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my conversation with David Schwartz, aka Joel Katz


fourthjohn

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16 minutes ago, Wildworldscout said:

I see your concern about KYC/AML. Don't bank usually does those on its own? As far as i know, ripple only act like a bridge currency which KYC check should already been done by the bank before the transaction. SWIFT instant payment still doesn't solve nostro account problem does it?

November 2018? Ripple will be onto the NEXT great thing by then. XRP will enable all types of value to be settled, INSTANTLY. We are here, and here NOW. That is value.

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1 hour ago, Wildworldscout said:

I see your concern about KYC/AML. Don't bank usually does those on its own? As far as i know, ripple only act like a bridge currency which KYC check should already been done by the bank before the transaction. SWIFT instant payment still doesn't solve nostro account problem does it?

No it doesn't. From my understanding evrtything is straight through proccessing, STP.

Again with regards to KYC. Ripple is not a payment solution, but a settlement solution. What takes time is not KYC. I mean, either your activity raises a red flag, or it doesn't.

I can list some red flags if your interested. Lemme know

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1 hour ago, teddybear said:

Shiiiit. I'm waiting for a bigger payment to hit my account in 3 weeks. Hope price doesn't explode befor I can invest that.

I mean, OK, my current stack is fine, but... I want moooaaarrr

Hey Teddy....can you take a look at that address and the XRP/Mr.Ripple balance and tell me what you see?

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On 8/17/2017 at 11:52 AM, drakarys said:

Delatinne, on the other hand, was simply fired due to inability to produce results.

Oh my, we have a SWIFT board member insider here. For a moment I thought you were a reincarnation of @fatcat.

So what did you drink before signing her discharge papers?  

On 8/17/2017 at 11:52 AM, drakarys said:

 Otherwise it seems that no one of you allows possibility that Ripple's main goal is GET MONEY, not change the world, etc

It seems that you as well do not allow a possibility that most of people here want to make money. The change of the world is a collateral. 

Also, Ripple is a for-profit company. Even Stellar absconded their non-profit status recently and chose to pursue banks. 

On 8/17/2017 at 11:52 AM, drakarys said:

As for BTC - I've none and wont. I'm here 'cause wanted to find a proof for Ripple's usefulness and to see minds of "investors" (forum people).

That is a peculiar train of thoughts. I would think we should be flattered to considered a topic worth investigating. That board time should be quite valuable. 

On 8/17/2017 at 11:52 AM, drakarys said:

Also there are many drawbacks/risks we could look on, like irreversibility of transactions (yes, from bank customer pow this is bad thing), like transaction type embedding in protocol (meaning it is harder to customize and add), like possibility to sign invalid ledger (created purposefully) or simulate ledger, like controlling and hijacking UNLs, creating botnet involved in ledger, etc, but it seems none of u is interested in RESEARCH, just in choosing Monaco penthouse. 

Why on Earth would you plug XRP Leger raw into the bank's ledger? Ripple's messaging layer has a robust set of procedures to establish the correctness of transaction details before it happens. And even if it does happen in error, all you need is for the affected parties to agree on a rollback and simply sand the wrong transaction back. All settled instantly. 

On 8/17/2017 at 11:52 AM, drakarys said:

in which currency u will buy that penthouse?

Quote

4) Those of you thinking that providing IT solution that allows to perform all transactions between all banks is as easy as to create one simple thing as "Ripple network"  - you clearly haven't been near system architecture & design.

In whatever currency the country's law commands to conduct transactions. Surprised you to raise such a question - for a person who is so keen on AML/KYC. 

Someone once said, that anyone thinking to make an electric car without proper infrastructure hasn't been near system architecture & design. Similar was said about space launches. Especially by ULA who charged hundreds of millions /year just for a possibility to make a launch. Now look at Tesla's stock. Look at SpaceX track record.  

On 8/17/2017 at 1:44 PM, drakarys said:

Ripple is a protocol

Where did you get that? "Ripple" is a company. RippleNet is an umbrella term for a solution sold to interested parties. ILP  is a protocol that updates the connected ledgers as per Messaging Layer instructions. RCL or XRP Ledger is a distributed ledger technology. 

AML-KYC -> Any bank can choose to use Authorized_Accounts for their IOUs. Thus only bank-approved customers would ever be able to hold and transact in bank's funds. Seems like someone didn't read farther than the first page of the website, eh? If you read further, you would've found that a devastating majority of FIs used bi-lateral trustlines with authorized_accounts to conduct transactions on RCL. But you didn't, so what the point?

As per hijacking the consensus - any such attempts will be visible. Ripple has been keeping the UNL on a tight control for a reason. The list will be eventually increased to the trusted parties. Some plans of introducing dynamically adjusted UNL are in the works. 

Tagging @JoelKatz just in case. 

Edited by Graine
grammar
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On 8/19/2017 at 1:43 AM, Graine said:

h my, we have a SWIFT board member insider here

not really, although I have lead few IT projects for SWIFT Europe in collaboration with ECB, thus I've developed good relations within. Besides, you even don't have to know it from insiders, as she has indicated approximate leaving/starting times on her Linkedin. 

Edited by drakarys
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