Jump to content

Bank of America confirms Ripple partnership


Recommended Posts

3 hours ago, Archbob said:

No, I'm not. Bakkt opened with one coin

What was it? It was Bitcoin

Fidelity opened with one coin.

What coin was it? Bitcoin

Greyscale Crypto investments are 90%+ Bitcoin

Even Michael Arrington's so-called "XRP capital's" hedge fund, by his own admission is only 3-4% xrp.

You and other XRP fans usually fail to look at reality.

Also, the lack of price appreciation and regulations signals that there aren't as many FI's in cryptos as people think. This is not made up, its all true, you just don't want believe in reality.

Spot on.

This should be common knowledge by now and it's easy for them to do some basic research and find prove(except for the regulatory part) and they still ask for it. Yes the crypto market is primarily bitcoin and full regulations could still take a lot of time. Liquidity in BTC is still king.

Many are looking only to XRP and ignore how the market is evolving as a whole.

Edited by SquaryBone
Link to post
Share on other sites
  • Replies 91
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

https://www.xrparcade.com/news/bank-of-america-confirms-ripple-partnership/

I think it is not even debatable that BTC is still king in volume and majority of newcomers, big and small, are attracted by BTC. Personally I dislike BTC because it is flawed in many ways, but i

That's because serious investors don't live in an echo chamber and they realize that these things aren't as big as the fans of the various cryptos make them out to be. To fans of any particular coin,

Posted Images

I think it is not even debatable that BTC is still king in volume and majority of newcomers, big and small, are attracted by BTC.

Personally I dislike BTC because it is flawed in many ways, but it has one very big advantage. It was first. It is the best known and it has a big herd of wealthy people behind it who will keep promoting and pushing it into media to make sure they will do financially well in the near future. Big companies need a very liquid investment once they want to pull out, and BTC is by far the most liquid asset so that is currently the most interesting.

Visit any random crypto site and compare BTC with XRP to see what is making real progress. All they are able to write about BTC is what the chart is doing, Twitter Trader X thinks BTC will go to Y, what exchange is doing what volume.

Ripple reports partnership after partnership and progress after progress in RippleNet. Again, what most XRP investors are investing for is that eventually this traction will result in more demand for XRP. Will that happen? Who knows.

What most in here are betting on, without the hopium part, is that there comes a moment in time where utility and technology will outweigh hype. 2017 allready showed BTC crashes once it is really used/traded and people hope a centralized second layer (Lightning) will save their network once they can get it working.

It's the 2000 internet bubble all over, and people blindly buy everything that ends on .com without checking fundamentals of companies.

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

Ripple reports partnership after partnership and progress after progress in RippleNet. Again, what most XRP investors are investing for is that eventually this traction will result in more demand for XRP. Will that happen? Who knows.

What most in here are betting on, without the hopium part, is that there comes a moment in time where utility and technology will outweigh hype. 2017 allready showed BTC crashes once it is really used/traded and people hope a centralized second layer (Lightning) will save their network once they can get it working.

I just hope these fundamentals play out well. That's why I stay in XRP. I'm waiting for the new corridors to come online and get bigger.
To use a quote from Brad Garlinghouse: Liquidity begets liquidity. It's important that XRP gets more liquid. However the partnerships and fundamentals seem to have little influence on that liquidity.
The longer BTC stays on top and the bigger advantage it builds, the less likely XRP is to succeed.

There seems to be a thought that it's BTC or XRP that will succeed. And so a 50% chance of success. I can see how companies would implement ILP. But that's a neutral layer. Yes Ripple and XRP are positioned well but that still is no guarantee that it will not compete with other assets on ILP.

It's not about tech only. Gold has never been about tech. So in that sense I can think of a future where both XRP and BTC coincide. Complaining about large fees and slow transaction times don't seem that relevant if you compare with premiums and delivery times on buying/selling phyiscal gold, ...
The crash in 2017 was not due to a congested network but due to it being a bubble and it popped.
It was and still is overvalued just like XRP is still overvalued when you look into the actual ODL volume compared to total speculative volume (0.1% or something).

This is not a battle between BTC and XRP. Let's hope the partnerships play out well and that we get new corridors and volumes and use-cases.

Link to post
Share on other sites
2 hours ago, SquaryBone said:

I just hope these fundamentals play out well. That's why I stay in XRP. I'm waiting for the new corridors to come online and get bigger.
To use a quote from Brad Garlinghouse: Liquidity begets liquidity. It's important that XRP gets more liquid. However the partnerships and fundamentals seem to have little influence on that liquidity.
The longer BTC stays on top and the bigger advantage it builds, the less likely XRP is to succeed.

There seems to be a thought that it's BTC or XRP that will succeed. And so a 50% chance of success. I can see how companies would implement ILP. But that's a neutral layer. Yes Ripple and XRP are positioned well but that still is no guarantee that it will not compete with other assets on ILP.

It's not about tech only. Gold has never been about tech. So in that sense I can think of a future where both XRP and BTC coincide. Complaining about large fees and slow transaction times don't seem that relevant if you compare with premiums and delivery times on buying/selling phyiscal gold, ...
The crash in 2017 was not due to a congested network but due to it being a bubble and it popped.
It was and still is overvalued just like XRP is still overvalued when you look into the actual ODL volume compared to total speculative volume (0.1% or something).

This is not a battle between BTC and XRP. Let's hope the partnerships play out well and that we get new corridors and volumes and use-cases.

I take little interest in BTC or other crypto so to me your point is an interesting and counter intuitive.  You may be right but being obstinate I believe you are wrong.

My view is that BTC and XRP are going in opposite directions, and besides the obvious technological advantages, XRP is positioned to be promoted by Ripple beside products like XCurrent which are already deeply bedded into the DLT, ILP and the IoV already being adopted and used in the banking industry.  The management of Ripple are simplifying and unifying API protocols alongside rolling out their Ripplenet solutions.

I think the progress is in the preparation of the ground, and the investors in BTC are basically not looking at the big picture.  They are investing in a brand name and "liquidity" not technology.  Money flowing into BTC is being used to buy electricity and maintain mining firms.   The money flowing into XRP is being used to develop solutions and roll out new technology relevant to industrial needs. 

I think there can only be one winner, but then again perhaps my view is blinkered and obstinate.  I expect BTC investors to make more money than I do in the short term, I expect XRP to take the biggest trophies.

Edited by Julian_Williams
Link to post
Share on other sites
5 hours ago, SquaryBone said:

Spot on.

This should be common knowledge by now and it's easy for them to do some basic research and find prove(except for the regulatory part) and they still ask for it. Yes the crypto market is primarily bitcoin and full regulations could still take a lot of time. Liquidity in BTC is still king.

Many are looking only to XRP and ignore how the market is evolving as a whole.

While he may be correct, as it was with Blockbuster until it wasn't. The switch over from BTC to XRP is going to be like Ernest Hemingway's description of bankruptcy: "It happens very slowly at first, then all at once."  

Link to post
Share on other sites

It always amazes me how many times the fan boys preach that XRP and RL are not the same thing. I constantly hear that XRP is not CENTRALIZED or even created by RL. Yet day after day I come to a chat site (misleadingly) named “XRP CHAT” and watch the boys with star filled eyes, get all wet over an article because it mentions a known bank and RL in the same paragraph.

Lets assume for 1 minute that everything in the posted article is true and even pretend that the news is better than stated. What difference does it make??! The article never mentions BOA “using” XRP, only indirectly suggests that they “may” be using RL’s software. 

Post XRP news or rename this site to RL Chat.

(please don’t tell me that using RL Software is the first step to using XRP. If that is the case there have been plenty of banks using RL SW since 2018 and none of them have moved to XRP for massive settlements— if the message is crawl walk run, our baby is about 2 years behind schedule, and needs to get up of it’s hands and knees and do something)

Link to post
Share on other sites
37 minutes ago, Valhalla_Guy said:

It always amazes me how many times the fan boys preach that XRP and RL are not the same thing. I constantly hear that XRP is not CENTRALIZED or even created by RL. Yet day after day I come to a chat site (misleadingly) named “XRP CHAT” and watch the boys with star filled eyes, get all wet over an article because it mentions a known bank and RL in the same paragraph.

Lets assume for 1 minute that everything in the posted article is true and even pretend that the news is better than stated. What difference does it make??! The article never mentions BOA “using” XRP, only indirectly suggests that they “may” be using RL’s software. 

Post XRP news or rename this site to RL Chat.

(please don’t tell me that using RL Software is the first step to using XRP. If that is the case there have been plenty of banks using RL SW since 2018 and none of them have moved to XRP for massive settlements— if the message is crawl walk run, our baby is about 2 years behind schedule, and needs to get up of it’s hands and knees and do something)

In the video podcast quote from the exec of BoA (beginning of Crypto Eri's video) the speaker talks of "integration across platforms"... "with SWIFT and Ripple" (specifically chosen for mention).  OK they could only integrate as far as XCurrent, that would not break the meaning, but I do not think it is a stretch that when they talk of integrating platforms they mean integrating platforms.  ODL is on the Ripplenet platform, and it works, saves money and is secure.  So that is good news, and there is nothing "fanboy" or "getting all wet" about investors in XRP treating this news as good for XRP's future.

Regards to Ripple not being decentralised - this argument is so 2018.  We are surely past that FUD?

Regards banks being on XCurrent but not ODL - this happens as corridors open and banks will either use the available ODL tracks or use a more expensive system that is slower, locks up capital in Vostro Nostro accounts is insecure because the correspondence banking rails are insecure..

Link to post
Share on other sites
25 minutes ago, DirectorCoulson said:

What do you mean? I really dont know

 

 

Julie Harris, Head of Global Banking Digital Strategy of Bank of America Merrill Lynch, has said the following:

“It’s not about our platform and our capabilities, it’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built our partnerships that we have with the likes of Ripple or Swift. These are Fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance and we’re able to leverage our banking as a platform to deliver that to you. So I really think the future is all about client experience and integrated platforms versus siloed products and capabilities."

Sources:
https://www.xrparcade.com/wp-content/uploads/2020/04/Recording-1.mp4
https://www.linkedin.com/in/julie-harris-450511134/

 

 

Link to post
Share on other sites
Just now, DirectorCoulson said:

Naming 'xrparcade' makes this totally legit 😂😂

 

As for the proof,  i havent seen any press release or tweet of the official accounts of ripple or bofa

Nice try

Did you listen to the audio or do you believe it was fabricated?
Of course there's no tweet and there won't be a tweet soon either. 

Link to post
Share on other sites
25 minutes ago, DirectorCoulson said:

No confirmation. End of the story 

If Julie Harris would personally confirm that what was said in the interview is true, would that convince you? 

The transcript of the particular podcast https://www.xrparcade.com/ is referring to, can be downloaded from the official website of Bank of America Merrill Lynch (I understand you'd like to see an official publication or tweet, but that's not going to happen):
https://www.bofaml.com/content/dam/boamlimages/documents/articles/ID20_0286/digitization-of-payments_podcast_transcript.pdf

Edited by Danny
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.