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xerxesramesepolybius

Does anyone in real world care about XRP and cryptocurrency

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Posted (edited)
13 minutes ago, xerxesramesepolybius said:

crypto is clearly not an alternative to gold in times of trouble. 

   Personally, I think the idea of crypto being gold was and still is today grasping at straws for some pump and dump schemers.

I doubt there are major institutions looking at crypto to pull them out of this particular type of economic crisis. I truly believe that the fundamentals will be looked at closely.  People aren't making money to spend, they can't go to work even if they would like to. It is a medical crisis that is causing an economic crisis. The only way crypto will be looked at in all seriousness is if the banks run into a liquidity crisis and need a way to withdraw the money tied up into Nostro accounts due to an extended duration of quarantine. I think this would only occur if the threat of printing any more money would result in hyper inflation that had to be curbed. Long story short any digital asset that would be deemed suitable would have to be agreed upon by a lot of nations, systems updated, and so on. So there is a chance in hell that xrp could literally move parabolic because of financial crisis causes by a medical crises, where a digital asset is utilized to free up monies trapped in accounts over seas. So, maybe someone is looking at as a viable option. Ask them if you can.

Edited by peanut56

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1 hour ago, xerxesramesepolybius said:

This not be meant to be FUD but really after two years of crypto winter, the current financial/health crisis the financial sector, regulators, institutional investors all have other things on their mind and crypto is clearly not an alternative to gold in times of trouble. 

This week:

US Treasury Secretary Steven Mnuchin Appoints Coinbase Chief Legal Officer to Oversee Banking System

https://dailyhodl.com/2020/03/16/us-treasury-secretary-steven-mnuchin-appoints-coinbase-chief-legal-officer-to-oversee-banking-system/

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5 minutes ago, VanGogh said:

US Treasury Secretary Steven Mnuchin Appoints Coinbase Chief Legal Officer to Oversee Banking System

https

Interesting but I am not sure how much to read into this. He was at Coinbase for a year and a half but before that had many years in conventional finance including 4 ar Fannie Mae.

i suspect this move is because of a lack of faith in Coinbase.

 

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Posted (edited)
36 minutes ago, xerxesramesepolybius said:

i suspect this move is because of a lack of faith in Coinbase.

 

I don't think so. Hiring someone to oversee all US banks from a company where you say they have a "lack of faith in". That makes no sense at all.

It's far more likely they'd hire a guy to run the banks from this industry because they want to utilize the efficiency and technology in traditional banking. They want to bring crypto into the fold. 

He wrote in a piece published by Fortune in November of 2019,

“The time has come for a tokenized version of the dollar—and it’s not just those of us in the cryptocurrency world who think so. In recent months, senior U.S. officials have been exploring the idea of minting greenbacks on the distributed ledger software known as blockchain. The idea appears inevitable.” 

Edited by VanGogh

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Here's an article by Brian Brooks, the executive from Coinbase who just this week was tapped to oversee all U.S. banks: 

https://www.nytimes.com/2018/12/18/business/dealbook/digital-reserve-currency.html

"...Countries around the world are racing to lead the next revolution in financial technology. . . "

"America must maintain its leadership role by leading the way on research and development of cryptocurrency technologies — just as it did in the early days of the internet — rather than stifling it. And if it does, it could ultimately build dominant cryptocurrency technologies that become the backbone of the 21st Century financial system."

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2 hours ago, VanGogh said:

Here's an article by Brian Brooks, the executive from Coinbase who just this week was tapped to oversee all U.S. banks: 

https://www.nytimes.com/2018/12/18/business/dealbook/digital-reserve-currency.html

"...Countries around the world are racing to lead the next revolution in financial technology. . . "

"America must maintain its leadership role by leading the way on research and development of cryptocurrency technologies — just as it did in the early days of the internet — rather than stifling it. And if it does, it could ultimately build dominant cryptocurrency technologies that become the backbone of the 21st Century financial system."

If only he had ties directly to Ripple

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It is impossible for anyone in financial services of any kind to ignore the digitalisation of money, because the digitalisation of money is coming however much they turn their heads against it.  You might as well shout at the sea and tell the tide to stop coming in, the forces against you are bigger than you are.  If Block buster had invited someone from the streaming industry to run their business, then that would be significant, but they didn't.

This does not mean XRP will be successful, but XRP in the field of ODL is way ahead of any other crypto and at present the only one that is set up and ready to go, so the longer that goes on the harder it is for competitors to dislodge.  For instance it is rumoured that every Indian bank is already signed up on to Ripplenet, so XRP is but one step away from the whole of India signed up to ODL with XRP as the bridging asset.

You can watch the price go up and down and fret that somehow the tide will never come in.  I don't fret although I recognise I could be wrong about XRP strong position in this particular section of the market.

 

 

 

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Interest among the retail investors is probably at an all time low and will most likely get even lower as crypto continues to bleed. I'd also understand if FIs have other concerns at the moment while every asset is getting pounded. But eventually this shit passes and some cryptos survive. Who knows which survive is anyone's guess. 

However, the importance of the digital economy has increased a lot while people are forced to stay at home, while cashless payments have become preferred due to virus-related risks. The internet of value is happening no matter what, pandemic or no pandemic. If we are lucky XRP will be an important part of it. 

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14 hours ago, VanGogh said:

I don't think so. Hiring someone to oversee all US banks from a company where you say they have a "lack of faith in". That makes no sense at all

I didn’t say the Treasury has a lack of faith in Coinbase, i said he probably left Coinbase because he has a lack of faith in Coinbase.

Every central bank is continually talking about CDBC or tokenisation so they will probably find his experience useful.

but come on guys when people leave an employer it is generally because they have a lack of faith in them, whether faith in their personal prospects or of the company’s prospects.

whenever someone leaves crypto to go back to the conventional world too many people go “whoo hooo - crypto fans are taking over” by err leaving crypto.

unless of course they were working for Ripple in which case people tend to say they were never any good anyway.

Am I wrong?

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19 hours ago, xerxesramesepolybius said:

This not be meant to be FUD but really after two years of crypto winter, the current financial/health crisis the financial sector, regulators, institutional investors all have other things on their mind and crypto is clearly not an alternative to gold in times of trouble. 

Yo @DirectorCoulson, you can't start out every post the same way, it becomes too obvious you started a second account.

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2 hours ago, xerxesramesepolybius said:

 

but come on guys when people leave an employer it is generally because they have a lack of faith in them, whether faith in their personal prospects or of the company’s prospects.

Am I wrong?

As a professional recruiter I'd say 60-75% of the people I place with my clients aren't unhappy with their current employer.  Rather, I explain the benefits of being open-minded and I introduce them to something fantastic.  If they are the best at what they do they are able to carve out something uniquely tailored to them and use this unique skill for leverage with my client.   For a role as high profile as Brian Brooks just filled this is more than likely the case.   

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3 hours ago, xerxesramesepolybius said:

I didn’t say the Treasury has a lack of faith in Coinbase, i said he probably left Coinbase because he has a lack of faith in Coinbase.

Every central bank is continually talking about CDBC or tokenisation so they will probably find his experience useful.

but come on guys when people leave an employer it is generally because they have a lack of faith in them, whether faith in their personal prospects or of the company’s prospects.

whenever someone leaves crypto to go back to the conventional world too many people go “whoo hooo - crypto fans are taking over” by err leaving crypto.

unless of course they were working for Ripple in which case people tend to say they were never any good anyway.

Am I wrong?

holy assumptions and generalizations..."probably"..."generally because"...I don't know if you're wrong, but you've offered nothing to demonstrate you are right...

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