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Chris_Reeves

Will ODL cause an increase in price? Some thoughts..

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38 minutes ago, TiffanyHayden said:

It was said that ODL was going to capture a significant amount of cross-border payment volume and I explained why that assumption doesn't make sense to me. Cross-border payments are a directive of the Federal Reserve and they haven't decided what will exist yet. 

You don't have to like something in order to recognize that it exists. 

...but large sections of the rest of the world have already decided, and Ripplenet is the front runner in the Japan, India, Middle East, Far East, South America.  Singapore and Japan are setting up big hubs to serve the far east.  Australia are linking in.  Big banks do not have to ask the Fed reserve for permission to send money from the EU to Singapore and Japan.

America is dragging its heels over the security issue.  Closely allied countries like the UK have made up their minds without asking America's permission.  The Fed do not rule the world.  American banks will choose the solution that integrates with their overseas partners.

Given Jed's alleged history of dishonesty, disorganisation and unreliability I am very surprised that IBM work with Stellar.  I expect they do it with a very long spoon.

Edited by Julian_Williams

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Alright let's unpack this.

Premise by Tiff: Federal Reserve Controls Cross Border Remittances

Reality by Me: The Federal Reserve completes a significant amount of cross border remittances but has ZERO impact on how other companies (outside of US) decide to facilitate cross border remittances.

 

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16 hours ago, TiffanyHayden said:

What are Central Banks doing as all of this is happening? Why do they need to exist?

I think both XRP and XLM will increase in price because they work during a time when everything is so fundamentally broken. They're also both backed by entities that have the resources and desire to fix anything that may go wrong. 

So to summarize what you’re stating in this thread:

- ODL/ XRP won’t capture a significant portion of cross-border payments, despite your efforts to prevent Ripple being squeezed out ( eg BOE). 

- Central Banks are thinking of or even piloting CBDC’s > they won’t/ can’t give up their important role but at least the ECB doesn’t exclude private market led solutions. 

The ECB will also continue to assess the costs and benefits of issuing a central bank digital currency (CBDC) that could ensure that the general public will remain able to use central bank money even if the use of physical cash eventually declines. Prospects of central bank initiatives, however, should neither discourage nor crowd out private market-led solutions for fast and efficient retail payments in the euro area.

- Lightnet / Stellar are more in favour,  with IBM as partner, which is partnering with 97% of all large banks, handling 90% of all credit card payments. 

- both will increase in price because quoted reasons> everything is fundamentally broken ( wtf?? It is??) and financial powerfull entities like Ripple and Stellar have the desire to fix everything.(???)  

Is this a fair summary? 

 

Edited by Ripple-Stiltskin
It’s 90%

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2 hours ago, TiffanyHayden said:

Although Lightnet will be using Stellar, IBM's World Wire is a competitor to RippleNet.

Everything else is a cocktail trying to replace what already exists. 

ibm stellar.jpg

I spent quite some time decommissioning IBM mainframe applications. Decommissioning those lovely IBM solutions is both cumbersome and costly thanks to IBM’s cost model and their outrageous contract structure. Those 97% and 90% are just waiting for an alternative, almost everybody who worked with IBM truly hates their software by now.

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1 hour ago, Julian_Williams said:

.but large sections of the rest of the world have already decided,

This is just getting started. Central Banks are planning how to best update the payment rails. 

Quote

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), have created a group to share experiences as they assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions. 

The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. It will closely coordinate with the relevant institutions and forums - in particular, the Financial Stability Board and the Committee on Payments and Market Infrastructures (CPMI). 

The group will be co-chaired by Benoît Cœuré, Head of the BIS Innovation Hub, and Jon Cunliffe, Deputy Governor of the Bank of England and Chair of the CPMI. It will include senior representatives of the participating institutions.

Here I am making sure the Bank of International Settlement's knows about the XRPL:

Here I am noticing a bill introduced to Congress that looks like it's to help clear a path for R3 get noticed by critiques:

Quote

Premise by Tiff: Federal Reserve Controls Cross Border Remittances

My premise is that a multi-currency CBDC will be developed for cross-border payments and that Ripple will offer it as an alternative to XRP, similar to how Bitcoin was also a choice in the beginning. Ripple is a payments company and their commitment is to their customers. 

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1 hour ago, TiffanyHayden said:

It was said that ODL was going to capture a significant amount of cross-border payment volume and I explained why that assumption doesn't make sense to me. Cross-border payments are a directive of the Federal Reserve and they haven't decided what will exist yet. 

For the U.S. that may be the case. Even if/when wholesale CBDC’s get the green light, they still have liquidity management costs for cross border payments which will keep Ripple competitive in the sector.

I don’t think ‘level playing field’ is been thrown around without purpose.

 

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14 minutes ago, TiffanyHayden said:

This is just getting started. Central Banks are planning how to best update the payment rails. 

Here I am making sure the Bank of International Settlement's knows about the XRPL:

Here I am noticing a bill introduced to Congress that looks like it's to help clear a path for R3 get noticed by critiques:

My premise is that a multi-currency CBDC will be developed for cross-border payments and that Ripple will offer it as an alternative to XRP, similar to how Bitcoin was also a choice in the beginning. Ripple is a payments company and their commitment is to their customers. 

OK I sort of get what you are saying now.

Is this a without counter party digital asset you are expecting, or some sort of basket coin like Libra?

How do the currencies float against each other?  Sounds like The Snake which was set up by the EU before EMU and the setting up of the Euro.  It was a disastrous system that the markets played (Soros) and made billions wrecking.

Edited by Julian_Williams

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10 minutes ago, TiffanyHayden said:

My premise is that a multi-currency CBDC will be developed for cross-border payments and that Ripple will offer it as an alternative to XRP, similar to how Bitcoin was also a choice in the beginning. Ripple is a payments company and their commitment is to their customers. 

so XRP useless digital trash in the future?

Tell me where u see the usecases, that push the price of xrp

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21 minutes ago, Julian_Williams said:

OK I sort of get what you are saying now.

Is this a without counter party digital asset you are expecting, or some sort of basket coin like Libra?

How do the currencies float against each other?  Sounds like The Snake which was set up by the EU before EMU and the setting up of the Euro.  It was a disastrous system that the markets played (Soros) and made billions wrecking.

I've been saying that central banks are going to make a multi-national CDBC for a long time:

 

https://www.theguardian.com/technology/2020/jan/21/bank-of-england-to-consider-adopting-cryptocurrency

 

Plans are underway.

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19 minutes ago, Elysium2030 said:

so XRP useless digital trash in the future?

Tell me where u see the usecases, that push the price of xrp

Personally, I'm really excited about merchants being able to accept XRP.  Paying with crypto online, for kids especially, is safer with crypto.  (Push payment vs pull payment). My life was so much easier when Steam Games accepted cypto as payment. They stopped when the blockchain got really congested awhile back. Having to convert birthday money and whatnot into expensive prepaid cards is a PIA. 

 

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4 minutes ago, Archbob said:

I've been saying that central banks are going to make a multi-national CDBC for a long time:

 

https://www.theguardian.com/technology/2020/jan/21/bank-of-england-to-consider-adopting-cryptocurrency

 

Plans are underway.

Me too and I hate it. For reasons that have nothing to do with Ripple/XRP, I think it's a terrible idea. 

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Just now, TiffanyHayden said:

Me too and I hate it. For reasons that have nothing to do with Ripple/XRP, I think it's a terrible idea. 

Most of the smaller corridors that Ripple/XRP are targeting aren't in the G20 so they may not have access to these new developments. XRP will still be used on the smaller corridors. That was kind of their plan all along.

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