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Ripple partners with Pakistan-based Faysal Bank to facilitate cross-border payments

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Faysal Bank Limited, a Pakistan-based Islamic Commercial bank, is the latest feather added to Ripple’s hat. The partnership was announced on 6 September, and was commemorated by a meeting in Karachi in the presence of the bank’s President and CEO, Yousaf Hussain. Faysal Bank Limited revealed brief details of the partnership on Twitter. The tweet read,

Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross border payments can be made. The ceremony was held in Karachi, under the leadership of Mr. Yousaf Hussain, P&CEO- FBL. pic.twitter.com/qjyrm5sk05

— Faysal Bank Limited (@faysalbankltd) September 6, 2019

 

https://eng.ambcrypto.com/ripple-partners-with-pakistan-based-faysal-bank-to-facilitate-cross-border-payments/

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I'm not too keen on price predictions but hey, if Ripple continues to expand its network at this pace (I can't think of a reason why that would change), the sky is the limit (not necessarily referring to price). In all fairness, who is doing what Ripple does? I'd like to quote Brad who publicly said "we've crossed the starting line of a marathon and really no other company in this space has."

Edited by Danny

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23 minutes ago, Danny said:

I'm not too keen on price predictions but hey, if Ripple continues to expand its network at this pace (I can't think of a reason why that would change), the sky is the limit. In all fairness, who is doing what Ripple does?

Was it mentioned xRapid would be used? Just wondering. Yes I know xCurrent is Ripple's the onramp for xRapid.

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5 minutes ago, SquaryBone said:

Was it mentioned xRapid would be used? Just wondering. Yes I know xCurrent is Ripple's the onramp for xRapid.

I believe it wasn't. 

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Another Bank! To the best of my knowledge Ripple doesn't vote on raising the price. By using the coinmarketcap for daily volume estimates, they over shot their selling percentage of xrp. That is a two fold consequence it floods the markets and it causes speculators to be uncertain. How long will it take the market to rebound from nearly two years of over selling is unknown, but it should be absorbed.

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2 minutes ago, peanut56 said:

Another Bank! To the best of my knowledge Ripple doesn't vote on raising the price. By using the coinmarketcap for daily volume estimates, they over shot their selling percentage of xrp. That is a two fold consequence it floods the markets and it causes speculators to be uncertain. How long will it take the market to rebound from nearly two years of over selling is unknown, but it should be absorbed.

Whether they actually “vote” or not is irrelevant. RL will continue to control price regardless of utility, demand, or any other free market variables. It is known as centralization. Same as the FED Reserve controls the amount of USD in the market. RL controls the amount of XRP.

The CMC excuse is empty because

1. It was only offered AFTER being caught over selling.

#2 Why would RL use CMC to determine volume?  That would be similar to Zuckerberg using Google to determine the number of active FaceBook users.

No retail investor will risk their client’s money until RL releases control of supply. 2 years is very optimistic, that golden goose is too precious to set free.

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14 minutes ago, Valhalla_Guy said:

Whether they actually “vote” or not is irrelevant. RL will continue to control price regardless of utility, demand, or any other free market variables. It is known as centralization. Same as the FED Reserve controls the amount of USD in the market. RL controls the amount of XRP.

The CMC excuse is empty because

1. It was only offered AFTER being caught over selling.

#2 Why would RL use CMC to determine volume?  That would be similar to Zuckerberg using Google to determine the number of active FaceBook users.

No retail investor will risk their client’s money until RL releases control of supply. 2 years is very optimistic, that golden goose is too precious to set free.

I have no argument with your opinion, indeed Ripple only changed the base of their data  to CryptCompare once it became apparent that they  were using over-inflated volume figures. 

I don't however see RL as being irresponsible, just miscalculated. I do believe that the 100B XRP are going to be required overall if the IOV as we see it today takes off, including micropayments and other functionalities we haven't dreamt of yet. I also  believe that the 1B monthly, 5 year escrow, in hindsight, was over optimistic by RL. They didn't see how tortuous getting the SEC to define XRP would be including convincing regulators in other parts of the world - SBI delays being a classic example, thus delaying the anticipated and necessary for success, institutional buying 

It will be interesting to see how RL continues to fund projects to take them and XRP forward, though 1B XRP for Coil is a very clear statement. I guess that this volume will be fed in to Coil incrementally over time or sold by Coil on a controlled basis, the latter being my preferred option as it takes another 1B out of escrow so that there are a few less %age points in a centralised volume, but still controlled as to how it is released to the market 

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    Who is Ripple suppose to utilize to understand daily trading volume. If you say just transaction on the xrp ledger then you miss xrp being shuffled around within each exchange. Don't get me wrong I think they knew that trading volume was being inflated. I think they miscalculated on how much they could sell and not negatively affect market sentiment. So sure they oversold, it will eventually be eaten up. 

   I said they oversold for two years in accordance to CMC. The time frame of xrp being escrowed until today. I guess you could argue that xrp has been oversold since inception if you disagree with the distribution method. One thing I will point out is that people point fingers at Ripple for funding crypto projects. I guess miners could fund crypto regulation and expansion if they weren't spending a fortune on electricity.

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8 hours ago, Valhalla_Guy said:

The CMC excuse is empty because

1. It was only offered AFTER being caught over selling.

That’s not true and I suspect you know that.  Ripple themselves announced they would be changing volume sources about a month before it became a ‘thing’.

8 hours ago, Valhalla_Guy said:

No retail investor will risk their client’s money until RL releases control of supply.

I assume in your excited outrage about falling price that you have mistakenly used the word ‘retail’ when you meant to say ‘institutional’.

I get that you are not happy,  and seem to have a growing hatred of Ripple,  but (as I’ve asked before) could you please try and keep to facts,  not create your own.

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The whole market is a piece of **** right now. So unbelievable contrary to its fundamentals. I guess i'll take a winter nap.

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