Topic: Ripple : I don't think RL would be talking to a government if they were scammers - page 2. (Read 2429 times)

Those who say they are scammers don't understand the meaning of the word 'scam'.
They are not scammers, they issue a centralized currency, that's all.
Issuing a centralized currency doesn't make one a scammer, but there is no innovation in it (governments and private companies have done this for centuries) and it goes against the idea of crypto currencies.

As far as I know two US banks (CBW and Cross River) are already on the way to integrate Ripple, Fidor Bank in Germany is the same and there are rumors on XRPtalk about more banks what showing interest. This first three however not big mainstream banks but smaller community banks.

Ripple can do what Western Union and other money transport does, better and cheaper.. but it's more old world money transport than digital currency. There is a lot of money to be made by Ripple Inc - and perhaps a few lucky short term businesses that get in grab a slice of the $500B remittance market and get out.

However, the idea of putting money into XRP is ridiculous. XRP is overvalued now even IF Ripple cornered the entire remittance market. I can't see Ripple's money transport lasting long term, as near zero initial cost digital pegged currency exchange will rule in the long term. There is a lot of money to be made in the short term but I would expect medium term, it'll all collapse into a reluctant duopoly of a couple of really big players that cannot get out because they hold too much value in XRP.. and then they lose anyway to pegged asset exchange. People communicate the idea it's a scam in different ways. Certainly it would appear any individual or any small player in that market will lose and potential could lose big. Given the amount of total XRP and only a third of it being in a market that could already handle all remittances, you have to wonder.

If there's more to it than that, I can't see it. 

Would anyone have the balls to talk to the officials if they were just scammers as suggested by some of the fanatics? In my opinion, no.

Downloads a PDF file Ripple Labs submitted for a senate hearing in Australia.
http://www.aph.gov.au/DocumentStore.ashx?id=709dd11c-4a6a-4bad-893b-79ffb77110d7&subId=301962

This is the letter (complete submission pdf attached)

27 November 2014
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Dear Madam/Sir:
Sub: Senate Inquiry into Digital Currency
On behalf of Ripple Labs Inc., I am very pleased to table this submission, via the online facility, for your consideration. Ripple Labs is engaging with financial institutions around the world, including Australia, to implement an open, free and universally acceptable global protocol for funds settlements. Being a transformative technology, especially for cross-border transactions, we believe this can enable Australian institutions, small and large businesses and individuals to prosper in global markets.
Digital currency is an enabling component of the Ripple protocol, but not as a currency for use by individuals or to replace fiat currencies like the Australian dollar. Our proposed use of digital currency is to reduce friction between financial institutions and accelerate the velocity of financial transactions by the provision of cheap and plentiful liquidity. We believe digital currency can play a key role alongside traditional fiat currencies in such
digitally-enabled models for transforming economies. We are working with financial regulators around the world as well as supporting new initiatives for financial inclusion in emerging economies. Ripple Labs would be happy to provide further information and opinions to the Australian Senate Inquiry into Digital Currency. We have no objection to our submission being made public.
Yours sincerely,
Dilip Rao
Director - Asia Pacific
Ripple Labs Inc.