Banks have 'No Intention' to use Ripple's XRP token

damberg

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Activity: 658

Merit: 108

Quote from: Gnosis7777 on January 26, 2018, 04:22:54 PM

Bloomberg News confirmed that it has spoken to various multi national banks, who all had the same thing to say:

'We have No Intention of using the XRP token for Bank Transfers.'

It appears, Prima Facia, that 'some' Banks may have agreed to 'Test' certain 'Network Features' of Ripple's new network, but Bloomburg couldn't find a single bank that would be using the publicly traded XRP token to initiate bank transfers.

Blockchain interuption in banking industry is far from being implemented in production. Some features might be (or have been) tested, but cost of transition to any "general ledger" technology is significantly higher than revenues and value added of the transition. That being said, it is more probable to see a brand new "hipster" bank to pioneer blockchain technology in full scope.

Merited, btw.

Mohamme

member

Activity: 224

Merit: 10

The Ripple is a centralized token.
But the Ripple price is very volatile, so I think that Ripple is not a good choice for the bank.
Instead of using the Ripple, countries' Banks will study the block chain technology themselves.

balrog

member

Activity: 448

Merit: 37

American banks will not use ripple tokens , fine . What about EU banks ? I think they have the same position . I wouldn't be surprised if there was no real banks , which have intension to use ripple token . Ever . Because , banks have intention to use a RipplePay system , not the ripple token . That's a different things . Everything about xrp token is manipulation for enrichment , but when the most part of xrp holders will realise it , it will be too late to save their investments.

CryptoBeefy

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Hasnt the rumour been that banks would use XRP for a while now? Still no changes, i'm sure there will be with banks down the line but will they opt for a system already in place or look to develop their own?

TheIO

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Activity: 33

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That should put a big halt into XRP's growth for the short term. I wonder how Ripple (the company) will react to this news, they always seem to deliver some seemingly good news on a weekly basis.

Crypdon

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Banks don't have a need for ripple, money transfer via banks nowadays is fast enough. Would would they need the extra work from a volatile system which would probably cost them more as they make up the losses when the value drops. Ripple is no more stable than bitcoin, if they are going to trade it will probably be with something like tether

Gnosis7777

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Quote from: hesham51 on January 27, 2018, 08:01:53 AM

For Banks and Others big companies, the will try to get in block chain technology , I think the tokens who built as protocol or even as a network have a big chance over those who produce services, so I think Ethereum , Neo, Tezos,... etc, will acquires more value .

JP Morgan is working on it's own blockchain, it's been named Quorum.

https://www.jpmorgan.com/global/Quorum

Yes, banks are interested in blockchain, however they will (and are) create a private blockchain 'based' on pre-existing protocols, like Ethereum, Neo, or even Ripple. (However they will be not using the same network as the rest of us, think of it as a private hard-fork.)

This is a common misconception (and in my opinion, simply marketing fraud) with these press releases and corporate crypto announcements, it appears none of these companies will be using the publicly traded tokens, they will instead have their own private versions of the blockchains.

I've seen the same thing playing out with the 'Ethereum Enterprise Alliance', none of the companies are using the publicly traded ETH token, or even the Ethereum network, instead they are developing private blockchains based on Ethereum smart-contracts; as seen in the above JP Morgan Quorum example.

bountyjunkie

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WEICROWD.COM - ICO Tech, Funding & Exchange

Ripple is a middleman currency. Centralized it is and work against the very premise of blockchain.

hesham51

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For Banks and Others big companies, the will try to get in block chain technology , I think the tokens who built as protocol or even as a network have a big chance over those who produce services, so I think Ethereum , Neo, Tezos,... etc, will acquires more value .

lekam0213

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Quote from: Gnosis7777 on January 26, 2018, 04:22:54 PM

https://www.youtube.com/watch?v=NhieGgf219Y

Bloomberg News confirmed that it has spoken to various multi national banks, who all had the same thing to say:

'We have No Intention of using the XRP token for Bank Transfers.'

It appears, Prima Facia, that 'some' Banks may have agreed to 'Test' certain 'Network Features' of Ripple's new network, but Bloomburg couldn't find a single bank that would be using the publicly traded XRP token to initiate bank transfers.

Of course, this is logical, why would a bank agree to use a publicly traded security token that may swing in value exponentially on a daily basis to move private, secure, customer funds?

Answer: They wouldn't.

At best, the XRP token is a security that would be traded by Banking Brokerages or Clearing Houses on demand for customers akin to a stock order.

A bank would NEVER, legally, or even morally, engage in risking customers pecuniary account values on a publicly traded, wildly oscillating security which could potentially jeopardize clients funds values.

Sorry to anyone who may have bought the hype, but it appears Ripple may have been engaging in Marketing Fraud with claims that banks would be using the publically traded XRP token to initiate private bank transfers.

If someone can prove Bloomberg wrong, and can provide an actual, official statement from a BANK, and not just a talking point from a Ripple press release, then we'd love to see it.

Until then: It seems Ripple is BUSTED.

Really, I am one of those who think that ripple was used by banks but this thread is an eye opener to me and made me realize that is was really all talk and with an volatile currency the bank would not use it.

lutcor

jr. member

Activity: 448

Merit: 1

Well, if so, then I bring my regrets to the holders of the Ripple token, because here, as it were, the situation is very bad. Everyone was counting on the fact that Ripple will still be in demand in the banking sector, and now I do not know why then this project is needed at all?

mirmidon

newbie

Activity: 5

Merit: 0

This all is valid only for USA! Many other bank outside USA will test Ripple this year.

Check this out from yesterday:
https://presse.credit-agricole.com/actualites/le-credit-agricole-experimente-la-technologie-blockchain-pour-les-virements-transfrontaliers-b914-9ed05.html

I think they will try to sink the price to 0.8$ with all this bad news and FUDs to buy it cheap and then in the middle of the year the price will explode.

Gnosis7777

member

Activity: 131

Merit: 18

Sure enough, I've found the law that would prevent a bank from using an oscillating security such as Ripple for fund transfers, further codified in the CFR.

https://www.law.cornell.edu/cfr/text/12/1005.1

Quote

§ 1005.1 Authority and purpose.
(a)Authority. The regulation in this part, known as Regulation E, is issued by the Bureau of Consumer Financial Protection (Bureau) pursuant to the Electronic Fund Transfer Act ( 15 U.S.C. 1693et seq.). The information-collection requirements have been approved by the Office of Management and Budget under 44 U.S.C. 3501et seq. and have been assigned OMB No. 3170-0014.

(b)Purpose. This part carries out the purposes of the Electronic Fund Transfer Act, which establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer and remittance transfer services and of financial institutions or other persons that offer these services. The primary objective of the act and this part is the protection of individual consumers engaging in electronic fund transfers and remittance transfers.

[ 76 FR 81023, Dec. 27, 2011, as amended at 77 FR 6285, Feb. 7, 2012]

https://www.law.cornell.edu/cfr/text/12/1005.3

Quote

§ 1005.3 Coverage.
(a)General. This part applies to any electronic fund transfer that authorizes a financial institution to debit or credit a consumer's account. Generally, this part applies to financial institutions.

(c)Exclusions from coverage. The term “electronic fund transfer” does not include:
(4)Securities and commodities transfers.

Using an oscillating security such as the publicly traded XRP token for Electronic Fund Transfers would be absolutely illegal in the US.

imteaz

full member

Activity: 532

Merit: 107

I think Ripple was too much hype in December. Tons of people bought it blindly, even seen people bought in $2.50 per coin like crazy. Now look at the price, around $1.20 and it might go down even more. I knew bank will never use XRP coin neither coin base would add Ripple. That's why you see price is going even further down.

jdbao

full member

Activity: 280

Merit: 100

My impression of ripple is:
This is the first coin accepted by the bank,
This coin is not decentralized,
This coin has risen many times.
So, anyway, I'd rather expect the ripple to develop better, after all, there are some scenario for this coin.

tdeannova

full member

Activity: 504

Merit: 102

it turns out my predictions have been true, that the issue of the bank yesterday just a ripple strategy to raise popularity and attract the attention of the world of crypto. we'll see in the year whether the ripple is more developed and can bring new innovations.

sumanto

full member

Activity: 462

Merit: 100

Quote from: Gnosis7777 on January 26, 2018, 04:22:54 PM

https://www.youtube.com/watch?v=NhieGgf219Y

Bloomberg News confirmed that it has spoken to various multi national banks, who all had the same thing to say:

'We have No Intention of using the XRP token for Bank Transfers.'

It appears, Prima Facia, that 'some' Banks may have agreed to 'Test' certain 'Network Features' of Ripple's new network, but Bloomburg couldn't find a single bank that would be using the publicly traded XRP token to initiate bank transfers.

Of course, this is logical, why would a bank agree to use a publicly traded security token that may swing in value exponentially on a daily basis to move private, secure, customer funds?

Answer: They wouldn't.

At best, the XRP token is a security that would be traded by Banking Brokerages or Clearing Houses on demand for customers akin to a stock order.

A bank would NEVER, legally, or even morally, engage in risking customers pecuniary account values on a publicly traded, wildly oscillating security which could potentially jeopardize clients funds values.

Sorry to anyone who may have bought the hype, but it appears Ripple may have been engaging in Marketing Fraud with claims that banks would be using the publically traded XRP token to initiate private bank transfers.

If someone can prove Bloomberg wrong, and can provide an actual, official statement from a BANK, and not just a talking point from a Ripple press release, then we'd love to see it.

Until then: It seems Ripple is BUSTED.

that you only get data from some banks only because there are other banks also seem to have glanced at the technology used by XRP and XRP seems to be good if they can cooperate with all the banks in the world then it will trigger to make XRP price increase.

tk808

legendary

Activity: 1512

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Invest in your knowledge

Banks will use their own scamcoins, not someone eles's scamcoin. It doesn't take a monkey to figure this out

iamTom123

hero member

Activity: 490

Merit: 501

You can be right and I think we have the same conclusion. Now, for Ripple to be effective, maybe we need new banks on the blockchain though I am not so sure if this can be legally done. I have seen some ICOs purportedly establishing their own banks online with the use of the blockchain technology but I still have to see one which can claim to be operating in any capacity as a bank. Maybe this can happen in the future. What happened to Ripple was purely a big hype that is why it is now sadly retreating in value. So much for its ambition to be replacing Bitcoin then.

AnonyMyPe

newbie

Activity: 8

Merit: 0

Quote from: stretcharmstrong on January 26, 2018, 07:37:59 PM

The banks are already developing their own crypto, what they require is the blockchain technology, they are not interested in adopting a coin.

I know that IBM are working with a number of big firms to roll out block chain payment capability.

yes and they've a partnership with Stellar for that.

Topic: Banks have 'No Intention' to use Ripple's XRP token (Read 339 times)