FI

R4ID

#part 1 >We're all dumber for having read your comments. lol coming from someone who has repeatable ignored the basic push back of "prove it" multiple times and has double downed on literal lies. mirror.jpg You're about to get a prime lesson in https://en.wikipedia.org/wiki/Brandolini%27s_law#:~:text=Brandolini's%20law #1 >We didn't "cover it". your lot always repeat the lie that they were "gifted" the XRP and therefore didn't create it. This is literally what happened. You can read the literal founders agreement here https://i0.wp.com/prestonbyrne.com/wp-content/uploads/2018/09/founders-agreement-2.png?resize=739%2C838&ssl=1 this isnt complicated, everything is dated, open source and viewable to the public. Founders agreed to gift the 80% (which was closer to like 79.8%) to the company and split the remaining 20% amongst themselves. we know jed and chris took 9%, arthur took 2% and david took 0%. This is settled age old information, unless you're going to claim they invented a time machine and made Sept 17th 2012 happen before June 2nd 2012. the token existed before the company, wasnt created by the company and the company had the tokens gifted to them by the founders. Again I'm not sure why you keep waiving this flag as if its a flag of victory, it kinda highlights you're lack of reading comprehension to be honest. > It would be no different if I created a shitcoin, created a company, and then "gifted" it to the company I now own. Yeah technically I could claim "the company" didn't create it, but in reality its the same fucking people. it would be exactly that and you would be correct to say that the company didnt create that token. Look I can see following the basics is hard for you, lets boil this down. Is June 2nd 2012 before or After Sept 17th 2012? this isnt the chicken and the egg, we know which came first. >It's shady af to make this dumb claim. ??? It's all out in the open, directly addressed, sourced and even fucking dated with internal private documents confirming it. What is "shady" ? > Of course they would put it into a company to run to make it seem legit, otherwise people would look and see that 100% of the coins are owned by two dudes, who are flogging some other software to banks, and see it for the scam it is. Plus they'd end up having to pay tax on it when they sold it... A lot of dumb things to break down here. first, it was done this way because the Series A investors wanted to see a functioning working product. You kinda have to BUILD the thing to show investors that it works before you make the company to collect the investors money. David has been quoted as saying as much on his youtube channel for years at this point. This isnt complicated. Also the coins weren't owned by 2 dudes, its 4 of them and 1 took zero. second, Why cant you define, describe, or source the "scam" ? third, They have to pay tax when they sell because that would be income, so what are you talking about? #2 >It was classed as a security Software code is not a security, If you dont understand how to apply howey you are clueless. in fact it was specifically classed NOT a security. If you dont understand how howey works, I can package Bitcoin for example as a security, that doesnt make ALL bitcoin a security, Anything can be packaged as such. https://www.globalcompliancenews.com/2023/07/28/https-insightplus-bakermckenzie-com-bm-data-technology-united-states-finally-a-court-decides-xrp-by-itself-is-not-a-security-your-turn-congress_07252023/ This isnt complicated, software by default isnt a security, but that doesnt mean you cant package it as a security, this applies to literally every crypto. Again not sure why you're waiving this as some sort of victory flag, as that was Ripples main goal the entire time. >you always gloss over that part when claiming it's not a security, it's not a security if I go onto an exchange and buy $10 worth, that's pretty obvious, and you shouldn't use that argument to hide the fact that the judge did say their sales were a security. The judge SPECIFICALLY named your example as NOT a security. Again, if you dont understand how to apply howey, you are a moron for waving this flag right now. buying from a 3rd party =/= a Security. the Asset alone is not a security because it is software code. It has to be packaged and Sold as one in order to be one. the same would be true for BTC, ETH, ADA and the billions of other crypto. #3 >Foot in the door, for Ripple Labs not you. yeah duh, thats not my claim. It's Ripples basic strategy and its working. banks/FI/SME's are slow moving to adopt new tech, so Offer them it bit by bit to show them the savings, we still dont even have proper banking regulations for banks to hold/offer crypto on their books right now. >Of their products, the main products they sell (or try) to banks do not require XRP. Which was never in dispute, Again Get them using the better product, then offer them the Faster cheaper version once they are used to it. this is basic 101 foot in the door strategy. > The fact that they can onboard a bank to use a product that doesn't require any XRP, and people cheer about it (when the price goes up on the good news), is evidence that they have no clue what's happening. No its evidence that you dont understand what is even happening. The market is pure speculation. that is the biggest mover of price/value. Onboarding more and more members to Ripplenet leads to Higher price because of the Speculation of Utility in the future. Again its already being used by international customers, its the US which has regulatory issues. This isnt complicated yet you again misunderstand and cheer as if this is some point of interest when it again is just showing you dont understand the topic. >Anyone buying XRP on the secondary markets is indirectly funding Ripple Labs separate business ventures, for none of the rewards You sound like the SEC right now, who had their key witness's testimony thrown out for repeating the exact same nonsense. Are some people buying to speculate, yes, is that Every person, No. There is utility, the coin does what it says it can do on the box. #4 >They did freeze the transaction though, who wrote the software? Ripple Labs. Not alone... There are many devs you can just look at the github to see the comments. > Who requested the funds be frozen? Ripple Labs. Yeah, so someone else ran the gateway and actually froze it, but it proves it can be done. https://xrpl.org/docs/concepts/tokens/fungible-tokens/freezes read this and come back when you understand the topic. XRP cannot be frozen. Freezing an issued asset via trustlines and gateways is a thing on multiple chains. Eth, Sol, Avax, etc can all freeze issued assets. to flip this on the other side, are you in favour of supporting illegal sales/transactions? like why is this an issue to you? You're like supporting North Korea or ISIS being able to transact right now? lol

watch-nerd

Yes, retiring Fri, being FI is pretty chill

gui_niz

So, I was checking the World Liberty FI wallet and it seems it barely holds any ETH now?

R4ID

>Ah, I know! Let’s try to cripple the entire market By winning vs the SEC and proving that code =/= a security. By lobbying for regulation/rules so that Banks/SME's/FI's can hold and use ALL crypto. By pushing for a merit based level playing field for all of crypto. do you hear urself right now?

watch-nerd

Bought house with cash, no debt, FI. Crypto is just for lolz and toy buying.

Educational_Media653

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Educational_Media653

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watch-nerd

I’m FI and still play the game. You think it ends?

watch-nerd

I would say I'm comfortable, not really rich, although FI. But I'm also not <25.

mreJ

FI's should be training staff to frame the question, so it does not come off as nosey or controlling. "There are many scams taking place. May I ask the reason you're making the withdrawal?" Problem solved.

R4ID

>Many only use Ripple’s payment infrastructure (xCurrent), not the cryptocurrency itself a few things to break down. Ripples old Tech stack of Xcurrent, Xvia and Xrapid No longer exist. (and havnt since 2019-2020 IIRC) The old breakdown was Xrapid Only used XRP Xcurrent Prior to the 4.0 multihop feature didnt use XRP, After the 4.0 Update users had the "option" to use XRP (which would of been faster/cheaper) and Xvia didnt use XRP IIRC They rolled this stack together and instead created ODL (on demand liqudity, in 2020 IIRC) which originally only functioned with the use of XRP and where 99% of its original volume was outside the USA. (so banks/FI/SBE's were using it but outside USA) Ripple about 1-1.5 years ago started to roll ODL into a different product called "Liquidity hub" and now even the term "ODL" or on demand liquidity. Pretty much no longer exists. I havnt kept up with the function of their specific product line offered in this "liquidity hub" but again the last numbers coming out of ODL was close to $15 Billion was moved through it via XRP in 2022 (it also might of been 2023 I cant exactly recall)

OkSeries5363

\> thats how every single bank/FI/SBE does payments today due to Nostro/vostro requirements. This method actually would free up that capital and allow them to turn it into working capital. last I checked theres \~ 27 Trillion globally locked up to do the current nostro/vostro system. From my understanding, every bank account that falls under a nostro agreement or vostro agreement is still a sperate account. If a transfer was occruing between an account , the other account could have a nostro agrement with a bank in another country a swift or related transfer would be needed. XRP would be able to assit with these transferss if banks use it's native currency or related (XRP or eg RLUSD) as just supporting swift messageing does add little value. For seperate account holders a confimation would be required, a payment stream could be setup buts thats only after an inital confimation. To be honest I dont really know enough about common banking transfers that Ripple is trying to solve for Banks \> again you can batch them. when the current Swift/Fedwire average international transfer is 3-5 days. settling at a later date in 3-5 seconds is much easier, cheaper and faster. Yes you can batch transfers but does that make transaction on the main chain any faster. Kind like how all the L2s using Ethereum roll up/batch all their transactions on ETH. Allowing many more transactions to me made cheaper. Although all the L2 transactions doesnt mean eth is processing any transactions faster.

R4ID

>That's great for customers using the same payment channel. thats how every single bank/FI/SBE does payments today due to Nostro/vostro requirements. This actually method would free up that capital and allow them to turn it into working capital. last I checked theres ~ 27 Trillion globally locked up to do the current nostro/vostro system. > That also doesn't mean a bank or someone on the xrp chain can send tokens to another person, bank or cross border payment faster than the consensus time. again you can batch them. when the current Swift/Fedwire average international transfer is 3-5 days. settling at a later date in 3-5 seconds is much easier, cheaper and faster. >Appolgies thought you meant you were testing the signiature perfromance of Ed25519 in 2011. No apologies needed, I went back and saw my wording which caused the confusion.

OkSeries5363

\> It is very useful to high output customers who trade with many others on the same network (IE Banks/FI's/SBE's) That's great for customers using the same payment channel. I can't see many doing that given the current purpose of xrp. That also doesn't mean a bank or someone on the xrp chain can send tokens to another person, bank or cross border payment faster than the consensus time. \> You can transfer the claimcheck to that BTC wallet 70k times and claim it at a later date. Tokens arent spendable/transferable that fast so I dont see how that is speeding up BTC or XRP throughput of transactions per second? \> I tested the system in 2018 with 2015/2016 hardware, ive run a validator for the network since 2018 (feb) I never said I tested it before june 2nd 2012 (the create date of XNS) the 2011 comes from the hardware not the year testing was done, replying on mobile = shorthand. Appolgies thought you meant you were testing the signiature perfromance of Ed25519 in 2011.

R4ID

> checking/verifying it isn't as useful as actually sending the tokens on the blockchain? It is very useful to high output customers who trade with many others on the same network (IE Banks/FI's/SBE's) >Thats like someone saying look I can check my BTC wallet 70000 times a second... doesn't mean anyone can send BTC that fast on chain. You can transfer the claimcheck to that BTC wallet 70k times and claim it at a later date. >Dude why were you testing validation perfomance of Ed25519 signatures before XRP even exisited? I tested the system in 2018 with 2015/2016 hardware, ive run a validator for the network since 2018 (feb) I never said I tested it before june 2nd 2012 (the create date of XNS)

Titan4days

$CHEX is the best overall play right now, great team and bang on narrative Long shots Fidium $FI and $TBANK

leaflavaplanetmoss

What a load of bullshit. I work in compliance at a fintech with a lot of exposure to crypto businesses and part of my job is dealing with implementing government sanctions. I can’t think of ONE government-mandated sanctioning of a crypto founder or business that wasn’t involved in sketchy stuff. Also, you literally cannot sanction a US business or person. The US sanctions office is called the Office of FOREIGN Assets Controls for a reason. Sure, there are foreign crypto businesses that have been sanctioned, but that’s essentially largely because they were being used for criminal activity and the business was doing nothing to stop it or even encouraging it (as is the case with a lot of the sanctioned exchanges). Now, given his comparison to debunking marijuana businesses, he could be talking about financial institutions, etc. refusing to do business with crypto businesses, but that’s a function of the institution being unwilling to take on the risk of doing business with them, but that’s not government mandated like he’s implying. That risk can come from stuff like legal covenants with financial partners or regulatory risk of them being involuntarily used for financial crime by either the crypto business or the business’ own users (because of shit controls on the part of the crypto business). But that’s a function of the FI’s risk tolerance to scrutiny; again, there’s nothing listing crypto businesses or founders as personal non grata, which is what he’s implying by saying they’ve been sanctioned.

62DoubleCab

The rich NEVER sell assets. BTC is now confirmed as an asset. What they do is LEVERAGE against those assets. This is how you should be thinking. Borrowing against BTC WILL come back despite the history of block FI and Celsius. I’m not selling either but I will be borrowing against it massive value potential when the volatility subsides in time.

shawman123

you did a txn with an individual in sanctioned country and questioning why your account was closed. No FI wantsto deal with subtleties in these matters. They would rather not deal with you. You should have used other means to transfer instead of doing it via Kraken !!! Your money is not stolen. You need to apply to get it via OFAC once you confirm your txn was within their rules as you have put. But Kraken or any other exchange(or most FI) wont want to be part of those txns. I used to work at Fintech where txns were getting flagged bcos address had Cuba St !!! they would block it and do a SAR before you know what happened.

AadamAtomic

>This is just provably false. You're right, Black Rock will take your fucking money with their high ass fees. You're just the loser Because you're not smart enough to know how it works. Why do you think they are a 10 trillion dollar company? Most wealthy nepo kids/adults don't know shit. They pay other people to learn for them and invest for them as they command. >They issue ETFs, people can buy them through their broker. A single IBIT share is $50. No corporation is above taking your pocket Lent. >They're not some elitist institution that curates its clients. [Have you ever](giphy|LpkBAUDg53FI8xLmg1) seen a black rock ad on TV?..….. It's because they don't fucking need it... Just like they don't need your pocket Lent...

Slimalicious

is this your first time voting dude? You think any president, VP, senator, congressman, etc. sits down and handwrites all their policies? Harris wants to regulate crypto, which is necessary. No laws means the SEC sues everyone. Plus no banks or FI's will hop in. Trump wants to deregulate so he can keep grifting his shitty NFTs and tokens. You decide.

coindrop

Yeah exactly. Also this is not a post to complain my misery because I have been very fortunate in the stock market and my savings rate these last 11 years have been very high. I aim to be FI before I hit 50. But a mistake is a mistake and I wish I could have hold on.

InclineDumbbellPress

Insider is looking for exit liquidity 

Vast_Connection9886

Look into $FI fideum . Gunna be big sir

AdImpressive5490

Regulators try to spread propaganda that P2P are used only for illicit activities, so crypto holders will forever be reliant on centralized exchanges. It’s not what crypto is intended for, the incentive of this superior technology is to replace the flawed fiat monetary system eventually and get rid of centralized intermediaries such as crypto exchanges or FI .

Successful_Nail_9807

Honestly, it have any access to fist through trad FI institutions, you’re gonna need kyc bitcoin. It’s just the smart responsible thing to do. Now securing it that NOBODY can have access to it, that’s more important. Even if it’s already kyc’d

Brown_Noiser

Yup. And the way it SHOULD BE, is that whatever your retirement number (FI number), whether it's $2M or $20M, IMO it shouldn't HAVE to be invested in order to sustain you till death. The cash amount should suffice. However we live in a world wrought with inflation, caused almost entirely by the people running the government (not just current group, all the previous groups too). And so, you pretty much HAVE TO invest it to keep up.

expatfreedom

That’s fair. But you can still have FI without choosing RE

Tight-Swordfish-5997

What’s a block FI

AdImpressive5490

But the FI are backed by intergovernmental organisations like FATF , I think common folks stand little chance . In fact a bank can arbitrarily exit users using commercial decision as an excuse and it’s no skin off their back given their huge influence. Have u consulted a lawyer already? I doubt a class Action lawsuit are able to change anything.

taxman202o

That company was incorporated at the start of July this year and that Ben guy is clearly based in Australia as his address is 13852 keylana drive, keys borough Australia. Looking at google maps I’m not sure the street numbers even go that high. Basically there are enough red flags here to indicate a scam. https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/725wtwrMt__NmDE7upwGOA195bfZF0NOrMqnfnWDQa0/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3LIKQJX2N%2F20240823%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20240823T201302Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEKH%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaCWV1LXdlc3QtMiJGMEQCID23vYG8KIbGi%2FsHNaVw%2BjxgBifdyUPUlFTeKgNMbsSaAiBYGr40cSKx7ADdkoI%2Bh1uQL5YMTuoAFtHwiwQz75GtqCrEBQiq%2F%2F%2F%2F%2F%2F%2F%2F%2F%2F8BEAUaDDQ0OTIyOTAzMjgyMiIMod8Kc8KOkSHBQpTiKpgFeq3lfgQj0mWu1bC64%2FH4X4O9NTNhiErPfYrVXPQkDVCiUzOphgsckOMtZm5DrgLtJ066gUYKB06MUL1Sbq2oQxdJcKK6kd1OEN%2B23dVKYcXHvxly%2B%2B8pqaiqh%2BXalG6rPB14VKjYOgl2lU%2FmfLmoCuuVMd1m64IJoCHz1GIMpkE9dTeeW%2B4xH3a1QirLgxc%2F%2FwanSevzpVPMHEgr5wzOdxGT35Po0vS%2ByPAJyDj8zDkrJ5J3HTyLlSwclpULtVR928DsY3v%2FI8JpjDh9celcblv5eJQqPeOLB7en7nEOZf7V3doeL5RyWsPhZn7bryV2yJ8DEHxfzDqw%2BdGD8cyCv3piRI5Yx1ByGr7WA4E41tA3jrPZa5qb0w703yBnS2Rir1NmVRk6NHjPl0BVOnMbq3e7FI6NLETwCNr0%2Buci3TN7EhtnEHKVeS8Q0XTrztafDZ%2BBCcHqq1KU2bd9MEr%2FngCjCYlKIuG6pXUZk%2F3os4R2Rd7YQVYmqn8YrCQ7FcikP44xJGJYvc6bbe7Cp82qtXvE9Uj4imGzz0AySYbrjKEEgx4FnVWMsGwen54%2BCMzbQ66HFcbK7ZoGjOquhX6PlXW7oFNHxfCPmGkBQYtzWjxfAPEtAsyhvTVqWi21OSVpku71%2FeG%2FfF1zhXze8Hk%2BmYOGQCdSX1a%2F%2BhNB5xuhj4Kbg1qk7yy1m0Sb7tzSnL2uQvZggcobMvyBGfynNn24fpZAMAG9L0mcnGVZDUXZFJyQVfOkx7VpffqH3jgknwm7nv9O1TCh%2FNjgow1UwaDkkLGQ72jCi1C6o7wRYR9kK0%2BZW%2FHW7CRMvw0SMXNY6dJMA8RS3Uwtlv2BEiyCM5DgsHbrh2e5ot5I3OwZa%2Fmdq98fqOi8uO8qlDCI8qK2BjqyAZ1F0%2BmyVKEROQgu2QWBxngdsh%2FHNzrXOfNKZRV%2BNABU37yybdZbByfaGl%2FqzchiN%2Ff43O%2Fj4Vj6ehNJPEhxpMeLPzU68SKVo7b5eDrOQrSegRJ49BnfcCgzV0Iu2j3zVxC%2Fa%2FOmBBucGg8vRFeAMUQff5RFuDQbgYLf%2B10wi8ZmddVMXxF8IaTurkJgJjwlvdculnJxD%2BgIFzSjN0jw1nWZCWNCJbZFavYowHg0i33sgfg%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%2215821489_newinc_2024-07-05.pdf%22&X-Amz-Signature=9c2895e691a0484c5fbc597d5b40bf92e2900f3c17ad4423395f1c96dd90f36d

AdImpressive5490

Things are getting worse by the day, people get flagged for transactions amounting to hundreds . Regulators and FI want total control of how we spend our own money. This type of total control is atrocious

coinfeeds-bot

tldr; In July 2024, PeckShield reported a surge in crypto-related hacks, with 16 incidents resulting in approximately $266 million in losses. The largest hack was on the Indian crypto exchange WazirX, which lost $230 million, primarily attributed to the North Korea-backed Lazarus Group. WazirX responded by halting operations and offering a $23 million bounty for the return of the stolen assets, alongside proposing a socialized loss strategy. Other significant breaches included Compound, LI.FI, Bittensor, RhoMarkets, and DeltaPrime, with losses ranging from $1 million to $24 million. Most hackers used Tornado Cash to launder the stolen funds. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Abanikandy

How have you been in the space and not know what Chainlink CCIP is and how it can connect to any legacy FI infrastructure to connect to any and between blockchains? Your head is in the sand. Chainlink enables RWAs like it enabled DeFi. You are a casual

JiuJitsuBoxer

They are dogmatic in a certain way to become rich. You may only achieve FI our way!

Abanikandy

I hope it pans out - if done right, both companies can help society’s financial situations, FI inefficiencies, etc. But the black eyes for the industry need to stop, and as much water you are carrying for Brad and friends, they haven’t done right by XRP investors at all and it’s criminal what they do with their tokens to retail. That’s not really negotiable.

Abanikandy

You make coherent points until you get to XRPL stuff lmao - no FI is interested in a settlement layer that doesn’t support smart contracts, it’s a literal non-starter

R4ID

>So I take xrp bridge is there when there isn't much liquidity on both sides (like USD/eur)? so USD/EUR is probably the MOST liquid corridor in the world. I dont think there's more volume moving through any 2 other currency pairs today than that area. This is why utilizing XRP (as a bridge asset) in a currency pair where there is a TON of liquidity doesnt really help solve very much. It does solve a few of the nostro vostro issues (and geopolitical ones) but since the volume is so high those issues arent that big to begin with. It is much better at solving the problems between two currency's that dont have such high volume/liquidity. So in my example I use Thai Bhat and Brazilian Real. If you wanted to move value between those two right now today and your Bank/FI has no relation with another member/partner bank in that region its going to be slow and costly. It might look like bhat->Yen->USD->MXN->Real each one of those steps not only takes time to do, but incurs a fee and can involve an entirely new subsidiarity bank/FI to facilitate the trade. Each hop/step adds more fees and wait times which are essentially costing customers even more money. You have to think about the Bank/FI in Thailand, if they dont have a business partner Brazil, they have to know someone who does and they need to each not only have accounts with each other but lockup funds in separate accounts daily to facilitate this trade. What that means is you're locking up capital to be used only when transfers are occurring, if there is low volume in that corridor(which is the case in most cases) its cheaper and easier for the bank to simply have another bank process the transfer and charge a fee on top. this is what gets passed onto the consumer. XRP as a bridge asset not only is faster than the banks/FI processing time (in that its 3-5 seconds not 3-5 days) and the fees are sub penny to do swaps on chain. So you could sell Bhat for XRP and buy Real with that XRP all in 1 single transaction. >I send rupees > on chain this gets swapped for xrp > xrp gets swapped for gold > gold gets transfered to my account correct. >But what if XRP rises in the mean time or falls in price. Wouldn't this cause an issue? 2 things. An XRP transaction takes 3-5 seconds, and these multi currency swaps use what is called Prelock/holds on funds before the transaction occurs. Unlike on say ETH where when you swap ABC for XYZ and it says ur gonna get 1.345 XYZ and when you do the swap thanks to slippage you get 1.331 XYZ instead. on the XRPL funds are put into a mini timelocked escrow as a part of the pre payment agreements. Funds get confirmed and released all at the same time across multiple ledgers. >Why would they want XRP if I want to do buisness with in brazil, and Im a thai bank. I need to open accounts/relationships with them, I then need to keep money in their bank and they need to keep money in my bank so that when we do buisness at the end of the day we can Balance out the sheet of transfers we did that day. When this money is sitting in another bank/currency it is losing value every day when it dormant. XRP says you only need to hold what you have and buy in and out of XRP for 3-5 seconds. the "dormant" part of the nostro/vostro system is removed essentially. it turns all your capital into "working" capital. >can be more volatile 3-5 seconds vs the average international transfer time of 3-5 days. Volatility is a calculation of price variance X time. if you drastically reduce the time (like to 3-5 seconds) you drastically reduce the volatility. >then for example the dollar? for every dollar you want to transfer you need to lock up at least 1 dollar (if not more) meaning you are limited in how much you can transfer based on how much you lock up. XRP's value is free floating and can provide liquidity anywhere to anything in seconds. dollars also arent geopolitically neutral (they have inflation) and can be printed/controlled by 3rd parties. If you want to use a stablecoin you can, it just doesnt solve as many problems as XRP does. >If we remove the need to back the stable coin up for instance. then it isnt a stablecoin and anyone trading in it has much bigger problems. >Or are we talking about cbdc on the xrp chain? last I checked there are 5 confirmed governments working on their CBDC with Ripple and another 9 which havnt been announced but that might of changed recently I havnt followed it as much. IIRC it was Bhutan, Palau, Montenegro, Georgia, & Colombia Sorry this is really really long, if you have follow up questions just ask.

saladstuffer

I don't hold xrp. But if I've learned one thing about crypto since 2017, it's not to believe a word FI's say.

Abanikandy

Anyone can whip up a chain with 0 fees and instant settlement. In fact, there are several dozen of them now, except they support smart contracts too. XRP is old tech and the “connections” are outdated/were nothing more than experiments years ago. No FI uses XRP for business functions

Abanikandy

I haven’t seen one financial institution say they use XRPL in literally years. You can see FIs experimenting on other chains tho, ETH/AVAX to name a few. Why would any FI use XRPL if they don’t even have smart contracts? Sounds like a waste of time. The tech evolved

Abanikandy

It’s not being used mate. Post some transactions of a FI using the XRP token for a business function in 2024

Abanikandy

Yeah you’re not up-to-date at all lol Outdated is hilarious - it underpins every relevant dapp in the industry and is the only blockchain infrastructure than every major FI and CSD is building with. Don’t embarrass yourself

Abanikandy

You are mostly right again like the other guy but there’s exceptions - Ethereum is secure because it’s sufficiently decentralized aka validators stake their ETH (32e to run an Ethereum validator) to provide security to the network. That is the value prop of Ethereum. Another exception is Chainlink, the network doesn’t function without the LINK token (every single service or call to a Chainlink node costs $LINK, and if they used stablecoins/ETH instead, nodes wouldn’t be implicitly incentivized to behave honestly within the network (provide false data to profit from a bribe). It couldn’t work at scale which is what they are well on the way of doing working with basically every FI/CSD that exists

S7EFEN

yeah, youll get negative sentiment mostly on it from any of the finance / FI/RE subreddits. theres a lot of overlap between 'is the tech useful' and 'will me buying the coin result in me making money' and crypto nerds love to conflate the two. the other point is a lot of what crypto does well is more a byproduct of legislation being slow. banks COULD do what crypto does- but the govt says they have to have consumer protections in place.

GrandioseEuro

Yep indeed. A lot of people here would be surprised which FI are considered high risk as they relatively feel low risk compared to crypto haha

awesomelok

It is not easy to answer this post as it contains several angles that we can consider. I would approach it from the different investors' point of views. This includes early adopters (tech evangelists, VC, etc), mainstream speculators, and traditional financial institutes (FIs) in highly regulated environments. **Early Adopters** For the early adopters, the analysis is driven by a visionary perspective. It delves into the question of what problem does cryptocurrency solve? It anticipates the necessary steps to build towards a specific vision or future goal (eg. DeFI). This analysis is rooted in a profound understanding of the underlying blockchain technology and its potential. It is a testament to their foresight, focusing on long-term disruption and innovation. **Mainstream speculators** For the mainstream speculators, many of whom entered this market from 2016 onwards. Many also turned their attention to newly issued tokens hoping to get the high returns they saw BTC experienced. There is less emphasis on underlying technology or fundamentals and more susceptibility to FOMO. **Traditional FIs** Traditional Financial institutes (FIs) operate in highly regulated environments. It is not easy for them buy any crypto assets. As these purchases will have to be added to their Accounts. Is this an asset? If this is an asset, what risk volatility does it have? Will a collapse of this crypto cause the entire downfall of the company? What kind of exposure do we have? If it is not as asset, then is it an expense? What did we purchase it for? In fact, probably 6 to 8 years ago, I have people from the FIs that tell me they will NEVER have crypto in their books and will not view it as an asset or investment. Today, many of these firms have changed their tune. Traditional FI operate under clear regulatory frameworks. They tend to be risk-averse and require clear regulatory frameworks to operate. They focus more on the use case and how potential blockchain applications can help with efficiency and security. The other part of the business is as an asset custodian or trading for their wealthy clients. Where I see this heading. As the market matures, we will see a consolidation of the tokens. Many will linger in the market failing to gain any meaningful traction.

4fingertakedown

You’re only $33,000 away from FI?

Administrative_Shake

Warren is saying crypto should have 0% ML, and if it doesn't, it should be basically choked out and shut down. Of course, that's practically impossible. No FI in the world is cracked down on for batting 99.7%.

sudden_cookie44

look up Block-FI and Celsius. Not your keys, not your cheese.

KPTA-IRON

my alts (copy if you want to make it this cycle) $ORAI $ORDS $RENDER $FI $BAZED Recently made over 10x on $FET holding from 20ish cents life is good

skyhermit

> I'm in the same boat, I've been stacking since 2014, started working at a warehouse as a package handler in 2009 at age 18. I'm still a package handler, and I'm still stacking, and I think I have more wealth than my bosses bosses boss. Still loading these dusty trailers though This is the way. FI without RE yet. You can quit anytime if you suddenly feel unhappy at your workplace

frugaleringenieur

Jup, he‘s FI and ready to RE

SeliciousSedicious

I think it depends on how much the principle is.  $500k? I can see why getting a huge leg up in the short run to almost $1mil networth can be life changing. In much the same token, 70% on $2 mil can be the difference between retiring in a decade and retiring tomorrow.  On lower balances though no not really at least not in the “now I’m FI” type of way. Can definitely provide a lot more security and take a few years off your retirement age tho.

Ok_Art_2874

No, that’s not what I meant. Once my Bitcoin + stock in brokerage account is enough to pay for my property, I can DCA sell some each month to slowly pay off the mortgage. I won’t be dependent on my paycheck to pay the mortgage - I.e., FI

AssmunchStarpuncher

I havent felt my stomach sink or a smile form on my face in hours. Is this what it's like to be in trad-FI?

Revolutionary-Ebb-26

Go ask r/FI or people into FIRE about it. If you Google it, you'll find that 2-3m is given as a ballpark figure given in modern normies context as a figure to aim for when saving for a comfortable age 65 retirement. And some percentage of the popular do make $100k+ salary jobs.. factoring raises and compounded growth of savings in some appreciating assets, they could def reach $1-5 million after decades in the work force. $100k ain't what it used to be ... and neither is $1m. Also, there definitely are no coiner people or their parents worth 1-3 million. Think of the real estate market around major cities... There are boomers out there that bought a house for like $80k that's worth $1m today.

jawni

Ansem, Hsaka, Cobie, Moon, Deeze, Chris Burniske, Tom Schmidt, Byzantine General, Sisyphus, Nomad, Pentoshi, Taiki Maeda, Olimpio, Cred, RookieXBT, hentai avenger, Ace da Book, Tim Robinson, cheguevoblin, Neeraj, 0xngmi, cdixon, tradermayne, Mike Dudas, Route2FI, Pastry.eth/Croissant.eth , DegenSpartan, santigoroel, icebagz, fintechfrank, icebergy, Eric Wall, Keyboard Monkey, DonAlt, DCinvestor, Nic Carter

coinfeeds-bot

tldr; For yet another year, hackers stole billions of dollars in crypto. But for the first time since 2020, the trend is downwards, according to crypto security firms. This year, hackers stole around $2 billion dollars in crypto across dozens of cyberattacks and thefts, according to De.FI, the web3 security firm that runs the Rekt leaderboard. […] © 2023 TechCrunch. All rights reserved. For personal use only. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

ChibiciED

This is true SCI-FI .

hungryforitalianfood

The truth is, there isn’t much. A lot of projects have what I would call ‘trial runs’ going with non-crypto companies. Vechain comes to mind, but no one really notices any real world effects of Vechain and Walmart working together to improve Walmart’s supply chain. $FI Fideum is actually working with the current banking system. That would be my answer. The product isn’t anything groundbreaking (which is probably why it has actual adoption), it’s mostly trading and banking tools. But like, Mastercard is working with them.

FortyandLife2Go

Don't surround yourself w/ people who lack FI. Who are your top 5 friends, and what value do they all bring to your life and what value do you bring to theirs? Is it in fair exchange? Meaning, where you lack in x but back up in y another does the opposite?

MrTryHardShow

I'd be happy to answer any questions you may have (not that I'm an expert though). Tinyman and Folks Finance are pretty popular, Pact FI as well, but I think they underwent a recent management change, so DYOR. The DEFI strategies with Algorand are pretty great, because they offer rewards for staking LP's during Algorand governance.

Marrr_ty

Ckb has potential. Also like FI.