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


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7 hours ago, 2ndtimearound said:

All we have is their press release and a few news articles on this, with the (usual) shockingly bad reporting that fails to ask HOW this system moves actual value, and what exactly the counterparty risks are to bank A and bank B.  We don't know the details of these highly salient points.  All the press release says is the're no counterparty credit risk.  All that means is that they can confirm both bank A and B have equal values of currency.  This is a trivial message-layer thing.  There's no talk of how settlement actually occurs (without nostro/vostro).

  • how do you get dispirate central banks and governments around the world to get on board with this?
  • imagine the uproar of the entire global banking system having a "picked winner" private company that essentially controls the flow of money around the world.
  • It still doesn't explain how value is actually moved without nostro/vostro or use of an open market.  If you need neither of these, then why have SWIFT had to use nostro/vostro all these years? I don't believe it's just "clever software" that enables the movement of value. 

Odgen said they're using "synthetic central bank currency" accounting to settle, but that's all I got from it; kinda glosses over that part. It sounds like CBDCs but he doesn't use that terminology at all, so idk.  That he's using that terminology makes me think he's kinda behind on the tech curve; why not just use most commonly accepted terminology for something if that's what it really is?

I agree there's a lot of implementation issues and some partnership hype exaggeration. This Microsoft "partnership" is, in plain words, RTGS Global running its software on Azure servers and that's it.  Them and a thousand other companies that run on Azure.

It reminds me of Justin Sun and his ridiculous hyping of "partnerships" which amount to him paying millions for a sit-down lunch and calling it a partnership. His hype is almost fraudulent, certainly misleading.

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For someone apparently so good at seeing through BS, I'm surprised you took this bait so quickly. They sure got you hook, line and sinker. I think that's why people suspect your motives - you did

"Available" to 43K banks, not on-boarded banks yet, or even any mention of estimates of those intending to utilize it. A key question is that of the necessary software, what's involved in it's integra

New York-Tokyo distance is 10800Km. The light will take around 72ms to go back and forth and they can do bilateral agreements in only 50ms. They found something faster than light, it's groundbreaking

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Wow! Some XRP cult members have really lost their marbles and out in full force in this thread!

11 hours ago, Trickery said:

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

This one doesn't care about valid arguments or facts, only repeating cult doctrine over and over. #XRPtheStandard amirite sir?

 

1 hour ago, Julian_Williams said:

Rule one - when something comes for a malicious source don't treat it as truthful, and if you really have to deal with them do it with a long spoon.  I strongly recommend "user Ignore"

This one acting like I'm behind everything. I created the company, wrote the press release and the Forbes article also. I posted it so everything is untrue. :biggrin:

He also recommends this as a way to make money investing/trading.

59228c32a91225098bd22d6d010ac9bd.jpg

Ignore and hide from bad news.

 

 

1 hour ago, Julian_Williams said:

 I strongly recommend "user Ignore"

I strongly recommend a mental health professional for too far gone XRP cult members such as yourselves. All the best.

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6 hours ago, jn_r said:

If you swap $100 USD then how is that changed into GBP, does bank B have to make the exchange himself from USD to GBP?

And if that is the case, how would that create GBP liquidity?

I think for a better understanding an overview of the changes in balancesheet (asset/liability) would help, I do not have a clear picture.

They only say it's a swap in ownership (through the software).  The liquidity (amount) is validated first on both side, then ownership swapped. It sounds like a balance sheet swap to me, like you don't need to 'create' liquidity. If you had a Pokemon Illustrator and I had a Pre-release Raichu and we wanted to swap cards, the system would verify you and I both actually have what we claim, lock up both cards (escrow-esque), and then swap ownership upon agreement. They don't make mention of where price feeds or anything else comes from.

It would be helpful if they had an infogram, but oh well, take it up with marketing, they sleepin'. :lazy:

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44 minutes ago, Pablo said:

Liquidity has to come from somewhere - pre-funding isn't the issue. It's the cost of capital associated with maintaining that liquidity in a "lockable" state.

Ripple's ODL solves this problem by allowing Money Makers to profit from the provision of liquidity.

This. The liquidity has to come from somwhere.

Also Ripple didn't solve this problem. With ODL there is a shift on who is providing liquidity, but some capital has always to be locked to provide this liquidity.

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1 hour ago, Pablo said:

For someone apparently so good at seeing through BS, I'm surprised you took this bait so quickly. They sure got you hook, line and sinker.

I think that's why people suspect your motives - you didn't once apply any of your supposedly superior analytical skills to the announcement and identify any issues. If you had done that, you would have found lots of red flags to be worried about.

Of course there are points we don't know all the details to and could be potential red flags as you call them, but its not like Ripple solutions are without its very own multiple red flags also.

What we know is banks don't want to have to use a volatile digital asset created by a private company, they have said that again and again. There is now a solution that provides them this. Will they adopt it? who will win? Time will tell. Ripples first mover advantage is getting eroded fast though.

Edited by LetHerRip
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Perhaps this is true but is Microsoft “signing a bank a week?”  🙄

Seriously though, now you can all see the difference between a company that is actually making a usable product while simultaneously keeping it a secret because it is a valuable offering.

Versus a company constantly sprouting success, while simultaneously producing nothing worthwhile.

Successful professionals have no use for hype when they have something that works. They use secrecy and protective measures until the product is ready for prime time, and then they shine the spot light on it. At that point those blinded by the hype have a rude awakening to deal with. This is the same as walking from a dark room into a well lit area... the real light brings tears to the eyes of those once trapped in darkness.

 

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49 minutes ago, Valhalla_Guy said:

Perhaps this is true but is Microsoft “signing a bank a week?”  🙄

Seriously though, now you can all see the difference between a company that is actually making a usable product while simultaneously keeping it a secret because it is a valuable offering.

Versus a company constantly sprouting success, while simultaneously producing nothing worthwhile.

Successful professionals have no use for hype when they have something that works. They use secrecy and protective measures until the product is ready for prime time, and then they shine the spot light on it. At that point those blinded by the hype have a rude awakening to deal with. This is the same as walking from a dark room into a well lit area... the real light brings tears to the eyes of those once trapped in darkness.

 

I tend to agree with your overall premise but disagree on these specific examples.  With respect to RTGS global what we have here is a press release about a solution they have designed but are far from delivering.  Kinda like LIBRA.  Also, as @Pablo outlined above nothing we have seen thus far from RTGS global indicates a threat on ODL.  Perhaps XCurrent or perhaps SWIFT GPI.  They made an announcement that their patent is pending and that they expect to roll this out commercially "sometime in 2021".   I guess we disagree that Ripple have failed to deliver.  I see them as being very successful as a company and when they streamlined their product offerings to showcase ODL that assured me they truly had their interests aligned with seeing XRP's utility maximized.  We can debate till the cows come home whether that utility results in price appreciation but thats where my bet is and I'm really happy about it.  I truly didn't think when I bought XRP in 2017 I'd be retired in 2020 and suspected it could take 6-8 years, lets see.  I still like our progress and have heard the latest ODL figures have the team excited about the future.  I suppose we may catch a glimpse of why the team is excited in the Q3 report out in 6 weeks or so.  

The incessant negativity and aggressiveness from several posters leaves me feeling sorry for them.  Even if they have somehow found a way to make money, which I doubt, that money won't truly bring happiness.  You just won't get a straight answer when you ask them if they are long, on the sidelines or short as of today.  Because answering that could leave them proved wrong in the future.  Its pure weakness of character and I feel sorry for them.  They have to feel they are correct and thats really pretty sad.  That negativity seeps into every part of life and happiness will be elusive.   I'd like you to know that I see through that BS and that its like water off a ducks back for me and I honestly hope all of that negativity can be channeled into something useful and helpful for you, your families and your community.  

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I just think XRP will be far more niche (e.g. illiquid exotic corridors) than the XRP maxis or conspiracy/lifeboat types think. 

That said, the fintech pie will just keep getting larger so the slice will grow in proportion to that. 

XRP doesn't have to be something something global bridge asset something IMF something Roscthchilds something something.

It just needs to be a bit more useful than a few small companies making a few hundred bucks worth of daily payments in Mexico or the Philippines etc. 

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20 minutes ago, KarmaCoverage said:

Lending XRP is going to be a thing.

I still think this is one of the most significant developments, far more interesting and practical IMO than Flare or Coil. 

Even as instant global collateral it is a powerful bootstrapping tool for Ripple to hold and grow. 

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16 minutes ago, thinlyspread said:

I still think this is one of the most significant developments, far more interesting and practical IMO than Flare or Coil. 

Even as instant global collateral it is a powerful bootstrapping tool for Ripple to hold and grow. 

IDK man, I've been reading Flare and trying to get up to speed on that. I'm thinking it could be used to build KarmaCoverage as a distributed system, so the insurance company cant get it shut down. I hope to read their two whitepapers this weekend. My current understanding is that each Risk would get it's own F-asset and the terms underlying that asset can/should be different for each risk type. I'm sure that other ideas will come to me as I figure out how the system is built.

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6 hours ago, pucksterpete said:

I tweeted out your words to Andrew, here's his response 

This should be clearly explained:-

Andrew (representing RTGS Global): "The platform delivers real-time liquidity which is not the same as provides real-time liquidity, or is the source of liquidity. The network participants provide the liquidity, and lets face it, they provide the majority of all the globes liquidity...."

Galgitron's reponse: "The promotion of eliminating nostro is misleading. Your transactions result in post-transaction nostro held in foreign accounts in foreign fiat. This creates the same profound capital dilution, distribution and volatility risks as today's nostro system."

Why is Andrew being so evasive? His other comment:-

"That's a long way of saying yes but also no...Messaging is key, but the infrastructure and capabilities it drives is the important part. Plus, there is more going on than just messaging - but you're right, http://RTGS.global is not in the flow of funds"

Mealy-mouthed and unclear.

 

Edited by 2ndtimearound
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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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