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2ndtimearound

SWIFT Chief Announces Integration With R3 At Paris Fintech Forum

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3 hours ago, Hodor said:

B)  Well, that's how much the original disputed amount was.  I haven't heard anything about the amount contained in the settlement.    

If you've got a source you can share, please feel free to share it. 

Ic then im wrong ☺️

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While I do think this is great news in the short term (2-5 yrs), I'm concerned with this long term (5-10yrs).

R3 said something along the lines that they will "start with XRP" to settle transactions using Corda. It's known that Corda has capabilities to utilize any asset. I'm worried that they would use XRP for as long as they are invested in (and hold) XRP.

Still doesn't feel right that SWIFT partnered with R3/Corda over Ripple.  This is pretty huge, imo.

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4 minutes ago, aye-epp said:

While I do think this is great news in the short term (2-5 yrs), I'm concerned with this long term (5-10yrs).

R3 said something along the lines that they will "start with XRP" to settle transactions using Corda. It's known that Corda has capabilities to utilize any asset. I'm worried that they would use XRP for as long as they are invested in (and hold) XRP.

Still doesn't feel right that SWIFT partnered with R3/Corda over Ripple.  This is pretty huge, imo.

What asset would they use otherwise..?

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There was this from an official SWIFT spokesperson:

 

"A representative from Swift specifies that in the PoC, Swift will technically link with R3.“In the PoC, corporates using the R3 platform will be able to authorise payments from their banks via gpi Link; gpi payments will be settled by the corporates’ banks, and the resulting credit confirmations will be reported back to the trade platforms via gpi Link on completion.”

And of course this: image.png.1cd79e1556729cf76e0ad1153d4281

From someone earlier in this thread.

Doesn't really sound like XRP, more of the traditional system.

Maybe in stage 2 or stage 3.

Edited by Archbob

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19 hours ago, MrSensible said:

why banks aren’t keen on fiat to crypto at the moment is due to regulation and volatility, both of which are likely redundant points going forward. So what happens when these points are resolved? Banks continue to reject something that makes it cheaper and easier to transfer money? 

I stand corrected and appreciate some of your points, but your paragraph quoted above is more than just a simple point. 

There is a lot of confusion between digital currencies (or assets) and block chain, as well as confusion between settlement and “transfers”

Eventually Banks will go all in on block chain or some other digital ledger system, and there is a very big prize for any company (such as Ripple or R3) that can capture the business, but capturing 100% of the transfer business requires 0 XRP or any digital asset. 

The digital or some other asset is only required for the hard step: settlement.

Think about this. All banks have and want their local fiat. Their local fiat is used to measure their profits. It pays their bills, and most important their taxes.

Now for a customer in Mex to walk out of his bank with MXN from his buddy in the US, the Mexican bank will instantly receive XRP, but has to provide MXN from their vault. They then need someone to buy the XRP using MXN.

Who buys back the xrp, using their own MXN, and why? Everyone states that “exchanges” will do the job, but the exchanges are 75% (some say 90%) fake volume. People on the streets, like ourselves, will not have any need for XRP, since it is worthless outside a banker’s reality. This liquidity problem will not easily be overcome.

WHY?

Because,  Until you can buy an ice cream cone, anywhere in your country,  using XRP, how valuable is it?

Come on, we are talking ice cream here😀

How about another perspective: At one time, Ripple literally had all of the XRP in the world, but they have been working very hard, and using it, to the very best of their abilities, to earn $US. Because it (USD) is valuable.

 

Edited by Valhalla_Guy

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52 minutes ago, Archbob said:

There was this from an official SWIFT spokesperson:

 

"A representative from Swift specifies that in the PoC, Swift will technically link with R3.“In the PoC, corporates using the R3 platform will be able to authorise payments from their banks via gpi Link; gpi payments will be settled by the corporates’ banks, and the resulting credit confirmations will be reported back to the trade platforms via gpi Link on completion.”

And of course this: image.png.1cd79e1556729cf76e0ad1153d4281

From someone earlier in this thread.

Doesn't really sound like XRP, more of the traditional system.

Maybe in stage 2 or stage 3.

Things will progress through the stages.
All OK.

XRP is the only cryptocurrency that it can pair with the most Fiat currencies.
XRP becomes key currency like dollar on the network.

Edited by jabit

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17 hours ago, 2ndtimearound said:

https://www.coindesk.com/swift-chief-announces-integration-with-r3-at-paris-fintech-forum

Oh the sweet irony.

R3 partner with SWIFT. Even when Ripple lose, XRP holders win here.

I still feel like the lack of regulations will still prevent the banks on R3 to use xrp. Although Gottfried mentioned volatility as a determent from banks adopting xrp, i still believe that the real issue is regulatory uncertainty. If banks don't know whether or not they will get fined by the SEC, they will not use it. So we need the SEC to get moving.

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1 minute ago, kryptoroi said:

I still feel like the lack of regulations will still prevent the banks on R3 to use xrp. Although Gottfried mentioned volatility as a determent from banks adopting xrp, i still believe that the real issue is regulatory uncertainty. If banks don't know whether or not they will get fined by the SEC, they will not use it. So we need the SEC to get moving.

I agree for the USA - though there are plenty of other countries around the world with regularity clarity and they can go ahead today and use Corda/XRP.

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1 minute ago, 2ndtimearound said:

I agree for the USA - though there are plenty of other countries around the world with regularity clarity and they can go ahead today and use Corda/XRP.

I thought so too but the more i looked into it, the more i worried that not too many countries out there will move until the USA moves. We're talking about a country that exerts sanctions to other countries using Swift. And most recently have strong armed the Bank of England to block Zenuzuela's gold and told them not to return it to them. That's a tone S*** of influence and strengths that the USA has displayed. I really hope im wrong but it just looks like the USA is holding everything back and who knows for how long. 

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1 hour ago, strikerjax said:

Japan and Saudi are close US allies and they are moving towards ripple. I would be surprised if this doesn't have the US approval.

Im not quiet sure how much influence the US has on Japan but as far as Saudi, we've seen the US turn a blind eye to an innocent journalist being assassinated by the Saudi government because of a multibillion dollar deal that the US didn't want to lose.  Soooooo i doubt the US will apply any type of pressure on Saudi as long as they're receiving $$$

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R3 gives them all the potential benefits of using XRP, while not been seen to make various people billionaires directly. I think this is still a major issue 

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