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Ripple CTO tries to offer answers for lack of adoption


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5 hours ago, buh said:

In europe there is no charge on transfers between the eurozone and the payments are settled within 24 hours. So yes, you don´t know.

Do you need a bank account to affect the transfer? Presumably there are fees related to the account? I don't live in the Eurozone, so perhaps i'm mistaken, but I do work with banks and they just don't do "free".

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Community expectations have long been that banks would adopt XRP, but the reality has been disappointing. Amid a difficult year for the payments-focused cryptocurrency, Ripple’s CTO David Schwart

From a macro view, understand that banks aren't going to adopt tech that doesn't immediately profit them in some way.  The current Ripple business models could potentially replace the entire correspon

They just don’t charge   https://en.m.wikipedia.org/wiki/Payment_and_settlement_systems_in_India dear Americans you just have to face the fact that much of the world has far better payme

15 hours ago, buh said:

In europe there is no charge on transfers between the eurozone and the payments are settled within 24 hours. So yes, you don´t know.

hahahahaha I don't know in which Europe you live, but in the Europe where I live if you send a payment from Spain (BBVA) to France (BNP) they charge a small commission and it is rare to see that the payment is made in 24 hours you affirm (yes, my company makes dozens of payments between Spain and France).
So it seems that you don't know correctly how the SEPA zone works either.

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On 11/5/2020 at 6:54 AM, Gazelle77 said:

hahahahaha I don't know in which Europe you live, but in the Europe where I live if you send a payment from Spain (BBVA) to France (BNP) they charge a small commission and it is rare to see that the payment is made in 24 hours you affirm (yes, my company makes dozens of payments between Spain and France).
So it seems that you don't know correctly how the SEPA zone works either.

I have an account in Portugal, Netherlands and Germany. No fees.

 

i guess you are being robbed in Spain 🥂

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On 11/4/2020 at 9:04 PM, xrpmeplease said:

Do you need a bank account to affect the transfer? Presumably there are fees related to the account? I don't live in the Eurozone, so perhaps i'm mistaken, but I do work with banks and they just don't do "free".

Why wouldn’t you have a bank account? Are you thinking money transmitters?

 

you pay quarterly fees to account maintenance and all “luxury” items like usage of app on the phone, to get all correspondence by email, size of daily transactions you can perform. Fees range from 3.45€ to 15€ between the three accounts I own.

 

and contrary to what our Spanish-to-France friend above is talking, the transfers are 24hours between Portugal, Netherlands and Germany. I also send transactions (although less common) to Italy and Austria, and those are also 24hours. But our friend talks about “his company”, not sure if the size of his payments now delay the settling of the payment (I am assuming here a big company and very large payments  [100k€ and above]) are likely having different “jurisdiction” because of AML issues.

Edited by buh
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On 11/8/2020 at 12:02 AM, buh said:

Why wouldn’t you have a bank account? Are you thinking money transmitters?

 

you pay quarterly fees to account maintenance and all “luxury” items like usage of app on the phone, to get all correspondence by email, size of daily transactions you can perform. Fees range from 3.45€ to 15€ between the three accounts I own.

 

and contrary to what our Spanish-to-France friend above is talking, the transfers are 24hours between Portugal, Netherlands and Germany. I also send transactions (although less common) to Italy and Austria, and those are also 24hours. But our friend talks about “his company”, not sure if the size of his payments now delay the settling of the payment (I am assuming here a big company and very large payments  [100k€ and above]) are likely having different “jurisdiction” because of AML issues.

You guys also have a bunch of mega sized VAT taxes whereas most states here don't. California for example is a wannabe socialist state so they do have all sorts of wacko taxes.

We don't pay for others people's transfers fees or luxury items, typically. It's straight forward that I pay a fee to send money. Not pulling it out in some other fashion but if you think Europe has the magical solution and you're getting out ahead, then by all means enjoy.

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On 12/3/2020 at 2:49 AM, Sihtegroftnod said:

You guys also have a bunch of mega sized VAT taxes whereas most states here don't. California for example is a wannabe socialist state so they do have all sorts of wacko taxes.

We don't pay for others people's transfers fees or luxury items, typically. It's straight forward that I pay a fee to send money. Not pulling it out in some other fashion but if you think Europe has the magical solution and you're getting out ahead, then by all means enjoy.

i prefer to live in a "wannabe" social country where everything around is free and accessible for any common person. Zero student debt, access to all forms of education, free health care, insurance, developed infra-structures.

besides, i lived 3 years in the US (Tennessee). I hated the experience. Additionally, was stunned that Americans still use paper checks to move around cash. That is really pre-historic shit.

Indeed, i prefer the "magical" solution that is Europe, even with all those high VAT.

Edited by buh
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On 11/4/2020 at 10:04 PM, xrpmeplease said:

Do you need a bank account to affect the transfer? Presumably there are fees related to the account? I don't live in the Eurozone, so perhaps i'm mistaken, but I do work with banks and they just don't do "free".

of course there are fees. Those you pay to keep your account open.

My bank offers an account for 2,99€/monthly (I hate these tricks: why not a round 3€/m?), but one must pay each operation separately.

then one account for 10€ monthly and you can do all you want without additional costs.

Ah yes and of course another 10€/monthly for the c. card

Edited by JJJ2
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It will take a lifetime to onboard major banks and institutions. As we can see.

I guess Ripple is right on track now with supporting alternative use-cases (Xpring) and separate the overall ledger ecosystem development to a non-profit Organization, ie. XRP Ledger Foundation. The "one" use-case credo of Brad doesn't come to fruition if the use-case is actually not used at all, due to the reasons mentioned by David.

Edited by Karl
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https://news.bitcoin.com/us-banking-regulator-positive-cryptocurrency-regulation/

 

Top US Banking Regulator Reveals Positive Cryptocurrency Regulation Coming in Weeks

"So you have clarity across a variety of areas that I think you’ll be seeing just in the next 6 – 8 weeks, which will make it easier for crypto investors to know how to invest, to know how institutions can be in this asset class."

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Ripple's focus for xrp as a company is with remittance. Without clarity is will not happen. MGI is outlier. Xspring was and is an evolution driven by the need to expand the network and keep it alive. If the network dies so does xrp. It seems a lot like building a house. You need to dig the foundation, but it's been raining for weeks. So you go and work on your side projects until the soil dries up enough to start the big job.

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On 11/8/2020 at 6:02 AM, buh said:

and contrary to what our Spanish-to-France friend above is talking, the transfers are 24hours between Portugal, Netherlands and Germany. I also send transactions (although less common) to Italy and Austria, and those are also 24hours. But our friend talks about “his company”, not sure if the size of his payments now delay the settling of the payment (I am assuming here a big company and very large payments  [100k€ and above]) are likely having different “jurisdiction” because of AML issues.

Correct but we're still talking about EUR to EUR, so not cross border in a currency sense. Cross border is a pain in the @ss everywhere.

AML is not delaying payments because checks are not done real time but after settlement.

Institutional payments above 500k are treated within Target2, the European real time gross settlement system. Within countries many real time systems exist for smaller retail payments but not between countries (yet).

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