Ripple is Dead

[JimRogers]

https://cointelegraph.com/news/swift-hyperledger-backed-blockchain-project-nets-22-more-banks

This is horrendous news for Ripple. Very sad day for XRP holders.

Also the recent comments of JoeKatz about Ripple never pursing XRP retail use has done significant damage.

The current XRP price has crashed and is just the beginning.

Best of luck those continuing to hold.

 

[electra_highway]

SWIFT is years behind Ripple when it comes to cross-border payment technology.

Edited July 8, 2017 by astral_highway

[goldstar111]

12 minutes ago, JimRogers said:

https://cointelegraph.com/news/swift-hyperledger-backed-blockchain-project-nets-22-more-banks

This is horrendous news for Ripple. Very sad day for XRP holders.

Also the recent comments of JoeKatz about Ripple never pursing XRP retail use has done significant damage.

The current XRP price has crashed and is just the beginning.

Best of luck those continuing to hold.

 

The Proof-of-Concept scheme, part of the cross-border transfer scheme SWIFT gpi, is currently in development and testing, the new partner banks set to contribute to the latter.

 

This is just messaging not full blown interledger which closes transactions in 3 seconds. Sorry! old news .

[markob17]

I just got into Ripple/XRP a few weeks ago and I find it hard to believe Ripple is "dead." This price drop sucks (but also a buying opportunity!) but seems all cryptos are down as well. Swift to my understanding is an old dog and Ripple has newer and superior tech and has been pretty successful already using this tech in Japan and other parts of Asia. I mean swift is huge so they won't go down without a fight but I'm willing to bet they will probably coexist to some extent in the cross border payments market as some banks will likely use Ripple and others will use Swift's tech, the latter probably more so out of familiarity, not necessarily that they offer better tech. In that arena, seems like Ripple/XRP is the future. I bet this coin turns out being a very long-term hld type of coin, but hopefully not more than a few years! That would be nice!!!

[JimRogers]

Superiors tech doesn't always win. We all know this.

Swift is gigantic and has very solid backing. People are nuts to think they will just rollover and die.

This new Swift project with big banks is very disturbing indeed for Ripple.

Edited July 8, 2017 by JimRogers

[UrzasLegacy]

Hasn't it been known for quite a while that Ripple Inc won't pursue retail? Legally, they can't.

Nothing stopping third parties though.

[Spekul8]

Whether SWIFT technology is not as advanced as Ripple is irrelevant. The issue is that SWIFT signed22 MAJOR banks that will not go with Ripple..for now...or ever.  

 

[r0bertz]

Please do your homework before spreading FUD. It's been answered long ago.

https://ripple.com/insights/empire-strikes-back/

I really feel sorry for you.

[TplusZero]

@JimRogers SWIFT moving ahead? You might have already forgotten statements like:

 

[JimRogers]

If SWIFT is so terrible, why did 22 Major Banks just sign with them for this new project,

Yelling HODL and To-the-moon a bunch of times will not make your argument for Ripple any better.

Truth is this is very damaging news for Ripple, Swift will not easily be defeated, nor roll over and die like people think they will. Reality check people.

[r0bertz]

11 minutes ago, JimRogers said:

If SWIFT is so terrible, why did 22 Major Banks just sign with them for this new project,

Yelling HODL and To-the-moon a bunch of times will not make your argument for Ripple any better.

Truth is this is very damaging news for Ripple, Swift will not easily be defeated, nor roll over and die like people think they will. Reality check people.

Do me a favor. Read this https://ripple.com/insights/empire-strikes-back/

Thank you very much!

[JimRogers]

2 minutes ago, r0bertz said:

Do me a favor. Read this https://ripple.com/insights/empire-strikes-back/

Thank you very much!

I did read it. Its why im even more concerned. There is nothing there that changes my mind. Swift is fighting back and has far more power and money than Ripple could ever dream of. Its David vs Goliath, but in the tech industry Goliath almost always wins.

Ripple is in big trouble at the moment, and the recent price crash confirms this. We could easily see 10c or less in the coming weeks. Very troubling times for ripple.

[fourthjohn]

posted in the other joelkatz thread

i agree with @JoelKatz. 

"not pursuing retail" means they are not pursuing it because of the legal hoops they would have to jump through. Their primary concern is providing a better, faster payment system for cross border payments. Period-kinda... 

their system saves even more money, and time, when this cryptocurrency called XRP is used for SETTLEMENTS. The moment Banks are convinced of this, especially in the Asian corridor, which happens to already embrace crypros, start sourcing, the demand will increase and so will value. its pretty smart.

As for not pursuing retail, he is not talking about investors. he is talking about use cases. Bitcoinists all complain that XRP is not "decentralized." It is. XRP runs on the public ILP. Any qualified developer would be smart to develop retail use cases, that is what he is saying. it would be smart because WHEN the banks, and only a small percentage is needed, start using and sourcing XRP, VALUE WILL BE HUGE. many independent companies developing other retail cases, plus the institutional use cases will cause this coin to be bigger than Bitcoin ever imagined. 

Do banks make retail companies or do they store, use, invest, move currency? Do they control what people use the money for? No, money is DECENTRALIZED. Ripple doesnt control XRP,  buf definitely want it to get the the higher levels. so do their banking partners.

Thank you for giving us your thoughts @JoelKatz. Ill take the Chief Cryptographer's opinions over a bunch of wannabe sky is falling, apocalypse is coming "developers." keep up the great work! @miguel thoughts?

**This is all my opinion. This is not to be taken as investment advice. Do your own research. Im a new investor, but a true believer. I could be completely wrong.

 

[fourthjohn]

3 hours ago, markob17 said:

I just got into Ripple/XRP a few weeks ago and I find it hard to believe Ripple is "dead." This price drop sucks (but also a buying opportunity!) but seems all cryptos are down as well. Swift to my understanding is an old dog and Ripple has newer and superior tech and has been pretty successful already using this tech in Japan and other parts of Asia. I mean swift is huge so they won't go down without a fight but I'm willing to bet they will probably coexist to some extent in the cross border payments market as some banks will likely use Ripple and others will use Swift's tech, the latter probably more so out of familiarity, not necessarily that they offer better tech. In that arena, seems like Ripple/XRP is the future. I bet this coin turns out being a very long-term hld type of coin, but hopefully not more than a few years! That would be nice!!!

Ripple isbpartnered with Bank of America that competes with SWIFT. Not only is Ripple a faster messaging block protocol, it has a faster settlement. this is what is in demand.

[r0bertz]

10 hours ago, JimRogers said:

I did read it. Its why im even more concerned. There is nothing there that changes my mind. Swift is fighting back and has far more power and money than Ripple could ever dream of. Its David vs Goliath, but in the tech industry Goliath almost always wins.

Ripple is in big trouble at the moment, and the recent price crash confirms this. We could easily see 10c or less in the coming weeks. Very troubling times for ripple.

If the following points don't change your mind, then there's some problem with your mind. Seriously.

Quote

In our view, it doesn’t solve the real problems that banks face today:

Multiple bilateral relationships: Ripple is committed to helping banks reduce inefficiencies and costs associated with the management and maintenance of many bilateral relationships – which is necessary when sending payments through SWIFT. This new development does not solve for this.  

Payment pre-validation and fee pre-disclosure: Ripple’s settlement solution uses bidirectional messaging to dynamically exchange payment information, fees, rates, and status tracking information. SWIFT’s core messaging protocol still flows in one direction, creating opacity, additional costs, delays, and risks at every stop.

Interoperability and scalability: ILP is designed to provide interoperability across banks and non-banks at the scale necessary to process the transaction volume expected in the future. SWIFT is a closed interbank network and the usage of a private blockchain means that there will be a global transaction limit.

Liquidity management: Ripple enables banks to source liquidity from a marketplace of third party liquidity providers or use XRP as a bridge asset to send cross-border payments. On the other hand, SWIFT requires banks to use their own liquidity in fiat currency.

Basically, there are two problems with Hyperledger:

• It's a single ledger, while ripple has Interledger.
• It lacks a bridging asset. Thus still need nostro accounts.

Edited July 8, 2017 by r0bertz