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RikkiTikki

XRP has the potential to be far more disrupting to the financial industry than we think.

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5 minutes ago, MangoCat said:

Spacing friend, spacing :wink:

Sorry I was typing and working at the same time so this got way less focus kind of like a rough draft that I just said what the hay and let it fly.  Appreciate the comment.  Thanks. I will clean it up shortly.

 

Edited by RikkiTikki

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1 minute ago, RikkiTikki said:

Sorry I was typing and working at the same time so this got way less focus kind of like a rough draft that I just said what the hay and let it fly.  Appreciate the comment.  Thanks.

 

Ha no need to apologise. Just a little easier to read :good:

Totally agree with it all too, it's going to open up a lot of possiblities we havn't thought of.

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11 hours ago, RikkiTikki said:

This is my own take on one big potential that we seem to overlook because most of the dialogue when it comes to XRP utilization centers around the banking industry, but what I am really hot on and waiting to occur is that the exchanges along with Ripple and their products that utilize XRP will siphon off the industry customers of the big banks when it comes to cross border payments.  I'm not saying these entities will leave banks totally because as we know there is much more to running a company then CBP's but from the sense that utilizing XRP can save them money and time it will be a no brainer to conduct this activity via exchanges as opposed to banks.  Most manufacturing is done following the JIT principals which fosters more efficiency and less waste, the flow of money especially cross border payments is the one deviation that for the most part is out of the manufactures hands because of the current rails utilized through the banking industry. It is not unheard of for an entity to get parts well before they are paid for in a lot of cases you see terms for payment quoted in net 30, 60 or 90 which in most case is not because the entity receiving the parts needs that much time to pay the sender but the fact that in worst case scenarios it may take that long for the payment to reach it's final destination, yes some do utilize this as normal terms but even so the duration of money transfer is accounted for in those terms for example if the term is net 90, 10-15 days could be added into that 90 just to account for the money transfer factor.  Now imagine being able to go to your supplier put in a multimillion dollar order and say hey "You will be fully compensated for your order within the hour!!"   Not only will that speed up the transmission of supply but capital will be more liquid as there is no longer a wait, this will help reduce liabilities etc, and foster a better se of capital.  We definitely want the banks involved but the applications of XRP are far more reaching than just banks.

The speed of money is about to take a big step forward.

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I like the concept. I wonder if the major exchanges will realise the potential that they have in setting up a branch that handles on-line  money transfers - almost a logical next step. No need to wait another 5 years for the banks and money transfer companies to come on board- they will have a significant first mover advantage, especially considering that the likes of Moneygram are already in difficulty using their legacy systems.

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The general public cannot fathom the amount of money that is made by simple the movement of daily cash.  Settlement regulation isn't in place to protect the consumer, they were created to steal interest earned on float.  Billions upon endless Billions in investment revenue from float and transfer fees annually.  I read these boards and see nothing but what amounts to 99% static noise regarding use, quality, reliability, phone apps, ease of payments for consumers, some press release who ha and the like.  JPMC/BOA/GS/WF/Citi/HSBC control this space and they simply aren't going to adopt something that removes their power over the world.  The big picture here are the 6 controlling world banks and their revenue streams.  Until they get on board, nothing substantial is going to happen.

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On 2/7/2019 at 8:46 PM, WhtSno said:

The general public cannot fathom the amount of money that is made by simple the movement of daily cash.  Settlement regulation isn't in place to protect the consumer, they were created to steal interest earned on float.  Billions upon endless Billions in investment revenue from float and transfer fees annually.  I read these boards and see nothing but what amounts to 99% static noise regarding use, quality, reliability, phone apps, ease of payments for consumers, some press release who ha and the like.  JPMC/BOA/GS/WF/Citi/HSBC control this space and they simply aren't going to adopt something that removes their power over the world.  The big picture here are the 6 controlling world banks and their revenue streams.  Until they get on board, nothing substantial is going to happen.

I agree that these behemoths are going to fight this all the way, as if their livelihoods depended on it.   I just read the hatchet piece by Michael Lavere on Ethereum World News, and this fear was reflected throughout his piece: "Forbes Contributor Implies Ripple is a “Scam” in JPM Coin Debate"  I found it kind of ironic in that one author on  EWN writes as if it's all a big scam, whereas Alex Tomzack, just the day before,  wrote of Mercury FX's CEO, Alastair Constance's glowing assessment of xRapid. He went so far as to say "It's two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?"  All kinds of shade, and last ditch coin plans are going to be thrown Ripple's way in a vain effort to somehow derail them, as they sense what's coming.  It's great that SBI is ahead of the curve, and like many others such as Mercury FX, they're hungry for the competitive leverage that this now offers them. The MoneyTap app is going to be just one of the game changers that are about to unfold.

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On 2/8/2019 at 11:46 AM, WhtSno said:

The big picture here are the 6 controlling world banks and their revenue streams.  Until they get on board, nothing substantial is going to happen.

At the risk of being part of the 95% noise that you referred to...

So you mean they won’t let it happen just like the entrenched music industry didn’t let those upstart streaming services...   oh wait,  Spotify.  :) 

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Good point! And that's what I'm counting on. I'll elaborate in incoherent and slightly drunk fashion:


Incumbent banks are at a precipice and must change or evolve or both in order to survive. I am not in one of those "short the banks" camps but as technology evolves, their role becomes more and more insignificant. Case in point, in the 70s the Irish bankers taking note of the 1968 sanitation workers strike in New York believed they could bring the country to a halt because apparently they played a huge role. During the time of the strike, the economy was fine, in fact around $5 billion exchanged hands and some sectors even saw growth. Local pubs took the role of banks providing liquidity (no pun intended).  The strike lasted around 6 months until the bankers got bored and went back to work. 

Banks refuse to bank the unbanked because it's not profitable. Banks refuse to modernise their systems because good enough apparently is good enough and yet every now and then this leads to catastrophic IT malfunctions like the recent TSB one in the UK. Banks are doing exactly what they accuse cryptos of doing - Money laundering and tax evasion - UBS bank springs to mind just recently. The UK RTGS system for example was only open exclusively to banks and now it's being modernised and will open its doors to everyone that applies. This further reduces the role of banks and the clock is ticking as they have by 2025 before the system is fully live. 

There's so much emphasis on banks being the key to the whole industry and yet I don't think they play a huge role. They do have a role to play but not as much in my opinion. Ripple, I believe is aiming to play a role in one of the most significant sectors that contribute to a chunk of emerging markets GDPs and that's the Small Medium Enterprise. About 500m jobs need to be created in the next 10-15 years to soak up the workforce and a huge chunk of the employment actually comes from SMEs. Due to lack of liquidity and awful financial infrastructure, their growth is stunted. Imagine becoming the fastest and quickest liquidity provider to these SMEs. XRP could potentially increase growth in the SME sector and vice versa. A fire that feeds itself. 

 

Back to my rum......

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1 hour ago, GrayFox said:

Good point! And that's what I'm counting on. I'll elaborate in incoherent and slightly drunk fashion:


Incumbent banks are at a precipice and must change or evolve or both in order to survive. I am not in one of those "short the banks" camps but as technology evolves, their role becomes more and more insignificant. Case in point, in the 70s the Irish bankers taking note of the 1968 sanitation workers strike in New York believed they could bring the country to a halt because apparently they played a huge role. During the time of the strike, the economy was fine, in fact around $5 billion exchanged hands and some sectors even saw growth. Local pubs took the role of banks providing liquidity (no pun intended).  The strike lasted around 6 months until the bankers got bored and went back to work. 

Banks refuse to bank the unbanked because it's not profitable. Banks refuse to modernise their systems because good enough apparently is good enough and yet every now and then this leads to catastrophic IT malfunctions like the recent TSB one in the UK. Banks are doing exactly what they accuse cryptos of doing - Money laundering and tax evasion - UBS bank springs to mind just recently. The UK RTGS system for example was only open exclusively to banks and now it's being modernised and will open its doors to everyone that applies. This further reduces the role of banks and the clock is ticking as they have by 2025 before the system is fully live. 

There's so much emphasis on banks being the key to the whole industry and yet I don't think they play a huge role. They do have a role to play but not as much in my opinion. Ripple, I believe is aiming to play a role in one of the most significant sectors that contribute to a chunk of emerging markets GDPs and that's the Small Medium Enterprise. About 500m jobs need to be created in the next 10-15 years to soak up the workforce and a huge chunk of the employment actually comes from SMEs. Due to lack of liquidity and awful financial infrastructure, their growth is stunted. Imagine becoming the fastest and quickest liquidity provider to these SMEs. XRP could potentially increase growth in the SME sector and vice versa. A fire that feeds itself. 

 

Back to my rum......

I agree: XRP and the Internet of Value is set to disrupt banking and open up new markets.

Marcus Treacher has made a number of comments on this subject; predicting that the monolithic structures of the big banks will be shredded into component parts by competition from specialist Fintech.  In one comment he likened the change to passenger airlines from passenger shipping.  No single Passenger shipping line managed to set up an Airline, it is a hugely difficult task for a legacy business to disperse their bricks and mortar assets and build new ones.

I like the analogy between email and postal services.  How could the postal services transform themselves into services providing email services.  Did any of them even attempt it?

Passenger lines still do good business providing cruises, but the big business is in airlines.  Postal services have done quite well delivering parcels for small internet businesses, but the big money is now in providing fast internet and mobile connections.

I put a link on Hodor's thread about how Japanese authorities have announced that they will allow Fintech companies to transfer sums of up to a million yen through peer to peer that bypass using banks.    MoneynetInt are providing api facilities on mobile phones for peer to peer transactions by logging directly onto XRapid.  Banks will not be able to stop their business simply evaporating in the white heat generated on the Internet of Value.

The Internet of Value is going to be huge and XRP is well placed to be the "Google" size service around which the new industry develops. Hang on to those XRP tokens!

Edited by Julian_Williams

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6 hours ago, Tinyaccount said:

At the risk of being part of the 95% noise that you referred to...

So you mean they won’t let it happen just like the entrenched music industry didn’t let those upstart streaming services...   oh wait,  Spotify.  :) 

Pandora

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6 hours ago, Tinyaccount said:

At the risk of being part of the 95% noise that you referred to...

So you mean they won’t let it happen just like the entrenched music industry didn’t let those upstart streaming services...   oh wait,  Spotify.  :) 

Pandora

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If I were in the banking industry and 20 years from retirements (average age = early 40's)....I'd be concerned about my career path with a bank that is not innovative.

I would be looking to move to a bank that is smart enough to see the writing on the wall.

 

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