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22 minutes ago, CryptoJym said:

If you were a business and had to send money in order to complete a business dealing, would you rather have that money there within 5-10 seconds? Or would you like your money to get there sometime today?

Nobody in sober mind will compare the old and ugly SWIFT with new and shiny Ripple. As already said we don't know the details. But the main point is that SWIFT dosen't sit still and cooperates with big industry blockchain consortium. It's foolish to ignore this fact.

Edited by one_giant_leap

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27 minutes ago, one_giant_leap said:

Oh, come on. This "explore-in-real-time" ******** is for masses to better understand the article and basic principles of blockchain.

Let's discuss only facts.

  1. SWIFT is HUGE. It's supported by 239 banks. It's to big to fail.
  2. Just look at this insaine list of companies who was joined to the project https://www.hyperledger.org/about/members (AirBus, DaimlerCisco, Samsung, FujitsuHitachi, IBM, IntelJ.P. Morgan, NEC, R3, Red Hat, State Street, SWIFT, VMware, Federal Reserve Bank of Boston and e.t.c).
  3. What do you think will happen next? Who will be chosen by conservative banks? An old and trusted partner or a new startup?

1. Nothing is too big to fail, look at blockbuster, k-mart, and Kodak.

2. Some of the companies on that list are also exploring Ripple as well.

3. I agree that SWIFT may have very good relationships with some of those conservative banks, but at the end of the day the banks answer to their stakeholders and their stakeholders want tech that can keep them competitive.

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15 minutes ago, one_giant_leap said:

Nobody in sober mind will compare the old and ugly SWIFT with new and shiny Ripple. As already said we don't know the details. But the main point is that SWIFT dosen't sit still and cooperates with big industry blockchain consortium. It's foolish to ignore this fact.

The fact is: As of this moment Ripple has something that has already been tested, proven, and is being implemented by banks. SWIFT just has a finished  proof of concept.

Also another thing to keep in mind, when will SWIFT be able to get banks to implement what they have? Will banks want to especially if their competing banks have something better (Ripple/XRP)?

Edited by CryptoJym

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11 minutes ago, Xrphunter said:

I read this article from @Hodor and its an eye opener to me

https://xrphodor.wordpress.com/2017/07/06/swift-they-just-dont-get-it/

Performance matters as Brad Garlinghouse said

https://mobile.twitter.com/Ripple/status/885952118707806208

 

Yeah, I read it too. Good article (as well as everything from @Hodor). But next day I read another article about Hyperledger and another X company and it feels me bad.

Edited by one_giant_leap

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2 minutes ago, one_giant_leap said:

 

Yeah, I read it too. Good article (as well as everything from @Hodor). But next day I read another article about Hyperledger and another X company and it feels me bad.

Competition is good in every areas, but i believe ripple can make it to the top. Besides....they are NOT YET started. 

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A little off topic, but with their 4 second clear times, it hurts me that ripple isn't pursuing the igniting micropayment market more aggressively. Alipay and WeChat have taken over commerce in China. Banks may become obsolete if they refuse to get on board with crypto, but ripple--if it short sightedly pursues only macropayments--might become obsolete with them. Meanwhile, TenX or someone else will takeover the micropayment space.

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1 hour ago, one_giant_leap said:

Oh, come on. This "explore-in-real-time" ******** is for masses to better understand the article and basic principles of blockchain.

Let's discuss only facts.

  1. SWIFT is HUGE. It's supported by 239 banks. It's to big to fail.
  2. Just look at this insaine list of companies who was joined to the project https://www.hyperledger.org/about/members (AirBus, DaimlerCisco, Samsung, FujitsuHitachi, IBM, IntelJ.P. Morgan, NEC, R3, Red Hat, State Street, SWIFT, VMware, Federal Reserve Bank of Boston and e.t.c).
  3. What do you think will happen next? Who will be chosen by conservative banks? An old and trusted partner or a new startup?


It all comes down to the service and cost. Swift is huge, with fat obese payouts & structure. Even if they come up with an alternative tech that match speed, scale and value, can they offer at the price that a less then 200 employee company which has its own funding option along with venture funding ( in a way directly funded by people ) offer ? 

Second, swift is huge, like Microsoft - but know that humanity is scales time huger/bigger then this. as a direct example think linux. Ripple liquidity is where value is generated, and that comes from "open" markets.

Third, Swift is huge with their big boys bank structure acting as gate-holders and permit providers on regional basis. Swift is in bed with them, in-fact it was created in bed with them. So many hundreds and thousands of small institutions never had a chance. if they have to offer remittance, they have to basically beg one of the big banks to let them do it using their portal and rates. Now essentially with the services that are developing, its almost like a MP3 cloud service or AWS. banks just become member of a remittance cloud and pool provides  common liquidity.

Want collateral, hold it in your representative wallet ... want counter-party free collateral ? be king and hold xrp ... .for swift this is unknown territory ... 

Hyper-ledger ? something that does not have a native asset ? really ? you shoudl take time and think why their every poc uses xrp ... without native asset constructed into the protocol - it is mathematically impossible to achieve many characteristics - price, point, liquidity, disbursement and liberation from counter-party dependencies are just few of them...


It's fair to say banking is going through a gigantic change ! and nope Swift is no where near ! doesn't matter how trusted or incumbent they are ... on one side ripple is bringing internet like liberation,m and on other side we have a Orwellian powerhouse you have to beg to ( for membership, for entry, for license and for everything ) AND pay cut at every level ... what joke ? 

i am genuinely interested if u have any better points... love brainstorming.. but for me swift is already obsolete.. just like dying star it will wield its influence because of size, but nevertheless will die out in time with mass only to reduce. 

  

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2 hours ago, one_giant_leap said:

Postal Services? Realy?! I think this is inaccurate comparison. Especially in that context:

Correct me if I'm wrong but isn't Hyperledger direct competitor of Ripple?

Dosen't want to make a FUD, but just look at this list:

Hyperledger is NOT comparable with Ripple as it can NOT move VALUE in one instant move, simply because they lack a trustless asset like XRP. For that reason Hyperledger, indeed used by SWIFT, is only there to improve the messaging and for the tracking of the payments - not for the settlement, the moment that value moves from one party to another party. For the settlement SWIFT still MUST relay on their correspondent banks as the only value moving trusted parties. The Ripple solution with RCL and XRP doesn't need third parties for settlement. It is THE ONLY solution as far as I know that can do INSTANT payment with FINAL settlement between two parties that have no mutual trust-relation. I can pay you TODAY a USD while you receive it in AUD and we even do not know each other just by using the RCL and thanks to the autobridging and liquidity between both currencies. SWIFT has NO SOLUTION in place to make such going instant.... the settlement has to go by intermediate correspondent banks... causing manipulation, delays, errors and costs (ask those complaining about deposit, withdrawal using SWIFT wires.... they might it even better explain). Inaccurate comparison with Postals? Can be, but saying that, on the level of applied tech, SWIFT+Hyperledger are direct competition to Ripple with ILP/RCL/XRP is in my view even far more inaccurate.... 

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1 hour ago, one_giant_leap said:

Nobody in sober mind will compare the old and ugly SWIFT with new and shiny Ripple. As already said we don't know the details. But the main point is that SWIFT dosen't sit still and cooperates with big industry blockchain consortium. It's foolish to ignore this fact.

if correspondent banking not the future - what is? Right! They are going to ask the public how to solve their biggest problem. And Ripple HAS that solution. 

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10 hours ago, one_giant_leap said:

Nobody in sober mind will compare the old and ugly SWIFT 

There simply IS no new SWIFT. It's refurbished with tracing and messaging by blockchain, but the basic principles of intermediate banking - sending values in 4 to 5 steps is still the 100 years old school model. And they do not say it in so much words but there are NO PLANS to make it gone change. With SWIFT the correspondents with their fat Nostro/Vostro accounts WILL KEEP ON GOING!!!

Edited by kanaas

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