Ripple : I don't think RL would be talking to a government if they were scammers

[dregos]

Would anyone have the balls to talk to the officials if they were just scammers as suggested by some of the fanatics? In my opinion, no.

Downloads a PDF file Ripple Labs submitted for a senate hearing in Australia.
http://www.aph.gov.au/DocumentStore.ashx?id=709dd11c-4a6a-4bad-893b-79ffb77110d7&subId=301962

This is the letter (complete submission pdf attached)

27 November 2014
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Dear Madam/Sir:
Sub: Senate Inquiry into Digital Currency
On behalf of Ripple Labs Inc., I am very pleased to table this submission, via the online facility, for your consideration. Ripple Labs is engaging with financial institutions around the world, including Australia, to implement an open, free and universally acceptable global protocol for funds settlements. Being a transformative technology, especially for cross-border transactions, we believe this can enable Australian institutions, small and large businesses and individuals to prosper in global markets.
Digital currency is an enabling component of the Ripple protocol, but not as a currency for use by individuals or to replace fiat currencies like the Australian dollar. Our proposed use of digital currency is to reduce friction between financial institutions and accelerate the velocity of financial transactions by the provision of cheap and plentiful liquidity. We believe digital currency can play a key role alongside traditional fiat currencies in such
digitally-enabled models for transforming economies. We are working with financial regulators around the world as well as supporting new initiatives for financial inclusion in emerging economies. Ripple Labs would be happy to provide further information and opinions to the Australian Senate Inquiry into Digital Currency. We have no objection to our submission being made public.
Yours sincerely,
Dilip Rao
Director - Asia Pacific
Ripple Labs Inc.

[davidpbrown]

Ripple can do what Western Union and other money transport does, better and cheaper.. but it's more old world money transport than digital currency. There is a lot of money to be made by Ripple Inc - and perhaps a few lucky short term businesses that get in grab a slice of the $500B remittance market and get out.

However, the idea of putting money into XRP is ridiculous. XRP is overvalued now even IF Ripple cornered the entire remittance market. I can't see Ripple's money transport lasting long term, as near zero initial cost digital pegged currency exchange will rule in the long term. There is a lot of money to be made in the short term but I would expect medium term, it'll all collapse into a reluctant duopoly of a couple of really big players that cannot get out because they hold too much value in XRP.. and then they lose anyway to pegged asset exchange. People communicate the idea it's a scam in different ways. Certainly it would appear any individual or any small player in that market will lose and potential could lose big. Given the amount of total XRP and only a third of it being in a market that could already handle all remittances, you have to wonder.

If there's more to it than that, I can't see it. 

[Snail2]

As far as I know two US banks (CBW and Cross River) are already on the way to integrate Ripple, Fidor Bank in Germany is the same and there are rumors on XRPtalk about more banks what showing interest. This first three however not big mainstream banks but smaller community banks.

[devphp]

Those who say they are scammers don't understand the meaning of the word 'scam'.
They are not scammers, they issue a centralized currency, that's all.
Issuing a centralized currency doesn't make one a scammer, but there is no innovation in it (governments and private companies have done this for centuries) and it goes against the idea of crypto currencies.

[devphp]

The Banking industries are them self scammers, if you still can't see this after the chaos they've done in the past then you really need to find out this the hard way.

You should make a distinction here between legal scammers and illegal scammers

[dregos]

Now you are talking about a totaly different subject. I refered to some of the fanatics dissing Ripple. And we're talking of ceasing the oportunity to gain something from a current global system. Which, I agree, is f... up.

[hypostatization]

Ripple has been designed from the outset to level the playing field.

Here is the perspective of the concept creator, Ryan Fugger, on the Ripple Labs strategy:

I spent years working on growing pre-XRP Ripple in a grassroots fashion, and it was ultimately a barrier that people and small businesses aren't used to being credit intermediaries. I generally prefer the grassroots approach, but it makes sense to me to initially target institutions that are already acting as credit intermediaries, at least for the credit network portion of Ripple.

Engaging with financial institutions is helping drive the growth of the protocol and network, making for a more robust system for individual users, in addition to financial institutions. It is an open protocol and network.

CEO Chris Larsen brings to the table his experience as a pioneer in social/p2p lending at Prosper, which has been disruptive to the industry in a similar fashion to the trajectory of the Ripple ideal. Individual empowerment. Ripple takes it further.

Ripple Labs needs to engage with governments/regulators to pave the way for FIs to use the network. Cryptocurrency would be much more widely adopted in absence of the surrounding regulatory burden:

Risk aversion in financial services is of particular concern to the nascent digital currency industry. The Bitcoin community, which is increasingly populated by mature, sophisticated, and law-abiding business people, is fervent about bringing unbanked and underbanked communities in the U.S. and around the world into a secure financial services system. But many Bitcoin businesses struggle to find and maintain banking relationships. This drag on Bitcoin business development is stymying an industry that has the potential to create more jobs, produce technological advancements and help more people engage in affordable, secure, and convenient financial transactions.

Apologies if this is less exciting than the standard Ripple/government/bank/cryptocurrency conspiracy theories.

[Ultros]

"Governments" are made of scammers that spam lies. Your argument only proves that Ripple could be a way more serious and dangerous scam than most alt-coins. I'm not saying it is, and I'm not engaging you not to buy some, but banks and governments are not automatically giving legitimacy in my books.

[muddafudda]

I'm Australian, no one here cares for this bullshit centralized currency.

Australia is a rich and flourishing nation and I will do my best to the day I die to ensure the Australian public/government does not accept this shit.

BTW all he did was ask to talk at a public enquiry, which in sense I could have done with a 2 line e-mail. lol.

Take this Ripple shit out the fuck of my country please.

[Spoetnik]

The Banking industries are them self scammers, if you still can't see this after the chaos they've done in the past then you really need to find out this the hard way.

Ya and having banks involved with crypto coins is not exactly a bright idea to begin with LOL
I thought we were suppose to be moving away from them ?

And no real Govt or Big banks are going to buy into Ripple.. think about it..
You think the head guy of some bank wants to make a worthless shit coin some handful of guys own worth Trillions ?
Why would they ?
They hold all the cards why would they hand them all away ?

Right now Ripple is almost worthless and if banks bought into using them they would have to own a lot of them to provide service for them i think
and that would mean Big banks would have to buy a lot of these coins.. and is that happening ?
What is Ripple again ?
Oh a 100% premined centralized shit coin with a bad reputation.. ya i forgot.. better buy tons of them quick  

[paycum]

ripple is not a coin! please understand that! XRP isnt ment to be an investment or tradable coin its ment as an anti spam meassure and as the base of the ripple network.

Secondly comparing to all altcoins ripple is the only one who basically has potential. Why dont people understand that you always need regulation if you want to operate in the real world!

You can already see bitcoin changing, basically because it doesnt have a choice, if it stays unregulated it will never be more then a niche market!

All altcoins are only good for innovation, but none will succeed. Maybe some will be bought by real companies and regulated, but for now the only reason there is a market for it is because internet nerds like us give them value. but the rest of the world will never use them, thats a fact.

[muddafudda]

Any member here that supports Ripple is going against the very foundation the Nakamoto set up. Its called bitcointalk and BTC is decentralized. All Ripple posts and threads should be deleted.

[paycum]

i agree, not about the deletion part though

But ripple isnt a cryptocurrency and that is why it is will be a never ending discussion. They both have their own targeted audience and their own goals.

they are just different, doesnt mean one is better or worse then the other.

[mushroomfour9]

 let's say that ripple  becomes mainstream, and the whole world uses it. What  do you think the price of one xrp would be?

[iGotSpots]

I've been talking with the state and federal government for well over a year and people call me a scammer all the time. Doesn't mean anything, obviously

[paycum]

let's say that ripple  becomes mainstream, and the whole world uses it. What  do you think the price of one xrp would be?

i honestly dont know, there will probably a huge spike up, but i think over a few years price of xrp will be around 1 or 2 dollar.

[hypostatization]

And no real Govt or Big banks are going to buy into Ripple.. think about it..
You think the head guy of some bank wants to make a worthless shit coin some handful of guys own worth Trillions ?
Why would they ?
They hold all the cards why would they hand them all away ?

Right now Ripple is almost worthless and if banks bought into using them they would have to own a lot of them to provide service for them i think
and that would mean Big banks would have to buy a lot of these coins.. and is that happening ?
What is Ripple again ?

International transfers are the current leading use case, for financial institutions. Ripple serves an unmet need. Built-in FX and near real time settlement atop a distributed ledger is a powerful tool. Here is a primer on Ripple for financial institutions.

Ripple has potential to disrupt the traditional correspondent banking system. Fidor bank in Germany and Cross River and CBW in the US are known bank adopters. AstroPay and TAS Group are also adopting the protocol. Rabobank has acknowledged they are experimenting with Ripple. All signs point to growing interest among traditional financial institutions.

A team from RBS also recently won a hackathon by integrating Ripple with FXMicroPay.

NACHA had the following to say about Ripple in their Future of Corporate Payments whitepaper:

Beyond cross-border corporate accounts, the US-based company Ripple Labs has developed an open-source, distributed payment protocol for the payments industry. The protocol enables free and instant payment exchange in any currency — including dollars, yen, euros, Bitcoins, and even loyalty points. Financial institutions of any size are able to settle transactions in real-time and accelerate the movement of money. While digital currencies have long represented a potentially significant technical development, they have remained on the sidelines and have only been adopted by the most risk-hungry and adventurous. The Ripple protocol has the ability to simplify current technical and business models, offering an alternative message routing and settlement layer for payment networks. This could enable them to become faster, cheaper, and more interconnected. Utilizing digital currencies could be particularly attractive for facilitating cross-border payments, where values are linked to stable national currencies and quickly exchanged.

Banks are not interested in holding XRP; they are attracted to Ripple for its utility: it makes fast and cheap what has historically been slow and expensive.

Destination tags allow multiple accounts to be addressable through a single wallet and transaction fees are trivial, which allows Ripple to be adopted by financial institutions and individuals alike at minimal cost.

I agree that there is no immediate evidence to suggest that banks are interested in investing in XRP.

XRP plays a unique role on the network, that may or may not lead to a rise in value as adoption increases. Like Bitcoin, XRP has no counterparty. It also acts as a vehicle/bridge currency.

At the 2014 Future of Money & Technology summit, this evening, Ripple Labs participated in a panel on real time payments. If you want to learn about Ripple, Codius, and the industry at large---definitely worth a watch:



jump to Codius Q&A response

Ripple is all about utility.

[bitkate]

let's say that ripple  becomes mainstream, and the whole world uses it. What  do you think the price of one xrp would be?

i honestly dont know, there will probably a huge spike up, but i think over a few years price of xrp will be around 1 or 2 dollar.

are sure xrp can survive and reach to price 1 or 2 dollar. im not sure with ur opinion

[jonoiv]

Any member here that supports Ripple is going against the very foundation the Nakamoto set up. Its called bitcointalk and BTC is decentralized. All Ripple posts and threads should be deleted.

+1

[matt608]

Of course ripple aren't a scam, they are just a centralised solution that is a great innovation but far from Satoshi's ideals. Ripple aren't the only Crypto to talk to a government.  BitShares, which is even more decentralised than bitcoin, met with Californian government officials a week or two ago about their open source voting platform 'followmyvote', to allow provably fair elections. 

http://followmyvote.com/california-joint-new-law-workshop-recap/