/biz/ - Business & Finance

>>16008676
it isn't

it's just a russian 2-men university dropout startup, sergays former project was NXT which he abandoned after ATH hit back in january 2018

>>12379180
A basic understanding of how inter-bank transfers work, reveals why so many XRP maximalists fell for a meme.

>consider the follwoing:
When Bank A sends 1000 bucks to Bank B, what happens is Bank A debits 1000 from their ledger and Bank B credits 1000 to their ledger. If those banks have no relationship, they go to bank C. Regardless, the majority of this system is cashless. This is why SWIFT and Ripples Xcurrent are nothing more than a MESSAGING system that match the banks and keep track of the various ledgers between them.

Ripple's Xcurrent product is very effective but you need to understand that it functions as a cashless transmission, the banks are sending messages, as apposed to actually sending XRP

>inb4 b-but, XRP seeks to disrupt the financial industry by sending tokens, you fucking brainlet!
Ok, let’s pretend the banks end up sending tokens instead of messages.

>bank must cash out the XRP upon receipt
>in order for this to be effective, bank has to cash out within their own country (if they cash out in another country they’re back to square one)
>oh shit, but there aren’t liquidity pools so that means they would have to cash out XRP on exchanges within their own country
See the problem here?

>inb4 b-but the banks will just hold XRP, you fucking idiot
The problem with that is XRP seeks to free up nostro/vostro accounts but by holding XRP versus converting it, the banks wouldn’t free those accounts. At the end of the day they would end up with the same problems as the existing system.

>inb4 b-but muh partnerships with banks, you fuckface pajeet of an OP
What about ‘em? Oh yeah, Ripple has partners but they ain’t using Xrapid.

>Santander just announced adoption of SWIFTGpi
>Swedish Bank is partnered with Ripple but is not partnered onto Xrapid

Ripple the company may have a bright future competing with SWIFT, but, banks are just using Xcurrent software which is not dependent on XRP and acts a messaging system.