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Oh shiaatttt! RTGS Global + Microsoft Launch Cross-border Liquidity, available to 43,300 Banks (No Blockchain or XRP)


LetHerRip
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32 minutes ago, Neurotoxin said:

The OP made a very valid post, evidenced by the productive debate that’s being had now. I fail to see why people keep calling things like this FUD. We can’t just be one sided and ignore these things, that does nobody any good. 

It doesn't matter whether the post has valid points or not the intent of OP was to cause fear uncertainty and doubt.

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6 hours ago, jn_r said:

The thing is, somebody has to trade currency X for currency Y. Who will that be? It can not be nobody. If two banks exchange, then one bank gets the other's foreign currency. It is not magically changed from USD to GBP.

Also central banks must cooperate to allow RTGS to create a "synthetic central bank money" if I understand correct. And the receiving side then receives this synthetic CB Money (?).

Maybe someone could explain better? I just watched the video and this is what I could make of it, probably not entirely correct 

They explained it as direct "ownership swapping" between the participating banks. If you have $100 USD and want the equivalent in currency x that Bank B owns, they check both banks for the liquidity, put a lock on it then swap ownership of that currency that was set aside.  You could look at it as bartering? Bank A and Bank B are assumedly on the same network of trusted entities so it's a direct relationship.

So then Bank A owns currency x plus whatever other assets on its books and Bank B comes to owns the $100 USD plus whatever others assets.

The synthetic central bank money they talk about is just their version of a stable coin, it seems, directly tied to fiat only. Which I guess would be their version of XRP, just less useful/non-useful outside of their software and network

Question is why would adopters use their synthetic central bank money if that's all it's good for (they'll likely want to be able to exchange other digitized assets)? Will they have to have two systems, RTGS Global plus another system to transact things like Bitcoin, XRP,  ETH and digitized whatever? That seems less efficient than having one unifying tech that can do both. Then again...they all used SWIFT for +40 years, so :dash1:

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2 hours ago, KarmaCoverage said:

Anything RTGS is likely good for RippleNet, XRPL  and the IoV. It means legacy systems & correspondent networks cant delay the digital networks. That's good.

It is the topology of the financial global correspondent banking network that is being rearranged. "Finance is getting it's internetwork".

I'll only say that naming your company RTGS Global is highly suspect.  That'd be like naming your bakery, WeBakeStuff Global. 1/10 for creativity. Ogden's prior company is ClearBank...lemme guess, they're a clearing bank? Yup.

https://en.wikipedia.org/wiki/Real-time_gross_settlement

And holey-balls, look how many systems of RTGS actually exist. They got some major work trying to get every country to agree to use their software and network.

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12 hours ago, LetHerRip said:

...RTGS.global promises to completely overhaul the machinery of correspondent banking.   ...will change the way they work...  ...one that materially improves efficiency, reduces costs and enables a new level of customer service to be delivered.

And if this doesn't all pan out over the next two or three years are you going to come back here and endlessly complain about the 'lies'?

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22 minutes ago, StrangeDays said:

And if this doesn't all pan out over the next two or three years are you going to come back here and endlessly complain about the 'lies'?

This wins the internet for me.

That is EXACTLY what @LetHerRip and his fellow butthurt XRP haters are doing.  They saw something that sounded like a winner,  bought in and then bitterly complained as it didn’t work out like they hoped.  Calling every one who ever said anything good about XRP either a liar or a fanboi.  Gleefully gloating anytime they see a downturn or a competing idea.

What a life they have.  :) 

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10 hours ago, 3GO3D said:

I read in News today that The Flare Network are doing a Massive Airdrop of their Spark token to XRP Holders. Source; " 500 Million XRP prepared for Spark Tokens. " The full Report can be found on FiatLeak,  the shocking revelation is that the 45 Billion Spark units will only be Dropped into Wallets holding 5 Million XRP or more !

Ripple give diddly to the humble hodler, that's how you know that any online advert to get free XRP is a scam... They give us nothing and never have !  

Kate Winslet Money GIF by INTO ACTION

WUT??

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14 minutes ago, 2ndtimearound said:

Doesn't this introduce counterparty risk? Why should banks trust "RTGS Global", a private company? It doesn't matter if it takes just one femtosecond to switch from GBP to "RTGS Global bucks" (or whatever) and then to USD.  It's not the time that matters.  What matters is that the bank's money is held/custodied by RTGS Global for that tiny fraction of a second.  Counterparty risk:-

  • RTGS Global goes rogue
  • RTGS Global goes bust / finds itself in legal trouble
  • RTGS Global skims more than they promised off the final total
  • RTGS Global gets all banks signed up, then changes its policies
  • RTGS Global's systems are hacked

Not to mention they're going to have to get all these countries to abandon their current RTGS system in favor of RTGS Global, which is not an easy thing to do. Banks that refuse won't be able to participate at all. I assume RTGS Global's business model is patented software licensing, and like you said, what's to stop them from changing anything on a whim? Regulation and that's about it.

The way they explain their ownership swap system, it doesn't sound like RTGS Global ever "takes" possession of any assets, if that makes sense? Perhaps similar to a legal arbiter who only acts as a mediator between two parties.  Maybe that's their regulatory battle, trying to convince banks there's no counterparty risk by using RTGS Global's system to transact these swaps. That's a hard sell considering that swap transactions would rely soley on the integrity of RTGS Global's system.

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9 hours ago, Kiir said:

Whatever the case may be, one thing is certain in my eyes: OP is angry at someone. Why? What happened? Why post something like this and present it in such an aggressive style, as if everything (and everyone) else was completely wrong to even exist? 
Granted, I don't read the forum almost at all, so perhaps there was some kind of a fight between OP and someone else, no idea.

Oh, so sad to think that another person may be butthurt....Call in the social workers, since they will soon be tasked with settling all domestic disputes, civil discord, and other forms of societal disruption. :biggrin:

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  • LetHerRip changed the title to Oh shiaatttt! RTGS Global + Microsoft Launch Cross-border Liquidity, available to 43,300 Banks (No Blockchain or XRP)

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