Ripple XRP: PROOF XRP Meant For Enterprise - Will Banks Lose Money If Everyone Converted USD to XRP?
all right hey guys and welcome to the working Money Channel so you remember this quote from Ashish berla from uh way back in March of this year we're close to having a global coverage of odl well uh xrp underscore Crow uh reposted this recently an xrp Capricorn responding to this tweet the stage is being said NYC World Trade Center platform adds Ripple and xrp so apparently this is in the World Trade Center in New York City crypto means business all these Ripple ads here uh even going up this staircase step up to a new era of Finance crypto means business uh with the Ripple logo shift your business into carbon neutral take a real step towards net zero with a carbon neutral blockchain and Ripple's crypto solutions for business so Ripple ramping up getting the word out there an interesting new development here wanted to thank xrp underscore grow and xrp Capricorn just for posting that guys I also saw this from xrp crypto wolf now this has to do with ripple partner a big One MasterCard their executive says that the payment giant is working to unlock the full potential of crypto and digital assets so before I get to this I also saw this article and I feel like this words it a little better payment giant MasterCard believes crypto assets have the potential to transform the financial infrastructure outlining five key areas that can help turn cryptocurrencies into an everyday way to pay so that is the quote that I really wanted to highlight here we know MasterCard uh well first of all a ripple partner but also one of the biggest credit card companies on planet Earth I mean it's basically them and Visa except in almost everywhere on the planet and uh they want to make cryptocurrencies turning cryptocurrencies into payments an everyday way to pay now we also know since they are Ripple enabled they will likely be doing this through DLT technology a top executive at MasterCard says the firm is working on unlocking the full potential of crypto Assets in a new company blog post mastercard's head of crypto and blockchain Raj da modaran says that the company plans to make good on their much anticipated expectation of crypto assets being a viable method of payments so he wants to bring this into the financial services industry here is a quote guys to unlock the potential of digital assets we need to bring together the best of tech Banking fintech and crypto this will create a variety of new services and make the movement of money speedier simpler and cheaper the longstock promise to make crypto a payments tool could be achieved these collaborations could also help the crypto ecosystem improve safety for its users whether future Market turmoil and reach greater mainstream adoption someday soon the ability to own and spend a digital currency could be as seamless as making a contactless card payment so again highlighting the fact that they want to integrate crypto payments uh into what I'm assuming is going to be MasterCard usage MasterCard says it's currently or currently has a variety of projects in development that will help it achieve its goals first it plans to continue releasing crypto focused debit cards around the world so they are knocking this off one country at a time uh MasterCard a well-known Ripple partner so that is going to be interesting to to see as that slowly rolls out they've already been starting it so we'll see how the momentum goes wanted to thank xrp crypto wolf just for posting that bringing up the Ripple xrp chart uh now in a spec Market still kind of flat I mean as of the last few days this is it on the daily over the last few days we've seen some excitement xrp going up to 55 8 and then going as low as 41.8 and everywhere in between so we've just been kind of seeing it vacillate over the last uh well basically since September the 22nd September 22nd 23rd we've just been seeing a vacillating pattern for xrp ups and downs and ups and downs and uh we're just kind of hovering in this 48 49 cent level right now if I throw a Fibonacci on this most recent micro downturn here uh starting back in March uh you guys can see that we have made it back up to the point 382 on the chart here and that is the level to break for xrp 52-6 and you guys can see we're wicking back down into the 0.236 so we're kind of vacillating between these two levels at the moment just waiting for that breakout to take place and uh you know Bitcoin bringing up Bitcoin real quickly here um again Bitcoin not too much to talk about here still vacillating under 20 000 right now Bitcoins at 19 169 dollars per coin so uh maintaining twenty thousand which is a good sign but nothing to suggest it's moving anytime soon wanted to bring this up guys Doge and xrp are now accepted on Romania's largest ticketing platform so this from you today Doge and xrp and other cryptocurrencies supported by binance pay can now be spent on the biggest ticketing platform in Romania CZ binance I just put out this announcement binance pay is now available on the biggest ticketing platform in Romania and uh you can buy tickets using Doge or xrp there are a few other cryptocurrencies uh that I believe they support binance pays uh binance cryptocurrency payment technology allows users to shop with crypto or send crypto worldwide and is currently being utilized by companies such as travala.com and lexapson or lexapsion um it currently supports over 40 cryptocurrencies including cardano's Ada Bitcoin BTC ethereum eth chain link link xrp and Doge and several others so more utility for xrp xrp being utilized as a currency in the country of Romania and I'm thinking we're going to start to see this more and more and more it is a phenomenon that's going to happen uh more frequently as crypto adoption rolls out throughout many different countries and I think that the implication is that you know look United States the rest of the world is using xrp as a currency how can we actually deem this as security how is this even logical at this point in time um and I feel like I mean we'll hopefully see a settlement sooner than that I mean if Jeremy Hogan's correct maybe before November the 15th I did a video on that yesterday guys and I will link it up here in the top right hand corner if you didn't catch it but I think it's pretty clear I think it's kind of obvious at this point in time um and you know even Brad garlinghouse said it you know when when he goes around the world and talks to head heads of central banks nobody cares that the SEC is suing Ripple in the United States because the SEC has no jurisdiction other than in the United States so um we're going to see this more and more I think I think this is great news wanted to also bring this up with regards to xrp Ledger adoption so um we talked a little bit about xls-20 and so xrp crypto wolves just pointing this out xls-20 May Come To The xrp Ledger soon enough as its fixes in the final stage so uh there needed to be some amendments so the new standard for creating complex nft applications on The xrp Ledger may appear as early as the beginning of November this is their new timeline guys this conclusion follows from a post on the xrpl website the nft amendment was postponed in mid-september when a critical bug in its operation was discovered and so what they ended up doing was uh well they fixed it obviously and after almost a month the vote to remove the mechanism that caused the critical bug has garnered the necessary 80 percent of votes xrp enthusiasts have only to wait until the vote is over and the fix is enabled which could happen as soon as October the 27th so that is a date we should be eyeing with regards to this new Amendment to the xls-20 uh application on The xrp Ledger next if all goes according to plan the two-week vote to implement the xls-20 amendment will be relaunched thus we can expect the new nft standard on The xrp Ledger to be implemented by November the 10th so guys more development fast and furiously on the xrpl trying to get the nft protocol uh enabled on the xrpl It is believed that the new standard will equip xrpl with new tools uh it needs to mass mint trade and burn nfts the development of the amendment became possible after Ripple launched a 250 million fund aimed at supporting nft creators so all part of what was once called the Spring initiative yeah it's called Ripple X now sorry the name was evading me uh for a second there used to be called the Spring initiative now Ripple X and you know Ripple is fostering this ecosystem they want to see it's in their best interest to see more people building on the xrpl the more liquidity flowing through the xrpl the better it is for everyone so that's what we want to see Mass adoption wanted to thank xrp crypto wealth just for pointing that out and mass adoption for cryptocurrency is going to happen in many different ways um you know for us xrp holders we want to see development on the xrpl we know one of the things that Ripple has been working on with certain countries is stable coins and um you know there's this idea of the private Ledger the public Ledger how are stable coins going to be implemented and what are the risks for programmability when it comes to nation states that maybe you cannot trust as much as some others and it's happening it is happening I saw this clip here um posted by xrp tillian on Twitter with cbdc's they will program your money via a smart contract and dictate on what and how to spend it now this is a panel here um hosted by the IMF as you guys can see the logo in the background I do not know who this gentleman is but he talks about Central Bank digital currencies can improve Financial inclusion is through what we call programmability that is cbdc can allow government agencies and private sector players to program to create smart contract to allow targeted policy functions for example welfare payment for example consumption coupon for example food stamp by programming cbdc those money can be precisely targeted for what kind of people can own and what kind of use this money can be utilized for example for food so this potential programmability can help government agencies to precisely Target their support to those people who need in the clippings they are kind of cutting them off mid-sentence but uh I think you get the gist um you know pointing out the fact that governments can control people with a programmable Central Bank digital currency now he uses examples like food stamps and coupons and you know um welfare payments all things that you know if the government is giving a citizen money they're hoping that that citizen is going to you know not buy for example a big screen TV with those payments and actually utilize them for food so you know he's framing it in that respect however you know it it's a slippery slope that can get very dangerous very quickly and uh you know it's it's not even like they're hiding the fact that I feel like you know a lot of governments that are talking about Central Bank digital currencies are um not even addressing the idea of programmability uh they don't want to touch it with a 10-foot pole because they know they're going to get roasted so they try to shy away from that here we have somebody at an IMF sponsored conference reference talking about just that so programmability interesting wanted to thank xrp tillian here for pointing that out um and so just kind of along the same lines here Bobo crypto uh posted this Ripple advisor predicts countries may use public blockchain so uh we were talking about Central Bank digital currencies and the difference between public and private blockchains or um you know for example a feature that can be switched on The xrp Ledger for example while Anthony welfare senior advisor at Ripple he says countries may decide to use public blockchain Solutions in the long term during a recent conversation with uh David Schwartz he said obviously The xrp Ledger is public and it is totally decentralized so we know that we know that there is a public version of The Ledger it is decentralized but um you know central banks can utilize a private blockchain a private version of the xrpl this is something that Ripple announced I think it was about a year and a half ago welfare says that the cbdc solution that Ripple uses is taken from the private version of The xrp Ledger hence switching the blockchain would be relatively easy welfare uh also noted that it was very important to educate central banks and institutions about the benefits of the technology it's something that we find very important at Ripple and we have education programs for central banks he says so also uh you know this idea of educating the central banks this has been a big pain point from the beginning uh getting uh central banks even open to the idea and warm to the idea of getting onto DLT technology let alone all the things and nuances that they can do with distributed Ledger technology the first cbdc deployments that could produce tangible benefits is definitely coming up he says uh he sees smaller Nations launching such projects in the next one to two years so Central Bank digital currencies guys coming from many different countries on the xrp Ledger at the same time it would take the US Japan the UK and other major economies more than five years to arrive there so it's um not looking like we are going to get a cbdc anytime soon at least not in um you know these types of larger economies bigger countries population wise uh you know a lot of these Central Bank digital currencies that are already going to be launched are smaller Nations Nations that do not have as big of an economy so I can see his point there welfare claims that today's Financial system is insufficient and unequal and cbdc's will help to solve these issues well it is beneficial that Ripple is also working on this because they are also the provider of the liquidity through Ripple net and xrp anyway I wanted to thank Bobo crypto there just for pointing that out now when it comes to Ripple and it comes to their ultimate plan we know the Ledger is public and anybody can build on it and xrp can be used for many different reasons but why was Ripple created and why was xrp really created okay think about this for a second Nathan price bringing this up is Ripple technology consumer facing or not what's xrp's final use case for retail if everyone knew what xrp's Final Destination and value would be Banks would lose money from everyone converting USD to xrp and that's a threat to the US dollar an interesting Theory here and you know he's bringing up some articles here some older articles this one from 2016 Ripple receives New York's first bit license for an Institutional use case of digital assets and I think this was really the beginning okay the bit license and they say here they state it flat out for institutional investors and financial institutions in New York institutional use of digital assets uh and again down here they mention it institutional use of digital assets uh also we've got this okay from June of 2015. okay so early days here Ripple has an Innovative solution to the ways we pay and uh just highlighting here while our technology is not consumer facing so Ripple again uh going on record saying our technology is for institutions let's not forget why xrp was created who created xrp and how it was gifted to the company Ripple and who did all that and then who ended up being the CEO the CFO the CTO of the company Ripple in the end well I know I can throw around a couple of names David Schwartz Jed McCaleb just name a couple then there was this okay Ripple net specialized for interbank payments um but has a lower reserve requirement okay so second Ripple influenced the disposition of The Ledger when the company pivoted towards cross-border payments in 2015. this pivot was
due to both regulatory pressure and New Market opportunities by 2015 the only point of access to The xrp Ledger at that moment was through Ripple's web client Ripple however did not want to control the xrp Ledger or manage the Ledger's users or customers because the Ledger is officially open source and permissionless the company's Mantra was we do not want to own the network we don't have customers so even from 2015 it was set in stone this is a public blockchain but we are using the xrpl for institutional purposes and we are going to be using xrp for those same purposes uh Ripple settled the lawsuit on May the 5th uh 2015 by committing to an extensive kyc program and by paying a sum of seven hundred thousand dollars shortly after Ripple applied to obtain a New York bit license which I talked about earlier uh Ripple then pivoted towards financial institutions to partially Outsource Regulatory Compliance servicing Banks rather than individuals meant for ripple to be able to rely on banks compliance departments rather than on its own forces so again more evidence just suggesting that xrp's final use case and this was planned from the beginning xrp's final use case although it can be used for retail and although retail can use it and does use it is meant for institutions like Banks think of it this way the xrpl was created who was the first company to start developing on the xrpl things that make you go hmm so I wanted to thank Nathan price just for pointing that out and so this is why guys this is why the big Bankers in the US have a problem with relinquishing their power remember this from digital asset buy as Goldman Sachs and JPMorgan face criminal probes William Barr uh I thought it was Michael Barr at first but it's not it's William Barr top prosecutor tries to replace him with banks former lawyer Jay Clayton and even down here in this article they say Jay Clayton who lacks even a shred of criminal prosecution experience uh was put in place to help save the big Banks namely Goldman Sachs and JP Morgan and another one here guys from Weezy at nerd Nation unbox sound familiar if this does then you believe in the grand conspiracy while JP Morgan is free to work with blockchain ripple is being stifled in the United States now this is Christine Moy guys formerly of JP Morgan now she's at Apollo with none other than Jay Clayton we've spent the past year working on blockchain based core banking systems to to make Global Payments more seamless efficient and programmable while building the technology was certainly difficult the hardest part was working through the various internal and external approvals required for legal and Regulatory treatment of the blockchain-based deposit system we are proud to announce that we are now live and able to facilitate cross-border transfers for corporate clients 24 hours a day seven days a week 365 days a year without being limited by traditional local cutoff times and pre-funding requirements additionally we are continuing the US dollar multi-currency payments clearing system work that we announced with the monetary authority of Singapore as part of the project ubin phase five last year building a multi-bank shared ledger to enable cross-border and multi-currency payment settlements that are real-time and atomic for the Asian region So Christine Moy here describing what Apollo's doing which sounds a lot like what Ripple has been doing for years now note the connection again JP Morgan and Apollo Global and that's important if we are to believe the theory that you know the big banks in the United States want to keep ripple at Bay so that they can maintain the power and they can maintain their revenue flows in a lot of ways just yesterday I also posted a video uh with Kevin O'Leary basically calling out Jamie Morgan and JP Diamond sorry Jamie Morgan and JP Diamond you see what I did there JP Morgan and Jamie dimon with regards to their profits uh the nostro and Vostro accounts you know saying that they basically make the money off the friction which is what Brad garlios has been saying for years now if you guys didn't catch that video I will link it up here in the top right hand corner just want to move along though another one guys here is Jay clean coincidentally ironically talking about how Innovation is important and it comes from competition yeah very ironic yeah makes sense so some way capture the benefit of innovation but not give up the resilience that we have by having this distributed system with lots of different lots of different players I absolutely tremendously well said and I think sometimes Innovation comes from competition and turning terrorists think I got a way to turn those parties loose to compete for a better way to run the rails that as I always say to people who used to come into my office the SEC who had an Innovative idea I said let's start with this show me how we can do our job at least as well reduce reduce risk in no way increase risk and capture the Innovation and then then we're going to have a real conversation but I'm not going to trade I'm not going to trade Financial stability risk you know customer risk or efficiency it's got to be it's got it's got to be at least neutral hopefully it furthers the mission and add efficiency so again you will leave this guy Innovation comes from competition figure out a way to turn those parties loose to compete for a better way to run the rails like he's talking out of both sides of his mouth here I mean when you know the story it just doesn't look good it's not a good look as they say uh so another great clip here from Weezy at nerd Nation unboxed not only that guys we got will Martino here a great clip another one from Wheezy will Martino senior science advisor with vals Hispanic at this at the SEC lead blockchain developer at JP Morgan and so there's the connection there he says consensus bought Quorum for marketing and because JP Morgan was trying to dump the dud he says because ethereum does not work now there was also an article uh just pertaining to that from about two years ago JP Morgan blockchain Creator says the project was going nowhere and JP Morgan wanted to get rid of it so uh you know just kind of following the trail of where JP Morgan was going through at this time and all the missteps they were having meanwhile this all happening while Ripple was being successful forging partner ownership throughout the same years will Martino the former lead uh lead engineer for JP Morgan's first blockchain Juno shared insights into the Project's acquisition with consensus with coin Telegraph he believes that while the technology was good for its time it inherently or rather it inherited fundamental flaws from ethereum since leaving JP Morgan he has gone on to uh Gone on to found kadina a proof of work blockchain that employs sharding to achieve scalability so again this is from two years ago so this is kind of outdated in terms of um you know proof of work blockchains obviously those are becoming less and less popular in 2022 while details regarding consensus is a recent acquisition of Quorum or sparse it was noted that while divesting Quorum JP Morgan was making an investment in consensus Martino believes that the investment that the bank made was higher than the price tag of Quorum He suggests that this might have been an easy way for JP Morgan to get rid of a business unit that was not going anywhere and so just to that point let me play you guys this clip it kind of cut its teeth on the Enterprise prize blockchain side we built our system to be able to support Dean gnarlius most sophisticated Enterprise workflows that you can think of because we knew that if you don't start knowing that you can support those you won't be able to grow the networks to be able to support them later it's the problem that ethereum hit in Enterprise is that ethereum was built for public use cases for tokenization and when people tried to take it and actually use it inside of like JPMorgan for example the language just wasn't designed to support their needs I mean just as things as basic as upgradable smart contracts and having error messages when things Break um just aren't part of what you need to make a token work on a public side but in Enterprise you need these things and you just can't get anywhere without them so there you have it JP Morgan making mistakes along the way ethereum not created for banking Solutions this is why everybody's running on Ripple it just works better and it's no excuse for the big banks in the U.S to try to thwart Ripple through a frivolous lawsuit that um I think is becoming very very clear has been staged since the beginning that's just my opinion but I want to hear what you guys think please subscribe to the channel if you haven't already like the video if you like the content I'm providing I always love hearing your comments see you in the next one guys
2022-10-18 01:00
