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P3T3RIS

XRapid ONLY uses XRP as counter currency

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17 minutes ago, P3T3RIS said:

@Julian_Williams This discussion about ”lender of last resort” is something I will definitely follow from now on. I have not seen this as a problem until someone started pointing it out on this forum. As adoption of XRP grows, I believe this becomes a real topic, although I do not see it as a problem.

Very interesting idea and like someone mentioned, Ripple saving half of all XRP which could be used by IMF for example for this use, definitely is a value gaining thought.

Miguel Vias talked a bit about Ripple's plans for managing the XRP inventory that they have in this rather dated interview, including the possibility of lending XRPs out to the institutions (54:40 mark).

 

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18 minutes ago, Valhalla_Guy said:

The question (for the 5th and final time) Where does the Mexican bank sell (exchange) their XRP for more pesos to settle with Juan? Nobody is buying XRP with Pesos.

God's honest truth! I'm an American, living in South Korea, buying and selling XRP for Mexican Pesos on Bitso. The "street" you keep referring to is perhaps bigger than you image. 

Edited by LordVetinari

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6 minutes ago, BrownBear said:

So with Bitso being a preferred xRapid exchange and their pairing is XRP/MXN (Base/Counter) I have successfully shown you a public order book that has XRP as the base currency and we know they are used for xRapid liquidity.

Are you going to pay up?

I follow you, but Bitso’s public orderbooks have nothing to do with xRapid.

They use hidden orderbooks for that, you have never seen them in public. Those orderbooks use ONLY XRP as counter currency, and now David Schwartz finally admitted it in his tweet.

xRapid requires a sell fiat for XRP first and byu fiat with XRP on other end.

in all trades counter currency is always used for buying and base currency for selling, so all orderbooks that xRapid uses are fiat/XRP, it does not use any orderbooks where pairs are vice versa.

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3 minutes ago, P3T3RIS said:

I follow you, but Bitso’s public orderbooks have nothing to do with xRapid.

They use hidden orderbooks for that, you have never seen them in public. Those orderbooks use ONLY XRP as counter currency, and now David Schwartz finally admitted it in his tweet.

Where are you getting this from? Bitso only has one order book. They 'could' act as a market maker and do the transaction OTC but then it wouldn't have a public order book, would it?

Also, his tweet literally said what I said.but somehow you interpret his to mean something different and yet the same words were used.

Quote

xRapid requires a sell fiat for XRP first and byu fiat with XRP on other end.

in all trades counter currency is always used for buying and base currency for selling, so all orderbooks that xRapid uses are fiat/XRP, it does not use any orderbooks where pairs are vice versa.

Nope, From the tweet "Every xRapid payment that succeeds involves a sale of fiat for XRP and then a purchase of fiat with XRP"

FIAT/XRP then XRP/FIAT 

Are you going to pay up?

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12 minutes ago, LordVetinari said:

I'm an American, living in South Korea, buying and selling XRP for Mexican Pesos on Bitso. The "street" you keep referring to is perhaps much bigger than you image. 

Maybe on Sesame Street. Just saying your “selling XRP for Pesos” doesen’t answer the question “Who’s buying??”  You cannot sell without a buyer.

Perhaps your imagination is much bigger than your comprehension.

Keep it simple:

FACT: Not to many people outside of mexico have or even want Pesos.

and 

FACT: MEXICANS ARE NOT BUYING XRP. THEY ONLY USE PESOS.

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5 minutes ago, BrownBear said:

then a purchase of fiat with XRP"

FIAT/XRP then XRP/FIAT 

Are you going to pay up?

If you purchase fiat with XRP, that pair has to be fiat/XRP

both ends exchanges must use the same order in their pair, fiat/XRP or you just make two same trades, even though they are executed on opposite side of the ticker. There has to be sell from fiat to XRP that uses fiat/XRP not XRP/fiat and then on other end they buy fiat with that XRP on fiat/XRP orderbook, not XRP/fiat because in that case they would need fiat for the conversion and they need to spend that XRP they just receives.

Are you going to pay up?

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1 minute ago, Valhalla_Guy said:

FACT: Not to many people outside of mexico have or even want Pesos.

and 

FACT: MEXICANS ARE NOT BUYING XRP. THEY ONLY USE PESOS.

The thing about XRP is that is it a bridge currency, nobody buys your pesos. They sell you XRP for Pesos and then people buy XRP for Pesos.

Bitso has a 24hr volume of XRP at just over 1 million XRP. That's not that small compared to other exchanges. The exchange I use did 2.2 million in 24hrs.

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10 minutes ago, P3T3RIS said:

If you purchase fiat with XRP, that pair has to be fiat/XRP

purchase "with'' XRP

- When you buy one currency, you automatically sell another currency. 

 

Edited by BrownBear

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Yes, but xRapid first sells fiat for XRP and then buys fiat with that XRP.

This can not be done in orderbooks you mentioned, when you consider that value needs to step in to XRP first and then jump out of it. Whole value moves, and how do move value into ledger that uses XRP as it’s native currency. XRP is only uses for buying.

If xRapid is buying fiat by selling XRP, why don’t David Schwartz say that so? It happens on wrong side of ticker, that’s why.

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@BrownBear

to stop this ******** once and for all, I ask you to provide me real proof that xRapid uses public orderbooks that has fiat as counter currency to XRP. Named XRP/fiat in charts.

You do that in a week and get confirmation from Ripple, you get that 1000 XRP.

I am instantly willing to give you that and if you say you dont need my money, I will donate it to any charity you pick.

This is important for me, so please do it and stop that ********. I am happy no matter how it turns out to be, I just want to know this 100% sure.

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1 hour ago, Valhalla_Guy said:

Maybe on Sesame Street. Just saying your “selling XRP for Pesos” doesen’t answer the question “Who’s buying??”  You cannot sell without a buyer.

Perhaps your imagination is much bigger than your comprehension.

Keep it simple:

FACT: Not to many people outside of mexico have or even want Pesos.

and 

FACT: MEXICANS ARE NOT BUYING XRP. THEY ONLY USE PESOS.

Being Mexican is not a prerequisite to buy XRP or MXN on Bitso. I buy and sell XRP and MXN on Bitso. 

Of the not too many people outside of Mexico, I'm one. I'm willing to accept the risk of holding both XRP and MXN. It's market making and not a figment of my imagination. 

Edited by LordVetinari

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Just now, P3T3RIS said:

@BrownBear

to stop this ******** once and for all, I ask you to provide me real proof that xRapid uses public orderbooks that has fiat as counter currency to XRP. Named XRP/fiat in charts.

You do that in a week and get confirmation from Ripple, you get that 1000 XRP.

I did. I provided the order book from bitso and confirmation from Ripple that that EXCHANGE will be an xRapid Liquidity provider.

 

Quote

I am instantly willing to give you that and if you say you dont need my money, I will donate it to any charity you pick.

This is important for me, so please do it and stop that ********. I am happy no matter how it turns out to be, I just want to know this 100% sure.

The problem here is that you don't LIKE the answer I give. The BASE currency is ALWAYS the first currency. The COUNTER currency is the Second.

Pretty much the SECOND currency is How much of that currency you need to buy 1 Unit of the BASE currency.

So when we say XRP is worth $0.33 we are saying XRP is the BASE currency and USD is the COUNTER currency. The order book I showed lists XRP/MXN. Or how much MXN you need to SELL to BUY 1 XRP.

https://bitso.com/trade/market/xrp/mxn  : Notice? XRP/MXN? I am providing you with EXACTLY what you asked.

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6 minutes ago, BrownBear said:

I did. I provided the order book from bitso and confirmation from Ripple that that EXCHANGE will be an xRapid Liquidity provider.

 

The problem here is that you don't LIKE the answer I give. The BASE currency is ALWAYS the first currency. The COUNTER currency is the Second.

Pretty much the SECOND currency is How much of that currency you need to buy 1 Unit of the BASE currency.

So when we say XRP is worth $0.33 we are saying XRP is the BASE currency and USD is the COUNTER currency. The order book I showed lists XRP/MXN. Or how much MXN you need to SELL to BUY 1 XRP.

https://bitso.com/trade/market/xrp/mxn  : Notice? XRP/MXN? I am providing you with EXACTLY what you asked.

Not at all, and like you said the second currency is the one that is needed to buy 1 base unit. So try to decide now, is counter currency used for buying or not?

You mix up things so fast you probably never stoppped once and really thought about the execution order of xRapid

 

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Just now, P3T3RIS said:

Not at all, and like you said the second currency is the one that is needed to buy 1 base unit. So try to decide now, is counter currency used for buying or not?

 

When you buy one currency you automatically sell another.

XRP/EUR you sell EUR to buy XRP. It's done this way on YOUR site. Go look at the order book on XRPUNITED right now.

AS XRP is the first currency listed, it is the BASE currency and EUR is the COUNTER currency.

 

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