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I need someone to set up a USD to XRP account that I can have my paycheck (or a portion of it) direct deposited every payday. 

 It would have to be sort of a traditional bank account that then converts to XRP for a minimal fee.

I go to my employer and add the direct deposit to that account, and each payday, I automatically get credited with XRP.

I then need a debit card from that account that would also work off a nominal fee to where I could spend my XRP into merchants or businesses that accept USD or XRP.  The conversion from XRP to fiat would be seamless and cost me almost.nothig.

If I had that, I would just begin having more and more of my paycheck being deposited ad XRP... at first just for my discretionary spending, and ultimately ramping up to where I would move to paying  my utilities and other monthly bills from. 

Essentially, I would be moving away from USD and operating strictly from XRP.  I wouldn't worry about spending my precious XRP, because it would be just like spending USD that I do now, for the same things.  The difference is that I would hold XRP for a period of time before spending or saving it.  

If enough people began using this, it would provide tremendous liquidity, both in FIAt to XRP and XRP to fiat.

 

Does this exist anywhere, and if not, who has the ability to create this?  I'm guessing an actual banking license would be needed.

 

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research this........https://www.revolut.com/en-US/    

What's the point? It won't reduce friction in payments. It'll increase fees because there is a FIAT-XRP and XRP-FIAT conversion You hold a very volatile currency, which basically b

I need someone to set up a USD to XRP account that I can have my paycheck (or a portion of it) direct deposited every payday.   It would have to be sort of a traditional bank account that then co

Hi @spiras I was thinking something similar when I read this thread...

Here's the quote:

  On 3/17/2019 at 12:52 PM, BobWay said:

But the biggest impact for this community, is when banks start acting as "asset custodians" on the behalf of their customers. Banks are already "trusted" by consumer to hold their fiat. That is exactly what a bank account is. I will make a lot of sense for the non-early adopters and non-tech savvy to have their bank hold and possibly insure their XRP deposits as well.

  On 3/19/2019 at 7:30 PM, BobWay said:

Ask them to buy XRP for you too. The one thing that drives bank to implement something is customer demand.

GiddyUp Posted Tuesday at 01:37 PM

Hi @BobWay there have been some breakaways from company Ripple to start or continue various projects, do you think that a group will ever break away and create one of these "banks" that hold both fiat and XRP side-by-side?

Is there anyone reading this that is familiar with banking regulations and can tell us if there is anything in current banking regs that prevents them from doing so in the U.S.?

Edited by GiddyUp
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What's the point?

  • It won't reduce friction in payments.
  • It'll increase fees because there is a FIAT-XRP and XRP-FIAT conversion
  • You hold a very volatile currency, which basically becomes gambling with your money (you earn 100$ one day you can have 50$ equivalent next day).
  • You don't add any liquidity. Actually you'll need liquidity to do that and you'll subtract liquidity to the market.
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45 minutes ago, tulo said:

What's the point?

  • It won't reduce friction in payments.
  • It'll increase fees because there is a FIAT-XRP and XRP-FIAT conversion
  • You hold a very volatile currency, which basically becomes gambling with your money (you earn 100$ one day you can have 50$ equivalent next day).
  • You don't add any liquidity. Actually you'll need liquidity to do that and you'll subtract liquidity to the market.

This. 

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5 minutes ago, at3n said:

@spiras How would you keep track of capital gains tax?

Actually interested in people's take on this, it seems unmanageable to me.

Good point - the first year I had to buy BTC to transfer to XRP and doing taxes was messy. Since then I've only bought XRP straight up and never trade or sell for that reason. I suppose someone has or will implement software to track all that, but yes it seems like it would be tricky.

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19 hours ago, tulo said:

What's the point?

  • It won't reduce friction in payments.
  • It'll increase fees because there is a FIAT-XRP and XRP-FIAT conversion
  • You hold a very volatile currency, which basically becomes gambling with your money (you earn 100$ one day you can have 50$ equivalent next day).
  • You don't add any liquidity. Actually you'll need liquidity to do that and you'll subtract liquidity to the market.

My thoughts are that by increasingly using XRP as a currency would help liquidity because i, presumably, would be buying and selling at market rate. The more I buy and sell, the more someone else can sell and buy.

Sure, the volatility would be an issue, but I believe the long term value of XRP will increase.  While some days/weeks I would lose, I would win a greater percentage of the time.  I would use my disposable income at first.  If XRP tanks, I stay at home and eat Ramen.  If it goes up, I celebrate with an evening out for steak and lobster and I don't even eat lobster.

Over time, I wouldn't spend all my disposable income so I will continually accumulate.  In fact, I would be less likely to spend freely, knowing that I would be stashing away XRP if I went with generic products instead of name brand.  Walmart Special sneakers instead of Nike. Oh yeah!  New car? No thanks.

The fees should be small enough switching between USD and XRP.  (I'm not talking BTC, here).  Plus, my thought would be that my debit card would be like Visa for normal payments, but also allow crypto payments of direct XRP to merchants who accept XRP.  I would seek them out.  I would expect to get a discount of a percent or two if paying to direct XRP merchants since they don't have to pay the ungodly Visa/MC fees.  (Kroger/Amazon/Sunoco, anyone?) That discount would encourage me to frequent those establishments, which would likely increase the demand for people to accept XRP payment as an option. 

I also could tell all my friends at work how easy it is to invest in XRP.  Simply set up an allotment for our paycheck (2 minutes of time online) and start accumulating XRP into an account that is denominated in XRP but also reports the ever changing USD equivalent through a simple phone app. Use your debit card for this account just like you would with you old USD account.  Seek out the growing list of vendors who accept XRP and save a few cents per gallon on gas.

Bam, now I have other people buying and (sorta) holding XRP, instead of just listening to me talk about it.

Win win for everyone.

Am I wrong?  Could be.

Edited by spiras
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2 hours ago, at3n said:

@spiras How would you keep track of capital gains tax?

Actually interested in people's take on this, it seems unmanageable to me.

My thought was that it would be easier to keep track.  Formula = current balance + total amount spent - USD equivalent into account from Direct deposit.

That would be my capital gain.  No actual crypro to crypto trading.  Just money in, money out, plus current balance. Beautiful. Simple. Or jail if I'm wrong. 

Maybe I might want to pay a tax lawyer /accountant for the first year.

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