

In this case, there are immense drawbacks to being the last adopter. Especially when the real competition is not about doing the old stuff faster, but for a share in the new 100% digital 100% automated 24x7 online economy and doing completely new stuff that was impossible before.

We are talking about the world currency and money, which is one thing that governments do actually firmly control. Neither Microsoft or Google controls anywhere near 55% of the world's wealth. This isn't about technology, this is really about money, which the government will continue to always have control over. They may adopt the ILP and in 5 or 10 years, may be likely to do so, but they aren't going to use any of the current cryptos as a global reserve or national money. Most likely it'll be CBDC's, the IMF has basically been calling for this.

Edited by Archbob

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Just now, Archbob said:

We are talking about the world currency and money, which is one thing that governments do actually firmly control. Neither Microsoft or Google controls anywhere near 55% of the world's wealth. This isn't about technology, this is really about money, which the government will continue to always have control over.

Control as in regulate, not control as in create and roll out the technology. Pay attention to what is happening right before your eyes right now. Money is becoming a product. All thanks to Bitcoin, which broke the wall. And in case of XRP, the value of the product will be far inferior to the value of the new digital economy that it will enable. Frictionless global payments will have massive implications to our global economy, in a positive way.

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