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SWIFT Chief Announces Integration With R3 At Paris Fintech Forum

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9 minutes ago, kiwixrp said:

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 

if i shop on amazon, i don't really care if it makes jeff bezos richer. why is it different here?

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21 minutes ago, invest2lose said:

if i shop on amazon, i don't really care if it makes jeff bezos richer. why is it different here?

It's a perception thing. Many see Jeff as someone who worked away in his garage for years and built Amazon up and therefore deserves 63billion.There will be a good number of people in banking circles that are ****** these guys are going to be so wealthy in a relatively short timeframe Swift is part of that circle 

Edited by kiwixrp

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13 hours ago, mistatee2000 said:

Ripples' silence on the matter is very noticeable, if not disconcerting. Maybe we should ask Mr Kitao at SBI for some clarity

20 of the World’s Major Banks will Incorporate XRP for International Money Transactions in 2019: SBI CEO
https://t.co/gZGAH9LjaY

Quote

Once we develop and are able to use XRP on “Corda,” an R3 blockchain technology which SBI has been investing in, the financial transaction of trading can be done in a very short time.

 

This is an article of aJapanese magazine. There may be hints.

DxxQO8QWoAE2MjL.jpg

DxxQNZeXQAULcEA.jpg

Edited by jabit

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2 hours ago, jabit said:

20 of the World’s Major Banks will Incorporate XRP for International Money Transactions in 2019: SBI CEO
https://t.co/gZGAH9LjaY

 

This is an article of aJapanese magazine. There may be hints.

DxxQO8QWoAE2MjL.jpg

DxxQNZeXQAULcEA.jpg

This stuff is extraordinary Jabit:  Kitao has such big ambitions and it seems he is getting it together very fast

Quote

 

In Japan we started to use an application for transferring money, called Moneytap.  This application uses only DLT but I would like to make it XRP caperble.  Once we are able to use XRP on “Corda” a R3 blockchain technology which SBI has been investing in, the financial transaction of trading can be done in a very short time.  Because Corda has a function called smart contract (including easy verification of contract, implementation, execution, computer protocol for negotiation.  The characteristics of this function is a to process the guaranteed trusted transaction without being intermediated by a third party).  We can use it not only for international money transfers but also for all kinds of trades such as transaction of bonds and/or derivatives in the financial field. From our end, we would like to finish this feature of XRP like Corda.

In order to do this, we would like to create a joint venture with R3 and SBI in Japan like we did with Ripple.  And start up the consortium as soon as possible and develop the system while holding the conferences in which many people can learn the system to use in parallel.  In this way, by using XRP, visitors from all over the world coming to Japan can pay bills without exchanging the money from US dollars to Japanese Yen.  It is a new challenge for us. Next I want to talk about “S coin platform” which we have started.  We issued local currencies “NISEKOPay” at Niseko in Hokaido and “US-Dalba Coin” at Odalba in Tokyo.  Our goal is to incorporate XRP into this S coin platform and expand to the world level.   To pursue this, we are considering using Corda of R3 as a foundation of this system.

  As soon as we set up the joint venture business, we will focus on expanding this system all over the world.  It is perhaps my dream as well.  To achieve this , we would like to progress step-by-step. R3 is characterised as possessing blockchain technology which can apply to a wide range of the field not just the financial world.  On the other hand, Ripple has a strong feature on transferring money.  Therefore, we can take advantage by using each characteristic by tasks.  Use Ripple for international money transfer, and the rest of the transactions will be performed using Corda R3.   A huge advantage is the function of Smart Contract.  Our current strategy to expand worldwide is to complete the system before Osaka EXPO 2025.  If we succeed, it will be revolutionary development.  Likewise I believe that blockchain will be incorporated into all kinds of industries.  It will get real as I always say that “work finance as a core and reach beyond finance” Therefore, SBI will not be solely a financial company but will be beyond.

 

  

Edited by Julian_Williams

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One thing a lot of people seem to be missing is that no other competitor has even remotely addressed what Ripple is all about. Removing the need for nostro accounts with on-demand liquidity. Everyone else seems to be focused on making existing systems more efficient,  this greatly benefits Ripple in that the slowest journey for XRP settlement is still the local payment rail. This is huge for XRP as it makes ever so more efficient and cost effective.

Edited by BrownBear
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6 hours ago, Valhalla_Guy said:

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?

As crypto becomes more established as an asset class and a trading instrument, there will be retail traders and institutions who buy and sell it to try and make money. I agree a lot of trading we see now could be bots and/or fake volume, but that won't always be the case, especially once the major stock exchanges get into the game. Crypto as digital gold is not a completely wild idea, and a certain percentage of people may wish to hold value in crypto.

Furthermore, other use cases for xrp are being worked on as we speak. Being able to use XRP as a currency in the street may be, ironically, thinking a little too small. The IoV is an incredible concept that will create use cases for digital assets that we currently can't imagine, but also some that we can, such as directly paying for internet content through things like Coil. 

I agree with you that right now liquidity on the exchanges we have now is pretty suspect, but that is only going to be less the case as time goes by. 

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12 hours ago, Trendkill said:

What asset would they use otherwise..?

Are you saying in ~5 years when R3 has liquidated all of their XRP there won't be a digital asset that may have superior qualities to XRP?

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1 hour ago, Seoulite said:

As crypto becomes more established as an asset class and a trading instrument, there will be retail traders and institutions who buy and sell it to try and make money. I agree a lot of trading we see now could be bots and/or fake volume, but that won't always be the case, especially once the major stock exchanges get into the game. Crypto as digital gold is not a completely wild idea, and a certain percentage of people may wish to hold value in crypto.

Furthermore, other use cases for xrp are being worked on as we speak. Being able to use XRP as a currency in the street may be, ironically, thinking a little too small. The IoV is an incredible concept that will create use cases for digital assets that we currently can't imagine, but also some that we can, such as directly paying for internet content through things like Coil. 

I agree with you that right now liquidity on the exchanges we have now is pretty suspect, but that is only going to be less the case as time goes by. 

Although your theory is sound, you bypass the important step of explaining why anyone (other than a few speculators) would feel that any commodity is valuable, if you cannot purchase food, service or shelter with it?

Secondly RL holds more than enough XRP to easily handle the volume for the next 50 years (using their estimated burn rates for transactions) unfortunately though, they do not hold enough MXN or any other currency to back fill and settle the transactions, so once again we are only looking at a fancy container, or envelope. The valuable part, of EVERY transaction is always the fiat, and nothing you posted explains why citizens, of all countries would suddenly be willing trade their own valuable fiat, simply to help banks unload XRP, and settle their transactions, with “valuable” fiat.

If you dig deep into the history, XRP was inteneded to be a world base currency. This 1 world, universal Govt theme is popular in San Francisco, but a quick look at how Great Britain lost it’s own sovereignty to the EU, and is now literally trapped, and forced to  bow to the whims of leaders, which they have never elected, has cooled the jets on that type of thinking, for most of us. It has also changed the messaging from RL. (although not the continual pumping part) 

XRP cannot simply be a banker’s coin that everyday folks value, and want to hold because it is shiny. It needs to have  “Local working value” or it is by simple definition: “worthless”

Explain your theory to your neighbors, and then ask why they do not want to own XRP? If their answer makes you feel like you are ahead of the curve or somehow smarter than all of them, you should examine your own understanding of value.

Xvia and xCurrent are going to make RL very rich. xRapid not so much.

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Bridge currency = key currency on the network.

We must not forget this.

XRP become the key currency of all assets.

This is absolutely important.

For example

If all Fiat currencies make XRP key currency, the exchange demand will explode.

XRP is hold by many people and companies on the network.

Demand will explode and 100 billion XRP will be insufficient.

It will be dollar with limited number of sheets.

I can easily imagine the price going up.
 

Edited by hamasugu

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1 hour ago, aye-epp said:

Are you saying in ~5 years when R3 has liquidated all of their XRP there won't be a digital asset that may have superior qualities to XRP?

Possibly , but they best start working on it now to achieve the liquidity , speed and efficiency of XRP within that time frame. 

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SBI Financial Presentation Material January 31, 2019
Excerpt: R3 and XRP pages

SBI will increase the full-scale efforts of R3's Corda and XRP use cases.

http://www.sbigroup.co.jp/english/investors/disclosure/presentation/pdf/190131presentations.pdf

https://imgur.com/a/4NnSD6g

https://imgur.com/a/EUBje8k

https://imgur.com/a/IXZGqFQ

https://imgur.com/a/y9xsGtx

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Thanks for your response.

10 hours ago, Valhalla_Guy said:

you bypass the important step of explaining why anyone (other than a few speculators) would feel that any commodity is valuable, if you cannot purchase food, service or shelter with it?

"a few speculators" could actually be quite a large number of speculators. I know retail traders who trade crude oil. Why? To make money off the movement of the markets. There are plans for the NASDAQ to enter crypto. There are already investment funds that deal in crypto. These people aren't buying up xrp so they can use it to buy ice creams

10 hours ago, Valhalla_Guy said:

XRP cannot simply be a banker’s coin that everyday folks value, and want to hold because it is shiny. It needs to have  “Local working value” or it is by simple definition: “worthless”

Again, not neccessarily true. People buy gold and silver. Why? You can't use it in your local mart. Of course, some people use it in industrial applications, but most don't. They buy it and then hope to sell it higher, redeeming it for fiat. Why wouldn't crypto be the same? 

That links to my point about other uses of xrp. If a streamer gets paid in XRP through Coil, then redeems it for USD, what's the problem? XRP is not just a digi-dollar. It can do other stuff too. 

10 hours ago, Valhalla_Guy said:

If you dig deep into the history, XRP was inteneded to be a world base currency.

The problem here is the word 'currency' and I don't think Brad Garlinghouse would ever use the word. XRP could be used as a base bridge asset across the world, and while it's unlikely it's not impossible. A bit like saying Google would never be able to take its huge market share in the competition among search engines. Well, they did. Ripple could take massive amounts of market share away from Swift and XRP could be used in the background of trillions of dollars of transactions daily. I don't expect it though, and neither should anyone here. It would be a nice pleasant surprise, but I'll settle for a decent appreciation in XRP price and then I'll sell and wish Ripple well. 

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On 1/30/2019 at 7:55 PM, 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.

On 1/30/2019 at 8:21 PM, Valhalla_Guy said:

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

This confuses me for sure... I understand how the word "settlement" is being used, but isn't every transaction eventually converted to fiat? Could this be the way that they are using the word "settlement"?

For example, suppose I live half the year in the U.S./half the year in Japan - I could buy (transfer) XRP with dollars, fly to Japan where (assuming I had a Japanese bank account) I could sell/withdraw to Yen. Then the transaction would be "settled".

 

Edited by GiddyUp
add

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The GPI opens a fiat settlement rails that gets settles via the corporate banking structure. The SWIFT plan does not seem to have a bridge currency anywhere in it.

Actually Corda Settlers XRP function settles in RAW XRP. It does not source liquidity like x-rapid.

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