Wandering_Dog 557 Posted January 20, 2019 Share Posted January 20, 2019 (edited) 10 hours ago, P3T3RIS said: @Wandering_Dog That banks liability to you was issuing Central Banks asset on that bank, and when that liability disappeared, that asset returned to Central Bank to be used elsewhere. Value that moved in XRP jumped to other country´s Central Bank´s liabilities Great! They are actually buying and selling reserves on the central bank ledger. So our balance sheets actually look like this: ME A: 100 USD BOA A: 100 USD_R L: 100 USD FED: A: 100 UST L: 100 USD_R US EXCHANGE: A: 300 XRP EU EXCHANGE: A: 100 EUR CBofL A: 100 EUB L: 100 EUR BOL: YOU: What happens next? Edited January 20, 2019 by Wandering_Dog P3T3RIS 1 Link to post Share on other sites
XRPanda 7,314 Posted January 20, 2019 Share Posted January 20, 2019 19 hours ago, Wandering_Dog said: @P3T3RIS Ok great, I have 110 USD in my bank account at... Bank of America! And, I want to send 100 EUR to you, let the FX rate support it for simplicity. What happens next? Your sell order will be cancelled because of insufficient funds... (1 euro costs about 1.14 dollar) Link to post Share on other sites
P3T3RIS 835 Posted January 20, 2019 Author Share Posted January 20, 2019 @Wandering_Dog it happens, that more advanced importfocused countries with large balance sheets do not have to tie their national currency reserves to finance undeveloped, manufacture oriented countries as much as they have done when need for nostro/vostro accounts is reduced and more developed countries can find more profitable use for their money than financing undeveloped countries. That is how I see it currently. Will reserve rights to change my opinion at any given moment 😂 Link to post Share on other sites
Wandering_Dog 557 Posted January 20, 2019 Share Posted January 20, 2019 @P3T3RIS Ha, fair enough. No need to worry about the big picture though, we can just look at the small picture. There should be an ask price in the transaction somewhere, I would imagine? For example, I want to move that 100 USD, there will be an ask price for the XRP? Link to post Share on other sites
P3T3RIS 835 Posted January 20, 2019 Author Share Posted January 20, 2019 Can you check my link, I explained it there from US to EU. 100€ paid out Link to post Share on other sites
P3T3RIS 835 Posted January 20, 2019 Author Share Posted January 20, 2019 3 hours ago, lucky said: "XRP only has value when it is outside XRP Ledger, but when it enters XRP Ledger, the value of XRP is 0" And the value of XRP is certainly not zero. What is the value of XRP in XRPL? Link to post Share on other sites
covidisahoax 6,462 Posted January 20, 2019 Share Posted January 20, 2019 8 minutes ago, P3T3RIS said: What is the value of XRP in XRPL? Again, there is no such thing as XRP outside XRPL. The current market value of 1 XRP is around 0.32 USD. That means that there are people that are willing to pay you 32 cent per XRP to take over the ownership of your XRP, in exchange for dollars. If you agree to sell 1 XRP for that price, at the end of that transaction you have 32 cents (worth 1 XRP), and the buyer has 1 XRP (worth 32 cents). Zerp_Legend 1 Link to post Share on other sites
P3T3RIS 835 Posted January 20, 2019 Author Share Posted January 20, 2019 8 minutes ago, lucky said: Again, there is no such thing as XRP outside XRPL. The current market value of 1 XRP is around 0.32 USD. That means that there are people that are willing to pay you 32 cent per XRP to take over the ownership of your XRP, in exchange for dollars. If you agree to sell 1 XRP for that price, at the end of that transaction you have 32 cents (worth 1 XRP), and the buyer has 1 XRP (worth 32 cents). Yes, that is price of XRP in US dollars. But what is the value of XRP in XRP Ledger? Link to post Share on other sites
covidisahoax 6,462 Posted January 20, 2019 Share Posted January 20, 2019 Just now, P3T3RIS said: Yes, that is price of XRP in US dollars. But what is the value of XRP in XRP Ledger? Sweetheart for the third time, there is no such thing as XRP outside XRP ledger, so whatever you consider to be XRP outside the ledger, is the very same thing as XRP inside. XRP is a digital asset with an owner, just like gold. You can consider the XRP ledger the safe of this asset, but the asset never leaves the safe. And while in the safe, you can sell it on the market, the price of which determines its current value. Link to post Share on other sites
P3T3RIS 835 Posted January 20, 2019 Author Share Posted January 20, 2019 6 minutes ago, lucky said: , the price of which determines its current valua 1. Price is what you pay, value is what you get. Simple as that. 2. XRP in exchange’s orderbooks is off-ledger. 3. Please, what is the value of XRP in XRPL? You wrote it is definitely not zero, so how much it is? Link to post Share on other sites
covidisahoax 6,462 Posted January 20, 2019 Share Posted January 20, 2019 Just now, P3T3RIS said: 1. Price is what you pay, value is what you get. Simple as that. 2. XRP in exchange’s orderbooks is off-ledger. 3. Please, what is the value of XRP in XRPL? You wrote it is definitely not zero, so how much it is? I give up. NightJanitor and P3T3RIS 1 1 Link to post Share on other sites
Wandering_Dog 557 Posted January 20, 2019 Share Posted January 20, 2019 (edited) Edited January 20, 2019 by Wandering_Dog Void-Induction and tar 1 1 Link to post Share on other sites
JA8 1,118 Posted January 20, 2019 Share Posted January 20, 2019 2 minutes ago, P3T3RIS said: 1. Price is what you pay, value is what you get. Simple as that. 2. XRP in exchange’s orderbooks is off-ledger. 3. Please, what is the value of XRP in XRPL? You wrote it is definitely not zero, so how much it is? Value on-ledger can only be expressed subjectively, per xRapid transaction and only on a % basis. It must necessarily be close to zero for xRapid to function without slippage. In other words, because an xRapid transaction has two parts, some % difference may be possible between the price of XRP in part one versus part two of the transaction (the first part being the purchase of XRP with fiat; and the second being the purchase of Fiat with XRP). It is possible that in the first part of this process the price of XRP could be, say, $0.320, and in the second part it could be, for example, $0.325. Not impossible. Although it may be something that is safeguarded against within the script that decides whether to actually process any given xRapid transaction. Link to post Share on other sites
covidisahoax 6,462 Posted January 20, 2019 Share Posted January 20, 2019 (edited) 45 minutes ago, Wandering_Dog said: The "value" of XRP is 0, because it is nothing. That's not true. XRP ledger is a human creation, a large number of very bright people have invested a substantial amount of their time to create it, and continue to improve it. 1 XRP represents 1/100,000,000,000 of this collective intellectual product. If you consider this nothing, you can consider all products of intellectual effort nothing ("created out of thin air!") and having a value of 0: all literature, all art, all music, all software. Edited January 20, 2019 by lucky Link to post Share on other sites
P3T3RIS 835 Posted January 20, 2019 Author Share Posted January 20, 2019 @JA8 @lucky Please let’s not take this any further. Thank you. covidisahoax 1 Link to post Share on other sites
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