Chat: Regulations

[rippCurrent]

Hi @BobWay,

I know regulations were discussed in the Hi, I'm Bob thread but this just came up and i wanted to know what your opinion is.  Do you think the token taxonomy act is what banks and other major FIs are waiting for in terms of "flipping the switch" and leveraging xRapid?  Or,  is there another regulatory hurdle we must overcome in order to see xRapid use grow? 

As far as this tweet, idk if you saw it, is there any specific video you could share that you think would be best for his request?  I linked the SBI ripple Asia vid on ripples website, but im sure there are much better ones out there.

 

Thanks to whoever added chat: 👌

Edited March 13, 2019 by rippCurrent
Labeled as Chat: thread

[Guest]

One thing that has me confused is that didn't an actual customer payment get executed through xRapid from USD/MXN through cuallix?

 

Edited March 12, 2019 by Guest

[rippCurrent]

21 minutes ago, AlexCobb said:

One thing that has me confused is that didn't an actual customer payment get executed through xRapid from USD/MXN through cuallix?

 

Ripple insight Oct 10, 2017-

First Financial Institution Uses XRP to Solve the Liquidity Problem

In a precedent-setting moment, Cuallix became the first worldwide institution to use xRapid —  Ripple’s solution that utilizes XRP as a liquidity tool — to reduce the cost of sending cross-border payments from the U.S. to Mexico.

 

Is this what you are referring to?  If so, this is where i get confused as they must have only been doing tests with xRapid because it wasn't live until oct 1, 2018.  What does live mean for the 8 current FIs/bank we have currently?  Are they actually sending money through xRapid yet, even if small amounts.  I know mercury-fx has sent a mustard payment and honeymoon payment, but what about the others.

 

[xrpuk]

Hi Bob

Another newcomer here....

Firstly I will echo the "thank you" for the insight you are giving and the many questions you have already answered or shed light on.

Secondly I will apologise how this will be written, I know how I want to ask the questions, but I know now it will not be come across like that at all and thats why I am normally just an onlooker.

I have been in this space for a couple of months now and been enjoying researching as much as I can.  Being a newbie I just wish I was more educated in this area to allow me to connect some of the dots and of what I am/have been reading.

I personally just want to ask, and I may be a way!, way! of the mark with this (I do like a conspiracy tho).

Whilst looking at the UK and where we actually stand on Cryptocurrencies, I came across the UK sandbox cohort 1-5 as well as the Global regulatory sandbox this year, where companies have and will be trialing out their innovations under the watchful eye of the FCA . I believe Ripple was part of these early trials and recommendations where made to by the FCA on how to move forward.  

My conspiracy/thoughts are.... the companies in the sandbox cohorts who already operate in the crypto space(2019 global sandbox companies unknown) are actually being formed to allow this infrastructure to be built for the possible adoption of xrp.  For example: digital wallets, exchanges, education to name a few ( seen zip zap there also). I came to this conclusion whilst researching/following the investors in this space.

Just wondering if you could shed some light on these thoughts or even just the UK sandboxes themselves. 

Thanks

XRPUK.

 

Edited March 17, 2019 by xrpuk

[BobWay]

On 3/16/2019 at 8:16 PM, xrpuk said:

Just wondering if you could shed some light on these thoughts or even just the UK sandboxes themselves.

I think these types of sandboxes are great!  I don't think there is any conspiracy about that. People hear the word but often don't internalize them. The XRP Ledger is open an free (as in freedom) for all to use. No one need ask permission to use it. No one need to ask permission to integrated rippling payments into their business.

...Well, that' not strictly true. The don't have to ask Ripple the company. But it is VERY good practice to clear your cutting edge ideas with your local regulators. Otherwise, you might find yourself in non-Ripple inflicted jeopardy in your local jurisdiction. This is what things like the UK regulatory sandbox is for. (other countries have similar programs)

I have not heard of any secret plan to organize a bunch of independent companies and then jump on the XRP Ledger and start operating all at once. But why not. That would be a smashing idea! Just not one I would guess that Ripple the company would organize. But by all means, everyone know you can field your own team and do just that.

Welcome to the XRP Chat, @xrpuk

[Soup]

I have not heard of any secret plan to organize a bunch of independent companies and then jump on the XRP Ledger and start operating all at once. But why not. That would be a smashing idea! Just not one I would guess that Ripple the company would organize. But by all means, everyone know you can field your own team and do just that.

Bob,

There is a lot of hope based on this idea. If this isn't the roll out scenario, we're left with incremental gains in volume until it aligns with the use case. To date, I don't see any evidence it has started.  Is time already working against Ripple?

[BobWay]

Time is always working against Ripple and everyone else as well. If you are waiting on a magic explosion so you can cash out. Know that moment would likely be a spike and crash moment. So your immediate gain could be someone else’s immediate loss. In the end they might live to laugh at you (like everyone laughs at the Bitcoin pizza guy). But until that guide your expections by watching the growing number and value of transactions through RippleNet. It is those transactions that will eventually be steered through XRP to improve Access, Speed, Certainty and most importantly Cost.

[Julian_Williams]

18 minutes ago, BobWay said:

Time is always working against Ripple and everyone else as well. If you are waiting on a magic explosion so you can cash out. Know that moment would likely be a spike and crash moment. So your immediate gain could be someone else’s immediate loss. In the end they might live to laugh at you (like everyone laughs at the Bitcoin pizza guy). But until that guide your expections by watching the growing number and value of transactions through RippleNet. It is those transactions that will eventually be steered through XRP to improve Access, Speed, Certainty and most importantly Cost.

It seems very confusing to know how many transactions are being steered through XRapid.  The lack of visable activity is making some people fret and worry, which has been a good breeding ground for FUDsters to spread their malice.   I think this FUD is perhaps successfully suppressing peoples imagination and ability to see the big picture.  

I don't really get this "Time is always working against Ripple".  Although Brad has been bounced into making unwise predictions about when big banks will sign up and I guess he is feeling embarrassed, I get no sense that Ripple is losing any traction because of the delay.  In fact every ounce of time and every dollar arrving through OTC sales is being utilised to consolidate their systems and the ecosystem that surround XRP utility, of which your new project is perhaps one of many examples. 

I am not really watching XRapid uptake, I am watching the the ecosystem expand and deepen.  Hodor's blog today about the growing relationship between the gaming industry and social media is extremely encouraging news.  My impression is that Ripple XRP are in fact using this delay to expand their foundations and lead.  

 

[BobWay]

On 3/12/2019 at 2:12 PM, rippCurrent said:

Hi @BobWay,

I know regulations were discussed in the Hi, I'm Bob thread but this just came up and i wanted to know what your opinion is.  Do you think the token taxonomy act is what banks and other major FIs are waiting for in terms of "flipping the switch" and leveraging xRapid?  Or,  is there another regulatory hurdle we must overcome in order to see xRapid use grow? 

I think the last proposed regulation would be good for a lot of people because it might mean tax refunds or at least easier filing.

I don't see any hurdles for xRapid deployment. The discussion has always been against the obviously fraudulent ICO that have happened recently.

Deployment happens after system integration. So spending money to integrate, then NOT turning the system on, makes little sense to me. So no, I don't see lots of people waiting to turn something on (flip the switch) as soon as new regulations are announced. The first thing that happens after new regulations is that you pay lawyers to read an analyze them. You don't pay programmers to write code. That xRapid and XRP is ready to go now works to Ripple's favor in all this.

 

[BobWay]

2 hours ago, Julian_Williams said:

I don't really get this "Time is always working against Ripple".

I said, "Time is always working against Ripple and everyone else as well." Meaning I, personally, am older and everyday closer to death.

For companies that means, "you snooze, you lose."  Either you execute ASAP or someone else will beat you to your goal.

So Ripple's great execution means, "Time is working against, Stellar/IBM, Bitcoin, Etherium, etc. as well."

Sorry to wax philosophical.

[rippCurrent]

Thanks @BobWay! 

What do you think the policies are that Ryan was referring to when he said this:

"The challenge for adoption comes back to policy. The policy uncertainty around some of the assets has limited adoption, particularly here in the US. And I’m speaking from Ripple and XRP, because we use that asset because it’s a half a cent per payment. It’s basically free. It scales. And it’s efficient, with 1,500 transactions per second and nearly no energy burn. So we’re at a point today where there are real solutions to all of these challenges that already exist."

[Julian_Williams]

7 hours ago, BobWay said:

I said, "Time is always working against Ripple and everyone else as well." Meaning I, personally, am older and everyday closer to death.

For companies that means, "you snooze, you lose."  Either you execute ASAP or someone else will beat you to your goal.

So Ripple's great execution means, "Time is working against, Stellar/IBM, Bitcoin, Etherium, etc. as well."

Sorry to wax philosophical.

Sorry , I now see I blanked the end of that sentence which I agree changes the meaning.  The reason I did this was that there has been a lot of fretting in recent days bordering on FUD that Ripple/XRP are being outflanked  by companies like JPM and IBM, as can be seen in the thread "is it now or never?".  I think Ripple are taking command of the battle field and in terms of outcome Time is now working in Ripple's favour. 

[Agent_Brocollu]

On 3/12/2019 at 7:17 PM, AlexCobb said:

One thing that has me confused is that didn't an actual customer payment get executed through xRapid from USD/MXN through cuallix?

 

I believe there are different regs in play for Remittance providers vs banks and FI's due to the amounts being sent and KYC etc.

[BobWay]

13 hours ago, rippCurrent said:

Thanks @BobWay! 

What do you think the policies are that Ryan was referring to when he said this:

"The challenge for adoption comes back to policy. The policy uncertainty around some of the assets has limited adoption, particularly here in the US. And I’m speaking from Ripple and XRP, because we use that asset because it’s a half a cent per payment. It’s basically free. It scales. And it’s efficient, with 1,500 transactions per second and nearly no energy burn. So we’re at a point today where there are real solutions to all of these challenges that already exist."

Without a link it is hard to say for certain. But generally if that is Zagone, he is talking about regulation and uncertainty as related to regulated banks touching cryptocurrency. Banks can get onboard and using RippleNet without having to touch or hold cryptocurrency. They can even send payments that never touch XRP if they are initially apprehensive. But keep in mind, these are still important payments. Because when they become less apprehensive it become trivial "throw-a-switch" to route the payments through XRP and immediately save money.

But in other ecosystems like Payment Service providers, they are much less apprehensive and are ready to use XRP right now.

1 hour ago, josepi90 said:

I believe there are different regs in play for Remittance providers vs banks and FI's due to the amounts being sent and KYC etc.

Well said! Keep in mind, regulations aren't written to cover particular technologies or tokens. Regulations are about what PEOPLE and COMPANIES do. Different businesses and business models are covered by vastly different regulations.

Edited March 20, 2019 by BobWay

[rippCurrent]

Thank you for the answer @BobWay, here is the video where that quote is from.  Not that it makes any difference, but dont want it to look like i made that up out of thin air.  Minute mark 53:20 is when he starts talking about how policy is holding XRP back.  I do understand though how customers will be able to use xrp without ever even touching it through multi hop and such, but would be a lot easier and drive faster adoption if we could just get some damn clarity.