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Private Ledger for CDBCs! Rip XRP?


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2 hours ago, Elysium2030 said:

Ok

There is an exciting question:
Does every single CDBC get its OWN XRPL clone, i.e. its own ledger - then it's great.

But if several, or ALL CDBCs are on ONE Private XRPL clone, then it is bad, because XRP is there to transfer values from Ledger A to Ledger B.

Even if all CBDCs worldwide were to use one ledger, you would still benefit a lot from using a bridge, as CBDCs are only representations of fiat money, i.e. different national currencies.

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A few things about this:

1. When people say 'all Central Banks' this is like saying 'the International Community', what that really refers to is 'the West' or what could be called the American Empire. China and Russia are already conducting increasing amounts of trade in their native currencies, bypassing the dollar. This will only increase in the future. There would be no good reason for countries like China to hand control of any part of their economy to the US or US controlled entities like Ripple. 

2. Given that the countries in the Empire already trust USD 100%, why wouldn't they just use the USD CBDC as a bridge like they do now, rather than a volatile asset like XRP? If the problem is trust, then that has already been solved for those who already buy into the international system. 

3. Can someone explain why banks would be using the XRPL as opposed to more recent blockchains? Have there really been no better advances in tech over the XRPL? 

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2 hours ago, Elysium2030 said:

Can someone please explain this to me? What are 5400 issued tokens? Are they own coins? What is there on the XRPL besides XRP (and Flare)?
Or is that something else?
 

Come on man, you've been around here since 2017. The XRPL has been a multi-currency ledger since its conception. You can put anything on it. I've literally sent hot dogs across the ledger.

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2 hours ago, Elysium2030 said:

No company wants the public to see how much money was moved where and when.

We want our government spendings transparent. Non-profits too. They will also drag companies transactions into the daylight.

At some point, transparency may become mandatory and public transactions might become the norm for all big organizations.

No tax filings will be necessary: the ledger is the record.

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On 3/3/2021 at 5:26 PM, RipMcGillicuddy said:

I am learning to inject hopium more slowly. What she says can be technically true, while what Joel Katz said can also be (that XRP likely would not be the bridge in the short term) or something along those lines. 

Yeah, I wouldn't expect there to be a need for XRP in the short-term for bridging CBDCs either. Actually, I don't expect it for the next few years as there just won't be enough countries with a production-ready CBDC platform to warrant the use of XRP as a bridge within the next few years. In the immediate term RippleNet (i.e. Ripple's private/permission-based settlement platform) will suffice. Ripple is taking the same approach they did prior to launching xRapid (now ODL) back in 2018. Ripple had to build/create their customer-base, a network of banks, FIs, and payment providers, connect them so that ODL could be a viable product for as-needed liquidity for payments. They are using the same playbook here with CBs. Only this time, the on-boarding process will be much easier since RippleNet and the XRPL have been around and used by hundreds of institutions for +9 years without incidence. Also, RippleNet was just awarded the SOC-2 certification further validating the robustness, security, risk mitigating, integrity/viability of the cloud-based platform. I believe the use of CBDCs between countries will roll out in phases, most likely starting with the G7 and/or G20 countries. Ripple has been showcasing the utility of XRP as a bridge asset for the past 3 years via ODL. CBs around the world have been watching closely and I'm quite sure they see the viability/potential of the XRP as a bridge beyond the USD. This is one of the reasons (my opinion only) that the SEC brought this lawsuit against Ripple in the first place. Ripple isn't the only fintech company in the same boat who sold their respective digital asset in a similar manner. Where is the SEC's lawsuit against these other companies/platforms?? I've noticed that Ripple has stop giving updates on the number customers that they've partnered with lately. Something they've been doing for the past 9 years or more. It's my sneaky suspicion that their partnerships aren't tallied in the hundreds anymore, but thousands. 

Edited by King34Maine
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1 hour ago, NMNR said:

Ripple are first and foremost a fintech company. They're selling their software which is their bread and butte

you are kidding right? Ripple without dumping XRP would be long time ago bankrupted. 

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I saw a UFO once, an unidentified fintech object = most of the crypto companies in existence, but Ripple are global and not going anywhere, I think we are just at the start of something very big. Global digital payments are coming and Ripple, and its partners are at the heart of it, IMO.

 

Edited by HAL1000
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50 minutes ago, Kiwi said:

you are kidding right? Ripple without dumping XRP would be long time ago bankrupted. 

What has that got to do with anything? Doesn't detract the fact that Ripple can sell their own technology and conduct business outside of xrp. 

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4 hours ago, Seoulite said:

A few things about this:

1. When people say 'all Central Banks' this is like saying 'the International Community', what that really refers to is 'the West' or what could be called the American Empire. China and Russia are already conducting increasing amounts of trade in their native currencies, bypassing the dollar. This will only increase in the future. There would be no good reason for countries like China to hand control of any part of their economy to the US or US controlled entities like Ripple. 

2. Given that the countries in the Empire already trust USD 100%, why wouldn't they just use the USD CBDC as a bridge like they do now, rather than a volatile asset like XRP? If the problem is trust, then that has already been solved for those who already buy into the international system. 

3. Can someone explain why banks would be using the XRPL as opposed to more recent blockchains? Have there really been no better advances in tech over the XRPL? 

2. Triffin dilemma. Also keep in mind volatility is measured by both volatility and time. With the current system and how long it takes to settle between two fiat currencies, you may be exposed to more volatility than utilizing XRP (or Ripple products) which as we both know takes a much shorter time.

3. I'm sure there are numerous projects that do have a "technical" advantage over the XRPL but that's not the only factor that helps grow new payment system. A huge aspect to consider is networking. I mean look at BTC, 100s of coins have a much better technical advantage but the network effect of it has allowed it to grow exponentially over time. Ripple has been building relationships for years and no other recent blockchains can even come close to that.

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30 minutes ago, Slick said:

2. Triffin dilemma. Also keep in mind volatility is measured by both volatility and time. With the current system and how long it takes to settle between two fiat currencies, you may be exposed to more volatility than utilizing XRP (or Ripple products) which as we both know takes a much shorter time.

Right but wouldn't a USD CBDC issued on the XRPL have the same settlement time as XRP? Sorry if this is a stupid question, I don't know the technicals of it. 

Your number 3 is a good point. 

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7 minutes ago, Seoulite said:

Right but wouldn't a USD CBDC issued on the XRPL have the same settlement time as XRP?

As far as I know, the tokenization of any asset on the XRPL would be able to settle just as fast as XRP. In the short term (a few years), with such a high demand of US dollars across the world due to all debts being denominated in US dollars, it would make sense that is how it would operate early on. However, many countries have stated that we are due for a new global reserve currency so maybe all of this could be the start of the "great reset" or "level playing field" that we have seen echoed throughout the xrp community for what seems to be years now. 

You can find articles dating back to early 2019 of Matt Carney (ex Bank of England governor) calling out the IMF to help usher in a new global currency. Carney's solution he suggested was a  "synthetic hegemonic currency ... provided ... perhaps through a network of central bank digital currencies" which could be an implication of what is to come with the recent Ripple announcement. We certainly didn't see pictures of Vitalik, Jed, Charlie Lee, or Justin Sun in the room with the IMF and Christine Lagarde, we saw Brad Ghouse.

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