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XRP - Ripple (in the pond)

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moXJO said:
The decentralised coins won't be fading out to quickly as the hardliners want to avoid the current banking system.
Click to expand...

True, but these uber-libertarians are a small minority of the population, and its them and the criminal/dark web users that will ultimately want to keep the ponzi going. Mind you I suspect the volatilty largely caused by frantic FOMO speculators with no financial education at all, is something that is not in the interests of the uber-libertarians or criminal/dark web element.

I imagine the volatility may result in more than a few floating bodies in the bays of the drug capitals of the world!
 
Chinese miners, North Korea and Russia apparently heavy in coins as well.

There's a lot of money sloshing around. Normally when it gets like this we get a major crash in the markets. But I suppose cryptocoin is going through that now.
 
Few guys I know got into coins during the crash and weretelling me all about it. They don't know I invest.
New people still jumping on in.
 
Hi All,
Just catching up on some research about this crypto, very interesting and has made the founders instant billionaires out of virtually things air as they hold the vast amount of the currency which is not in the market.

So what is the difference between this crypto and fiat from the perspective, the governuts can print money and while these guys cannot print money indefinitely, they have in contrast printed the all the money and just hold it in reserve, ie until the price goes up substantially.

While I can see the broader application of the their business with banks, I cannot see how the banks will use XRP as a form of exchange when it has nothing backing it.

Please help me with my confusion. VISA need to transfer AUD to USD, where does XRP fit in, is it two trades, AUD to XRP, XRP to USD. Why would you do this when the fluctuations are massive and who would provide a hedge for it?

While I don't think the technology is a scam, I have to give merit to the founders who have become instant billionaires out of thin air. Wish I had the knowledge to pull off something like this, take a public available technology, create a virtual currency with it, create a lot of coins, hold the majority back from the market, releasing just small % to the market, pump it to the masses that the major whos who of banking are going to use it somehow (yet to see where the revenue is coming from), watch the price increase, slowly release your holdings into the market without collapsing prices and covert those holdings back into USD.

Instant billionaire, or within a couple of years.

Brilliant move if you can do it.
 
The tech is good. If the South East Asia thing falls over then xrp will be up to $hit.
All these coins are valued on fear and greed. And possibly now govt/ whale manipulation.
 
All cryptos are limited as they will get to a point where mining them will no longer create them. So Ripple isn't that different ultimately it just created them all up front and they slowly leak them into the public market.
Ripple is wise in holding back 51% steak because it prevents it from being controlled by a third party. I believe Bitcoin is now majority or substantially owned enough by the Chines and because there is no regulation they can manipulate the price by buying and selling to themselves to create the market and fool people against' news events into thinking this or that is driving the market, then at opportune moments buy or sell substantial amount against the market sentiment and change it!
There are some other factors like the South Korea vs North Korea issues which is why I also think South Keaps banning and unmanning cryptos. North Korea may have been buying on Russian or Chinese platforms then selling into South Korea where it was consistently trading at a 30% premium! It was a money machine. South is trying to stop it!
 
Thanks Notting for the reply.

So as I thought, the founders of Ripple are brilliant and have made themselves billionaires from essentially a technology that anyone can access for free.

Ripple coin I see as bulls--t, but the company working with banks to implement blockchain technology might have some merit
 
Ripple has distributed ledgers to verify transactions not a blockchain like bitcoin, i think ripple is easier for big institutions to use when i comes to transfers due to all the certainty around it, market makers can set prices so as to totally eliminate ripple price fluctuation risk, i imagine that there is little to no regulatory burden to transferring ripple as compared to hard currency.

In a way the banks are backing ripple (behind it) so thus supporting it
 
So_Cynical said:
In a way the banks are backing ripple (behind it) so thus supporting it
Click to expand...

This is where once again where I get confused.

Where is the proof that the banks are supporting it?

Testing it, investigating it, is a long long long way away from using it and supporting it.

What I should further say is that the banks are not supporting the currency, but rather the Ripple technology and business which is vastly different.
 

Yeah im slowly getting my head around it..following up the above.

Ripple payment protocol wiki) said:
XRP is the native currency of the Ripple network that only exists within the Ripple system.
Click to expand...
https://en.wikipedia.org/wiki/Ripple_(payment_protocol)

http://www.sbigroup.co.jp/english/news/pdf/2017/0302_a_en.pdf

The way i see it - XRP is the native currency, doesn't mean that the banks have to use it but its there and part of the ripple network/solution...thats the Ripple spin on it anyway.

https://ripple.com/insights/forty-seven-japanese-banks-move-towards-commercial-phase-using-ripple/
 
You have just nailed it Canoz, it is the Ripple system or Ripple technology that the banks are interested in, not necessary the currency. The currency allows the founders, to found the development of the technology which they can then sell/lease to the banks.

It is brilliant, the business model that is.

How I see it, you have a group of very smart and knowledgeable people who saw the opportunity to create something that in current regulated markets would put them in goal and run with it, to find a much bigger business opportunity, the implementation in the banking system of a new technology to increase the speed and yet to be proven security of financial transactions.

"Brad Garlinghouse, CEO of Ripple, announced at the beginning of the year that 3 of the top 5 money transfer companies in the world would be starting a pilot program with XRP. That announcement predated the partnership of MoneyGram, giving ample evidence to believe that two more companies are waiting to announce their partnership."

I do those these statements, the CEO (speaks the truth for all without benefiting oneself) states a pilot program, a test, hardly implementation in the market place, and further give ample evidence that others wants it.

These guys have nailed how to make money out of thin air, better than the central banks without having to deal drugs.

BRILLIANT

An further to add, do the banks really want me to be able to transfer my money overseas in seconds when they can hold it for a day and use it on the overseas money markets for their own gain.

And further to add, would I feel secure transferring my $100,000 AUD to my overseas supply via a cypto currency that is unregulated, who I am going to approach if something goes wrong, last I check it is a bit hard to find a physical address to approach someone in the clouds.
 
satanoperca said:
An further to add, do the banks really want me to be able to transfer my money overseas in seconds when they can hold it for a day and use it on the overseas money markets for their own gain.
Click to expand...

I am sure they dont want you to, but they have no choice now. The disrupters like Ripple mean that the traditional banks will have to provide these services, of course they have no need of Ripple, Blockchain or Cryptos in order to that, its simply a business decision.
 
Ripple has xrapid which is for liquidity. So thats the xrp coin and is used/trialled by moneygram and some banks.

Here some info:

xRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity.
 
Again, is this your theory or is there someone tangible behind this comment. Just asking.

So far all I am reading is a whole lot of bull**** by people who have little understanding about how transactions accrue and the underlying technology and systems required to support them.

But as a trader chasing a bubble can be very profitable.
 
Thats from the ripple website. Forget 2nd hand info.

https://ripple.com/solutions/source-liquidity/


https://mobile.twitter.com/JoelKatz

https://mobile.twitter.com/bgarlinghouse

https://mobile.twitter.com/Ripple
 
David Schwartz Chief Cryptographer at Ripple Labs and ripple founder can explain it all to you.
~
~
 
Thanks for the reply MoXJO, but quoting from the source, hmmm, Ripple must tell the truth.

from your links
"xRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity"

Wow, my marketing guys can write this stuff day in day out. How does it lower the capital requirements for liquidity.

Maybe by creating your own currency out of thing air and no real cost.

"xRapid uniquely uses a digital asset, XRP, to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments."

How does it lower costs? The rest is marketing crap trap.

Mind you, it is a impressive website, well constructed, with great graphics and information that sounds impressive but has little meaning.

Next:
David Schwartz
@JoelKatz
Improving global settlement with blockchain tech. Chief Cryptographer at Ripple; one of the original architects of the XRP network.

One must always trust someone who works for the company that is spruiking their wares
Brad Garlinghouse
@bgarlinghouse
CEO at Ripple

CEO always tell the truth, don't they

Ripple
@Ripple
Global real-time settlement.

Thank-you for providing these informative links and confirming what I thought, there are so many great fools out there to give up their hand earned dollars for an idea without substantiated proof of concept to chase an easy dollar.

The GUYS are Ripple at GENIUSES, they have played the world market and so far won.

Just to give you thought! Don't you think that someone in the entire banking community might also have tried to find a way of increasing customer satisfaction through speed of payment before a company like ripple thought that a crypto currency was a way to sell a technology to the bankers.

On one last note for the evening, I do see XRP going higher
 
The banks trialing (2016 list)



SBI Ripple Asia Banks

  • 77 Bank
    • “A Japanese regional bank headquartered in Sendai, Miyagi Prefecture. As the designated financial institution of the prefecture, the city, and many other cities and towns throughout the prefecture, it performs duties such as holding deposits for public money and handling payments. It is also the biggest regional bank in the Tōhoku region.”
    • Press: https://www.77bank.co.jp/pdf/newsrelease/16101400_block.pdf
  • Aomori Bank
    • “A Japanese regional bank headquartered in Aomori, Aomori Prefecture, in the Tōhoku region of northern Honshū. The Aomori Bank provides financial services for individual and corporate customers, including deposits, loans, securities trading and investment, foreign exchange, and bond underwriting and registration services as well as credit card services.”
    • Press: http://www.a-bank.jp/contents/cms/article/20161003004/index.html
  • Ashikaga Bank
    • "Deposit business, lending, securities trading business and investment business, exchange business, etc. Net income: Stand-alone: 19.7 billion 89 million yen (Year ended March 31, 2015)"
    • Press: http://pdf.irpocket.com/C0060/xAmX/Y6EB/Zpyq.pdf
  • Awa Bank
    • "The Awa Bank, Ltd. is a Japan-based regional bank, primarily engaged in the provision of financial services, with a focus on banking services. The Bank has two business segments. The Banking segment is engaged in deposit, loan, securities investment, and domestic exchange and foreign exchange businesses, as well as the sale of public bond, investment trust and insurance products, the brokerage of financial products and the provision of trust services, in addition to the provision of credit guarantee and credit card services."
    • Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html
  • Bank of Yokohama
    • “A Japanese regional bank, operating mainly in Kanagawa Prefecture and southwestern Tokyo. It is one of Japan's leading banks, the seventh largest bank in Japan by market value (FY 2012). It is listed on the Nikkei 225."
  • Bank of The Ryukyus
    • "Founded in 1948 by order of the U.S. military administration of Okinawa to serve as a central bank for occupied Okinawa, and was originally modeled after the Federal Reserve System of the United States and the Central Bank of the Philippines. During the U.S. administration, it was empowered to issue currency and oversee the financial administration of Okinawa in addition to serving as a commercial and retail bank."
    • Press: http://www.ryugin.co.jp/news/8878.html
  • Chiba Bank
  • Chugoku Bank
    • "The Company operates in four business segments. The Banking segment is engaged in the deposit, loan, marketable securities and investments, domestic and foreign exchange, trust business, as well as debt guarantee and bonds underwriting business, the sale of public bond including government bond and securities investment trust, the financial instruments brokerage business, and investment banking business including merger and acquisition (M&A)."
    • Press: http://www.chugin.co.jp/up_load_files/news_release/1414_pdf_1.pdf
  • Daishi Bank
  • Daiwa Next Bank
    • "Daiwa Next Bank, Ltd. offers commercial banking services in Japan. The company offers services such as ordinary deposits, time deposits, payment services, fund transfer and settlement, foreign currency deposit, negotiable deposit, account transfer, and loans."
    • Press: http://www.bank-daiwa.co.jp/info/2016/1003_2628.html
  • Gunma Bank
    • "A regional bank that operates in three business segments. The Banking segment is engaged in the deposit, loan, marketable securities and investments, as well as domestic and foreign exchange businesses; the sale of public bonds, investment trust and insurance products, as well as the trust business."
    • Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html
  • Hokuriku Bank
    • "Hokuriku Bank is dealing with non-performing loans. A Japanese regional bank headquartered in Toyama, Toyama; Hokoriku refers to a greater region in Japan that encompasses Fukui, Ishikawa, and Toyoma prefectures. In addition to the Hokuriku region, the bank has branches in Kyoto, Osaka, Niigata, Nagano, Tokyo, Kanagawa, Gifu, Aichi, and Hokkaidō. The bank also operates overseas representative offices in Shanghai, Singapore, and New York City."
    • Press: http://www.hokugin.co.jp/info/files/pdf/810.pdf
  • Juroku Bank
    • "The Juroku Bank is industriously working to serve its customers in the prefectures of Gifu and Aichi, both part of the industrial region of Chubu. The regional bank has about 150 offices in its primary service areas, as well as offices in Osaka and Tokyo, and overseas offices in Hong Kong and Shanghai."
    • Press: http://www.juroku.co.jp/release/post_178.html
  • Keiyo Bank
  • Michinoku Bank
    • "A Japanese bank that is headquartered in Aomori, Aomori Prefecture. The name “Michinoku” is distinctive in that it was the first use of hiragana in the name of a Japanese bank. Michonoku Bank, while focused on the Tōhoku region, has a network of branches and subsidiary companies that expands beyond the region. In Japan, Michinoku has offices in Hokkaidō, Akita, Iwate, Miyagi, and Saitama Prefectures, as well as a branch in Tokyo."
    • Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html
  • Mizuho Financial Group
    • "It holds assets in excess of $2 trillion US dollars through its control of Mizuho Bank, Mizuho Corporate Bank, and other operating subsidiaries. The company's combined holdings form the second largest financial services group in Japan. Its banking businesses rank the third in Japan after Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, and the ninth in the world by market capitalisation as of November 2009. It is the 59th largest company in the world according to Forbes Global 2000 rankings. Its shares have a primary listing on the Tokyo Stock Exchange."
    • Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html
  • Nishi-Nippon City Bank
    • "The Nishi-Nippon City Bank, Ltd. engages in the provision of banking and financial services. It operates through the Banking and Other segments. The Banking segment provides deposit, loan, domestic and foreign exchange, trading securities, securities investment, corporate bond trustee and registration, and agency operation services."
    • Press: http://www.ncbank.co.jp/nr/images/2016/161003.pdf
  • Nomura Trust and Banking Company
    • "The Nomura Trust and Banking Co., Ltd. offers trust and banking products and services. The company also offers investment advisory and management services. The company was founded in 1993 and is based in Tokyo, Japan."
    • Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html
  • North Pacific Bank
    • "North Pacific Bank has total funds of 6 trillion 841.5 billion yen. Its main branch is in Sapporo, Hokkaido. Within Hokkaido it has 188 branches and in Tokyo it is developing operations through one retail branch. It offers comprehensive financial products and services to a wide array of customers, from individuals to corporations."
    • Press: http://www.hokuyobank.co.jp/newsrelease/pdf/20161003_070664.pdf
  • Orix Bank
    • "Orix offers leasing, lending, rentals, life insurance, real estate financing and development, venture capital, investment and retail banking, commodities funds and securities brokering. In addition to expanding its offerings, Orix has also expanded globally, offering financial services in North America, Asia, the Middle East and Northern Africa."
    • Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html
  • Resona Bank
    • "This entity served as the financing arm of the Nomura zaibatsu founded by Tokushichi Nomura. Its securities brokerage operation separated in 1926 to form Nomura Securities, now Japan's largest securities company. The bank was renamed Nomura Bank in 1927 and became the main bank for the Osaka Prefecture government in 1929, immediately following the 1929 stock market crash."
    • Press: http://www.nikkei.com/article/DGXLZO07911570S6A001C1NN7000/
  • San-In Godo Bank
    • "The San-in Godo Bank, Ltd. is a regional bank mainly operating in Shimane and Tottori Prefectures. The Bank offers banking services including deposits, loans, foreign exchange transactions, and securities brokerage."
    • Press: http://www.gogin.co.jp/about/press2016/topi16-093.pdf
  • Seven Bank
    • "On March 22, 2011, Seven Bank and Western Union started the Seven Bank International Money Transfer Service as part of their mobile and internet banking services. On July 19, 2011, the service was expanded to Seven Bank ATMs, which has about 16,000 locations nationwide with English and Japanese telephone customer support."
    • Press: http://www.sbigroup.co.jp/news/2016/1025_10458.htm
  • Shinkin Central Bank
    • "Central financial institution in Japan for the cooperative regional financial institutions, known as shinkin banks, the Shinkin Central Bank (hereinafter the SCB) occupies a well-established position in Japan’s financial industry. Shinkin banks currently hold funds totaling some ¥134 trillion (around US$1,195 billion)."
    • Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html
  • Shinsei Bank
  • Shikoku Bank
    • "Shikoku Bank is primarily a provider of banking services to customers in Japan's Shikoku prefecture. The bank's financial services include both commercial and retail banking and lending among others. Shikoku Bank serves local businesses, individuals consumers, and public agencies through about 110 branches."
    • Press: http://www.shikokubank.co.jp/newsrelease/article.php?id=748
  • Shimizu Bank
    • "The Shimizu Bank, Ltd. was established in 1928 with the merger of six banks and has always been a valuable partner of the local community. The Bank has its headquarters in Shizuoka City, which has the Shimizu Port, the largest in the prefecture. Shimizu Port, located halfway between Tokyo and Osaka, plays a significant role in international trade and economic development."
    • Press: https://www.shimizubank.co.jp/news/detail/post_99.html
  • Sony Bank
    • "Sony Bank is a Japanese commercial bank established in April 2001. It operates as a direct bank and has no physical branches or ATMs. It is a subsidiary of Sony Financial and a member of the Japanese electronics company Sony."
    • Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html
  • Tochigi Bank
    • "Founded in 1942, the Tochigi Bank offers banking services to the Tochigi Prefecture in Japan (located about 60 miles north of Tokyo). Through more than 90 branches and 4 consolidated subsidiaries, Tochigi Bank offers conventional financial services products such as savings, lending, portfolio advisement, leasing, housing loan guarantees, credit cards, and foreign and domestic exchange services."
    • Press: http://www.tochigibank.co.jp/pdfdata/news20161004144910-1.pdf
  • Toho Bank
    • "A Japanese regional bank headquartered in Fukushima, Fukushima Prefecture, in the Tōhoku region of northern Honshū. The Toho Bank provides financial services for individual and corporate customers, including deposits, loans, real estate, securities trading and investment, foreign exchange, and bond underwriting and registration services as well as ATM and credit card services."
    • Press: http://www.tohobank.co.jp/news/20161003_004597.html
  • Yachiyo Bank
    • "The company offers savings and time-deposit products, loans, credit card and guarantee services, insurance products, Internet banking services, and other banking related services. It operates through 84 branches."
    • Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html
 
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