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BobWay

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@BobWay Hi Bob,

I’m also another longtime lurker of the forum and this thread blew me away. It’s amazing to hear from those who were and are on the inside @JoelKatz and how it all began at Ripple. This journey feels like we’re inside a suspense film. I can’t wait to see how this all plays out!!! 

Im certain the Ripple/XRP story will become a movie one day! 🎥 

Questions: What are your long term views on Ripple/XRP over the next 30-50 years? Do you see XRP being a sustainable platform for that long or even longer? Can XRP adapt to the changes of the future? 

Thank you!! :)

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We had some nasty severe storms move through central Texas this morning, but they are all gone and the drive should be great.  Beautiful sunny days today and tomorrow in Austin high 70's for temps!

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2 hours ago, zerp4eva said:

We had some nasty severe storms move through central Texas this morning, but they are all gone and the drive should be great.  Beautiful sunny days today and tomorrow in Austin high 70's for temps!

Are you in Austin? If so pm me

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22 hours ago, BobWay said:

This is hugely insightful! Everyone should immediately google the Irish bank strikes. That is exactly what social credit is.

Yes, exactly. The back end works perfectly. All that is needed is a front end (consumer and pub clients) to make it work.

Indeed, very insightful. From a vice article:

The Irish economy then was characterized by intense, frequent, conversational personal contact: tight, dense, solid local knowledge circulating at high velocity within and across communities. The result? Borrowers and lenders could build solid micro-foundations of trust.

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On 3/12/2019 at 9:11 AM, BobWay said:

That is awesome!  You've been digging way back in history. Good for you!  Be skeptical of EVERYTHING!

There is an old joke in computer tech support. It's better if you hear it in real time, but I'll so my best to do it justice. Employee calls the tech support number, "Hey, I'm having problems with my computer." Tech support guy responds, "Have you checked the nut behind the keyboard?"

Do you know what the problem Stellar had was?  If I'm remembering the details right, it turned out in setting up their new network of (renamed) stellard servers, it turns out they misconfigured the UNL list on every server. Internally, we had a good laugh at that. Then later they claimed it was a flaw in the protocol. Then went on to make a big deal about doing research for a new protocol. New research is always good. But that wasn't the problem. If they had configured their new network correctly, they never would have seen a problem.

Please note that if you add a misconfigured server (now) to the XRP Ledger network, your server may fall out of sync. This is absolutely the correct and wanted behavior. Since you never want to be forked from everyone else. But, your falling out of sync will not effect the rest of the network.

Ripple's UNL scheme is actually quite easy to configure and also forgiving. The only way you can get the fork Stellar did is to misconfigure EVERY server on your network at once.

 

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Posted (edited)

what's PolySign ? 

 

custody for the entire world 

In my opinion PolySign is rather special and not just an ordinary crypto custody service. PolySign custody solution supports the full spectrum of digital assets and is designed to scale to trillions under management. If you look at there  leadership Team you will notice former and current employee of Ripple. Its worth mentioning Arthur Britto President, Founder and Board Member,  co-founded Ripple and designed the XRP ledger. Then we have David Schwartz is Chief Technology Officer at Ripple. Along with Arthur Britto, David was one of the original architects of the Ripple consensus network. 

 

Looking at picture A you can see a conversation with Arthur Britto on  jun 2017, at that time PolySign was Founded in 2017 by Arthur Britto. Talking about the XRP reserve he goes on to say "a new account mechanism should allow the XRP ledger to efficiently service humanity scale usage is in development". What was Arthur working on at that time, well PolySign. So XRP ledger needs to be able to scale to serve 7.5 billion people, in 2017 that was the entire population of the world. Which has now reached 7.6 billion people as of May 2018 *estimated. On PolySign site it states "PolySign's custody solution supports the full spectrum of digital assets and is designed to scale to trillions under management."

 

 

Picture B from 2018 was from a Ripple employee stating Arthur Britto "has a spec that scales the ripple concept to everyone in the world. Once again the focus is on entire humanity, and he has been working at PolySign at that time to

So I believe Arthur created PolySign for ripple, in which somehow increases the scalability. It will also be able to manage custody for the entire population, 7.6 billion  people to be on the ledger in the future . It will be the most trusted custody and perhaps even used by federal reserves/ central banks and other banks as well. Remember 2018 Brad Garlinghouse  “I think one of the things that will surprise us a year from now is that banks will be custodying digital assets directly,” said the CEO recently at the Singapore Fintech Festival . So what custody solution will they use, Maybe PolySign "our mission: to build the global standard for institutional digital asset custody"

 

This Brings me onto even more questions will everyone in humanity get at current minimum reserve requirement of 20 XRP for free. The XRP reserve is, to protect the shared global ledger from growing excessively large as the result of spam or malicious usage. The reserve would have to go down a lot ! If there was 20 XRP for everyone address that would be 152,000,000,000 !! There is only 100 billion XRP available, so the reserve would have to drop and the price of XRP to go way up.  Then I wonder what is the  incentive  for the everyday Joe to be on the ledger, or will they have no choice. PolySign is a secret and so is Xpool are they going to be connected somehow , my gut says yes. If Xpool holds a vast amount of XRP for liquidity it would need to be stored in an extra safe custody solution. Bingo! we have PolySign being created "to solve the biggest problem in crypto today: custody." Xpool will be the modern day equivalent of the Nostro & Vostro accounts. "Computer software for facilitating payments over electronic communications networks in the form of fiat currency, digital currency or cryptocurrency". Instead of holding local currency in nostro accounts around the world, trading parties (banks orthird-party market makers on behalf of banks) can hold XRP on their own balance sheets and use it to make markets with any other currency. By consolidating liquidity to service international payments from many, disjointed, international nostro accounts into one XRP pool, respondent banks allocate less total liquidity to service the same volume of global payments. Here is how, the bank only has to hold its domestic currency and maintain one account with XRP. The bank only needs enough XRP on hand to service its largest expected payment obligation. By making markets directly between its domestic currency and XRP, the bank minimizes the number of intermediaries involved and their markup on spreads. A topic topic that is over looked is "to solve the biggest problem in crypto today: custody." Not every millionaire/billionaire may feel comfortable using a wallet app/Ledger Nano S. As soon as a solid custody solution has been built, the "big players" might become even bigger.

 

I will leave you with this little overview of a podcast interview with David Schwartz from 2016 with you. Make systems safe enough for mass consumer direct use fastest 2 to 3 years a guess, really not that long technology moves very quickly. At the time off me writing it has been 3 years. This is just my speculation, not to be takes seriously.

:thank_you2:

61775869_ScreenShot2019-03-15at00_28_02.thumb.png.ff7fb62a2e7b15f2fa98bce351675260.png  

A

 

272042750_ScreenShot2019-03-15at00_Fotor.thumb.png.d3cc4fb462a11d7115cf407bcb5c663c.png

B

 

1138545184_ScreenShot2019-03-16at00_19_32.thumb.png.bc171cb7b014ca4719b68b69d3c62d04.png

 

Edited by stuartXRP
adding more

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Hi Bob,  Love your work and Great to be able to chat and have you answer our questions- I'm MajorTomXRP.

The patented mechanism your refer below,

 is this mechanism in action- has it been deployed yet? We are not seeing any pressure to the upside in action.

If not what are they waiting on? Is there some threshold that needs to be met for full Xrapid deployment?

 

[The mechanism that we patented:

Is completely non-biased. It doesn't care which trader facilitated a payment.

It works without enforcing or attempting to enforce price stability. Each market follows standard supply/demand dynamics.

It only subsidizes risk on the trader supplied funds that actually facilitate bridge payments.

Is scrupulously efficient in deploying XRP. This is what prevents it from putting a downward pressure on price.]

thanks again

MT

 

 

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Bob Way - 

"I see arguments like this all the time. Most are not very well thought out. But if you want to get overly excited about something that might not happen. I've heard a much more fun bit of speculation that went:

"There is (big, big number) of dollars, euros, etc held by rich people in offshore bank accounts.

If they move (0.1%) of that money into XRP to take advantage of the instant liquidity to wherever they need to move their funds.

Then (fancy calculations) XRP would have to be worth at least (big number) just to support that amount of value." 

 

 

10 trillion dollars was held in offshore bank accounts around the world in 2018  world map GIF

 

 

Edited by stuartXRP

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On 3/14/2019 at 8:16 PM, stuartXRP said:

what's PolySign ? 

 

 custody for the entire world 

We all know Brad Garlinghouse thinks banks will hold digital assets by end of year (paraphrasing). I’ve never been clear on whether he means hold for themselves or on behalf of others (or both?)

But since he sounds so confident, does that imply that Polysign comes out of stealth before year end? 

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On 3/15/2019 at 1:00 AM, MajorTomXRP said:

 is this mechanism in action- has it been deployed yet? We are not seeing any pressure to the upside in action.

If not what are they waiting on? Is there some threshold that needs to be met for full Xrapid deployment?

The mechanism is NOT in action yet and it is by no means "magic". It can't "spike" the price on demand.

The mechanism is meant to drive XRP into the bridge currency position. It does this by steering payment from traditional fiat/fiat corridors to fiat/xrp/fiat corridors. But to make that work it needs as much RippleNet payment volume as it can get. That includes both bank payment volume and xRapid payment volume.

The mechanism in ONE way to unite to currently different ecosystems. Bank payments vs Payment Service Provider payments.  Into a single unified system. This has to potential to drive a huge "network effect". (google that term)

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