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Julian_Williams

Tracking XRapid usage

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1 hour ago, Seoulite said:

There was a massive spike in payments yesterday according to the xrpcharts metrics, basically double the ATH in Jan 2018: https://xrpcharts.ripple.com/#/metrics 

What does this mean? Is this linked to ODL utilization?

 

Without looking I could guess that it might have been one of the large escrow or working wallets or a XRP whale simply moving XRP around.  One or two large movements can cause these spikes.  So it doesn’t always mean anything at all.

On the other hand it could be something really significant...   :) 

Time will tell.

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2 minutes ago, Tinyaccount said:

Without looking I could guess that it might have been one of the large escrow or working wallets or a XRP whale simply moving XRP around.  One or two large movements can cause these spikes.  So it doesn’t always mean anything at all.

On the other hand it could be something really significant...   :) 

Time will tell.

I mean it's a pretty hefty spike. If it's an escrow then it's never been that large before and if it's a whale then they ain't moved that much before either: 997610518_Screenshot2019-10-2419_09_41.thumb.png.145080ee9b2dcbeb6b738fc5f4484299.png

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Just now, Seoulite said:

I mean it's a pretty hefty spike. If it's an escrow then it's never been that large before and if it's a whale then they ain't moved that much before either: 997610518_Screenshot2019-10-2419_09_41.thumb.png.145080ee9b2dcbeb6b738fc5f4484299.png

Oh thanks for showing that chart...  I’m wrong.  I was thinking you meant value of payments but you refer to number of payments.  So my possible explanation does not apply.  Sorry for going of in the wrong direction.

A spike to a large number of payments...  most interesting.  I have no idea.

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7 hours ago, Tinyaccount said:

I have been informally watching 24 hr volume and I’m certain it is climbing both in terms of percentage of crypto market and in absolute terms.  It has climbed the crypto volume ranks and is now mostly third.

But it’s still only in the 6% to 10% range depending on what’s happening in the others.

To answer your question if it can triple or quadruple it will approach or surpass Etherium and THAT will get mainstream attention... it will then be on its way to challenge the king.  The rise and rise of XRP will be a media storm.  That’s my view anyway.

My view too.  There will be a rapid rise in utility and that will trigger a media storm and that will trigger viral waves of investment.  I think the viral waves may be small at first but will grow in magnitude as the media give Ripple/XRP more attention and could be very large because Ripplemania sends people mad (when they get it).  The concept of a Bankers digital asset with micropayments etc etc will be very sexy and irresistible to new generations of investors in countries like Japan.

We are really early on this.

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45 minutes ago, jbjnr said:

 

I track transactions on all corridors on a daily basis and there is certainly an increase to the philippine and mexico exchanges. I was somewhat surprised by the distribution of payments. For example potential xRapid payments in the range $10k to $100k look like this.

image.thumb.png.ac126435d2777992b671ce34fd2cfbc7.png

Now that is far larger than I had expected in terms of individual transaction sizes (for remittances), but clearly MGI are using this as a way of keeping their vostro accounts topped up, on demand to allow payments when needed. The term ODL has indeed been chosen well. Rather than do every payment over xRapid, they can simply keep accounts topped up continuously.

The liquidity graphs that are posted here repeatedly don't really mean anything important. They are a useful metric of volume, but as an earlier poster mentioned, you're probably better off just tracking volume directly rather than the synthetic index derived from it. It tries to smooth out variations caused by pump'n'dump and massive volume surges, but just taking a rolling average of the volume is an equally valid approach.

I can try. Based on my own modelling, I believe we will not see a significant impact on prices until we are in the hundreds of millions of $ xRapid traffic daily. It depends on many variables which I do not know the trues values (or range of values) for . Unfortunately, I have not done the maths rigorously enough to be able to pin it down properly and I have not attempted to update my models for some time. The daily plotting of traffic along my suspected xRapid corridors is gradually building up useful data - particularly as you see aug-now is looking very good in terms of a gradually increasing level of traffic.

I am very much looking forward to MGI financial reports over the next year or so which will indicate whether this is going to be a global success and potential disruptor of the entire cross border payments system (I obviously already think it will hapen or I wouldn't waste my time doing this and posting here). If MGI start posting improved profit margins and lower costs, the adoption and potential institutional fomo might well change everything.

Disclaimer: the graphs and data presented here are based on my own speculation about what are, and are not, valid xRapid transactions and may be inaccurate.

That's a great post - thank you.

I was thinking about marketmakers and the way they trade.  We all know that a trade happens in 3 seconds and this reduces the risk of losing money due to volatility.  But what happens if you do a lot of out trades and at the end of the day have to restock?  Lets say the price has gone up during the day, so you are restocking a few hours later at a higher price than you sold.  Then the price goes down and you have to trade the next day at a loss. A few unlucky days and you are seriously losing a lot of money.

As a market maker, how do you deal with replenishing your stocks at the same price as you sold out?

My guess is that your market and vol would be very important.  Just thinking about this I was imagining that MM will ramp up their usage of XRapid very carefully so as not to get caught out, and perhaps have daily limits on their usage of XRapid, and have ways of prebuying or restocking to cover the "overhang"

Maybe others have more informed ideas about how Market Makers make sure their replenishment of stocks does not cost more than their sale of stocks?

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4 hours ago, Julian_Williams said:

I was thinking about marketmakers and the way they trade.  We all know that a trade happens in 3 seconds and this reduces the risk of losing money due to volatility.  But what happens if you do a lot of out trades and at the end of the day have to restock?  Lets say the price has gone up during the day, so you are restocking a few hours later at a higher price than you sold.  Then the price goes down and you have to trade the next day at a loss. A few unlucky days and you are seriously losing a lot of money.

I don't know if I understood your question well but in my understanding (which isn't much) it should be the payments that are buffered and once the payment chain initiates it has to be completed within the shortest possible time frame in order to avoid slippage and therefore the risk of additional costs due to the change of price.

However, the fact that the ledger transactions foresee amounts of exactly 40k of XRP makes me think how that matches with the payment buffers because obviously a buffer of payments never coincides with the exact amount of 40k of XRP. This inevitably means that payments are truncated and therefore parts remain in the buffer til the next run/batch.

This could work in a similar as done for the buy and sell orders on the exchange side which obviously never coincide.

For many reasons the liquidity management functions must be very flexible in order to match low value high volume payments vs high value payments that could have a different priority.

Moreover, the XRP stock must be rebalanced between the originating and destination exchange for typical remittance flows (assuming that not the same amount is sent back).

I'm sure you've read the discussion here with the label "the patent" where Bob Way explains some aspects of liquidity but it's very technical and some parts I have to read more than once before I get a reasonable (not full) understanding.

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4 hours ago, Julian_Williams said:

I was thinking about marketmakers and the way they trade.  We all know that a trade happens in 3 seconds and this reduces the risk of losing money due to volatility.  But what happens if you do a lot of out trades and at the end of the day have to restock?  Lets say the price has gone up during the day, so you are restocking a few hours later at a higher price than you sold.  Then the price goes down and you have to trade the next day at a loss. A few unlucky days and you are seriously losing a lot of money.

As a market maker, how do you deal with replenishing your stocks at the same price as you sold out?

You are conflating things. MGI is a payment company, not a market maker. They might be market making as well and how they lay-off and recoup funds from a bad set of price movements is the topic for a different discussion. What I was alluding to in my post is that we are not seeing many many small individual payments from USD to MXN (one per customer transaction), but rather we are seeing a smaller number of larger (than I expected) payments. If you have people sending USD to MXN, they need a boatload of MXN on hand to give to the receiving customers. The old way of doing it was to keep a very large sack full of MXN in their account in mexico and replenish it maybe at the end of each day (I have no idea how they actually manage(d) their nostro/vostro accounts). Now they can send $10k,$20K,$50K worth of xrp every N minutes/hours and top up the account during the day as many times as they want. Each time they do it they're sending using xRapid, taking 2 mins to do it and not losing anything on the slippage or price changes that happen daily. In the old system they might have Thousands or millions of MXN in their account overnight or all day and the USD/MXN price might change in their favour or against it, but their exposure is high. Now they can send smaller amounts all day long and reduce their risk. This is "liquidity on demand" in action.

 

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What is the technicalities in the USD/MXN corridor if payments primarily are going one way? Who buys all these XRP for peso? Is there some mechanism that converts XRP back to peso?

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3 hours ago, jbjnr said:

You are conflating things. MGI is a payment company, not a market maker. They might be market making as well and how they lay-off and recoup funds from a bad set of price movements is the topic for a different discussion. What I was alluding to in my post is that we are not seeing many many small individual payments from USD to MXN (one per customer transaction), but rather we are seeing a smaller number of larger (than I expected) payments. If you have people sending USD to MXN, they need a boatload of MXN on hand to give to the receiving customers. The old way of doing it was to keep a very large sack full of MXN in their account in mexico and replenish it maybe at the end of each day (I have no idea how they actually manage(d) their nostro/vostro accounts). Now they can send $10k,$20K,$50K worth of xrp every N minutes/hours and top up the account during the day as many times as they want. Each time they do it they're sending using xRapid, taking 2 mins to do it and not losing anything on the slippage or price changes that happen daily. In the old system they might have Thousands or millions of MXN in their account overnight or all day and the USD/MXN price might change in their favour or against it, but their exposure is high. Now they can send smaller amounts all day long and reduce their risk. This is "liquidity on demand" in action.

 

Yes, thank you, I get what you are saying...my question is that if the XRP is going one way it has to at some point got to go the other to replenish dwindling stocks.  The replenishment does not have to come directly from Mexico, it could come from anywhere.  I was wondering if MGI can manage this replenishment to reduce risk of volatility between sending out on a transaction and replenishing XRP.

Frisia seems to answer the question, although i need to reread it several times  to get my head around the concepts he/she is explaining.  I have not read Bob Way's Patent, but it seems this addresses my question.

My guess is that the more predictable the daily flows the more easily arrangements can be made to reduce risk.

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37 minutes ago, Rune66 said:

What is the technicalities in the USD/MXN corridor if payments primarily are going one way? Who buys all these XRP for peso? Is there some mechanism that converts XRP back to peso?

Example: the customer's payment is transferred by MoneyGram to an exchange (i.e. Bitstamp). This exchange by means of a Buy order transforms USD in XRP. This amount is transferred to the destination exchange (i.e. Bitso) by means of an XRPLedger transaction who sells by means of a Sell transaction the XRP for Pesos.

So there are always 2 market transactions and one ledger transaction. The consequence of this typical "one way" remittance transactions is a shortage of XRP on the originating exchange and of course the opposite on the destination exchange. How that rebalancing in practice occurs is not clear.

This is the  basic approach but obviously there are many variants possible. For example the daily flows show ledger transactions of 40k. So how does that match with the payments? One assumption is described by me above (but it could be complete nonsense).

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1 hour ago, Frisia said:

The consequence of this typical "one way" remittance transactions is a shortage of XRP on the originating exchange and of course the opposite on the destination exchange. How that rebalancing in practice occurs is not clear.

Three things to remember when thinking about this.

The first is that accumulation of XRP does not in practice mean it is in a particular country...  it can be flicked anywhere virtually instantly.  So the entity buying the XRP at the destination has the option to sell that XRP anywhere in the world that arbitrage makes sense.  Perhaps even the place they came from.

The second is that at the macro level the remittances flowing into a country do not represent all of the movements of funds for that country.  Funds flow in and OUT of the country.  Importers of goods in that country have to pay outwards.  So SME usage can absorb the incoming XRP.  If you are using R3 corda settler for instance, you can buy the XRP of the incoming remittance and use it to settle your payments outwards.

The third is that in setting up these corridors if organic usage isn’t sufficient, then Ripple are prepared to subsidise the MM operation with their war chest to prime the pump.  The same thing that PayPal and Visa did during their early phases.

If you zoom out enough you can see that the thing that drives the payment is the spread...  and that as the highly efficient Market Making industry gets involved those spreads will come down even further to eventually allow money to flow like information.

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2 hours ago, Julian_Williams said:

my question is that if the XRP is going one way it has to at some point got to go the other to replenish dwindling stocks.  The replenishment does not have to come directly from Mexico, it could come from anywhere.  I was wondering if MGI can manage this replenishment to reduce risk of volatility between sending out on a transaction and replenishing XRP.

Frisia seems to answer the question, although i need to reread it several times  to get my head around the concepts he/she is explaining.  I have not read Bob Way's Patent, but it seems this addresses my question.

MGI can balance the flows itself, or some other payment provider might be buying the XRP with MXN. That's really the beauty of the system, any businesses in mexico that have MXN and need to pay bills in USD will be clients of either a bank, or a payment provider. If MGI has partnerships with payment providers that are involved in the return path, then great, the system forms a closed loop. Gradually they can increase the amount of flow in both directions as they bring more clients at both ends into the loop. If this were the case (direct partnerships with payment providers), then they wouldn't need to worry so much about liquidity because they're effectively providing it themselves. The alternative is that some other/external payment provider focusing on traffic in the other direction will take advantage of ability to buy XRP for MXN and sell them for USD (mexican businesses importing from the USA that need to pay bills will be using a payment provider of this kind). This is partly why I am keeping track of payments on all corridors - I'm interested in seeing the flows build in any direction.

Have a look at this table for example ...

+---------------+---------------+------------+---------+----------+----------+----------+----------+------------+---------+-----------+
| source        | destination   |        tag |   trans |   tr/day |   active |   unique |   recent |   day-bias |    mean |   std-dev |
|---------------+---------------+------------+---------+----------+----------+----------+----------+------------+---------+-----------|
| bitstamp      | bitso         |   22794384 |    3329 |     20.2 |      239 |      165 |       11 |        5.3 |   510.2 |     175.3 |
| bitstamp      | coins.ph      |        967 |    4177 |     29.0 |      288 |      144 |        8 |        5.1 |    16.4 |      12.0 |
| stake         | rwU8rAiE2e    | 1353112084 |     198 |     15.2 |       41 |       13 |        9 |        4.9 |    14.9 |       1.4 |
| bitstamp      | bitso         |   47175592 |     444 |     11.4 |       63 |       39 |       12 |        4.0 | 20678.6 |    9317.2 |
| okex          | rDxfhNRgCD    | 1000857472 |     116 |      6.4 |       35 |       18 |       13 |        3.2 | 12044.0 |    8264.8 |
| rPUBiJcc9V    | rav4ti22Ny    |    2202787 |     544 |      8.9 |       71 |       61 |       12 |        2.9 |  1871.4 |     930.7 |
| binance       | rDxfhNRgCD    | 1003531684 |     230 |      5.6 |       47 |       41 |       13 |        2.9 |  4883.5 |     877.5 |
| binance       | bitbank       |    1037459 |     679 |      5.5 |      295 |      123 |       10 |        2.8 |  3211.8 |    1643.4 |
| binance       | upbit         | 1613802152 |     406 |      5.6 |      131 |       73 |        8 |        2.7 |  3177.6 |    1826.3 |
| binance       | rDxfhNRgCD    | 1000614389 |     216 |      5.5 |       47 |       39 |       12 |        2.5 | 13401.9 |    2497.4 |
| bitstamp      | coins.ph      |     160728 |   10616 |     50.1 |      224 |      212 |       14 |        2.2 |    50.7 |     107.3 |
| kraken        | binance       |  108112000 |    1434 |      5.9 |      295 |      244 |       11 |        2.1 |   346.1 |     597.3 |
| ferma         | razLtrbzXV    |   60136612 |     130 |      5.7 |       33 |       23 |        8 |        2.1 |    96.8 |      79.2 |
| rHUAEDchvG    | rDxfhNRgCD    | 1000614389 |     283 |      6.4 |       47 |       44 |       13 |        2.1 | 14136.5 |    1609.2 |
| litebit       | binance       |  107749210 |    1100 |     17.2 |       63 |       64 |       14 |        2.0 |   396.5 |    1218.3 |
| binance       | btc markets   |  100000004 |    4742 |     20.0 |      292 |      237 |       11 |        2.0 |  2266.2 |    2720.0 |
| luckygames.io | bitso         |   65886212 |    1062 |     12.3 |      290 |       86 |        9 |        2.0 |    56.2 |     185.0 |
| binance       | btcturk       |    1659811 |    1318 |      5.7 |      295 |      233 |       12 |        1.9 |  1665.7 |     731.3 |
| rMbWmirwEt    | bitbank       |  111613004 |    1388 |     10.7 |      198 |      130 |       14 |        1.8 |  1547.0 |     874.0 |
| binance       | upbit         | 2077928104 |    1127 |      8.5 |      133 |      132 |       14 |        1.8 | 20477.4 |    4537.3 |
| coins.ph      | luckygames.io |   21057772 |     861 |     10.2 |      282 |       84 |       10 |        1.7 |     0.8 |       1.0 |
| rMbWmirwEt    | rav4ti22Ny    |    2202787 |     285 |      7.9 |       35 |       36 |       14 |        1.7 |  1563.0 |     730.3 |
| upbit         | binance       |  108770855 |     282 |      5.9 |      111 |       48 |        8 |        1.7 |  2843.1 |     793.9 |
| rfYUJqRBZb    | stake         |   70526603 |     455 |      9.3 |       58 |       49 |       14 |        1.6 |     6.5 |       8.0 |
| stake         | coins.ph      |     123200 |     232 |      6.3 |       45 |       37 |       13 |        1.6 |    17.7 |       3.9 |
| binance       | upbit         | 2025761448 |    1285 |     10.0 |      133 |      128 |       12 |        1.6 |  9093.4 |    3162.6 |
| binance       | rNWWbLxbZR    |      14266 |     736 |      5.6 |      182 |      131 |       10 |        1.6 | 13576.6 |    3607.3 |
| bitso         | bitstamp      |   80025555 |     574 |      6.5 |      174 |       88 |       11 |        1.6 |  7433.6 |    5958.9 |
| binance       | btcturk       |     602571 |    2024 |      7.9 |      295 |      255 |       13 |        1.6 |  7909.6 |    1896.5 |
| binance       | rstryhbE73    |    1562918 |     415 |      5.2 |       93 |       80 |       14 |        1.6 |  1822.4 |     814.7 |
| okex          | coinone       | 1100974154 |     557 |      9.0 |       74 |       62 |       14 |        1.6 |  8633.0 |    5261.2 |
| rHUAEDchvG    | coinone       |  951809054 |     260 |      5.1 |       53 |       51 |       13 |        1.5 | 14072.5 |    1574.6 |
| upbit         | rUMhAy8zEC    |     167486 |     298 |      5.8 |       55 |       51 |       13 |        1.5 | 17607.4 |    1972.4 |
| binance       | upbit         | 2188290729 |    1438 |     11.8 |      131 |      122 |       14 |        1.5 |  1402.3 |     349.5 |
| digifinex     | binance       |  103672786 |    1356 |      8.0 |      232 |      170 |       14 |        1.5 |  2899.7 |   11932.9 |
| binance       | r9FnQZ8WLJ    |    1086309 |     274 |      5.5 |      288 |       50 |        9 |        1.5 |  2478.3 |    1520.8 |
| binance       | upbit         | 3873352362 |     608 |      5.3 |      133 |      115 |       14 |        1.5 | 50468.2 |   25780.9 |
| binance       | r9FnQZ8WLJ    |    1985413 |    1302 |     13.3 |      108 |       98 |       13 |        1.5 |  6553.9 |    2474.3 |
| rPUBiJcc9V    | binance       |  107059336 |     235 |      5.1 |       70 |       46 |       12 |        1.5 | 44808.8 |   13092.2 |
| okex          | upbit         | 2982718121 |     470 |      8.2 |       74 |       57 |       14 |        1.5 |  8595.4 |    5069.8 |
| rHUAEDchvG    | upbit         | 2077928104 |     526 |      9.7 |       53 |       54 |       14 |        1.5 | 17331.2 |    2127.1 |
| raBmhBNmYF    | bitstamp      |   55336291 |     993 |      5.8 |      295 |      171 |       13 |        1.5 | 23623.7 |   55310.5 |
| rPUBiJcc9V    | r9FnQZ8WLJ    |    1809716 |     625 |     10.2 |       68 |       61 |       11 |        1.4 |  1477.0 |     413.9 |
| upbit         | okex          |     987131 |     276 |      5.1 |       74 |       54 |       13 |        1.4 |  8327.9 |    4624.0 |
| binance       | coinone       |  951809054 |    1438 |      5.5 |      295 |      263 |       13 |        1.4 | 19423.8 |    4335.9 |
| binance       | kucoin        | 1862060151 |     421 |      7.5 |      106 |       56 |       12 |        1.4 |  3566.8 |    1459.0 |
| paribu        | binance       |  104281931 |    1452 |      6.7 |      292 |      217 |       14 |        1.3 |  2027.0 |    1883.1 |
| upbit         | rDxfhNRgCD    | 1001184272 |     282 |      6.0 |       47 |       47 |       14 |        1.3 | 35707.1 |   14892.2 |
| r9999t88Vt    | huobi         |     108431 |     944 |      7.3 |      147 |      130 |       14 |        1.3 |   534.9 |     436.9 |
| binance       | coinswitch    |       1111 |    2806 |     36.0 |       77 |       78 |       14 |        1.3 |   492.2 |    1277.3 |
| changenow     | bittrex       | 1533346507 |     213 |      5.8 |       37 |       37 |       14 |        1.3 |   259.7 |    1359.9 |
| binance       | huobi         |     103937 |    1154 |     11.1 |      290 |      104 |       12 |        1.3 |  6030.1 |    3412.4 |
| rPVWNhjQKn    | huobi         |     101923 |     407 |     11.3 |       58 |       36 |        8 |        1.3 |   154.8 |     195.2 |
| kraken        | coinbase pro  | 3434336864 |    1462 |      7.9 |      238 |      184 |       13 |        1.3 |  3233.3 |    3196.4 |
| r9999t88Vt    | huobi         |     108969 |     421 |      5.3 |      225 |       79 |        8 |        1.3 |   954.9 |     550.2 |
| binance       | rDxfhNRgCD    | 1000580304 |     433 |      9.6 |       47 |       45 |       14 |        1.2 | 55244.3 |   24481.1 |
| bitsdaq       | bittrex       |    9742032 |    1509 |      6.8 |      288 |      221 |       14 |        1.2 |   328.6 |    1005.4 |
| coinswitch    | binance       |  108190700 |    9269 |     36.5 |      260 |      254 |       14 |        1.2 |   678.8 |    1530.0 |
| okex          | binance       |  101722291 |     693 |      5.6 |      199 |      123 |        9 |        1.2 | 26282.4 |   22958.9 |
| wazirx        | bitsler       |  142725468 |    2408 |     22.1 |      165 |      109 |       12 |        1.2 |     8.8 |       4.8 |
| r9H4vkpoNo    | razLtrbzXV    |   34047374 |     224 |      8.6 |       75 |       26 |        8 |        1.2 |     2.3 |       1.6 |
| coinzo        | paribu        |     440370 |     276 |      5.5 |      126 |       50 |       13 |        1.2 |  1605.8 |    1178.2 |
| upbit         | binance       |  104125249 |     963 |      7.8 |      132 |      124 |       13 |        1.2 |  9675.6 |    3143.6 |
| crypto.com    | rP1afBEfik    |  119497893 |     425 |      5.6 |       91 |       76 |       14 |        1.2 |    92.0 |      58.4 |
| luckygames.io | coins.ph      |     162162 |     154 |      6.2 |      229 |       25 |       14 |        1.2 |    31.9 |      50.0 |
| changenow     | binance       |  102021532 |    7678 |     33.0 |      246 |      233 |       14 |        1.2 |  1194.2 |    3850.7 |
| rJyDx6RL73    | bittrex       | 2021800687 |    1271 |      5.6 |      230 |      226 |       14 |        1.2 |   280.1 |    1044.4 |
| binance       | coinbase pro  | 3434336864 |    1179 |      6.3 |      239 |      187 |       13 |        1.2 |  2122.9 |    1352.0 |
| rPUBiJcc9V    | r9FnQZ8WLJ    |    1293663 |     300 |      5.0 |       68 |       60 |       12 |        1.1 |  5090.2 |    1097.8 |
| coins.ph      | stake         |   74326881 |     437 |      5.5 |       85 |       79 |       13 |        1.1 |   109.2 |      90.9 |
| bittrex       | rGZV96HKpR    |       1094 |     247 |      5.6 |       43 |       44 |       14 |        1.1 |    62.0 |      34.0 |
| coins.ph      | razLtrbzXV    |   10458663 |     387 |      8.1 |       48 |       48 |       14 |        1.1 |     4.0 |       3.8 |
| coins.ph      | razLtrbzXV    |   13897572 |     568 |      6.0 |      111 |       95 |       11 |        1.1 |    25.5 |      32.0 |
| orionx        | razLtrbzXV    |   54894363 |     105 |      6.6 |       27 |       16 |        9 |        1.1 |    50.8 |      68.4 |
+---------------+---------------+------------+---------+----------+----------+----------+----------+------------+---------+-----------+

What you see here is some of the most active exchange pairings (I do not mean 'exchanges' necessarily, just any accounts exchanging xrp) that are making (almost) daily transfers in xrp. You see that there is backflow from bitso to bitstamp on a daily basis as well as other destinations. I'm interested in seeing new corridors possibly before ripple announce them, and also the payment paths that balance the flow back from (say) bitstamp->bitso or bitstamp->coins.ph (the two announced and active corridors at the moment).

When/if payment providers switch from ripplenet xCurrent to xRapid, then things will start looking very interesting because the potential flow across the network between many exchanges in many countries will pick up strongly. Where the flows can be balanced using xrp they can use it (if it is cheaper than the alternatives) and the rest can be made up with xCurrent, gradually increasing one whilst decreasing the other.

My understanding of the patent (which is probably wrong) was that it was more concerned with incentivizing market makers rather than directly (re-)balancing the flows - but I didn't try too hard to decipher the legal mumbo-jumbo terminology that it used so maybe I should have another look. Anyone who can give a good summary of it would be doing us all a great service if they would do so.

(I apologise for the unconnected nature of this message because I started out wanting to write something interesting, but kind of gave up half way and it turned into rambling).

EDIT: Just seen @Tinyaccount's reply above and he makes a good point - all that is needed is someone with MXN in excess, it might not be going to USD, it might be going elsewhere - (hence the tracking of all flows).

Edited by jbjnr

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