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P3T3RIS

XRapid ONLY uses XRP as counter currency

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2 hours ago, P3T3RIS said:

They will buy receiver’s fiat with that XRP, since in XRPL it is XRP that is the counter currency and counter currency is only used for buying.

for example XRP/USD, you buy with USD. XRP/BTC, you buy with Bitcoin.

It should read USD/XRP and BTC/XRP. Otherwise you are saying one thing but showing XRP as the base currency and not the counter currency.  Slight difference but I thought I would point it out seeing as how you run an exchange an' all ....

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13 minutes ago, BibleChronologyXRP said:

So , based on this tweet 200 + financial institutions are using a digital asset ( XRP ) in their payment flows, wow , better than ... dozen of banks will use xrp in 2019. now RippleNet include everything, who is using a xrp and who not ??  I don't understand this tweet, sorry

 

For what I understand a digital asset is only used by some few small banks ( if really used )  : https://ripple.com/insights/ripplenet-surpasses-200-customers-worldwide/  no 200+ banks 

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3 minutes ago, BrownBear said:

It should read USD/XRP and BTC/XRP. Otherwise you are saying one thing but showing XRP as the base currency and not the counter currency.  Slight difference but I thought I would point it out seeing as how you run an exchange an' all ....

What you refer to, I don’t quite understand?

Where it should read USD/XRP, when I was saying that you do NOT buy with XRP in those pairs?

In XRPL counter currency always is XRP, which is the way all cryptopairs are in XRP UNITED exchange for example. You buy with countercurrency always, but maybe I misunderstand your point here 👍🏼

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18 minutes ago, BibleChronologyXRP said:

So , based on this tweet 200 + financial institutions are using a digital asset ( XRP ) in their payment flows, wow , better than ... dozen of banks will use xrp in 2019. now RippleNet include everything, who is using a xrp and who not ??  I don't understand this tweet, sorry

Financial Institutes are like any other companies, but they are dealing with other people’s money. Most often taking in payments as a payment service provider or doing remittances.

Financial Institutes are not banks and they don’t have access to central bank network, nor can they issue accounts. 

Basically all BC says is true, 200 Financial institutes but 20 banks, who serve those 200 Financial institutes by providing them bank accounts.

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1 minute ago, P3T3RIS said:

Financial Institutes are like any other companies, but they are dealing with other people’s money. Most often taking in payments as a payment service provider or doing remittances.

Financial Institutes are not banks and they don’t have access to central bank network, nor can they issue accounts. 

Basically all BC says is true, 200 Financial institutes but 20 banks, who serve those 200 Financial institutes by providing them bank accounts.

Ok, thank you,  all clear for me now. :D  or XRP is not used yet, or maybe the use of XRP have no effect on the price, or very little transactions are done. xrp price is still crying, but 200 institutions are using " a digital asset " .... no comment

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1 hour ago, P3T3RIS said:

Much earlier. This and 2020 are the years of adoption, and then they’re in. Eventually amount ledgers will be in millions, so this just grows in coming decades.

Did you see on the Marcus Treacher thread
 

Quote

 

Question: When will it happen

MT:  Now..it's here...our banks processed our first billion dollars this month, since we launched, and we will quickly do our second and third and forth...and the network is building every day and transact every two 2 seconds from Japan to Thailand, I don't know...Sweden to the USA so my message careful with this stuff it is this real, this is not out their five years on, its like frogs being born in water and if you are not careful it is too late to jump, the world's  moved

 

A tiny fraction of a days turnover.  This seems to point to XCurrent hardly being used yet, but to trust a billion on the system is a huge amount of money, so obviously trust is now settling in.  So it was both a disappointing remark and an encouraging remark.  We are earlier in the adoption cycle than I imagined.

I agree that the use of the technology will snowball very fast.  I hope that by the end of this year Ripplenet will be transmitting billions per day

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50 minutes ago, P3T3RIS said:

Financial Institutes are like any other companies, but they are dealing with other people’s money. Most often taking in payments as a payment service provider or doing remittances.

Financial Institutes are not banks and they don’t have access to central bank network, nor can they issue accounts. 

Basically all BC says is true, 200 Financial institutes but 20 banks, who serve those 200 Financial institutes by providing them bank accounts.

Treacher said Ripple are working with 120 banks, so the split might be 80 FI and 120 Banks.  I think all XCurrent Banks are Ripplenet banks, so it is not really sensible to split the banks between on XCurrent and on XRapid.  They are all on XRapid but only about 20 of them admit to turning the XRapid system on and intending to use it.

Edited by Julian_Williams

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5 hours ago, P3T3RIS said:

This is what I have written about this on our Discord today...

”Banks use software only for trading and ledger only when money moves in or out of their bank or consortium. Orderbooks are used in-house and XRP is owned by that unity. Giving value to all currencies they operate in one central exchange. And only when operating with other bank, XRP needs to move. Other than that, it just stays there and gives value to transactions

One step in, one step out. If someone uses fiat in that system as base, it can’t be executed since it would give arbitrage to it, because it is on wrong side of the ticker. Using XRP only blocks that, when there is only one market globally in many exchanges and xRapid sources liquidity everywhere and routes payments using cheapest option.

That closed ledger is just an orderbook where all related banks use XRP to convert fiat to fiat inside their banking network. Like Santander that operates in many currencies uses it as one pool of liquidity to transfer the whole value to another account in another currency. All those banks own some portion of that XRP but they pool it to be used where it is needed. Balance sheets show the total possessions for each bank whenever they want to settle that situation.”

 

this is extremely good news for us and for banks, since the more they make cross-border payments inside their own banking network in many currencies, the bigger the savings when they hodl enough XRP, because they save the cost and time of entering ledger. Transactions and transition of value are in milliseconds, XRP is not burnt at all, and TPS can be as much as their trading software can handle, but easily hundreds of thousands per second.

This makes banks want to buy and hold XRP because everything is valued in XRP and not in any fiat. XRP as counter currency, as The Base, means that it is needed always when making a conversion because counter currency is the ONLY used asset whenever something needs to be bought.

XRP the Standard 

So if the banks must hold XRP, how is this different from nosto/vostro?  Still tying up a lot of capital, plus exposure, on all fronts, to slippage; with no way to offset the loss. 

Sorry but a “base currency” requires something real to back it up. Gold, Oil, or old fashioned Govt force. XRP value is backed solely by belief, and only enforced by anonymous validators, whose only weapon is a digital ledger.

You need XRP to be used widely, as local Fiat, for it to hold true value. But (here comes the pretzel) if all govts allowed XRP to be used as a local currency, there would be no need for cross border exchanges, eliminating need for xRapid or any currency exchange markets. Also 1 XRP will always equal 1 XRP, since there will be no local currencies to value it against. 

Doubt the US will allow retail purchases in multiple currencies, heck we do not even take Canadian money, much less Pesos!

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Quote

 

  3 hours ago, Julian_Williams said:

Sounds like half a step away from XRP becoming the world accounting currency of in-house and international banking?  If that happens you make another half step and value all commodities and stock in XRP.

 

Quote

3 hours ago, P3T3RIS3 said:

Exactly! Look our launch video again 👍🏼

In that case each XRP token would need to be worth a lot of money.  $1,000 per token would not be unreasonable - but this is still a very long shot. Very exciting to contemplate though.

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When remittances move cost savings to their customers, their growth can be enormous during next couple years. No one really knows that. Smaller piece of a bigger pie, but after some time much bigger profits.

The pace Ripple is now opening new clients points that they might have +1000 customers by end of this year and if each of them processes an average 1.000.000 million USD a day, that is a billion a day. 

Comparing that to todays XRP volume of 300M and price 0.35USD, I’d say it’s undervalued.

1 billion real utility volume besides trading volume in exchanges where XRP is The Base would definitely take price to new ATH in my opinion.

Luckily I can also wait a little longer if needed, although it is difficult 😂

 

Edited by P3T3RIS

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1 hour ago, Valhalla_Guy said:

So if the banks must hold XRP, how is this different from nosto/vostro?  Still tying up a lot of capital, plus exposure, on all fronts, to slippage; with no way to offset the loss. 

Sorry but a “base currency” requires something real to back it up. Gold, Oil, or old fashioned Govt force. XRP value is backed solely by belief, and only enforced by anonymous validators, whose only weapon is a digital ledger.

You need XRP to be used widely, as local Fiat, for it to hold true value. But (here comes the pretzel) if all govts allowed XRP to be used as a local currency, there would be no need for cross border exchanges, eliminating need for xRapid or any currency exchange markets. Also 1 XRP will always equal 1 XRP, since there will be no local currencies to value it against. 

Doubt the US will allow retail purchases in multiple currencies, heck we do not even take Canadian money, much less Pesos!

I think the point of XRP is that it is a token that is measured against all currencies, so a bank can do all its transactions/bookeeping in one currency.  The fiat currencies will still be needed for National audits and chancelleries, and be the currency in which wages are paid and goods bought locally.  The Banks would not have to have such a huge amount of capital locked up to make the system work, because they can have a single stockpile of XRP which can be used and traded in the local currency in any country of the world.  A US Bank with XRP in the US can trade in XRP/YEN in real time, so it no longer needs a vostro nostro account with a pile of Yen in Japan.  XRP is very liquid and crosses borders in real time. With tthe Vostro Nostro system US dollars have to be put in a plane, carried to Japan, Exchanged for Yen and kept in a pile in Japan.

Edited by Julian_Williams

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