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Cryto Currency


Jellybean

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Some back ground on Ripple from my research

 

Ripple are withholding a big volume of coins to minimise speculation ratio and thus to prevent it from sudden price change (Bitcoin surge it will not be), yes it is centralised; for Banks it has a governance framework

 

Banks need a way to process international transfers. Currently they use a system called SWIFT which is slow, expensive and requires trust arrangements. Ripple is scalable, faster, and cheaper alternative and allows the creation of indirect trust relationships and does it all in a way and format the banks can understand and are familiar with.

 

100+ banks including American Express use it, or are deep into deployment. This is a real-world product that can facilitate transferring currency across the planet in 3 seconds.

 

Ripple is providing innovative solutions to the outdated and highly inefficient banking systems of leading financial institutions and is operating like Swift 2.0. Ripple is also processing more transactions than most of the cryptocurrencies in the market.

 

Recent Price hike is due to TechCrunch founder Michael Arrington has put live the creation of a $100 million hedge fund denominated in XRP

 

An important aspect of the Ripple blockchain network to consider is that it is not processing sufficient volumes of transactions to justify its market valuation. The current market cap of RIpple is based on its potential and total addressable market (TAM).

 

Is XRP currently over priced, YES ; does it have real world application supported by top institutions : YES , in my opinion it is a good investment with value as real world payment system, its price maybe justified when financial institutions roll out their deployments; more than 90 banks in Japan and South Korea alone have partnered with Ripple alone

 

Amazon , Alibaba are rumored to be rolling out a ripple deployment soon ; Who knows if we have hit the ceiling or if more is to come but at 2-3 dollars it is worth a punt

 

This is complete bollocks. There isn't a single bank using ripple's XRP. Find me a verified source to back up anything you've just said, and I mean cited, demonstrable evidence from a reputable source (preferably an actual bank). XRP itself IS NOT USED FOR ANYTHING. I would warn anyone buying into XRP to be very careful, because when the shit hits the fan, your money is going to zero. People will look back on 2017 and wonder what the hell they were thinking. By all means buy into XRP, but do not spread baseless claims like this crap to other people.

Edited by el_bandido (see edit history)
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This is complete bollocks. There isn't a single bank using ripple's XRP. Find me a verified source to back up anything you've just said, and I mean cited, demonstrable evidence from a reputable source (preferably an actual bank). XRP itself IS NOT USED FOR ANYTHING. I would warn anyone buying into XRP to be very careful, because when the $#@! hits the fan, your money is going to zero. People will look back on 2017 and wonder what the hell they were thinking. By all means buy into XRP, but do not spread baseless claims like this crap to other people.

 

I think you need to do a little more reading

 

Yes the fear in the case of American Express, trialing transactions between England and the United States, where only made based solely on the Ripple blockchain technology without any conversion or exchange of the XRP coin; but with the advantages of using XRP as a means to make transactions, it has a high probability of adoption

 

You do know each Ripple account is required, to have a small reserve of 20 XRP, as an anti spam measure, a transaction fee starting at .00001 XRP must be spent for each trade, When a user conducts a financial transaction in a non-native currency, Ripple charges a transaction fee; making the attacks too expensive for hackers.

 

To get the benefits, cost savings , scalability, transaction speeds out of the Ripple Transaction Protocol you need XRP

 

Some of the Advantages over using FIAT curriencies

 

https://ripple.com/insights/fundamentals-of-xrp/

 

  • XRP is the native currency of the Ripple network that only exists within the Ripple system
  • only currency in the Ripple network that does not entail counterparty risk,
  • only native digital asset
  • using XRP allows financial institutions to transfer money with negligible wait-time (4 secs)
  • XRP enables these companies to source liquidity on demand in real time without having to pay transaction fees or pre-fund nostro accounts.
  • XRP serves as a bridge currency between fiat currencies, avoiding the time and cost of pre-funding accounts or managing fiat-to-fiat exchanges.
  • Cryptocurrency is generic medium to connect banks with banks and other payment providers

 

 

 

 

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Trials don't mean someone is using it. Also, cite the source. It also might be the native currency, but as AmEx have proven, it isn't a fundamental requirement of Ripple. Either way, saying that "100+ banks including American Express use it, or are deep into deployment" needs a source; the best I can find is that a bunch of people have done some testing with Ripple/XRP, nothing to suggest "deep deployment" or that they are actually using it. I also can't see what's actually stopping trusted oracles simply releasing more coins whenever they want.

 

All the evidence I've seen points to banks consulting Ripple labs, but nothing to say they are intending to use XRP. Couple that with the fact that Ripple is privately owned and it is a centrally controlled blockchain (if you can even call a bunch of nodes/servers a true blockchain) and everything is pre-mined for XRP. I would be incredibly wary of putting any money into XRP and would urge people to make sure they remove their initial investment as soon as possible.

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Trials don't mean someone is using it. Also, cite the source. It also might be the native currency, but as AmEx have proven, it isn't a fundamental requirement of Ripple. Either way, saying that "100+ banks including American Express use it, or are deep into deployment" needs a source; the best I can find is that a bunch of people have done some testing with Ripple/XRP, nothing to suggest "deep deployment" or that they are actually using it. I also can't see what's actually stopping trusted oracles simply releasing more coins whenever they want.

 

All the evidence I've seen points to banks consulting Ripple labs, but nothing to say they are intending to use XRP. Couple that with the fact that Ripple is privately owned and it is a centrally controlled blockchain (if you can even call a bunch of nodes/servers a true blockchain) and everything is pre-mined for XRP. I would be incredibly wary of putting any money into XRP and would urge people to make sure they remove their initial investment as soon as possible.

 

I honestly dont know where you do your research its all on their website, so far all you are doing is speculating; read up about what you are investing , reads to me you are a blind man following a Cryto price spike as opposed to knowing what value it has in terms of real world application

 

You do comprehend to get a deployment production ready , you need to Test it first

 

Japan Bank Consortium Moves to Become Production-ready

a collection of 61 Japan-based bank members brought together by SBI Holdings and SBI Ripple Asia — announced that it’s made progress to become production-ready on RippleNet.

https://ripple.com/insights/japan-bank-consortium-moves-become-production-ready/

 

When asked which firms are using XRP, a Ripple spokesperson pointed only to an October announcement that said a bank called Cuallix is the first financial institution to use XRP, in this case for U.S.-Mexico transactions

 

However, Ripple said in a tweet Thursday that 3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018.

 

https://www.cnbc.com/2018/01/05/second-largest-cryptocurrency-ripple-may-have-run-ahead-of-itself.html

 

Yes XRP is a Fundamental requirement as I said

 

each Ripple account is required, to have a small reserve of 20 XRP, as an anti spam measure, a transaction fee starting at .00001 XRP must be spent for each trade, When a user conducts a financial transaction in a non-native currency, Ripple charges a transaction fee; making the attacks too expensive for hackers.

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