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"It's taken years, but the pieces that have been put in place are now serving as solid stepping stones to a future where XRP supercharges economies on a global scale. " 

Nice @Hodor well said , you have to have a strong foundation,  otherwise it topples over , also ,slow and steady so the pace doesn't outstrip the technology. 

"We are ready, and despite any temporary market swings, the future belongs to the digital asset with the strongest championing organizations, businesses, and community.   The future of digital assets is represented by XRP.  " 

Verbal symphony of words :JC_doubleup: Well, it's hard not to get too excited with the developments of late and whats happening this quarter,  thanks for keeping the vibe going.

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Thanks Hodor. 

,,Each bank and regional bank will be able to use Money Tap as a function of (a new) API infrastructure ... - This Kitao´s quote immediately hit me like a truck. Does it mean the banks won´t need to integrate Ripple into their legacy systems directly but instead of that they will use on-behalf SBI API service?

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40 minutes ago, Spartaksus said:

This Kitao´s quote immediately hit me like a truck. Does it mean the banks won´t need to integrate Ripple into their legacy systems directly but instead of that they will use on-behalf SBI API service?

My 'gut reaction' is that he's specifically talking about Money Tap, their mobile app for retail x-border transfers. 

When he says "API infrastructure" that usually means that individual banks would 'call' SBI's API with a Request or Post HTTP transaction, essentially asking SBI to process the transaction on behalf of one of their customers. 

If SBI does it that way, they are still the ones handling the cross-border part of the transaction, but the source bank would be one of the consortium member banks. 

So, if that's the case, it's still using xCurrent for all those transactions, and eventually, potentially XRP as he stated.  I don't see it as a downside, but you make an interesting point.  The original consortium had a broader scope, from the way I understood it.  I think that broader scope is still in play, but it's just that SBI Ripple Asia had led the way with the first mobile app 'built on Ripple.' 

Edited by Hodor

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Thank you again Hodor.  This last week has seen some very impressive announcements which make me think XRP/Ripple/R3 are gaining momentum across many markets.

Is there a reason you did not mention the MoneyNetInt story?  The concept of facilitating companies direct access to Ripplenet without the need to use a bank seems to me an obvious development that will be very popular.

It has been very surprising that the price of XRP has stalled when compared to the other big cryptos, ETH is now back in No. 2 position.  However I do not think we should attach any significance to the valuation of XRP by the markets.  Kitao (that man has such a profound sense of his destination) used words along the lines that "crypto" have no "fundamental value", by which I took him to mean current market valuations are essentially arbitrary. 

I like to watch is the BTC/XRP index.  You would expect XRP to be accelerating faster than BTC but in fact for some weeks the value of XRP has been falling against BTC.

I struggle to explain this lack of interest, given the massively good news XRP has received since last Christmas.  My personal explanation is that the three FUD stories that we so successfully rebutted (Fake Banking partners/Frances Coppola/JBM Coin) have been believed within the narrow community who are currently moving the market prices up.  There is a widening gulf between the people who invest in BTC, ETH and TRON and investors who choose to follow XRP.  The weakness of the XRP bull does not worry me.

 

chart(1).jpeg

Edited by Julian_Williams

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You and I love and appreciate Ripple as a "sponsoring organization" as you correctly put it and view it as an asset.  Others who don't do the research view this as a liability.  You just can't compare Ripple's strategy and execution towards goals with anyone or anything else in the industry.  Are there some aspects of the overall stewardship that could use improvement, probably, but I'd expect them to be open and listening to that feedback.  Another fun read, thanks.  

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Thanks once again @Hodor :D This was so very well said-

(quote from blog)

"Now let's look at the way XRP was organized at its outset.

It's creators were not only developers, but consisted of a wider variety of stakeholders, including some Silicon Valley visionaries that knew all too well what it would take to champion adoption of a digital asset on a large scale.   Chris Larsen had been a part of multiple fintech startups at that point, as well as the other early members.   Even the lead cryptographer & engineer, David Schwartz, was a steeled coder that had done consulting stints at WebMaster and at the National Security Agency.  

This team was not comprised of starry-eyed, idealistic youth that thought banking would disappear overnight if only the world would adopt their digital asset.  

No, this was a very different team, and they knew what it would take to reach true global adoption of digital assets, and specifically what it would take to overcome the implacable hindrance of financially-motivated obstruction."

"...And all the while, we've seen steady and methodical growth of the XRP ecosystem, even prior to XRP's widespread adoption as a cross-border payment tool.  

It's happening;  and we're starting to see the fruits of these labors develop results that will take XRP to levels far beyond that of any digital asset with a weak sponsoring organization.  Whether it's the main use case of cross-border payments, or some of the new use cases that are gaining favor with the market, such as micropayments and smart contracts, XRP is flexing its considerable muscle."

(bold emphasis is mine)

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1 hour ago, aavkk said:

Others who don't do the research view this as a liability.

Well-put.  It's fascinating to watch some one-dimensional investors be swayed by some of the POW propaganda out there; my hope is that they look past the slogan-ism of some of those other networks' proponents and do their own research and find accurate information! 

 

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2 hours ago, Julian_Williams said:

Is there a reason you did not mention the MoneyNetInt story? 

I haven't seen any recent news, so if you have a link, please feel free to share: I covered their original announcement last October in this blog: https://xrpcommunity.blog/crypto-and-xrp-next-generation-money/

 

2 hours ago, Julian_Williams said:

My personal explanation is that the three FUD stories that we so successfully rebutted (Fake Banking partners/Frances Coppola/JBM Coin) have been believed within the narrow community who are currently moving the market prices up. 

I think you hit it. 

While XRP Community has "good D" (basketball parlance), the FUD did exact a price.  We will overcome it like we always do; with facts and real world business progress. 

Sometimes I think there couldn't be anybody better than Brad "Peanut Butter Manifesto" Garlinghouse in the current situation.  Keeping the team and priorities focused is going to be key for both XRP stakeholders and for Ripple. 

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5 minutes ago, Hodor said:

Sometimes I think there couldn't be anybody better than Brad "Peanut Butter Manifesto" Garlinghouse in the current situation.  Keeping the team and priorities focused is going to be key for both XRP stakeholders and for Ripple. 

I feel similarly.  The only thing he could improve upon is his technical depth and ability to break down aspects of the XRP ledger at a slightly lower (more granular) level.  Obviously its unrealistic to expect David Schwartz depth but I get the feeling he understands it at a very high (less granular) level.  Or perhaps he does and I've just not listened to the right interviews?

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Quote

 

haven't seen any recent news, so if you have a link, please feel free to share: I covered their original announcement last October in this blog: https://xrpcommunity.blog/crypto-and-xrp-next-generation-money/

 

 

 

I thought you might have missed the Moneynet story,

this story dove-tales with comments in this video

 

This video with the subversive Treacher and Mercury FX laying it out in very plain English is excellent.  For me the the ace moment was 4.45:  "There is no reason why two people could not be members of the  XRapid network and we would not have to go through a clearing bank"  There is a story developing of the huge potential of using Ripplenet to bypass the banks altogether.   This idea would spread like wildfire through the business community, connect both the poor and big business directly with each other and could short cut the mass adoption of XRP/Ripplenet by several years

That this is actually beginning to be available was the big story of this week but no-one seemed to notice it.

Edited by Julian_Williams

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2 hours ago, Julian_Williams said:

For me the the ace moment was 4.45:  "There is no reason why two people could not be members of the  XRapid network and we would not have to go through a clearing bank"  There is a story developing of the huge potential of using Ripplenet to bypass the banks altogether.   This idea would spread like wildfire through the business community, connect both the poor and big business directly with each other and could short cut the mass adoption of XRP/Ripplenet by several years

That was definitely an interesting quote! 

I've seen this idea proposed elsewhere, but it escapes me what the specific context was.  It went something like this: "can a person directly hook into xRapid?"  Well, people essentially do that now, if you only look at the 'first leg' of the transaction.  They exchange fiat for crypto at an exchange.  That's 'step 1,' essentially. 

And the final leg is to exchange XRP for a target fiat currency that the recipient desires.  The recipient has traditionally been thought of as a bank, but it could certainly be an individual, in theory. 

The obvious obstructions would be "is KYC or AML" something that should be considered in this idea? 

And honestly, this is where banks are strongest - they can make sure that both parties to the transaction are known, I suppose.  But really, what is a transaction with another person in another country?  As long as the person in another country has gone through KYC at the target exchange, it should be okay, I'd think.  :dthinking: Not sure about it 100% though: I'd defer to a banking expert on that topic. 

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4 hours ago, Hodor said:

The obvious obstructions would be "is KYC or AML" something that should be considered in this idea? 
 

I thought the KYC is embedded in XRPL - in so far a everything in the transaction is recorded and has an audit trail.  But is there already something of Pandora's Box in all of this?

For instance how can Mojaloop be KYC (know your customer) or AML (anti money laundering)?  Quote "Customers should be able to send digital payments to anyone, regardless of what kind of account or service they use. Mojaloop makes it easier for financial providers to achieve interoperability".  One end is a Nigerian Maid on her phone in London or Paris, on the other a family with a mobile and no bank account in a Nigerian village on their phone. - where does the bank intervene to vet the maid and the Nigerian family with KYC? 

On the one hand digital money makes fraud much harder because everything leaves an audit trail, on the other it make it much easier in that it creates cold wallets that eliminate the need for bank accounts.  Can Cold wallets be frozen?  Can the authorities follow my money if I quietly move my tens of thousands of XRP around in cold wallets? 

 

Edited by Julian_Williams

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