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Ripple's Chief Market Strategist says: Banks do not want all their financial transactions on the public ledger

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20 minutes ago, jcdenton said:

TBH I don't get why this topic is discussed at all. Under what conditions does a payment on XRPL from Bittrex wallet to Bitso wallet leak client privacy?

It leaks privacy if a consumer payment maps one to one with an on ledger payment, because if you as a bank client pay another banks client, that other client can trace that payment by monitoring the ledger for the specific amount. He might then also be able to deduce your other payments to other clients, by monitoring that wallet for similar amounts or times or transaction metadata.

Even if you consider that an ultra low privacy risk of 0.0001%, you can reduce that to zero by using buffers, and get unlimited scalability for free as well.

Then there's also bank secrecy laws that require 100% privacy.

Edited by lucky

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1 hour ago, SamIam said:

Here's one just for you. . . Who said it?

Any fool can criticize, condemn, and complain - and most fools do. 

 

B- on effort.  I guess I'm a fool for criticizing a grown man creating and interpreting riddles.  If I was a insider and knew information, that's exactly what I'd do...spend hours creating broad riddles to send information to the community.

How far down the road did we kick the can this time?  I'm lost.  I heard $50 by December from Kichiro, I heard Tenemos with "90% certainty", I heard $589 EOY.  What's the latest?  What's "Richie Rich" saying?  Which is the flavor of the week?

You're a clown and if you'd like to see who the "fool" is, I'm open to friendly wagers based on XRP price/dates based on your latest riddle interpretations.

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7 minutes ago, lucky said:

He might then also be able to deduce your other payments to other clients, by monitoring that wallet for similar amounts or times.

In case he operates under the assumption that I'm paying everyone similar amounts at similar times? Does he have full transparency of the receiving exchange's accounts, so insider risk? 

Scanning this thread, I got the impression that things were given the overcomplication treatment again, and I've been getting allergic to private ledger talk.

Don't get me wrong I fully agree, buffering/batching is fine and will solve this easily.  

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18 minutes ago, SamIam said:

Why do you think the banks would care if they buy 1,000 XRP@$10 or 100 XRP@$100? It makes zero difference to them, as they're owning for 3-6 seconds. However, if the agreement with the exchange is a fixed price on a per-transaction basis within the private ledger, then the banks eliminate slippage and keep the transaction cost minimized - something they care a great deal about.

This scenario lacks price discovery of asset pairs on public market place. Also, there would not be feedback to the market based on actual demand and supply. There is no point in using XRP in such screnario.

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2 minutes ago, jcdenton said:

In case he operates under the assumption that I'm paying everyone similar amounts at similar times? Does he have full transparency of the receiving exchange's accounts, so insider risk? 

Scanning this thread, I got the impression that things were given the overcomplication treatment again, and I've been getting allergic to private ledger talk.

Don't get me wrong I fully agree, buffering/batching is fine and will solve this easily.  

I think the risk is greater in the early days when new rails are setup. Of course that data will be there forever, and could be applied going forward. Lots of intelligence to be gathered. Look at what advertisers and app makers do to track us, and you have your answer.

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3 minutes ago, KaaKaRmA said:

B- on effort.  I guess I'm a fool for criticizing a grown man creating and interpreting riddles.  If I was a insider and knew information, that's exactly what I'd do...spend hours creating broad riddles to send information to the community.

How far down the road did we kick the can this time?  I'm lost.  I heard $50 by December from Kichiro, I heard Tenemos with "90% certainty", I heard $589 EOY.  What's the latest?  What's "Richie Rich" saying?  Which is the flavor of the week?

You're a clown and if you'd like to see who the "fool" is, I'm open to friendly wagers based on XRP price/dates based on your latest riddle interpretations.

You asked for a riddle, I gave you one, and you didn't even solve it. Just more complaining. Perhaps it was applicable.

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4 minutes ago, jcdenton said:

In case he operates under the assumption that I'm paying everyone similar amounts at similar times?

You might be paying all your overseas employees every friday at 15.00. Voila, all salaries of all your employees are now public.

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2 minutes ago, SamIam said:

You asked for a riddle, I gave you one, and you didn't even solve it. Just more complaining. Perhaps it was applicable.

Keep misleading your audience.  You want a riddle...here you go:

“No man has a good enough memory to be a successful liar”.  You'll crash and burn soon enough.

Unlike you, I stand behind my side.  It appears you don't stand behind yours.

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1 minute ago, lucky said:

This scenario lacks price discovery of asset pairs on public market place. Also, there would not be feedback to the market based on actual demand and supply. There is no point in using XRP in such screnario.

That doesn't make any sense to me. Your asking why would the banks pay $100/xrp if it's trading at $90/XRP on the public exchange. The reason it doesn't make sense IMO, is because your viewing it though your perspective of an investor who wants gains from appreciation of the asset. The banks could care less what price they pay provided they get the best rate. They won't go buy it publicly because it would then have to be brought into the private ledger (thus defeating the privacy purpose) and who's to say Ripple doesn't have agreements in place preventing that?

The point of using XRP in this way is to have a privacy within the private ledgers that's also extremely liquid and functional for accomplishing business objectives. I'm not understanding your objection? (and I honestly would like to)

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2 minutes ago, KaaKaRmA said:

Keep misleading your audience.  You want a riddle...here you go:

“No man has a good enough memory to be a successful liar”.  You'll crash and burn soon enough.

Unlike you, I stand behind my side.  It appears you don't stand behind yours.

How's your HOT investment doing? Oh wait, that's right - silly riddles.

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2 minutes ago, SamIam said:

How's your HOT investment doing? Oh wait, that's right - silly riddles.

Will you tell viewers when to sell during your pump and dump?

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1 minute ago, KaaKaRmA said:

Will you tell viewers when to sell during your pump and dump?

What's it like to be such a negative person? Must be lonely in there. I feel sorry for you Bender.

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5 minutes ago, SamIam said:

I think the risk is greater in the early days when new rails are setup. Of course that data will be there forever, and could be applied going forward. Lots of intelligence to be gathered. Look at what advertisers and app makers do to track us, and you have your answer.

This is too vague. The OP linked article was from a time when FIs were thought to operate their own wallets rather than getting routed through exchanges.  

5 minutes ago, lucky said:

You might be paying all your overseas employees every friday at 15.00. Voila, all salaries of all your employees are now public.

Not at all. I might see them if I work at that exchange and all individual employees have their own account at that exchange for some reason, but that is not "public," and is happening in banks today. 

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1 hour ago, SamIam said:

Correct, except there's two or more exchanges in the group, and that may be how they send the XRP without each individual xRapid transaction hitting the XRPL.

Dude, seriously? You cannot move XRP without the XRPL. It lives there.

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16 minutes ago, BrownBear said:

Dude, seriously? You cannot move XRP without the XRPL. It lives there.

Dude, seriously, this conversation is over your head. Nobody is disagreeing with you.

@BrownBear

Edited by SamIam

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