If its cheaper for banks to bridge payments on Ripple's Consensus Ledger with XRP then they will. They may not be required to hold XRP but I'm sure they'll always look for the cheaper faster option.
Official BGOL Crypto Currency Thread ★★★★★
- Thread starter Matt Beesy
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thank @largebillsonlyplease
I only looked it up and dropped the info cuz @alexw asked him about it
bills was the first one to mention it tho
word I'm keeping it...there was a post in here I've been tryna find from earlier on saying that there'd be a time when ripple received some bad press/backlash to scare folks away so that those who capitalize on situations like this can scoop in and do what they do...worst case scenario I'm wrong and I lose out on $1500 but that'd be far far far better than pulling out and seeing this shit hit $3-5
If for nothing else, I'm holding at least to see the outcome or the progression to milestones like these:
Source
Japan is the third largest economy in the world by nominal GDP ($6.11 trillion), fourth by purchasing power parity(PPP) and second largest developed economy. Currently, their GDP per capita is roughly $48,412 (vs $56,430 in US) and their major trade partners include the US, China, Hong Kong, Australia and South Korea.
Aside from the speculation that they maybe soon pressure their trade partners (excluding the US and China) to adopt a system which allows for instant, near free transfers of funds, here’s where it gets interesting for the immediate future: Japan has already started accepting Ripple(XRP) as legal tender. If Ripple raises to just 25% of the overall transaction volume of P2P, P2B & B2B within Japan itself (represented in the chart by Other Services, Real Estate, Retail, Transport, Communications, Finance & Utilities) which is equal to about 20% of their overall economy, Ripple would be handling roughly $1.27 trillion USD in Japan – alone - every year. To put that in perspective, the current (at the time of writing) market capitalization of Bitcoin(BTC) is $30.7 billion USD (or >0.4%). Unlike Bitcoin, Ripple is legal tender which means that it can be exchanged for material goods and services, which means that it’s likely to have explosive acceptance in the local area.
India-based Axis Bank announced in April that they will soon begin leveraging distributed ledger tech for cross-border transactions and to make banking simple and convenient for their customers. About 15 days’ prior, another large financial institution, Yes Bank, also announced that they would be adopting Ripples ledger for the same reasons. If Ripple continues to grow in acceptance at this rate in India, we could see another economy, roughly 1/3 the size of Japan’s ($2.074 trillion USD) add to Ripples annual transaction value. Now, from an economic stand point, this is most interesting because agriculture represents more than 50% of India’s employment, which means that India would be the 2nd case of consumer trading Ripple for staple foods.
It is likely that Ripple will not handle as large of a percentage of overall transaction volumes in India because only two major banks have adopted this currency and it is not the only Crypto. The latter is probably one of the most important variables, as this means that Ripple will be duking it out for market dominancy. As all of my projections are fairly conservative, I would estimate that Ripple will handle roughly 10% of India’s over all transaction volume in the next 365 days, equal to roughly $311.1 billion USD.
One last thing that I would like to mention is that India is literally the ‘I’ in BRIC and roughly 13% of the BRIC countries total output. If the BRIC comes to fruition, India may be able to convince it’s other close trade partners to jump on the XRP-Train as well.
Abu Dhabi Bank, the National and largest bank of the UAE, has already begun offering cross-border transaction services with Ripples distributive ledger technology as well. As they deal extensively with their middle eastern neighbors, such as Saudi Arabia, and Qatar, the UAE is likely to set a trend for other CEMEA countries to follow.
This might be a surprise to some people, but Dubai’s largest industry is the energy sector (shocker!) followed closely by Real Estate and their Finance industry (double shocker!). Although their GPD is much smaller than Japan and India’s (about $370 billion USD), I am anticipating Ripple to handle a larger percent of the UAE’s transaction volume (31.11%), especially in the finance, Real Estate, Retail and Logistics industries. This is due largely to the fact that their population is only roughly 9.157 million, but most Abu Dhabi nationals are very financially inclined (or at least heavy spenders).
I use two step for GateHub. Didn't see it
I've always seen a QR image like this to snap with your camera to make it simple, but the 16-charcter alphanumeric code will also be there for backup & safekeeping.
This, and also the fact that perception is reality for a lot of people. I'm fully aware that XRP and Ripple are two separate assets, and that a Ripple win does not equal a win for XRP. I know that Banks are not currently using XRP and I was bummed after that realization, but what about the percent of the population who don't know that?
We are on hear combing the web daily for this info , but maybe the average joe/shmoe who is in this for a quick buck is not. What about peeps in other countries who are just getting hip to this shit? Recently I feel that the more and more Banks and partners Ripple announces can mean huge gains for XRP. Not because the banks will use it, but because of the percentage of investors who are emotional and naïve. They hear "Citi bank or Chase bank signed with Ripple today" and the will rush to buy XRP because they don't know better. Especially in those 3rd world countries.
Look what happened with Z Cash last week. All that was announce was Z Cash is partnering with JP Morgan and the shit damn near tripled in 10 min. JP Morgan is not using Z Cash cryptos, but their security protocols. It didn't matter. All people heard was Z Cash=JP Morgan, and they went wild. Look at Digi Byte. I have no clue what Digi Byte is doing with Minecraft or to what capacity it will be used in the game. (I hope its something cool) But you think when that announcement hits in June that Digi is not gonna see a crazy hike in price? They can announce that Digi byte can be used in Minecraft to open a bonus Character or some shit. Niggas wont care.
I fully expect short lived wins like this to happen during Ripple life cycle. I'm holding because I got in before a penny as well. But I do feel that for these emotional ass buyers, perception out ways actual usage of these coins.
Wait thumb drive? How can you save XRP to a thumb drive? I tonight we needed the ledger? Can I store both XRP and BTC on a thumb drive?
Im not sure if this coin/platform has been mentioned but EOS looks very promising. From what little info is out there they made a presentation/ demo at consensus which I believe is the source of information for the articles below. They don't have a white paper on their site yet only a blog and a link to the telegram chat. Looks like a blockchain operating system that treats other blockchains as side chains offering scalability, a governance model while managing inflation etc. Guys behind it are also behind steemit and bitshares. Thoughts?
https://steemit.com/eos/@trogdor/introduction-to-eos-the-epic-blockchain-operating-system
https://steemit.com/eos/@kevinwong/eos-a-blockchain-operating-system
https://steemit.com/eos/@trogdor/introduction-to-eos-the-epic-blockchain-operating-system
https://steemit.com/eos/@kevinwong/eos-a-blockchain-operating-system
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Can you post that report? If legit,that is the nail in the coffin for me.
https://steemit.com/ripple/@olyup/fck-you-money-the-rise-and-fall-of-xrp
In fact, through a partnership with Earthport, Bank of America Merrill Lynch has been using the Ripple network to conduct certain transactions since 2013 without using XRP in any way. The InterLedger Protocol allows network fees to be denominated in other currencies, meaning no Ripple user ever needs to own XRP.
Rekt.
That's how the stock market works as well. The problem is if you miss out but clearly saw the signs.
I didn't get in at nearly a penny but i got a degree in econ and damn if this ripple don't have the best tools going.
I been testing sending xrp back and forth to myself lol. That shit was in my other wallets in like 10 seconds.
Crypto currency like stocks work on perceived value. Come this time next year people gonna be pissed they sold.
Investments are long term. This market just so happens has flashes where you can do the dope man double up lol.
It's cool because everyone should have their own strategy. None the less most every coin listed is going to grown in the next 2- 4 years by default of all the new investors in the market. Some will die cause they don't have a product behind them. A few will explode but the rest will slowly climb.
All these Asian countries are coming to the crypto game. They built their economies on tech not exporting rice. Shiiiiit I ain't bout to miss this boat. Just play the market, load up on your favorites. And keep your fingers crossed.
oh my god...I thought you had an actual article not something that is tantamount to bossip of the cryptocurrency world
Exactly. Peep this quote from an article on Cointelagraph
"Currently, the market cap of the Ripple network is at around $7.8 bln. Its value isn’t being determined by the banks’ usage of Ripple to secure transactions nor its commercial success. It is being determined by investors that are putting in not-so-smart money into XRP as an investment.
In Japan, as IndieSquare co-founder Koji Higashi noted, an increasing number of investors have invested in the XRP token due to Ripple’s involvement with the Japan Bank Consortium and most of the investors have little to no knowledge on Ripple and cryptocurrencies in general."
This is exactly what I was saying a few min ago. Actual value vs perceived value, not sure how it will play out. But I'm gonna chill out and hang on to my Ripple.
I'm agreeing with you a 100 percent on this. This is my reasoning, Ripple is killing themselves trying to keep XRP from flooding the market. Why? If they truly didn't give a shit about XRP, flood the market make it super, super cheap. Banks will buy them up and sell them at a profit to their customers who want to do transactions, while Ripple gets paid from licensing fees by the banks using Ripple's system. However, the big XRP owners seem like they are trying to "inflate" (for lack of a better word) the value of XRP at least for the next 4 years, so they can make some real money before the system is flooded, at least that is my interpretation of what seems to be going on. We are actually fortunate in this case, because they have pretty much given you advanced notice on when you should be thinking about selling off.
I don't think a 1 to 3 dollar per 1 XRP is unreasonable. Of course if it does go higher, I won't complain...lol.
The CEO just did last week.
I disagree. Its not just price,but stability. XRP has been really unstable price wise and will be even more unstable if the banks use it. On to of that it is an expiring asset. It really doesn't make much sense for banks to use it when you look at it objectively.
I swear the more articles I read concerning xrp lately the more I feel I need to buy more. The crypto community hates xrp. With a passion. I follow all these crypto guys on twitter and they talk around xrp like its not the #2 coin in the game lol. It's bitcoin or die lol. It's starting to get comical now because I see what's happening. It reminds me when Facebook went public and all those articles came out saying why the hell would anyone buy Facebook shares, it's useless. Those same damn articles convinced me not to buy in and I'm still regretting it. Not going to fall for the misdirection tactics this time though.
ya man I love this new romanticized FCK/XRP FCK/YOU story
fuck it I'm done on that front tho...dudes either sell or keep...it's w/e
Not saying this completely solves the problem of instability, but I think Ripple thought through that problem and have a way for the banks to use XRP even though its a volatile crypto currency. From Ripple.com
" As a result, respondent banks that use Ripple with XRP as a bridge currency can save up to 42 percent on costs today and up to 60 percent as XRP gains usage and volatility decreases. To accelerate market thickness and reduce volatility for XRP, Ripple will soon introduce an XRP incentive program to algorithmically rebate market makers who provide liquidity through XRP. "
A lot of banks still wont fuck with it, but at least they already are working on a solution to make them feel more comfortable about using it. And saving 60 percent on costs may be worth a few trail runs if your a Bank. They also seem to feel that volatility will decrease as XRP gains usage, which makes sense. Guess we will see
I think you're confusing Brad Garlinghouse with Miguel Vias. Garlinghouse is the CEO. I haven't heard/read him say anything negative about XRP...yet.
And stability will be solved once they solve liquidity. That's why they've been working hard to get more exchanges to pair XRP with fiats. You just can't have one exchange (Poloniex) driving the price for the asset and expect some stability in your investment. Six new exchanges trading XRP within the last two weeks and more coming.
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I think I'm just about there too.
People need to realize, you don't win or loose until you cash out. Markets fluctuate, that's what they do
You have been approved for a daily withdrawal limit of $2,000,000 USD equivalent. The change has not yet been implemented on your account yet, though. I am waiting for my colleague, the engineer, to return to the office to implement the change on your account. I’m not exactly sure when he will be back in today, but as soon as he is, I will get this implemented on your account. The change will be implemented on your account as soon as possible. As for whitelisting, I already personally whitelisted those addresses for you. As soon as the limit raise is implemented, you will see the change on your Balances Page. I will message you as soon as I hear that it is completed. Thank you for your patience.
muthafucking christ...well @ least we know it's not limited to $200k a month
on another note
@ 'whitelisted'Congrates
no...I didn't see that link initially just the steemit joint...sell your shit...I don't care
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