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Asheesh Birla - General manager and SVP of Ripplenet - podcast


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https://www.lendacademy.com/podcast-275-asheesh-birla-of-ripple/ 

Did you know that 80% of international FX transfers pass through 3 megabanks?  It's mad, obviously this monopolistic situation needs to be changed and Ripplenet are providing a way for that change from trusting Banks like HSBC into doing it yourself cheaper and in real time.

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So, you know, the way that money moves today real quickly is really 80% of cross border flows go through three mega banks. That's HSBC, that's Citibank, that's JP Morgan and you trust those banks to move money for you, I mean, they are the world leaders and really trust. What's interesting about the way that Ripple started creating an alternative is that instead of trusting those financial institutions, why don't we link up smaller financial institutions and, you know, in the future maybe even corporations directly. And, instead of trusting the banks to move www.lendacademy.com ©2020 Lend Academy. All Rights Reserved. money, why don't we trust the block chain to move money cross borders and so, today, correspondent banks, if you want to move money into Mexico, they actually open an account in Mexico, they keep this in pesos and they move money that way using something called mostly the Swift network.

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Yeah. So, you know, I think we are going to continue to build out RippleNet so the more customers, the more partners we have as part of RippleNet that is, you know, the mode. That is really our....distributing this to all the different folks around the world, I think continue to do that, we are going to continue to expand ODL, On-Demand Liquidity, I mentioned this is in a few countries as destinations, we want to get global coverage of that where possible by the regulators. www.lendacademy.com ©2020 Lend Academy. All Rights Reserved. And then, you know, lending is just one example of other products that we can offer our RippleNet customers that solve real problems for them. I think, you know, there are other areas as well as listen, you get lending down, you get payments down that opens up a lot of other, you know, white space for us to innovate in as well. One in particular is e-commerce, I think with COVID you've seen an explosion in growth of e-commerce. I don't think you have the right kind of financial infrastructure to support those kinds of companies so that's something that I'm really looking forward to in terms of innovating and building for in the upcoming year.

two extracts from a very long interview

Edited by Julian_Williams
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14 hours ago, Julian_Williams said:

https://www.lendacademy.com/podcast-275-asheesh-birla-of-ripple/ 

Did you know that 80% of international FX transfers pass through 3 megabanks?  It's mad, obviously this monopolistic situation needs to be changed and Ripplenet are providing a way for that change from trusting Banks like HSBC into doing it yourself cheaper and in real time.

And still only 10 billion passed through RippleNet.

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1 hour ago, SquaryBone said:

And still only 10 billion passed through RippleNet.

and what is so bad about that? This monopoly is very unhealthy and will stand in the way of progress.  New methods will be adopted and Ripplenet is proven to work safely and much more efficiently and more cheaply.  I think it grew last year by something like 600%

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21 minutes ago, Julian_Williams said:

and what is so bad about that? This monopoly is very unhealthy and will stand in the way of progress.  New methods will be adopted and Ripplenet is proven to work safely and much more efficiently and more cheaply.

Lemme see... 5 trillion daily vs 3 billion annually (or whatever figure you want to use). Lemme think... 5 000 000 000 000 vs 8 219 178. Notice anything here?

I'll put them on seperate lines for perspective:

5 000 000 000 000
                8 219 178

And that's already an exaggerated number. Let's put it in a percentage: 0.00016% of Swift. Let's compare with total daily volume of 15 billion (15 000 000 000) a day. So ODL is 0.05% of total volume. (again exaggerated number, it's actually even lower). So what did exactly change now to explain the sudden rise the past week? What fundamentals changed? Brad said himself they're being impacted by the COVID19 crisis.

But it's all great of course: a product with a monopoly that's very unhealthy, expensive, bad, ... and an alternative "a mouse-click away" that's way more efficient, cheaper, ... but some magic forces are keeping it from being actually used.

If you check utility-scan it's more like an average of 3 million/day ODL (and now with the volatility it's down again) so I'm being a moonboi here.

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48 minutes ago, SquaryBone said:

Lemme see... 5 trillion daily vs 3 billion annually (or whatever figure you want to use). Lemme think... 5 000 000 000 000 vs 8 219 178. Notice anything here?

I'll put them on seperate lines for perspective:

5 000 000 000 000
                8 219 178

And that's already an exaggerated number. Let's put it in a percentage: 0.00016% of Swift. Let's compare with total daily volume of 15 billion (15 000 000 000) a day. So ODL is 0.05% of total volume. (again exaggerated number, it's actually even lower). So what did exactly change now to explain the sudden rise the past week? What fundamentals changed? Brad said himself they're being impacted by the COVID19 crisis.

But it's all great of course: a product with a monopoly that's very unhealthy, expensive, bad, ... and an alternative "a mouse-click away" that's way more efficient, cheaper, ... but some magic forces are keeping it from being actually used.

If you check utility-scan it's more like an average of 3 million/day ODL (and now with the volatility it's down again) so I'm being a moonboi here.

utility scan has built up to 7 billion a day and it is missing a lot of what is going on.  ODL is less than two years old and the old ways are working whilst the public are willing to pay high fees and suffer the delays.  This situation has come to an end between Mex and USA, the biggest remittance corridor of all, where 10% of the business has already transferred across to using Ripplenet.  The limiting factor is the Deep Liquidity which needs to be grown before the corridors become active, and this is very hard to do.

The growth should multiply exponentially as the network grows.  The announcement that the Bank of America have joined Ripplenet is very good news.

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3 hours ago, Julian_Williams said:

The growth should multiply exponentially as the network grows.  The announcement that the Bank of America have joined Ripplenet is very good news.

And the growth very clearly isn't if you look at reality. There's no 7 billion a day. How do you get to that number? The all time ODL volume (so on-ledger) is only 2 billion. And the daily ODL volume ATH is 20 million $ (we're at 5 or 6 on weekdays). I urge you to really look at the numbers and not see what you want to see. Even if it's missing 50% of transactions it's still a pathetically low number and numbers are NOT INCREASING EXPONENTIALLY. Quite the opposite. With low volatility I've seen in the past weeks (not last week because that was a disaster) that growth in absolute numbers stays the same. So the percentage of growth was actually decreasing. Those graphs are far from ideal but you seem to overestimate ODL usage by multiple orders of magnitude.

How 2 completely uninformed people could just give you "likes" for spreading this blatant misinformation that's extremely simple to refute is staggering. Over 11000 posts ...

We know of BoA for years now. Don't try to change the subject from real data to news and speculation what BoA could mean for XRP. They're STILL not using it. Always great, good, superb, splendid, awesome, to-the-moon news but never do we see decent growth in ODL usage. It's easy to keep on saying "for now" but it also could be "for ever".

Even if Ripplenet takes 100% of that corridor that's still a fraction of speculation volume. And you're talking about that one corridor that's ideal for Ripple's use-case. There might be a lot of other corridors that are very inefficient but that are so niche that there's no volume to get there. So don't try to "hey there's 5000 corridors so let's multiply that volume by 5000".

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You are extrapolating my words into things I never said and in the same paragraph complain I am spreading blatant misinformation. I wrote "The growth should multiply exponentially as the network grows" not that it had been observed to have happened yet.  You response seems emotional and wrong, are you OK with that? Actually your comments are not usually this angry?

Yes things have developed more slowly that Ripple predicted and many investors hoped (I have often written this myself without need to be prompted).  Big projects do get delayed by roadblocks and regulations, and always have to work around difficulties.  That this is happening is not invalidating the services Ripplenet are developing and rolling out. 

Yes, I am impressed with the technology and impressed that they have got it working in the Mexico corridor and other corridors to a lesser extent. I impressed with the diversity of use cases, SBI's work in SE Asia and Flare and Forte to name a few.   I get it that you are not impressed, in which case you should perhaps be looking for projects that do impress you and entice you to invest, rather than wrongly maligning people who you disagree with.

 

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3 hours ago, Julian_Williams said:

You response seems emotional and wrong

Again, why are you refusing to use/read the data from the ledger? You're so impressed by it but you just refuse to use that data that is irrefutable to back your claims. I'm extrapolating jack shat. Go read your own reply again. There's no billions a day as you claimed. AT ALL. And never has been. Those peaks are 7 million daily. With laughable volumes during the weekend.

image.thumb.png.a07494c23fea413ecd80e5da8aabfcc9.png

I'm indeed usually not that angry and I know we don't fully agree with each other often. That's totally fine. You're just a 1000x off here and call me being wrong.

We can be impressed with the tech all we want, just like nuclear fusion tech. It has superb potential but it's still not there. And we don't know when it will be. It's great to look at potential and the future but at some points along the way you need to have some metrics confirming that we're indeed going in the right direction or not. Otherwise it becomes chasing a pipe-dream. Nothing of the current price is based on anything that Ripple is doing. Right now that "evidence" that Ripplenet and XRP is so great is very thin.

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Julian being Julian, he doesn't deal well with facts, he makes stuff up as he goes every time he posts. He doesn't even know how to read simple numbers. It seems he doesn't know the difference between 7 million or 7 billion in daily volume. I would love to see him back up the 600% growth he is talking about also.

52 minutes ago, SquaryBone said:

Again, why are you refusing to use/read the data from the ledger? You're so impressed by it but you just refuse to use that data that is irrefutable to back your claims. I'm extrapolating jack shat. Go read your own reply again. There's no billions a day as you claimed. AT ALL. And never has been. Those peaks are 7 million daily. With laughable volumes during the weekend.

image.thumb.png.a07494c23fea413ecd80e5da8aabfcc9.png

I'm indeed usually not that angry and I know we don't fully agree with each other often. That's totally fine. You're just a 1000x off here and call me being wrong.

We can be impressed with the tech all we want, just like nuclear fusion tech. It has superb potential but it's still not there. And we don't know when it will be. It's great to look at potential and the future but at some points along the way you need to have some metrics confirming that we're indeed going in the right direction or not. Otherwise it becomes chasing a pipe-dream. Nothing of the current price is based on anything that Ripple is doing. Right now that "evidence" that Ripplenet and XRP is so great is very thin.

 

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1 hour ago, LetHerRip said:

Julian being Julian, he doesn't deal well with facts, he makes stuff up as he goes every time he posts. He doesn't even know how to read simple numbers. It seems he doesn't know the difference between 7 million or 7 billion in daily volume. I would love to see him back up the 600% growth he is talking about also.

 

you need to get laid

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4 hours ago, SquaryBone said:

Again, why are you refusing to use/read the data from the ledger? You're so impressed by it but you just refuse to use that data that is irrefutable to back your claims. I'm extrapolating jack shat. Go read your own reply again. There's no billions a day as you claimed. AT ALL. And never has been. Those peaks are 7 million daily. With laughable volumes during the weekend.

image.thumb.png.a07494c23fea413ecd80e5da8aabfcc9.png

I'm indeed usually not that angry and I know we don't fully agree with each other often. That's totally fine. You're just a 1000x off here and call me being wrong.

We can be impressed with the tech all we want, just like nuclear fusion tech. It has superb potential but it's still not there. And we don't know when it will be. It's great to look at potential and the future but at some points along the way you need to have some metrics confirming that we're indeed going in the right direction or not. Otherwise it becomes chasing a pipe-dream. Nothing of the current price is based on anything that Ripple is doing. Right now that "evidence" that Ripplenet and XRP is so great is very thin.

where have I claimed billions a day?  Ah I see, that was a mistype, I know it is millions.  I apologise, just point out those errors, I thank you for that and I have wholehearted and publicly corrected that error, but my argument is not about numbers it is about trends. 

You think Right now that "evidence" that Ripplenet and XRP is so great is very thin. 

I would say: ODL is still embryonic (and to be clear on where we agree only a few million a day and almost nothing over the weekend) but the evidence is that it works and Ripple and XRP and Ripplenet are ahead in the race and this technology will be adopted at scale in coming years.  Investment is about choosing potential winners.   You do not choose XRP and Ripplenet, I do.

Is it really that hard to see that neither side can prove the future and we do not have to fall out over not seeing the future the same way?

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https://dailyhodl.com/2020/12/02/ripple-planning-aggressive-expansion-of-xrp-remittance-platform-in-2021/

 

Ripple Planning Aggressive Expansion of XRP Remittance Platform in 2021.

Birla highlights MoneyGram and Azimo as two leading users of ODL.

“The traction has been so good that, you know, 10% of US dollar to Mexico which is the largest corridor in the world for remittances, 10% of that now moves over blockchain technology, digital assets and RippleNet.

So, we’ve made a pretty big dent in that in just a few years after launching. So, this is real. People are using it. It’s far superior compared to the traditional world where there’s tons of excess capital pre-positioned around the world just to facilitate payments which is crazy. That removes a lot of that because now you’re trusting a digital asset. You’re not trusting these large mega banks to move your money.”[...]

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Finally listened to this, great stuff.

I'm excited by the idea that the same methods being deployed to fund loans directly from Ripple's balance sheet, will later be redeployed to enable a decenteralized P2P lending market.

Much like Prosper, Larsen's prior P2P lending platform. That used Weighted Average math methods like as Zopa out of the UK did. Exactly how I articulated in How xPool would work using the same weighted average of quality in/out (there are links at the bottom to the Quality in/out details).

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