Author

Topic: Clearing up about Ripple (XRP) (Read 1363 times)

full member
Activity: 216
Merit: 250
August 23, 2017, 11:10:22 AM
#10
https://xrphodor.wordpress.com/2017/08/23/xrp-the-digital-asset-for-mainstream-investors/
I believe strongly that when mainstream investors, fund managers, and investment bankers start entering the crypto market in bulk in the last half of 2017, they will find limited choices for reputable crypto-currencies with solid use cases. XRP is positioned perfectly with its US Company - Ripple - and its solid use cases, to capitalize!
Xrp and his brother str is focus on bank. But think about Swift make their own blockchain... All bank use swift now.. and they have customer alrealdy.. xrp need fast grow up or will be kill by Swift
sr. member
Activity: 616
Merit: 256
August 23, 2017, 10:57:05 AM
#9
This is what i understand that only ~30 percent of total XRP circulating supply is for trading and exchanges, larger part of this is for R&D and Ripple Blockchain, Networks and ecosystem support, the rest are for banking and fintech partners. Banks don't need XRP coins they only want is Ripple as a prototype for banking specific blockchain.
sr. member
Activity: 279
Merit: 250
August 23, 2017, 09:51:48 AM
#8
Another load of Ripple fud from a total new account.

Banks are in the business of charging fees not pay them thats why they make the own projects, research "Project Ubin and Project Jasper".
The projects just copied XRP's code and use the own system.

Quote
38 Billion XRP are open for you and me to buy on the open market
No, 38 Billion are not available to trade.  Jebs 9 Billion are included in Marketcap calculation but he can not sell them now aswith they are not freely trade-able as is the case with many of the circulating supply. Marketcap is proven wrong. Less than 10% is free available.

Ripples past xrp sales for the last 2 months is here. Also if the same sales speed is used as Bitcoin right now 24 million would need to be sold daily. Only tax payments would prove how many really have been sold.
https://bitcointalksearch.org/topic/m.20734525



So it is now I should delete your post like all the other silly selfmoderated anti-Ripple threads you made?
Sorry, but Im not sinking that low.  Wink

But Im happy to tell you that you dont seem to understand why banks would want to reduce costs for transactions. See how I highlighted banks? Thats because when cost goes down for them, it doesnt nescessary mean it goes down that much for the customer in that bank either....More profit for banks and more reason to jump onboard with XRP.
Second, cost is just one thing Ripple does much better than the transactions today. Speed is just as important. 10 seconds instead of days...Now we are talking. There are demos of a banks sending funds to each other with Ripple on Youtube. Really impressing stuff.

If you have followed the news about Ripple instead of trying so hard to spin anything negative, you would have known that Ripple have already siezed the XRPs Jeb owned. They blocked his attempt to sell them. Years ago..So there are still a total of around 100B XRPs available in the ecosystem.

Why would a bank trust the ripple network when they can just create their own?

Sure using the ripple network would be cheaper for them, you know what would be EVEN cheaper? Cloning the ripple network and making "wells fargo coin" so all fees are paid to the bank instead.

I see zero reasons why any of the large banks in the world would chose to use the actual ripple network, nor do I see any reason for XRP to have that high of a market cap. The technology is good yes, but that doesn't make the coin behind the technology any more valuable.

Why should banks trust random people on the internet with something that has been entrusted with the banking industry for 100's of years?? That's just delusional. We're talking billions of dollars in corporate & customer funds, even if it's just for transfers, they can't & wouldn't take the exchange rate risk.
It makes 100% more sense to clone the technology and tailor it to your current needs, while keeping all the fees in the process.

I'd imagine if a bank ever creates a coin, it will be backed by good ole fiat currency simply because that will just work easier for their business model.

#1: all deposits/withdraws/transfers are currently made in regulated fiat currency, so why would you to mix in "took 1m regulated USD, transferred 1m worth of USD in unregulated XRP @ current exchange rate, lost 100k on XRP price movements", because at the end of the day both sides of the trade need to get the same amount of value.

Its much easier to just create your own coin and say for each coin I have I also have 1 USD to back it up.  If you send me 1 WFcoin to deposit, you get 1 USD in your account. It would simply be a "place holder" for 1 usd worth of value that is universally accepted among BANKS and no one else..., and any bank who received this coin would automatically know its a "IOU" for 1 usd and credit 1 usd to the customer account.

#2: If giant banks used a secondary currency that was freely traded on the market, that opens them up to manipulation by outside actors. This type of risk is something that banks WILL NOT stand for, I couldn't imagine depositing my funds and then hearing "sorry sir, after we transferred your xrp it went down 10%" rofl.

or "hey guys, I hear WF is transferring a large amount today, let's buy XRP up before the trade & make it higher than it should be so we can sell it @ a profit and then watch the market float back to normal valuation... who cares if we are taking value directly out of the bank itself and putting it into our pockets, that's what traders do!"

#3: The government would never give approval for the use of a publicly-controlled currency for non-crypto transactions dealing with the average joe. It's just simply more trouble than it is worth. I couldn't imagine trying to explain to my grandpa that you lost his "actual money" because of some weird internet money transfer system that fluctuates in price.

I swear people just don't think too deeply about stuff do they? We've used banks all ours lives, put yourself in their shoes and see how stupid all of this sounds haha.

Trade XRP to make profit... Don't drink Jeb Jone's Kool-aid though, or anyone elses for that matter... LOL


jr. member
Activity: 168
Merit: 1
August 23, 2017, 08:25:44 AM
#7
Hmm... Interesting. I'm calling it early though -> The announcement in a few days regarding Ripple won't be anything terribly game-changing or impactful imo. They hype it up, price jumps, there's a dump -> rinse and repeat lol

The upswing began almost a day before Ripple started the countdown though. And its been nothing but good news heavily covered by various news sites and the value didnt even move. So this is probably a correction rather than value increased by hype. Ripple belongs in the 0.4 now atleast.

Ripple network isnt even live yet, they have said it happens this year. Which the countdown could be about.

Watch the value go to the moon when it goes live  Cool
newbie
Activity: 27
Merit: 0
August 22, 2017, 05:04:52 PM
#6
Hmm... Interesting. I'm calling it early though -> The announcement in a few days regarding Ripple won't be anything terribly game-changing or impactful imo. They hype it up, price jumps, there's a dump -> rinse and repeat lol
jr. member
Activity: 168
Merit: 1
August 22, 2017, 04:56:21 PM
#5
Another load of Ripple fud from a total new account.

Banks are in the business of charging fees not pay them thats why they make the own projects, research "Project Ubin and Project Jasper".
The projects just copied XRP's code and use the own system.

Quote
38 Billion XRP are open for you and me to buy on the open market
No, 38 Billion are not available to trade.  Jebs 9 Billion are included in Marketcap calculation but he can not sell them now aswith they are not freely trade-able as is the case with many of the circulating supply. Marketcap is proven wrong. Less than 10% is free available.

Ripples past xrp sales for the last 2 months is here. Also if the same sales speed is used as Bitcoin right now 24 million would need to be sold daily. Only tax payments would prove how many really have been sold.
https://bitcointalksearch.org/topic/m.20734525



So it is now I should delete your post like all the other silly selfmoderated anti-Ripple threads you made?
Sorry, but Im not sinking that low.  Wink

But Im happy to tell you that you dont seem to understand why banks would want to reduce costs for transactions. See how I highlighted banks? Thats because when cost goes down for them, it doesnt nescessary mean it goes down that much for the customer in that bank either....More profit for banks and more reason to jump onboard with XRP.
Second, cost is just one thing Ripple does much better than the transactions today. Speed is just as important. 10 seconds instead of days...Now we are talking. There are demos of a banks sending funds to each other with Ripple on Youtube. Really impressing stuff.

If you have followed the news about Ripple instead of trying so hard to spin anything negative, you would have known that Ripple have already siezed the XRPs Jeb owned. They blocked his attempt to sell them. Years ago..So there are still a total of around 100B XRPs available in the ecosystem.
sr. member
Activity: 1176
Merit: 297
Bitcoin © Maximalist
August 22, 2017, 04:36:13 PM
#4
Another load of Ripple fud from a total new account.

Banks are in the business of charging fees not pay them thats why they make the own projects, research "Project Ubin and Project Jasper".
The projects just copied XRP's code and use the own system.

Quote
38 Billion XRP are open for you and me to buy on the open market
No, 38 Billion are not available to trade.  Jebs 9 Billion are included in Marketcap calculation but he can not sell them now aswith they are not freely trade-able as is the case with many of the circulating supply. Marketcap is proven wrong. Less than 10% is free available.

Ripples past xrp sales for the last 2 months is here. Also if the same sales speed is used as Bitcoin right now 24 million would need to be sold daily. Only tax payments would prove how many really have been sold.
https://bitcointalksearch.org/topic/m.20734525

jr. member
Activity: 168
Merit: 1
August 22, 2017, 04:13:58 PM
#3
people keep saying that banks are using the blockchain technology of Ripple company, not using the XRP coin. Is that true?

I understand that they are using/will use the coins in Escrow. Is that true?

XRP is required for multi-currency transactions. Which is what every bank does every single day.
In addition, using XRP reduces cost by 60% while using the network but not XRP reduces costs by 30%. So for banks that does millions of transactions there is a lot of money to be saved by using XRP even when its not required.

Look at this presentation from SBI, Japans biggest bank, which will be using Ripple when it goes live. See page 35 and 37.
http://www.sbigroup.co.jp/english/investors/disclosure/presentation/pdf/170301presentations.pdf

The XRPs in the escrows are cryptolocked in escrows that is only available when certain requirements is met. Ripple have pledged and wont use these for profit.
sr. member
Activity: 532
Merit: 251
August 22, 2017, 04:01:45 PM
#2
people keep saying that banks are using the blockchain technology of Ripple company, not using the XRP coin. Is that true?

I understand that they are using/will use the coins in Escrow. Is that true?
jr. member
Activity: 168
Merit: 1
August 22, 2017, 03:45:52 PM
#1
So Ripple (XRP) is currently up 40% today and hopefully will continue to rise much higher where it belong. But there is something that needs to be cleared about XRP and its how Ripple and the market function around it since people think Ripple control and own 100 billion of them.

When Ripple created the network they created a total of 100 Billion XRPs. These coins or currencies, is a key element of the cryptonetwork and have a big purpose, which I wont explain here, but you can google it to learn about it. Short story: Reduces price of transactions and is involved with multi-currency transactions.

100 Billion XRP exist in total:

55 Billion XRP will be locked down in escrows this year. These XRPs will only be available to spend on expanding infrastructure and network, ensure enough supply for banks and the customers to use since XRP is a key element to lower cost for clients and to do transactions between different currencies (like USD to EUR). They will never be used for Ripple to cash out since the escrows control the XRPs, not Ripple.
Ripple have locked down these XRPs in 55 escrows. Each month there will be 1 Billion available to use for the tasks above. The remaining that are unspent will be locked down again, and will be available 55 months from that. And on and on we go. This is a perfect way to ensure stability and enough supply for future when Ripple network grows huge. Right now when the network are not in usage by banks, ~400 Million XRPs are sold each month. You can imagine the amount once Ripple goes live with many banks using it.

38 Billion XRP are open for you and me to buy on the open market. On exhanges like Bitstamp, Kraken etc. To be a part of this opportunity and hope Ripple becomes a success.

~6.5 Billion XRP is what Ripple, the company owns. These are the assets that among other things determine their value and what they can choose to cashout. Currently 1 XRP = $0.25. So in total Ripple sits technically with value worth $1.5 Billion. Which is absolutely nothing compared to what they are trying to be a part of: An industry that move around trillions of cash every single day. The potential is huge for a much higher value.

So I hope this clears up a lot about the misconceptions about Ripple.



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