Jump to content
facts_dispenser

The big problem with XRP, and why you'll be waiting (a very long time)

Recommended Posts

21 minutes ago, Tinyaccount said:

Does anyone else ever wonder where these newly minted,  solidly anti XRP people come from?  And why they come here? Whether there is anyone ever spawning new identities?

I am not anti-XRP, where in my post did I come across like this? I said XRP can reach 30+ USD. I am simply frustrated at the general misinfo.

Edited by facts_dispenser

Share this post


Link to post
Share on other sites
4 minutes ago, facts_dispenser said:

I am not anti-XRP, where in my post did I come across like this?

I’m guilty of skim reading the OP.  Perhaps I mischaracterised the situation.  If so I apologise.

My comment came after, in recent times, noticing what seems to be a parade of new members seemingly very literate in crypto,  and very sour on either Ripple or XRP or both.  Just seems odd.

Share this post


Link to post
Share on other sites
6 minutes ago, facts_dispenser said:

I am not anti-XRP, where in my post did I come across like this? I said XRP can reach 30+ USD. I am simply frustrated at the general misinfo.

Yet you start spreading opinions as facts (it's in your name, i reckon) that in your opinion are not misinformation...

Let's just agree no one knows anything about the future. Banks are slow generally, but can suddenly be fast when forced to when financially triggered.

Source: I work at one.

Share this post


Link to post
Share on other sites

@facts_dispenser If XRP hit $10 in 10 years, I would be over the moon. That’s a massive ROI.

Just ignore all price predictions or you’ll be continually frustrated for the next 10 years.

Monitor ODL growth because that is what will eventually increase the price. If ODL volume keeps growing, I’m happy.

Share this post


Link to post
Share on other sites

I don't believe the cloud analogy is appropriate and I do disagree with your timeline.  But make no mistake, I am not a millenial expecting "moon" this or next year.  The reason being is that there are orders of magnitude more money at stake to win (or save) when you analyze payment flows with XRP compared to a fortune 500 firm implementing the Cloud.  Its not even close.  There was just far less at stake financially with cloud adoption.  Yes, banks justifiably have a reputation for moving slowly but when the stakes are an avalanche of business as a result of the competitive advantage XRP affords things will move faster.  Ripple have recently begun using the term "flywheel is in motion" and this has me very excited.  At more than 300 customers on RippleNet network effects will take hold in less than 5 years from now.  Simple math here.  Additionally, with XRP running even minuscule utility compared to its technical upper limits this will solidify it as a SIGNIFICANTLY safer "asset" to hold placing upward price pressure.  Add in the fact that XRP becomes more and more useful as the price steadily increases due to increasing liquidity and you have momentum the likes no one has ever seen.  When you look at central bank letters and the public timelines they have laid out for adoption I'm very optimistic about 2023 and 2024.  However, we could definitely see speculative bull runs this year or next take the price into $10+ territory.  This will happen faster than the internet boom, the internet of value will be enormously fun to watch unfold.  Don't be distracted by todays price.  Things are still largely dictated by the sentiment of the dinosaur, bitcoin.  We are very early, unfortunately nearly as early as I was when I bought at .18 in mid 2017.  But momentum and institutional adoption will pale in comparison to tech nerds interested in playing around with some digital money.   

Share this post


Link to post
Share on other sites
3 hours ago, facts_dispenser said:

I mean, good heavens, Banks have stuck with Swift for almost 50 years for a reason - they really do not like change

You got part of this correct, banks are slow, but there wasn't anything better than swift until Ripple came along.  So, its either jump on board or get left behind and watch all those customers & cost savings go to your competitors.  :popcorn1: 

Share this post


Link to post
Share on other sites
1 hour ago, Tinyaccount said:

Does anyone else ever wonder where these newly minted,  solidly anti XRP people come from?  And why they come here? Whether there is anyone ever spawning new identities?

I did not feel like he is anti XRP. He has a good point. I think it is true for most of the banks. Banks and insurance companies are very very slow to move to better (modern) tech. At least in my country.

Share this post


Link to post
Share on other sites
23 minutes ago, pucksterpete said:

You got part of this correct, banks are slow, but there wasn't anything better than swift until Ripple came along.  So, its either jump on board or get left behind and watch all those customers & cost savings go to your competitors.  :popcorn1: 

Well it is true that there was nothing better before Ripple. Then again if they wanted (Banks) to update the system all they have to do is ask some software company to do it. Or do you think there could not have been a better solution between Swift and Ripple in 50 years?

Share this post


Link to post
Share on other sites
4 hours ago, facts_dispenser said:

Finance moves incredibly slowly and is anti-innovation

Wrong. Finance is not anti-innovation. To give you an example, SBI Group has already invested +$336M in the blockchain industry. Barclays is investing millions every year into its fintech accelerator in London. There are so many examples that illustrate how "Financial services" are evolving/ embracing tech. I suggest that you have a look at the following: https://www.pwc.com/gx/en/industries/financial-services/fintech-survey/blurred-lines.html.

 

4 hours ago, facts_dispenser said:

Banks, especially T1 Banks, are some of the slowest and most clunky of the large corporations, whereas XRP is some of the trendiest and most cutting-edge of technologies.

You are opposing slow and large with trendy and cutting-edge tech. Nonsense. You can be large and cutting-edge (Dyson, Apple, Google, Tencent, etc.) and trendy. 

 

4 hours ago, facts_dispenser said:

they really do not like change.

You are missing the main point, which is that financial services can be extremely complex. The problem Ripple (the company) is addressing is complex. International payments go through different juridictions (local and international), and may involve different currencies.

Obviously, the core architecture in many banks has not changed for many years and is ageing. 

 

4 hours ago, facts_dispenser said:

If you want XRP's price to go up, its backend usage needs to increase, to hell with BitPay and small transactions from the front-end users, that isn't what you should be looking for.

I don't agree but it's another story ^^.

Share this post


Link to post
Share on other sites

Slow maybe, but not too slow, nor stupid.  Banks never HAD to change before.  Now they HAVE to.  Google, Amazon, Apple, Alibaba, and countless others are leaving them no other choice. 

Big difference between 2020 and 1965, 1982, or the 2000's. when banks were less threatened and SWIFT reigned Supreme.  Big difference between the world order in any of those time frames and the rising powers and global power shift of today. Big difference between the financial system and "The Cloud".  No populations around the earth demanded the cloud. 

Populations around the globe have a tremendously huge distrust  towards many existing institutions, especially banks. Rightfully so. They have demanded a way to get out from under the rule of the banking system, the increase of wealth inequality, and digital money has helped them do it.  And will continue to challenge exisiting incumbents. The crypto market was born.

Banks HAVE to keep up.  There is no other choice.  That's why they are working on this at a faster pace than ever.  No prior timelines can be attributed to the current paradigm shift because there is no comparison in recent memory to what is happening right now.  Banks will not be eliminated. 

I just don't buy the argument that this compares to the cloud revolution, nor do I buy that banks "have always been slow therefore they will always be slow".  Not if money is involved!

The Supreme Court of India finally ruled yesterday that all digital currencies are now legal and can be traded.  I wonder if that will facilitate some new types of banking relationships there?  It's moving quickly, but can so easily be shot down by lone men on the internet with price predictions and timelines. 

Not interested.

 

Share this post


Link to post
Share on other sites

×
×
  • Create New...