What does Ripple (XRP) actually do? I keep reading that it's supposed to increase liquidity of funds and minimize fees, yet I still don't understand how the fuck they'd apply that to real life and allow you to buy anything with it.
Sorry if I'm dumb, pls explain to me.
Basically it’s a cheaper and faster cross country border transfer system
Banks need to transfer money to each other all the time and that's really slow an expensive. Ripple makes it a lot cheaper for them.
and by cross country you mean international?
What use is it for transferring money? How would one transfer money with it?
Shut up and just buy it or dont
fuck you, i need to make informed decisions you nigger
My question is why dont banks simply call up other banks,and organise the transfer directly.
Infact i was a forex trader for years. I know this is what they do.
Hmmm i can leave you some graphics
Cryptovangelists and shills need to find excuses for people to buy their coin, that's all it is really.
>simply call them up and organize it!
grampa, no. computers let us do the same thing thousands of times per second with no humans involved
Apparently XRP/Ripple is going to be the only legit crypto if things like thight regulations will happen. Its widely recognized by central banks and governments and regulators.
Just in case ,bought 10k .
Could be big. And the brainlets argument of supply and "muh-marketcap"isnt relevant in this one.
They will scream like the autists they are but they wont change shit about the progress this team makes!
I can see you don't know a lot about networks and network protocols. It costs a lot of money to make these systems run securely, and even so they get hacked. Take the following REAL example that happened a few(6-10) months back.
>visa Bangladesh calls bank of Bangladesh
>we transfer 80M usd form John Company to mr Gook ok?
>ok dear sir we do i see confirmation on screen is all fine tanks sir
>money disappear to Bangladesh
>2 weeks later
>lol John Company don't exist wat
>but money gone
>lol hacked and scammed
Visa had to pay 80M from their pockets. What banks are sending to each other is like you paying for sthing in the store by sending a manager an email with the sum, the manager going into the bank and show8ng the email, getting cash for that number you wrote.
Now, it happens once in a while that the store owner didn't really get an email from you, he just wrote one himself from a throwaway email and disappeared to Argentina afterwards with 10M cash.
Lol at how no one actually answered the question.
Tbh I also don't quite understand how exactly is ripple used in these bank transactions. Obviously they are not gonna use it as a simple currency.
they're going to use it as a currency. that's why you don't get it
Solution to NOSTRO ACCOUNTS ---> XRP
You are an immense faggot. More people should be doing what OP is doing, asking questions before dropping cash.
This
BANKS DO NOT NEED RIPPLE.
Waiting for 2018 arguments when XRP hits 10$
Tell that all the banks that USE ripple ;)
How many are there at the moment. ... 100+ ? ;) ;) ;) ;) ;) poorfag
imagine 2 calculators, both with the digits 1000,
in one I minus 200, the other I plus 200.
I just transferred 200 from one calculator to the other.
This is how banks do it, now tell me again why they need a complex token and third party schemes to do that?
banks do not need ripple.
read up on SWIFT
It replaces this. ripple will be the common ground banks would accept as a common denom
Is this your argument for 2018?
Ok cool i will update it :D
Which is better between this or XLM?
I reallystart to think that SWIFT and Ripple will partner up. Swift realized whats happening ;)
But still "bAnkS dOnt uSe rIpPle dOnt nEeD riPple"
At STELLAR DEV can DUMP BILLIONS ON THE MARKET! And they can print more XLM ;)
With ripple not possible trough restrictions and the LOCKUP.
I forgot this one
I heard rumour there's going to be an announcement on new years about amazon jumping on board with ripple
price might go up if true
You guys are delusional...
Banks dont need ripple,
And even if ripple brought advantages in timing and costs, its more likely that banks will make their own versions of it.
Banks are powerful institutions and they don't need and don't like to rely on third party entities.
World is changing with fintech and you are still here trying to stop it. Lmao brainlet. Next stop-> mental asylum
Can you please tell me why 100 banks choose to go with ripple and even SWIFT is considering it? Where is your logic?
Your statements are just your opinion and its poor.
People can read upon this with google.
--> why would banks choose ripple instead of making their own coin ?
Plenty answers for you. If you dont like it leave it. Stop farting thoughts
Instant transfer and low fees
Only non-swift banks MIGHT use xrp
Nigger, see >you're in the US, wanna send $$$ to someone in another country
>you and someone both use banks that utilise ripple
>transfer happens in seconds instead of days, and all relevant fees and currency exchange rates are shown before the transaction is actioned.
from someone who watched the video
...
> cross country border transfer system
Like any other fucking crypto in the world. Why would banks use ripple if they can use any other coin for this purpose and even can create their own crypto protocols, so the transactions wouldn't be that volatile and dependent on some random whale on a chinese exchange?
ONLY CRYPTO THAT IS WIDELY RECOGNIZED BY CENTRAL BANKS AND GOVERNMENTS. BOIII YOU SHOULD START READING
you need to understand both sides of the coin and think rationally, don't let yourself be blinded by all the propaganda.
I know ripple is trying hard to insert it self in a area very restricted. Their token is much faster than any other crypto. The fees are extremely cheap. And its my choice to transfer between exchanges. But i will repeat what i said.
banks do not need ripple...
whAt dOes RIiPplE dO wHy nOt oThEr cOiN
Fuckl off poorfag
ripple.com
Yeah, but that's not about ripple.
Stay poor. I have heard your argument the past years.
Started from the bottom now we here ;)
Newfags dont listen to poorfags :)
Cant hear you. The sound of my lambo is too loud ;)
>whAt dOes RIiPplE dO wHy nOt oThEr cOiN
Good argument
>Newfags dont listen to oldfags
then get rek
IT CLEARLY SAYS "POORFAGS"
XRP (the actual token itself) is a relic, and it was very tacked-on to begin with. If they could get rid of it they would. Seriously just look at the ripple google group discussions from 2010 when these decisions were made. Someone posted about bitcoin and the rest of them were like OMG WE NEED TO HAVE A CRYPTO CURRENCY.
That was back when Ripple was something very different. It was designed as networked lending platform for small communities. Of course, banks saw what a threat that would be to their business model and so co-opted ripple to become an inter-bank payment system, something that SWIFT does perfectly already.
You are buying fossilized bags of a dead project.
literally nothing. XRP is a shitty company token. It will be useless to cryptocurrency speculators. The only reason to hold it is to try to sell to some dumber fuck. It's a private company token. It's value in relation to BTC will go down considerably in the future as people realize that there's nothing they can do with it. In the mean time, you can make mney by convincing dumbos that XRP is legit, because "muh naks will use it". the fact is that no bank is going to buy XRP from you and if Ripple needs more they can just make more. Ripple may dump XRP in the market to get more money to fund their tech. Take your profits while you can and only hold public decentralized coins like BTC/LTC or whatever, because they will not suffer inflation and are not controlled by a company or banks. That's the real value of cryptocurrencies. Let Ripple shills hold their bags. They think XRP will,ever go back to ATH levels in BTC value. HAHAHA. Sad, desperate cucks... lol
Yeah sure budddy :D
Stay poor buy some wagecuck shit like SatoshiLite shit and he dumped on his followers. And the other devs are just pedophiles lmao.
Wallstreet takes a look at your brainfarts and decides against it.
Lololol
Take a look at this poorfag. Thats where the decisions are made. But but but mah decentralization coins with MINONG CARTELS IN CHOYNA. please buy unregulated solution.
Dumbfuck buys another dumbfucks bags... doesnt that sound familiar to a bitcoin or litecoin holder?
>apply that to real life
lmao, you realize this is all a giant ponzi scam dont you
This has to be the dumbest shit I ever read.
Dead project :D
100+ customers
Clear utility of XRP
Bill Gates Foundation
/biz calls it scam lmao
Yes, but nothing actually transferred, you just SAID it did. There has to be an actual process for transfer of money with ledgers and accountability etc. I don't know why this is hard to understand.
Derp, shall we spend loads of time and money developing our own crypto currency?
Or
Shall we use this hugely efficient and well developed system that charges us next to nothing and works light years faster than our current system?
Something tells me you're not in business.
Because not all coins and transfer speeds are equal you dumb fucker.
Ripple is the fastest by far. It makes BTC look primitive by comparison. Do some reading.
THIS
for your information... i have xrp tokens. bought them at 18cents. sold more than half a few days ago. still have some. BUT I do recognize it for what it is: a private shitcoin. If it goes up 10X in value in relation to BTC I will sell again. I am not a bank and this token will have no use to me. BTC will be far more useful in the long run. Screencap this, cunt.
When this breaks through $1 we're going all the way to ATH
>And even if ripple brought advantages in timing and costs, its more likely that banks will make their own versions of it.
You do realise that developing a similar decentralized system would take several years and tens of $Ms in R&D?
If you think banks are going to abandon their tried and true system to go to a token transfer ledger, then you don't know how these dinosaurs work. Ripple has only pumped because normies see it as a "penny crypto" and have no idea what a market cap is. The slightly more informed think that banks are going to buying 6 gorillion XRP off the exchanges to transfer money every day, when to use the network, they will only need about $100 in Ripple per year. The only good argument for Ripple I have seen here is that if regulations come to crypto, XRP is in a position to profit from it. SWIFT going away is less likely than crypto replacing all banks and currencies
In this scenario, why not just send each other Ripple and cut out the bank entirely?
What about about banks choosing even a cheaper, faster blockchain other than Ripple?