Because banks can create them themselves. You just misunderstood what he was saying.
Official BGOL Crypto Currency Thread ★★★★★
- Thread starter Matt Beesy
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Because banks can create them themselves. You just misunderstood what he was saying.
I remember that conversation they said they do not want banks creating their own coins because nobody (banks) will not want each others coins. So everyone will use xrp.
There seems to be a lot of double talk going on and since all these major banks and Microsoft are signing on somebody know something we don't. When the white man gets sneaky or tries the "hey look over there trick" it means hold on to your panties cause someone bout to get fucked.
I am gonna buy as many xrp as i can afford i think they are trying to keep prices down until they implement the system with the banks. Dats cool i will wait. But the banks are greedy and will start to snatch up xrp but i am sure they have an agreement that thy won't till a specific time.
Interesting discussion, "Ripple is in major trouble"
https://bitcointalk.org/index.php?topic=1932818.0
https://bitcointalk.org/index.php?topic=1932818.0
That's not how it works. I posted about this weeks ago in this thread. The token used is irrelevant. Banks want a token that is more stable like the U.S. dollar not one that can fluctuate like a volatile stock. Ripple works as a real time converter so they won't really need to hold any other banks coins.. but you'll need to hold a large reserve in the coin you're doing transactions with (just like the U.S. dollar)...banks aren't going to hold massive reserves in a volatile currency. That's exactly the opposite of what banks want.
I am curious. If ripple is not tied to XRP, why put so much XRP into a 4/4.5 year escrow account? Which leads to my next question, are we looking at a major dump when that escrow account is open for use?
Ripple is focused (rightfuly so) on making their blockchain (ripple) successful. They feel (like Bitcoin) that by default, it will drive adoption of xrp and also also coins on their network isn't a negative...it just provides a network effect on their blockchain (scores of alts are directly tied to Bitcoin's blockchain).
Where do you see xrp's top price?I would give my assumption but I don't want LSN at my neck lol
Maybe because it cost the creators nothing to possess them so ultimately everything is profit even if doesn't rise as much as predicted. Idk even know fam, shit confuses me too
give it...we need all the discussion we can get. At the end of the day, each person can make up their own mind about how they want to proceed.
I have no idea. I think Ripple has the potential to be a great company. I just think that people should understand that Ripple and XRP are two different things and when Ripple is signing deals, it's for RIPPLE... XRP might be a lagging indicator but Ripple's success is not dependent on XRP at all. It's a liquidity outlet for Ripple and essentially just an app on the platform.
Regarding XRP...
I think in January a lot of us went into this thing as a long term investment, at min see what it does in two years. Keep in mind I kept saying I didnt expect to see $0.01 until Aug.
I think the last month 1/2 threw most folks off track and the new expectations became "get rich quick". Expectations need to be tampered. I'm not going to panic until I see the enthusiasm on XRP Chat start to degrade. And as of now that isn't happening anytime soon. They know more about the technology and all the nuances about liquidity, RCL, ILP, XRP and all things Ripple. I'm still holding cause I believe XRP will be stable around $1-$3 within the next 18 months. If nothing else, I'm still up 5000+% so its a long game for me.
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No I didn't. Cause that would DIRECTLY influence the value of XRP
If they weren't being deceitful you can JUST SAY THAT
But Miguel SAID they really are not concerned with the value of XRP
"XRP is it" Does not translate to other coins being made
What are you referring to
I hear what you are saying but this came out of the horses mouth, I watched him say it on youtube live stream. Like I said seems to be a lot of double talk going on. He spoke on the volatility issue as well and stated that's the beauty of xrp is that it moves so fast the market doesn't have much chance to effect the transaction.
Normal way to wire 30 million bucks takes 3-4 days and the banks purchase insurance to protect them from market fluctuations during the exchange. The ripple system + xrp damn near eliminates all of this. This is why xrp will be used by all these people because its about the money at the end of the day.
IMO xrp will become the central coin used in banking and the banks are trying to make sure they have control of at least one digital asset. This is also the reason for all the pushback from the crypto community on ripple xrp.
I am not trying to argue I am just telling you what this man said out of his mouth.
That's my xrp prediction. Definitely hoping for it to be much more tho...
It's gonna be alot more.
I'm not talking about micro-volatility. Banks hold currency in reserve to do transactions. Fiat currency typically doesn't have wild day to day fluctuations. Crypto does.. and ripple definitely does. Banks are not going to hold reserves in a currency that can lose 50% of its value overnight.
If he said that, he either misunderstands how banks work or misunderstood how Ripple expected banks to use Ripple (the network).
That's the key to this crypto shit. If you have good data and believe in a coin and the company behind it (or the protocol/organization), you just have the hold it and ignore the short-term fluctuations unless you get information that breaks your reality.
I think people understand that XRP and Ripple are mutually exclusive will have a short-term impact on price but not a long term impact on Ripple's potential.
XRP will also be a lagging indicator of Ripple's success.
He's saying XRP is it for THEM. Ripple has XERO control over how banks use the blockchain. I'm telling you that you are misunderstanding what he's saying.
No, you are twisting it to how you want it to appear.
There's NO NEED to even write that article I posted if that was the case months ago
He said "Ripple's success translates to success to XRP"....so NOT making banks use
it contradictive to XRP. How would NOT using the coin be successful for the coin?
That would make ZERO sense if you let Banks create their own coin
What I'm trying to tell you is that banks can get the full value out of Ripple without every owning any XRP. I read the white paper before Ripple even launched. You absolutely don't need any XRP to run ripple like a SWIFT network.
I'll admit. I'm growing skeptical of XRP long term. On one side,it doesn't make sense for banks to base transactions with a publicly traded highly speculative coin that fluxuates so much. XRP fluxuates more than the Mexican Peso. The counter point to this fact is that people within Ripple have said in the past that it is a package deal. I'm not so sure I want to base so much money on that. I'm going to cash out about 20% to double my original investment and be stress free. Looking at it logically, it really doesn't make sense for the world banking system to be based on an asset in which the founders own so much, gets destroyed when used, and fluxuates so much.
fwiw since reading your comments from our last "discourse" I've metered my expectations and have expanded my investments from 2 coins to 6 (w/ a goal of @ least 10) to give myself a more realistic shot @ reaching an early retirement so please believe I value all opinions
You dont' understand how this works. Ripple has no control over how banks used the Ripple blockchain. You don't understand the technology and what's why you're struggling right now. Ripple literally has zero control over the creation of other non-XRP tokens on the blockchain. Banks can create as many tokens as they want and use the API to interface with the blockchain to do transactions.
What he's saying is Ripple provides liquidity through XRP if you want to use it as a clearing network. They're banking that most will want to instead of creating their own tokens.
And it does make sense to allow banks to create their own coin. Much of Bitcoins success rests on other tokens being developed and distributed on their blockchain. It adds value to the entire network in a myriad of ways (and I'm not just talking about currency valuation..I'm talking about from a technical perspective, developer community perspective, etc)
Yes people should know the difference but there are fundamental questions about xrp that we should investigate. Of course I have my on opinion which is why I invested but these are important questions.
1. If Ripple doesn't care about the value of XRP (not true imo), then why release the coin to the market in the first place?
2. If Xrp is solely for the use of these banking transactions then once again why release it on the market?
3. If they wanted to assure the banks that the use of XRP would ease fears of a volatile currency then why release it in the most volatile market on earth? Chase Bank sure doesn't have an issue fucking with ETH and all cryptocurriences are seen as volatile
4. Since Ripple continues to say they use XRP to fund their own project then surely they actually care about its value, no? I am sure this ain't the only way to fund their projects and if that was the case they would have said that this was why you should invest in xrp to fund said projects, not as a speculator.
I honestly think Ripple was asked by its prospective customers most importantly being the world's banks that it needs to slow the xrp roll. Which is why dude made that announcement. Ripple is a company and all companies want money, so they are going to keep its customers happy. They already stated they wanted slow growth of XRP and releasing fake bad news is a way to manipulate Xrp investors.
It's clear something is going on and since they are in the beginning stages of rolling their services out live to the banks I highly doubt the banks are about to hitch their wagon.
If they are ALL using the coin and it doesn't leave the banking industry it's a moot point
after the payment is made. The Volatility is only impactful DURING the transaction 4-5 seconds and they
said there would be an insurance set up for those few seconds
Because smaller banks without significant IT resources won't want to develop their own tokens.
Because XRP also provides Ripple with liquidity if they need to raise capital.
Because deploying a currency at launch provides a use-case to understand the power of the network.
I could go on and on
What you are saying isn't what most of us want to hear, but it makes alot of sense. Much more sense than the counterargument of a handful of Ripple employees said that they were going to make all Ripple adopters use XRP.
You don't understand how this works so I'm not going to continue to burn time with you. You want to debate and don't want to learn.
If a bank is solely using XRP for transactions and they hold a significant reserve and the value drops 50% like it just did, that impacts their reporting. One reason why banks prefer to hold most of their reserves in U.S. dollars is because it's a necessity for trading + the value is stable for the most part.
I posted an article here weeks ago showing how banks will transaction on the ripple network while holding very little ripple. It's not necessary.
Also. I'm not saying Ripple isn't still going to rise. The technology is AMAZING and they solve a clear problem. I think is has massive potential. The only thing I'm saying is that's a matter of fact that banks don't need XRP to fully utilize Ripple.
I will start back this Sunday, I thought doing them everyday would be a good idea but I have realized it isnt. To many newb traders out there who think every dip and rise is the beginning and the end of each one of these coins. I think it is better to step away for a couple days at a time and sitback and watch how these coins playout. For instance everyone would of thought Ripple was done last night when it touched 21 cents on Polo but it has came back up. And with the livestream I get too tied up with what is happening at the time of stream instead of focusing on the overall trends which is the more important aspect. Ill be back Sunday at 7:30, we will have more to talk about on the live stream that way and more content worth value to the channels subscribers. Thanks for asking.
I think in 2-4 years XRP will be worth a Max of $3. However I do agree that Ripple is making it sound like XRP is important to their success. I mean who are they trying to convince with this lockout if XRP wasn't important to them. I think the only thing that can kill off XRP is if Ripple opens an IPO. Then we'll know for sure that they can give a shit about XRP.
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