The Ripple (XRP) thread

One of my concerns I had with $XRP skyrocketing was all the free money from many people who got it from BOINC work 5 years back. I made over 1000 coins that way. With prices at $3 it would have very tempting for people to sell them off. I somehow hope that more people are HODLing $XRP as they see at as an investment vs keeping them in forgotten wallets waiting to just cash out.
 
It is dropping now yes, but a articles I read reckon it will pick up to new highs around Sunday/Monday.
 
I.am.Sam said:
whats a small amount ?

i only have like 34 coins ... one day it will be couple thousand dollars i hope :)
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I bought around 200 @ $0.17.
I have since sold 50 of those. I will probably buy 150 or so again if it goes sub $0.50

It is unlikely that 34 XRP will ever be worth the couple of thousand dollars, but in theory it could reach around $250 per coin if it captures 100% of the current market it is after.
But, I think more banks will try to roll their own solutions. Case in point:
https://techcentral.co.za/sa-banks-set-national-blockchain/75598/

Maybe if xrp gets some proper stability, but how that will happen before mass adoption is anyone's guess.
 
Barbarian said:
I bought around 200 @ $0.17.
I have since sold 50 of those. I will probably buy 150 or so again if it goes sub $0.50

It is unlikely that 34 XRP will ever be worth the couple of thousand dollars, but in theory it could reach around $250 per coin if it captures 100% of the current market it is after.
But, I think more banks will try to roll their own solutions. Case in point:
https://techcentral.co.za/sa-banks-set-national-blockchain/75598/

Maybe if xrp gets some proper stability, but how that will happen before mass adoption is anyone's guess.
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That is the problem of the XRP value proposition from day one. Absolutely no reason for any central bank to use XRP/ripplenetwork rather than issuing their own blockchain based centrally controlled coin. This is the big issue with the XRP price so dont be surprised after the current market turn around that XRP continue to drop back down to sub 50c.
 
John Tempus said:
That is the problem of the XRP value proposition from day one. Absolutely no reason for any central bank to use XRP/ripplenetwork rather than issuing their own blockchain based centrally controlled coin. This is the big issue with the XRP price so dont be surprised after the current market turn around that XRP continue to drop back down to sub 50c.
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Typical south african thinking. Naw lets just create our own coin.

The problem with that thinking is that if FNB has their own coin and Standard Bank has theirs, the "problem" that Ripple is trying to solve is quick/easy transfers from one bank to another (cross-country even) almost instantly without having the need for a 7 day waiting period for funds to close because banks are too archaic to email documents and need to courier them etc etc etc

To those panic selling, thank you. I will enjoy my profits once the bulls come
 
envo said:
Typical south african thinking. Naw lets just create our own coin.

The problem with that thinking is that if FNB has their own coin and Standard Bank has theirs, the "problem" that Ripple is trying to solve is quick/easy transfers from one bank to another (cross-country even) almost instantly without having the need for a 7 day waiting period for funds to close because banks are too archaic to email documents and need to courier them etc etc etc

To those panic selling, thank you. I will enjoy my profits once the bulls come
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lmao what does facts have to be with south african thinking unless you think south africans are very factual ?

Any government bank wont issue their sovereign blockchain based currency on a technology they cant control completely. So either you are saying governments will be able to manipulated and block/remove/dowhatever they want when using the ripplenetwork or you are agreeing with me that they wont be using the ripplenework because the ripplenetwork is manipulation proof.

It is either of these cases. But I suppose you might be a typical non south african who thinks that governments are not out to manipulate currency flow and that all the hoohaa I am making above does not apply to government issued cryptocurrencies.

The way governments are likely to enter cryptocurrency space with their own cryptocurrency is to issue their own cryptocurrency centrally controlled by them ie. USACOIN and BRAZILCOIN so when the 2 countries trade with each other they would sell their BRAZILCOIN for USACOIN and vica version. Now settlements can be done instantly coin to coin cross border and each country can continue manipulating their infinite coin supply which no government we have today will ever remove. They all are addicted to massive inflation and debt.

I am still saying XRP is dropping below 50c in near term, it might get pumped along with many other coins once marketcaps start to get a good rally again but if you expect XRP above $3 in the near term you are delusional.
 
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I bought 850.4 xrp for R1000 so I dont really care if it tanks.
 
John Tempus said:
Any government bank wont issue their sovereign blockchain based currency on a technology they cant control completely.
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Heard of the Society for Worldwide Interbank Financial Telecommunication? Not government controlled. It's a cooperative HQ'd in Belgium, used by nearly 12000 financial institutions to send payment orders between members. Ripple is going after that business.
 
Arthur said:
Heard of the Society for Worldwide Interbank Financial Telecommunication? Not government controlled. It's a cooperative HQ'd in Belgium, used by nearly 12000 financial institutions to send payment orders between members. Ripple is going after that business.
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You honestly and I mean honestly believe in the BS that these interbank transfers have no government influence ? If you sincerely believe that to be true then without trying to be too sarcastic I have multiple oceans to sell to you. SWIFT must comply and adhere to laws set by governments where they transact, not sure what point you tried to make or if you actually knew yourself.

Now to be less sarcastic. Any interbank transfers involving the transfer of sovereign fiat currency have absolute government control and influence during the clearance process. There is the reason and the point of decentralized cryptocurrency to not be in any shape or form controllable by a central authority. Ripple is not in this position nor will it ever be by design and by their own predetermined control of the XRP premine(spawned into existence) supply.
 
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Drifter said:
Wonder why Visa and Mastercard are consider using XRP then?
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They are not, its absolute pump BS being spewed since inception of XRP.

It will continue to be BS indefinitely, I will come back here to eat my hat if this ever gets realised.

The moment VISA or MASTERCARD actually decide to move away from their current system to a new blockchain based transfer system is the day they launch their own. The closes it might come to integration might be to buy XRP directly with VISA/MASTERCARD or something to that effect but for VISA/MASTERCARD to internally move transfers around using XRP is a hoax.

Please dont eat up all the info as facts. The only confirmed to-be-tested internally is from a twitter post about moneygram and I suspect this is way more likely for them to see what the fuzz is all about than actually end up using XRP for it.
 
John Tempus said:
They are not, its absolute pump BS being spewed since inception of XRP.

It will continue to be BS indefinitely, I will come back here to eat my hat if this ever gets realised.

The moment VISA or MASTERCARD actually decide to move away from their current system to a new blockchain based transfer system is the day they launch their own. The closes it might come to integration might be to buy XRP directly with VISA/MASTERCARD or something to that effect but for VISA/MASTERCARD to internally move transfers around using XRP is a hoax.

Please dont eat up all the info as facts. The only confirmed to-be-tested internally is from a twitter post about moneygram and I suspect this is way more likely for them to see what the fuzz is all about than actually end up using XRP for it.
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+1

No way that the major payment systems in this world do no 1) develop their technology, or 2) outright buy a technology.
 
f2wohf said:
+1

No way that the major payment systems in this world do no 1) develop their technology, or 2) outright buy a technology.
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Moneygram just partnered with Ripple. That's a major international payment system. Even supported by FNB and Standard Bank.
 
If Ripple didn't have anything to sell to banks, as Tempus suggests, perhaps he can explain why at least two SA banks have Ripple pilots.
AMEX has signed for a test.
Also announced are trials at Commonwealth Bank of Australia, Canadian Imperial Bank of Commerce (CIBC), UBS (the Swiss one), Banco Santander, and Unicredit.
There are about ten dozen other banks, who like those above, know less about banking than John Tempus does.

As I've pointed out several times, there's a difference between the payment protocol and the token.
 
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Publicly known partnerships using Ripple payment protocol:

Accenture[53] • Akbank[54] • American Express[55] • ATB Financial[56] • Axis Bank[54] • Banco Bilbao Vizcaya Argentaria (BBVA)[54] • BMO Financial Group[57] • Cambridge Global Payments[54] • Canadian Imperial Bank of Commerce (CIBC)[56] • CBW Bank[3] • CGI Group[58] • Cross River Bank[3] • Davis + Henderson (D+H)[59] • Deloitte[60] • Earthport[40] • Expertus[61] • eZforex[54] • Fidor Bank[39] • Mitsubishi UFJ Financial Group (MUFG)[54] • Mizuho Financial Group (MHFG)[57] • National Australia Bank (NAB)[57] • National Bank of Abu Dhabi (NBAD)[56] • ReiseBank[56] • Royal Bank of Canada (RBC)[57] • Santander[62] • SBI Holdings[63] • SBI Remit[54] • Shanghai Huarui Bank (SHRB)[57] • Siam Commercial Bank (SCB)[57] • Skandinaviska Enskilda Banken AB (SEB)[54] • Standard Chartered[57] • Star One Credit Union[54] • Tas Group[64] • Temenos Group[60] • UBS[56] • UniCredit Group[56] • Volante Technologies[65] • Westpac Banking Corp[57] • Yantra Financial Technologies[66] • Yes Bank[54]

Publicly known to be experimenting with Ripple:

Aeon Bank[67] • Aomori Bank[67] • Ashikaga Bank[67] • Australia and New Zealand Banking Group (ANZ)[68] • Awa Bank[67] • Bank of England[69] • Bank of the Ryukyus[67] • Bank of Yokohama[67] • Chiba Bank[67] • Chugoku Bank[67] • Commonwealth Bank of Australia[44] • Daiwa Next Bank[67] • DBS Group Holdings[70] • Fukui Bank[67] • Gunma Bank[67] • Hachijuni Bank[67] • Hiroshima Bank[67] • Hokuriku Bank[67] • Hyakugo Bank[67] • Iyo Bank[67] • Juroku Bank[67] • Keiyo Bank[67] • Michinoku Bank[67] • Mizuho Financial Group[67] • Musashino Bank[67] • Nishi-Nippon City Bank[67] • North Pacific Bank[67] • Oita Bank[67] • Orix Bank Corporation[67] • Resona Bank[67] • Royal Bank of Scotland (RBS)[71] • San-in Godo Bank[67] • SAP[72] • SBI Sumishin Net Bank[67] • Senshu Ikeda Bank[67] • Seven Bank[67] • Shimizu Bank[67] • Shinkin Central Bank[67] • Shinsei Bank[67] • Sikoku Bank[67] • Sony Bank[67] • Sumitomo Mitsui Trust Bank[67] • Suruga Bank[67] • The 77 Bank[67] • The Daishi Bank[67] • The Nomura Trust & Banking Co.[67] • Tochigi Bank[67] • Toho Bank[67] • Tokyo Star Bank[67] • Tsukuba Bank[67] • Western Union[32] • Yachiyo Bank[67] • Yamagata Bank[67] • Yamaguchi Bank[67]

From Wikipedia:

Wikipedia said:
On August 19, 2016, SBI Ripple Asia announced the creation of a Japanese consortium of banks in a new network that will use Ripple’s technology for payments and settlement.[74] The consortium was officially launched on October 25, 2016 with 42 member banks.[75] As of July 2017, 61 Japanese banks had joined, representing over 80% of total banking assets in Japan.[76]

On September 23, 2016, Ripple announced the creation of the first interbank group for global payments based on distributed financial technology. As of April 2017, members of the network known as the Global Payments Steering Group (GPSG) are Bank of America Merrill Lynch, Canadian Imperial Bank of Commerce, Mitsubishi UFJ Financial Group, Royal Bank of Canada, Santander, Standard Chartered, UniCredit and Westpac Banking Corporation. The group will "oversee the creation and maintenance of Ripple payment transaction rules, formalized standards for activity using Ripple, and other actions to support the implementation of Ripple payment capabilities."[77][78]
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What does John Tempus know about banking that those above don't know? Or perhaps, what do the above know about banking and payment systems that John Tempus doesn't know?
 
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John Tempus said:
Any interbank transfers involving the transfer of sovereign fiat currency have absolute government control and influence during the clearance process. There is the reason and the point of decentralized cryptocurrency to not be in any shape or form controllable by a central authority. Ripple is not in this position nor will it ever be by design and by their own predetermined control of the XRP premine(spawned into existence) supply.
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I wonder if you know what you're talking about. Neither SWIFT nor most intl payment systems transfer "sovereign fiat currency" as you seem to think. They are payment orders reconciled against nostro/vostro ledgers kept by member institutions.

The only government meddling in SWIFT is through surveillance systems and the rare overreach by the CIA in intercepting/rerouting transactions intended for parties they disapprove of.
 
Public ? No all those are mentioned as internal tests and most from that list is not verifiable outside of random twitter posts. Go read up on what Proof of Concept implementation means then come back and try and teach me something new.
 
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Arthur said:
I wonder if you know what you're talking about. Neither SWIFT nor most intl payment systems transfer "sovereign fiat currency" as you seem to think. They are payment orders reconciled against nostro/vostro ledgers kept by member institutions.

The only government meddling in SWIFT is through surveillance systems and the rare overreach by the CIA in intercepting/rerouting transactions intended for parties they disapprove of.
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You sir are absolutely clueless.

Any swift transfer must be approved by the reserve bank of receiving country. If the reserve bank at any point decide no more transfers in or no more transfers out then it doesnt matter that SWIFT exist, you will not be able to send money or receive money via SWIFT. You can test this yourself cause it seems you have never used SWIFT before, try get an incoming SWIFT transfer and take a look at who phones you before clearing the funds, the receiving bank will call you to comply with the reserve bank monitoring and approval. This is not frictionless transfering of funds AT ALL.

This effectively makes SWIFT government controlled and absolutely pointless in comparison to the actual decentralization of zero control over coin/payment movement.
 
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