Capital One implementing Ripple?

[NWO]

https://twitter.com/seansposito/status/465968259893043200

This would be huge following the Fidor bank news! Some digging on this twitter user brings up some possible links to Capital One - therefore the rumor might have some credibility. Transaction volume has increased by over 3 million USD* on the network.

Something is stirring  

Discuss.



*The transaction volume is still increasing like crazy. Raised it from an increase of 1 million USD to 3 million USD.

[1713488834]

1713488834

[1713488834]

1713488834

[1713488834]

1713488834

[Peter R]

I don't understand why someone would be interested in the long-term prospects of foo-coins like Ripple for exchanging IOUs when you can accomplish the same thing with bitcoin AND eliminate counterparty risk on BTC assets.  If you are interested in decentralized exchanges, coins pegged to the USD, gold, or other assets, then check our colored coins (the video here is a pretty good summary): http://coloredcoins.org

The major advantage of colored coins is that they exist purely in bitcoin-space--there's no need to buy some foo-coin to create them.

Colored coins are essentially small amounts of bitcoins that encode IOUs for various assets.  For example, Bitstamp could create BitstampUSD colored coins.  The value of a colored coin is thus the value of the underlying bitcoins + the market value of the IOU.  I could buy BitstampUSD from anyone, send them to Bitstamp, and then have Bitstamp honour the IOU by wiring money to my bank account.  

Colored coins open up exciting opportunities for the bitcoin network.  However, colored coins are not a threat to bitcoins themselves.  The reason they are not a threat is that all colored coins are IOUs; they are only worth something as long as the counterparty can honour them.  In other words, colored coins are not completely trustless.  There is only one asset in bitcoin-space that is not also someone else's liability: bitcoins themselves.

[NWO]

I don't understand why someone would be interested in the long-term prospects of foo-coins like Ripple for exchanging IOUs when you can accomplish the same thing with bitcoin AND eliminate counterparty risk on BTC assets.  If you are interested in decentralized exchanges, coins pegged to the USD, gold, or other assets, then check our colored coins (the video here is a pretty good summary): http://coloredcoins.org

The major advantage of colored coins is that they exist purely in bitcoin-space--there's no need to buy some foo-coin to create them.

Colored coins are essentially small amounts of bitcoins that encode IOUs for various assets.  For example, Bitstamp could create BitstampUSD colored coins.  The value of a colored coin is thus the value of the underlying bitcoins + the market value of the IOU.  I could buy BitstampUSD from anyone, send them to Bitstamp, and then have Bitstamp honour the IOU by wiring money to my bank account.  

Colored coins open up exciting opportunities for the bitcoin network.  However, colored coins are not a threat to bitcoins themselves.  The reason they are not a threat is that all colored coins are IOUs; they are only worth something as long as the counterparty can honour them.  In other words, colored coins are not completely trustless.  There is only one asset in bitcoin-space that is not also someone else's liability: bitcoins themselves.

Probably because banks want to do business with a legitimate company?

Ripple team
Ripple investors

IMO Bitcoin is being tarnished in the public eye.

[nextgencoin]

I don't like the fact Ripple is gaining acceptance where it was always aiming for ie The mainstream. But I can't deny it either.

I do wonder how exactly these banks will implement it though. I can't ever see people using the complex trust methods of Ripple. I guess Capital one will just buy a certain amount if ripple and use it as currency that they will control and insure....I guess like colored coins.

[bodymail]

Development of ripple can also have a better future, the application will be its breaking point.

[Spoetnik]

if they did their idiots 

[NWO]

if they did their idiots 

they're*

 

[NWO]

I don't like the fact Ripple is gaining acceptance where it was always aiming for ie The mainstream. But I can't deny it either.

I do wonder how exactly these banks will implement it though. I can't ever see people using the complex trust methods of Ripple. I guess Capital one will just buy a certain amount if ripple and use it as currency that they will control and insure....I guess like colored coins.

Banks are using the technology. People won't even know they are using Ripple. They'll just be like "OMG! My international bank transfer just took 3 seconds!"

[NWO]

Price still increasing. Over $8 million USD in transaction volume so far...
 

http://www.ripplecharts.com/#/

[princesultan1]

Price still increasing. Over $8 million USD in transaction volume so far...
 

http://www.ripplecharts.com/#/

Why do we care about transaction volume? Shouldn't we only care about trading volume to indicate that something big could be happening? Trading volume is moderately higher,nothing crazy.

[Spoetnik]

if they did their idiots 

they're*

 

your a fucking loser 

[Latinman]

Ripple is neat and easy to use.

[dspair]

Why do we still allow ripple threads on this forum if it's not even a cryptocurrency?

[freequant]

if they did their idiots 

they're*

 

your a fucking loser 

you're*

[hypostatization]

The major advantage of colored coins is that they exist purely in bitcoin-space--there's no need to buy some foo-coin to create them.

Bitcoin severely lags Ripple in transaction speed. Ripple transactions take 5 - 10 seconds to clear, versus waiting on Bitcoin confirmations. Ripple transactions are also incredibly cheap. Do colored coins support cross-currency payments? (honestly asking, could not find that info quickly)

I think your comment could be more accurately stated as: the major advantage of colored coins for Bitcoin is that they exist purely in the bitcoin-space--you just need to buy Bitcoin to create them.

I am a major Bitcoin fan, but when it comes to next-gen systems, Bitcoin is another foo-coin.

[BitOnyx]

so many wierdo ripple news last days

[NWO]

if they did their idiots 

they're*

 

your a fucking loser 

you're*

You beat me to it! 

Obviously Ripple is too difficult to understand for Spoetnik, he can't even spell.

[jabo38]

I can easily see how a dozen major banks from different countries set up Ripple accounts and then only trust each other.  They would drastically speed up transaction times, processing efforts, and make the customers a lot happier.  It is a huge win for them and they don't have anything to lose if they only trust the other major banks they only want to do business with.  They don't even have to set the trust levels that high as they could just be sending money in and out of a single Ripple account many times a minute.  They could even break up larger transfers over a few minutes.  A hundred thousand dollar account is play money to a big bank, even the CEO can make that a morning.  Yet, that one Ripple account could cycle that one hundred thousand USD every 10 seconds, making the total volume a day on that Ripple account hundreds of millions of dollars a day.  All with that hundreds of millions clearing instantly for basically no fees.  Those big banks that form an alliance would stand a lot to gain as long as they just trusted a limited amount of partner banks they do a lot of business with. 

This of course isn't the decentralized and all inclusive system of bitcoin.  In that way bitcoin is much stronger.  But Ripple is an extremely fast and efficient way of sending money across the world if you have trust with your partners.  Yes.... it is all "IOU's" but with enough trusted partners and enough daily volume.  What does it matter if it is IOU's when you send out one hundred thousand dollars worth of your own minted IOU to one bank in Asia, just to get it back 10 seconds later from a third bank in Germany.  Done effectively, it is an extremely quick and fast way of settling debts within a group of major financial institutions that are constantly sending and receiving money across the world. 

As you can see from my post, I think Ripple will be finding its place someday in the financial world.  Then maybe you would think that I have gone in and bought a ton of XRP then.  But I haven't.  XRP isn't really a coin like Bitcoin, it is just meant to be a small little something that is burnt as a transaction fee.  Yes, it is not meant to be kept and stored and hoarded.   It is meant to be destroyed and burnt.  In some situation it can be meant to trade an IOU for XRP and then use that XRP to buy another IOU, but that is not the promise of Ripple.  That is just a small little side trick and that trick could drive the price up a little in the same way bitcoin is up, but again, that is not the point of XRP.  The point of Ripple is the have these major financial institutions trading huge volumes and burning minuscule amounts of XRP as anti-spam.  For me, I think it is a fools game to speculate in XRP when it is just meant to be destroyed anyway.  People are constantly crying the Ripple is a scam because it was premined, and it was premined, but scam screamers are missing the point that really XRP wasn't meant to be a coin so it doesn't matter. 

[jabo38]

man, I just looked at the price and something czy is going on. http://www.cryptocoincharts.info/v2/pair/xrp/btc/justcoin/today