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Japan's New Prime Minister Chooses Ripple Board Member as His Economic Advisor


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Just now, JASCoder said:

I wonder if this is what precipitated the XRP spiking that started around 22:00 (a few hours ago)).

Yes I was wondering that too.  On fiatleak there didn’t seem to be big Japan volume...  but that was just one look at one moment.

But elsewhere in the world would know the advantage for XRP of having Mr Kitao in there.

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I heard someone mention in an interview that Kitao and Co. are aiming to have XRP used as a currency to buy things at the Osaka World's Fair in 2023-ish. Don't remember the exact people, it was one of those clips-within-a-clip deals. We know they're piloting digital yen already, but why even print a sovereign currency like digital yen if that's what they're planning to use it for? Options I guess, but :unknown:

I wonder if there will be enough XRP to go around if that's the case.  If Ripple is using it with RippleNet/central banks to wholesale move CBDCs around and others are using it as an actual currency to purchase things, that 100 billion XRP isn't going to go far.

There's 100 quadrillion drops in 100 billion XRP, but still, you can only divide so far. Hypothetically $1 could equal 1 drop if you wanted to stretch it out to cover all use cases, for a $1,000,000/XRP valuation; it's just weird to think that since we're pricing XRP in cents today.

The US M0 alone is around $480 billion (all cash and coins) so no way could there be a 1:1.  Even a 5:1 valuation only covers the US m0 money supply, not including all the other countries that could/would accept it as cash payment.  I guess you could start pricing commodities in drops (like how BTC Tx fees are measured in Satoshis)?  Maybe something like: $2 can of soda = 0.02 XRP, -> 1 XRP = $200 = ¥20954.60.

When there's a uni-code X for XRP then you'll know that XRP has arrived. I'm tired of typing out X-R-P, just give us a $-sign equivalent.

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16 hours ago, BillyOckham said:

Yes I was wondering that too.  On fiatleak there didn’t seem to be big Japan volume...  but that was just one look at one moment.

But elsewhere in the world would know the advantage for XRP of having Mr Kitao in there.

I'd wish I had thought to check the volume metrics at the Japanese exchanges... 

Crypto Eri posted a pretty comprehensive video on Kitao last night, re the new PM.
I found it quite interesting (see post above).

Edited by JASCoder
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12 minutes ago, jetbrzzz said:

We know they're piloting digital yen already, but why even print a sovereign currency like digital yen if that's what they're planning to use it for? Options I guess, but

I don't think this comment will answer your question, but here's a thought. There are apparently some very archaic rules regarding the transfer of money with in japan. This is true even from one bank to another bank with in the Nation itself and apparently also applies from bank to business. I believe, if I remember correctly, that xrp was spoken about by Mr. Kitao around three years ago to streamline payments with in the nation of Japan. Again my memory is fuzzy, but I believe that it takes days to settle with in the nation itself.

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32 minutes ago, jetbrzzz said:

I heard someone mention in an interview that Kitao and Co. are aiming to have XRP used as a currency to buy things at the Osaka World's Fair in 2023-ish. Don't remember the exact people, it was one of those clips-within-a-clip deals. 

Welcome the the information age. Where everyone has a voice. Even those who shouldn't be heared. 

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1 hour ago, peanut56 said:

I don't think this comment will answer your question, but here's a thought. There are apparently some very archaic rules regarding the transfer of money with in japan. This is true even from one bank to another bank with in the Nation itself and apparently also applies from bank to business. I believe, if I remember correctly, that xrp was spoken about by Mr. Kitao around three years ago to streamline payments with in the nation of Japan. Again my memory is fuzzy, but I believe that it takes days to settle with in the nation itself.

XRP is used for cross border payments

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3 hours ago, peanut56 said:

I don't think this comment will answer your question, but here's a thought. There are apparently some very archaic rules regarding the transfer of money with in japan. This is true even from one bank to another bank with in the Nation itself and apparently also applies from bank to business. I believe, if I remember correctly, that xrp was spoken about by Mr. Kitao around three years ago to streamline payments with in the nation of Japan. Again my memory is fuzzy, but I believe that it takes days to settle with in the nation itself.

US banks barely trust each other too, hence the 2019 repo debacle, no one trusted anyone else to pay them back.

Jim Rickards made a good point about currencies and that whoever Satoshi Nakamoto is/was didn't really understand monetary policy.  By capping a currency, to any number, you make it inelastic; there's no way to adjust for inflation or deflation.  You get abuse both ways, the Fed can debase/inflate the USD or BTC can deflate to the moon. It's a naive solution from someone who didn't really understand that you can't just do the opposite of inflation, lock it into the protocol  and call it a day.

Same is true for XRP capped at 100 bill, I don't think it was designed to act as a sovereign currency.  So it makes me wonder when people say it'll be used to 'buy things'.  Guess it's a small niche use case, but not likely to be a mainstream application of XRP.

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2 hours ago, jargoman said:

XRP is used for cross border payments

There's no reason it can't be use 'domestically' in the case with archaic Japanese bank laws, say if Japanese banking groups don't trust one another as a matter of course, XRP acts as the trustless intermediary for settlement of whatever is being exchanged.

I can imagine that Japanese banks are probably extra conservative, risk-adverse and very tribal, more so than US banks which are already at the conservative end of the spectrum, so something like XRP could be quite useful among them.

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