SWIFT

Adventurous_Meat4582

Read the documentation.. interesting reading. The project is designed so the banks can control external blockchain transactions via a chainlink layer. It adds the features of traditional transactions internally to transfer tokens externally by using..... existing centralized non blockchain technology! None of this will change the way banks do their own banking and SWIFT sounds like they are moving in on tokenization tech because existing blockchain solutions dont have the features necessary to stand on their own. Thanks for the update

liquid_at

so... you send her "insert random coin here" and Coinbase sells that coin on the open market to wire Kamala USD via SWIFT. Does she "accept random coin" or doesn't she?

Blarghnog

XRP is a cryptocurrency designed for fast, low-cost international payments not to be some kind of stablecoin.  It acts as a bridge between different currencies, allowing banks to *transfer funds quickly without needing intermediaries like SWIFT*. It’s really designed to be a regulatory compliant crypto alternative to SWIFT. Because the coin is independent of its use as a protocol and its value fluctuates, XRP is ideal for liquidity in cross-border transactions. Stablecoins, on the other hand, are pegged to assets like the US dollar or the Japanese yen, and their main purpose is *keeping their value steady*. Banks use them for transactions that require stability, offering the benefits of blockchain without the volatility of other cryptocurrencies. Where XRP is about speed and liquidity, stablecoins are about reliability and consistent value in everyday settlements.  They are really different use cases, at least from a banking perspective. But they say in the article that they are using cardano.

JustStopppingBye

[https://asia.nikkei.com/Business/Finance/Japan-megabanks-to-tap-blockchain-and-SWIFT-for-instant-trade-payments](https://asia.nikkei.com/Business/Finance/Japan-megabanks-to-tap-blockchain-and-SWIFT-for-instant-trade-payments) >The new system will use stablecoins on the blockchain that are tied to the value of different currencies, which will be sent directly between banks via the existing **SWIFT infrastructure**, allowing transactions to be completed in less than a second. >With the use of SWIFT, banks will not need to invest in entirely new systems. Can you guess what Swifts "blockchain infrastructure " is?

Offica_Farva

I'm saying after 12 years Ripple still hasn't convinced enough banks to use Zerpies. SWIFT still maintains a $5 trillion daily turnover. Now they have to create another shitcoin to brainwash noobs into using their garbage when in fact none of it is necessary. BTC still remains a $1 trillion market cap. The court case is over. There's no more excuses left.

coinfeeds-bot

tldr; The Universal Digital Payments Network (UDPN) has integrated the Australian Digital Dollar (AUDD) into its platform, expanding its support for regulated stablecoins. AUDD, a multi-chain stablecoin collateralized by Australian dollars, joins the U.S. dollar and euro in UDPN's basket of supported assets. This integration aims to facilitate international payments and enhance the digital economy's efficiency. AUDD is accessible on networks like Stellar, XRP Ledger, and Ethereum, and was developed by fintech firm AUDC. UDPN, launched in 2023 as a SWIFT-style system for digital currencies, has partnerships with major banks and financial institutions globally. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

thistimelineisweird

Not much different than BTC/ETH holders wanting China to "unban" crypto for the 373rd time. Admittedly, if BRICS is going to exist, it may as well use a logical solution for cross border remittance that isn't SWIFT. That said, I've never seen anyone praise Putin literally anywhere except this post.

urlewdnood

Since most answers talk about value and such, here’s another side. BTC is a network on its own. So having btc means you can move it regardless of banks and SWIFT. It means you can pay directly with no intermediaries. It means that if you ever get yourself in an out of ordinary situation, having the keys is e out for you to have access to something that’s your without having to ask permission. Most people look at BTC as value investment. But it is meant to be a separate system. So there’s that.

AvatarOfMomus

The thing is Crypto isn't actually faster than a traditional server *can be*, it's just pushing banks running on expectations set in the 90s or early 2000's at best to catch up. Paypal has had effectively instant transfers for over a decade, it's the 'send to bank' bit that takes time. Part of the reason these transactions take more time to settle is regulatory, but a lot of it is just banks having small incentives to kot innovate, and no real incentive pushing the other way. As long as they were all running at the same snail's pace, and the customer facing side is near instant, there's no major competitive advantage to spending tens of millions of dollars to update old systems. Basically I don't think this is the positive for Crypto tokens and the like that people may think it is. The end state of something like this is an upgraded SWIFT and/or CBDCs, not the Fed sending money on Etherium.

ShittingOutPosts

What are you talking about? You can transfer billions of dollars of wealth for only cents worth of transaction fees when using Bitcoin. It’s also a virtually instant transfer. This has been proven over and over. You simply can’t do that with SWIFT or any other banking /money transmitting organization. Bitcoin also provides a bank for the billions of unbanked people. That’s how it helps the poor. How can someone with only a cell phone in a remote African village with no access to a bank store their wealth or obtain a loan to kickstart a venture? Bitcoin. Because Bank of America or Chase won’t give a single shit about them. Again, you need to step outside of your bubble and realize there are billions of people who can benefit from Bitcoin. Ultimately, if given the option to trust middlemen or use a means that doesn’t require that layer of trust in other individuals, I will always choose the latter, should it be a safe and proven method. Guess what, Bitcoin is exactly that.

ShittingOutPosts

You may not see the value from your perspective, but that doesn’t mean it’s not there. I’m going out on a limb here, but I’m assuming you live in a first world nation. Now, imagine you live in a war torn nation, or anywhere with an oppressive government and need to quickly escape. Are you going to lug your gold around, withdraw all of your cash when banks and ATMs are closed, or in your case transfer your wealth out of real estate in a matter of minutes, or even a few days for that matter? No, because you can’t. And even if you could, you’d have to trust a third party not to fuck you over in the process. And not everyone is able to utilize SWIFT, or even bank wires without incurring ridiculous fees. Again, unnecessary, if not dangerous middlemen. With Bitcoin, none of those are a concern. Simply memorize 24 words, or write it down and shove it up your ass before you cross the boarder. Bitcoin is immutable, unconfiscatable, digitally native, global money. Nothing else is like it.

lebastss

I do just fine the way I invest. I have transferred 9 figures worth of real estate deals without middle men and for less fee and infrastructure it takes to do the same thing in crypto. And when middlemen are involved it's to prevent fraud and linking of accounts to maintain privacy. Something people actually want. Wire transfers make use of the SWIFT network so an intermediary bank is not involved in the transfer. Your own bank shields your data. This low fee service that works flawlessly is a much better solution than the crypto network. I never said it was a get rich scheme but that's what has popularized it. It's relevancy is to get rich not a store of value. If you can't see that you don't understand how are financial system works at all.

BTC-100k

This isn’t mechanically possible. You are moving money between institutions (or divisions of institutions) that don’t have a direct relationship. So, a correspondent bank chain of established relationships needs to be used. Depending on the number of hops and the day of the week that this process happens this take several days to actually settle. The ‘message’ is sent in minutes (via SWIFT) and both institutions know of the proposed payment. But, the funds cannot arrive for days.

mrsteeeeve

Money always becomes what’s hardest to produce and most sale-able. That’s why you’ll see corrections in BTC before you’ll see them in traditional finance. Markets sell what they can, not what they should. In regards to Mallers, the BTC network will simply outcompete SWIFT. It’s comparable to hand-to-hand combat and gunpowder, it just doesn’t matter, over time you’ll either use gunpowder or use your life insurance

geeollie

So many folks throwing around "scarcity". There's nothing scarce about BT or gold or any other limited asset because the definition of scarcity, or scarce, is that "it's difficult to get hold of. Well, it's not difficult to get hold of, is it now! You just buy it, just like you buy gold. You may get less of it as the price of it increases. But you can also get more of it as price decreases. So why do investors care? Because they've been conditioned into thinking that BC is scarce by those pushing BC as the holy grail and who, admittedly, many of which sound very convincing. Very convincing indeed. But don't forget, Bernie Madoff was also pretty convincing. He had some of the richest and supposedly smartest investors eating out of his hand. The scarcity incentive on BC's value is a joke. But what's not a joke is the impact of the remaining 6% BC to be mined on mining time and power consumption and on the time and cost of validating transactions. All of these are going up, up, up and up. Meanwhile as this situation worsens, investors are sitting on BCs worth $60k and currently, apparently, feeling this is a good investment for some reason when actually not much is really backing it up except hype and promises like low transaction fees, fast transactions, secure transactions and scarcity. Of these four the only one that's absolutely true is the secure transactions because of it's usage of blockchain. But this is literally nothing unique to BC. All cryptos are using blockchain. But so are most major banks as they increasingly adopt blockchain while dropping transaction tracking/verification protocols such as SWIFT. Fast transactions? Well, yes and no. Depends on the context. Transaction times, which can be as long as 10 min, are too slow for paying for coffee at Starbucks... unless you go through some BC wallet service intermediary who will take a cut of your proceeds. For fund transfers and online purchaces, yes, here very low transaction fees still rule and is a main incentive for BC in conjunction with it's secure transaction. Especially if you're buying something illicit. IMO, it's really this illicit aspect that, BY FAR, is the one and only incentive of using BC in the first place. And the way to use it is to aquire BC when needed and then do your illicit thing. In this way you dont run the risk of BC loosing value as you would if you had BC permanently in a wallet. There's no point in investing in it or even using it as a currency because it's value is so irratic and using it as a currency while you travel, well you can't really use it in any stores anywhere, because of the uncertainty in transaction time, unless you sign up for the store's BC purchasing program or use some intermediary service who will take a cut. Not exactly convenient. The only other thing its good for is day time Las Vegas style buying and selling... like any other security really.

typtyphus

it was already posted earlier the xrp network would be used with SWIFT, but transactions wouldn't need xrp tokens.

MedicalTranslator219

Yes so for generate the code for transfert o must detail the fils on line and in it there are: - Bank name (in the choice do not compare Italy bank but only digital banks or several American banks) And this is a problem for me, I have UNICREDIT bank account or MPS Monte dei Paschi di Siena in Italy - bank routing number In it what can I put? in Italy we have ABI and CAB that identify the circuit of the name of the bank and then the subsidiary of this bank What number I put here? Is circuit of SWIFT yes but my SWIFT is not in this fil I think or is it here? - account number And here I put the IBAN of my account in Italy without prefix and number of CIN without ABI code without CAB code Only the number of account pure - account holder is mine so the bank when I transfer is the my accounts name so my name and surname - descriptional (Optional) Here I try to describe the operation but is simple like a cup of water: fund transfert But is DO NOT simple! Some one can help

Friedhelm78

"Transfert (sic) money" isn't specific enough. Are you trying to transfer BTC from one account to another or are you trying to send US Dollars to Italy presumably to be converted into Euros? A regular cross border SWIFT transfer is probably cheaper than converting millions of dollars to crypto and then converting it back to Euros. The tax implications depend on the source of the money.

PrestigiousAd9825

“Utility” means the coin has a real-life use case and therefore a reason for the coin to increase in value besides other people owning it already. For example, XRPs utility is blazing fast, dirt cheap, cross-border financial transactions. If it’s approved for use, it’s been pitched as a successor to the SWIFT banking protocol. Long story short, if that coins “utility” comes through, it would be used in so many financial transactions that each one would be worth hundreds if not thousands of dollars instead of the like, $0.60 it’s currently trading at.

degenbro420

What makes special? You can't buy/sell real estate almost instand and not losing value? You can use gold everyday at fingerprints? I mean really use it, not have it in a brokerage account. You have full ownership of stocks you bought? You know brokers can DO HALT (aka dissable buy/sell button) Opsie...you want to sell your stocks now but you can't... Bitcoin can't be banned, can't get stolen (if no one knows your keys) can't be traced if you don't use cex, you can send everywhere at any time, imagine living in a war zone, and you can't get money from bank or other apps because the country it's heavily sanctioned and don't have access to SWIFT anymore...guess what...You can get BTC, even without internet connection you can receive it. Also, is much eassier to sell your BTC possitions then a economic crisis starts...don't forget BTC can be traded 24/7/365 . Also you can use bitcoin at POS with lighting for cheap fees and banks can't do nothing , we have crypto cards ....and you even can swap BTC to every fiat currency with these cards...and withdraw your money anonymous.

bakkerberg

It's just based on demand. High demand = high fees. Will be the same then as it is now. If it's 2140 though, you would imagine only massive entities using blockspace , whereas 99% of us plebs use higher layers, as the fees will be well beyond us. It will be similar to the SWIFT network is now (settlement layer in current fiat system). None of us use that, just massive banks etc 

krakensupport

Hey u/OderWieOderWatJunge, 👋 Great to hear you've received your funds! 🎉 🙏 To clarify, we do support Instant SEPA, which, like all modern bank transactions, doesn't involve the physical movement of money but rather electronic adjustments in the bank's ledger. For international transactions, it gets even more complex as they require intermediary banks on the SWIFT network to vouch for the transferring banks. 🌍 In contrast, Bitcoin transactions are immediately recorded on the blockchain, a decentralized ledger that updates across all nodes simultaneously. Once confirmed, a transaction is securely logged and cannot be altered, making Bitcoin a very transparent and secure method of transfer. 🔐 I hope this helps you understand how both systems operate. Harley from Kraken 🐙

Medium_Change4574

XRP bros are back with predictions of far beyond $1000 or even $10000 once it replaces SWIFT. Delusional or nah?

Specific-Machine2021

Exactly! I used to purchase product overseas and had to use SWIFT or wester union. HUGE fees and 2-3 days to clear. People that say it has no use case are idiots.

Renowned_Molecule

If you have been involved long enough in the digital asset space then you can remember the changes in retail sentiment. In the beginning, Bitcoin Maxis were spreading content around saying the old monetary system is done because BTC has arrived. Today, the narrative is to praise the government if they buy and HODL BTC. It’s clown town for the people who only invest into BTC and none of the other projects. SWIFT even says Bitcoin is a “poor fit for financial industry use-cases”. They are working with other public blockchains and it’s quite easy to find this information using credible sources and not social media posts from randoms. .. Bitcoin is one of the worst performing blockchains yet the wealthy have stuffed their pockets full over the years to only force feed us the need to invest into it. .. Saylor saying that BTC is going to be valued at $13m-$49m each in 20 years is ridiculous. Max Keiser saying $100m BTC is ridiculous. Trump, RFK Jr, Lummis wanting the US Treasury to hold BTC as a strategic reserve asset would significantly harm our economy once global education and awareness becomes more common for the digital asset space. (Let’s debate).

Ag3nt_Unknown

I've lived in California my entire life. Im Gen X, I've known Kamala Harris for decades. I can tell you from personal experience that Kamala Harris is a completely USELESS politician. Her failed 'defund the police' and 'no cash bail' programs have turned the SF Bay Area into a homeless infested, crime ridden slum. In the decades Kamala has served as a politician, she has accomplished NOTHING of signifigance, absolutely NOTHING. Everytime she wins a poltician office, all she does is start campaigning for the next one, using identity politics as her resume. She's the texbook DEI hire, and her ignorant cackle is worse than nails on a chalkboard. If you disagree, please elaborate her accomplishments. Name just one. I'll wait. Furthermore, you only assume she will be a freind of crypto despite making ZERO promises to do so, unline Trump who has made his intentions crystal clear as the keynote speak at this years Bitcoin conference. In truth, the current Biden-Harris admininstration has been an enemy of crypto businesses over the last 3.5 years. They conspired with banks to make it hard for crypto users to move funds between banks and exchanges. They are currently working with the FBI to make self-custody illegal. Elizabeth Warren has been an outspoken opponent AGAINST crypto. They work for the cartel bankers who profit from the SWIFT sytem, they want to ruin the financial freedom that crypto brings. I want to see the anti-crypto Gary Gensler fired on 1/1/2025 and the only person promising to do that is Trump. I think self-custody is important, that is only supported by Trump.

gmdtrn

He's simply proving the use-case of crypto. Their stance switched on Crypto once SWIFT transactions to Russia were redirected to /dev/null.

biba8163

You're a delusional XRP bagholder who talks about XRP unlocking 27 Trillion, 640 Trillion, 1.25 QUADRILLION. I've provided plenty of reasonable arguments against XRP for years but you're not grounded in reality and live in some bizarro world where XRP are magic beans that'll make the banks gush out trillions. You've been shilling XRP and making people in the sub lose money since 2017. Shame on you. > **27 Trillion sitting in Nostro/Vostro accounts.** if you understand how the system functions, XRP allows this money to no longer become dormant https://np.reddit.com/r/CryptoCurrency/comments/g64k0f/63_of_the_ripple_xrp_community_has_gone_for_good/foan57f/ > outstanding contracts in derivatives is like **$640 trillion** so...not like GDP is some kind of ceiling https://np.reddit.com/r/CryptoCurrency/comments/g64k0f/63_of_the_ripple_xrp_community_has_gone_for_good/fqklrz3/ > The problem is that there is more than 5 Trillion transferred just by SWIFT alone in a single day. were talking about a **1.25 QUADRILLION** dollar market annually https://np.reddit.com/r/CryptoCurrency/comments/jhkt6u/xrp_moving_approximately_3000000000_in/g9zuy8g/

ThunderEagle22

First off Why wouldn't western countries" join" mBridge? Countries are talking about about this exact things at the WEF for ages now. In fact France and Norway are helping developing it. Secondly mBridge cannot replace SWIFT. Third, everything will be denoted in USD in the end anyway since other currencies are kinda useless to keep except when trading with that particular country. Only the Euro and Yuan have some practical use, but the Euro suffers from some European countries being weak links and the Yuan is being manipulated to be undervalue'd.

indolering

Maybe the West will crack down and also Russia I hope Putin dies a horrible death.  But IMHO getting baked into a major world economy (11th by GDP and 5 by PPP GDP) HAS to be good for crypto.  This will build up the infrastructure and help bootstrap crypto as a legit alternative to SWIFT etc.

tldrthestoryofmylife

Countries talking about using crypto to circumvent SWIFT and the dollar is so commonplace these days that posts about it are getting ignored even in this sub. Bullish

RatherCynical

Yet, the most important market, the US Treasury Market, is seeing foreign holders dump in volume. Literal trillions of dollars worth of US national debt being dumped on the market is not adoption of the dollar. Entire new payment systems are being developed to compete with SWIFT. That is not the adoption of the dollar. #dumb

solomonsatoshi

China has already built the protocols and infrastructure to replace the USD SWIFT global payments network. It is what Iran and Russia are already using to evade US/SWIFT sanctions and is based upon the Chinese CBDC. Chinas highly centralised model will not accept the Bitcoin model- it is completely unacceptable to the CCP mindset. There probably will be a few, maybe many nations who adopt Bitcoin as a way of operating outside of the new Chinese CBDC model but it is unlikely they will be more than a small minority global economy.

Real-Technician831

None of those really. SWIFT is what it says on the tin, it is instant. It’s banks that want to hold your money that cause the delays, it is not a technical issue.

uncapchad

yep and yesterday Bank of England couldn't do settlements because of issues with SWIFT.

timelesssmidgen

Ugh. Over a week ago I tried transferring money (SWIFT) from my banco de Chile account to Kraken. It never showed up, and hasn't been returned to my account, despite the fact I've successfully transferred money this way before. Due to the fact it needed to be converted from CLP to USD it goes through a couple intermediaries. Now Kraken is saying they never received it, but my bank is saying they properly sent it. If I post the SWIFT transfer receipt documentation, would someone be able to tell me where it's 'stuck'? And is this safe to do or does it risk my bank account / crypto account security?

Abanikandy

If you’d like me to, I will show you directors at SWIFT, DTCC, Euroclear, etc. consistently explaining they don’t need or want rent-seeking middlemen, like bridge currencies or settlement infrastructure in-between entities. It’s literally not needed when institutions want to built their own private chains. Banks want to deploy their new tokenized financial products on their private chain and connect to public chain liquidity through a single integration into their legacy systems. This is what CCIP is and why it’s killed any poc/experiment from other vendors. Your “evidence” is extremely outdated.

Generic_Globe

They were promised massive riches when ISO 27001 replaces SWIFT and whatever other bullshit they keep repeating.

Financial_Clue_2534

It’s such a small scale. Look up Dollar-Denominated Public Debt. Other counties have $235 trillion worth of dollar denominated debt. Half of all cross-border loans, international debt securities, and trade invoices are denominated in U.S. dollars, while roughly 40 percent of SWIFT messages and 60 percent of global foreign exchange reserves are in dollars. I’m not saying BRICS isn’t trying to dethrone the dollar but it’s not going to happen unless there is a major economic crash. To the point of my earlier comment.

20WaysToEatASandwich

Where's SWIFT?

Abanikandy

Good take but data feeds are just one of seven Chainlink services. Price feeds (regular feeds and now low-latency feeds called Data Streams) VRF (industry leading randomness function) CCIP (interoperability for public and private bank chains that can be connected to legacy infrastructure through a single integration, SWIFT talks a lot about this) Functions (custom compute and data retrieval) Automation (programmability of smart contracts to trigger when certain events happen) DECO (privacy preserving identity data) It’s not just feeds anymore - and it’s not fully reliant on Ethereum, if ETH broke, Chainlink is agnostic and can function on other chains - hence the argument can be made it’s more valuable. But time will tell.

Abanikandy

Lucky it didn’t bleed to 0 like it should have by now so you should still have a fighting chance. I would research what the DTCC/SWIFT/EuroClear/BNP Paribas, etc. are doing and who in the crypto industry they are building with. That’s your make it all back play if you have patience, which you have proven to be able to. It’s inevitable.

urlewdnood

Usually it seems they believe a “good” coin should be able to stand on its own, not needing outside or adjacent systems to provide the usability and therefore value of the coin. I believe the culprit is Ethereum being a network of coins as base and clones like Litecoin being able to bring TPS up. But most of those who argue this, doesn’t acknowledge that in any system it’s a trade off between security, speed and scalability. BTC chose security as inalienable and scalability second. Since the security aspect as it is kindda impedes greater speed and scalability, those needed to be implemented on L2 and some people believe this weakens rather than strengthens the BTC. BCHers for instance believed that bringing the block size up just a bit would be enough to make btc a complete L1 network. But forgetting that this bigger block reduces security of the network by being more difficult to implement nodes to check the transactions. Less people being able to run nodes means lower growth of the security. So that’s why nobody cares about BSV. Those who believe BTC should beat Visa as a L1 system forget that there’s no single monetary system that runs as a single network or L1. There’s Central Banks and Score Companies and SWIFT and policies. BTC is what is because it is the first and only decentralized network that grew organicaly. All others trying to replicate its size have big glops of almost to certainly centralized nodes on the network.

solomonsatoshi

What is the most important US strategic asset? The USD based global monetary system...sometimes known as the petrodollar. That global hegemony is under threat from China who already enable trade with a growing number of countries (including Russia and Iran) via payment channels independent of the USD SWIFT protocol.

solomonsatoshi

Russia and Iran are only viable economies because China has provided them with monetary and trade functionality since the USA banned them from SWIFT. Iran and Russia are now directly or indirectly attacking US allies Israel and Ukraine. China profits from discounted Russian and Iranian oil and gas purchased below world market prices while the USA incurs billions in cost to support the targets of Russian and Iranian military attacks. Who is going to win this contest for control of the global MoE hegemony? USD vs BTC vs CBDC Yuan (DCEP)

solomonsatoshi

Are you not being delusional OP? Lets look at some facts instead of tirede US exceptionalism and denial of reality. The facts- Chinas economy is already bigger and stronger than the USA. China produces most of the manufactured goods at a price nobody else can compete with and buys most of the commodities at prices nobody can compete with. China dominates in many markets because of its size and can thus control and influence those markets to its advantage, and it does. China has recorded over 3 decades of rapidly growing trade deficits. 90% of the Chinese politburo are trained engineers. They are building global infrastructure and Chinese fiat capital is directed deliberately towards that infrastructure. FFS they are building the UKs first new nuclear power plant since the 1970s- the neoliberalised west has tragically lost the ability to build actual infrastructure in an effective manner. In the west the bankers control capital issuance and they have issued it toward non productive debt, not productive purposes. Blatant misuse of fiat monetary leverage, but easy profits for the banks that own your government. The USA has consequently recorded ever growing trade deficits for over 50 years and has only remained a viable economy because of its capture and control over the international financial protocols and institutional framework- SWIFT, IMF, WB, BIS. China has been building alternative financial channels and protocols and now provides trade liquidity to Iran, Russia, and N.Korea. Without Chinas support Russia and Iran would be unable to sponsor the proxy wars they are now engaged in with US supported nations Ukraine and Israel. Make no mistake there is a contest for domination and control of the global trade payments networks- ie monetary hegemony- because monetary hegemony is the ultimate prize and strategic asset of military and mercantile conflict. While the outcome is at this stage not yet decided on many metrics the USA looks shambolic, divided, blind and in denial of reality - and thus very likely to lose its legacy monetary system hegemony with the emergence of a multi polar world if not one outright dominated by China.

KISSmyANTHIA_

XRP has a strong argument for being an alternative to the SWIFT interbank system, which would privatize an incredibly important component of the US’s global economic hegemony (the ability to transfer and settle funds between international banks). The threat here is existential, the US would be less capable of leveraging sanctions against misbehaving countries (suspending Russia from SWIFT for example), that power would be with Ripple instead. TLDR; no big stick, no big dick

masixx

Canada is SWIFT, Finland SEPA afaik. SEPA to SEPA is usually one business day. SWIFT to SEPA is 5 from what I read. Crypto can be fast. But you have at least two exchange fees and, depending on the amount, you might as well have even problems withdrawing the money from your bank afterwards due to money laundering regulations. If it cannot wait 5 business days I'd say bite the pill pay the paypal fees this time and create a scheduled tx for the future so you do not run into the situation to need money quick anytime soon again. BTW Revolut is another popular service in europe and I believe their fees are lower than paypal. You can send money to your Revolut account using any credit card and since you get a full SEPA account with your Revolut account you can then tx it within the SEPA system within 1 business day.

solomonsatoshi

So that limits Bitcoins scope to provide an alternative to USD trade settlement. But mBridge is a Chinese led construct and surely some 'non-aligned' nations might prefer to avoid moving from a US dominated SWIFT to a Chinese dominated mBridge?

Misyoner20

I don’t know if we actually need LN. Try to send some USD across the globe(using SWIFT), then you’ll see that sending BTC is already easy and fast. But for domestic transactions, you might need LN, right. Then, there will be centralized institutions in LN just like domestic banks..

solomonsatoshi

The USD hegemony was created after WW2. Currently China has the strongest largest productive economy and seeks to eventually gain monetary independence from USD and has already build its own international trade payments system independent of the USD SWIFT hegemony. Already Iran and Russia use the Chinese system since being excluded from the USD SWIFT system. Without Chinas seperate monetary payments system Russia and Iran would be unable to sponsor the wars in Gaza and Ukraine and so WW3 is already in evidence. If the Saudis abandon the USD the Chinese challenge to USD would reach a critical phase. If China succeeds in toppling USD global hegemony their would be no need to physically invade Taiwan- they could take Taiwan with no risk of US retaliation. Ultimately monetary hegemony is the ultimate prize of mercantile and military conflict. Hopefully some of the world will move away from the conflict inherent in Fiat money and adopt Bitcoin.

eggaholic69

Hilarious. Go ahead and explain how SWIFT is superior in detail. Also, wake me up when a quantum computer can run Tetris or get past their current incredibly high error rate. At this pace of progress, we will sooner hit the heat death of the universe before quantum computing is functional. All this nonsense about BRICS moving to a gold standard is pure hopium. BRICS is composed of the most corrupt countries in the world: the idea that they will shift gears and switch to fair-play, libertarian financial practices is dethatched from reality.

Weird-Reason1542

The future of cards is in rare metals. Quantum computing relies on gold. Your sources are not from a technology side of thought. Anything with AI being integrated will require gold conductors. BRICS has been discussing a currency backed by rare earth metals for a long time. Jumping into a project that was crafted for no other reason but to be the first of its kind is not a reason to utilize it. Its speed is terrible, so utilizing it for a currency at all is a terrible concept. Anyone using the term “blockchain” has obviously no idea how SWIFT finalizes transactions. Getting the world to embrace a form of payment that offers zero anonymity is going to be an impossible feat.

Ok-Lie-8068

Hello, I'm looking for a reliable receiver for a *SWIFT GPI MT103* cash transfer. If you have a verified SWIFT or BANK account and can receive large transactions securely, please share your details. I prioritize confidentiality, speed, and security. Let's discuss further if we can work together. Please share your: - CIS DETAILS - Any relevant details" +44 7466 604647

uwu2420

The fee on Wise (including the forex fee) is US$~65-70 for a transfer of $15,000 USD to Euros, for other currencies it’s not too far off. If both your sender and recipient can support the same currency, you can also just send a transfer via SWIFT from your bank. I dunno where you’re getting 5-10% from 😅 even credit card gateways don’t normally charge that much.

YoungBassGasm

Oooo lord 🤦🏾 I can't believe you mentioned SWIFT gpi out of all the things. I also can't believe you said "already" with swift gpi not even coming out until 2017 and Bitcoin was created *checks notes* 2009. Here is everything else wrong with what you just proposed: -Bitcoin has been around literally 8 years longer dude. Swift is literally them trying to catch up before becoming irrelevant. -payments take longer using swift gpi and they even mention how 96% of money sent can take 24 hours. -HEAVY DEGREE OF REGULATORY OVERSIGHT. banks are still very heavily involved since you need a bank account that is partnered with swift. This means that there will still be a big flag when you try to send a significant amount. You cant just send it instantly -the cost to send via swift is maybe 50% of normal wire transfer fees AT BEST. and if the person you are trying to send to is not a member of a partner bank, the fees get you pretty close to normal wire transfer fees. -if you send the amounts of money that usually Bitcoin transactions are through swift GPI, the IRS will be at your door. You are still completely restricted with SWIFT gpi. Honestly it's really the slightly cheaper alternative to wire transfers. Bitcoin shits on it by every fundamental. Honestly dude, swift gpi is like a prime example of why crypto is important. To summarize, you can send any amount of money whenever you want to whoever you want with Bitcoin for cheaper and faster than you could ever do with SWIFT GPI. If this doesn't resonate with you, then you should probably leave the group. Nobody who really understands crypto would ever even suggest this. I really don't even know why, but I'm legitimately upset. This ruined my day.

lumpyshoulder762

There’s already SWIFT gpi which accomplishes this, so yes it’s not “theoretical”, and further, this means crypto isn’t absolutely necessary.

Abanikandy

You’re in for a treat as you dig into the developments. There’s really not anything happening nearly as profound as what’s happening with chainlink and the capital markets (DTCC, SWIFT, EuroClear, etc). https://x.com/chainlink/status/1797975660000137366?s=46&t=eQizEKvC83HsvHpxkZyOAQ

Jenn2895

It's still a good time to buy Link. The hype is b/c their fundamentals are strong. They have the tech (Oracle/Data Feeds), An amazing team (Top Computer Scientists & former Google Execs) & over 2k Partnerships, including DTCC (stock market), SWIFT (world's largest financial messaging system), JP Morgan, Unicef, Vodafone, etc. If Chainlink pulls off what they're trying to do (which is looking likely) buying Link now would be like being able to invest in https before the internet was mainstream/popular. Link is also 1 of the safest bets to profit from RWA tokenization. Since all of the blockchains would need a way to interact. DTCC alone moves quadrillions of dollars every year. That would all be flowing through Chainlink after tokenization. & These companies have been tested w/ Link for several years. They ended testing last year & are now in the transition phase... It would be wise to grab a bag before they flip the switch.

newtimes7

FILECOIN $5 Filecoin is the real bitcoin. DePin A.I 🤴 O.G FLARE NETWORK $0.03 O.G ORACLE & Smart Contract for XRP & other. $10 easy. XRP NEW SWIFT. TOKENIZATION shares, real estate, art 🎨. Loan

CorneliusFudgem

I’m not sure but ondo finance has had quite a bit of interest from blackrock lately and their tokenized treasuries are a really awesome example of RWA’s in action. Combined with eventual CCTP + SWIFT activity with LINK and I think they could both continue being strong forces in defi(and tradfi).

JustStopppingBye

>*SWIFT announced it was* ***testing*** *blockchain interoperability with over a dozen financial institutions on the Chainlink network.* >Dude, you are 100% wrong. It's not a partnership. It's a beta test window. >**AKA - they are basically going to steal the IP by testing it and reverse engineer it so they can build their own version of it.** >Also, there is no way in the 7 Levels of Hell they are going to pay a 3rd-party commissions to use a network they cannot control top to bottom, front to back, or a network they are unable to enforce compliance with the regulatory standards on, or guarantee transparency over the tokenomics or the governance. >Chainlink is basically getting brain-raped for IP. I think hes trolling. This is what he said the other day.

BarryTheBaptistAU

*SWIFT announced it was* ***testing*** *blockchain interoperability with over a dozen financial institutions on the Chainlink network.* Dude, you are 100% wrong. It's not a partnership. It's a beta test window. AKA - they are basically going to steal the IP by testing it and reverse engineer it so they can build their own version of it. Also, there is no way in the 7 Levels of Hell they are going to pay a 3rd-party commissions to use a network they cannot control top to bottom, front to back, or a network they are unable to enforce compliance with the regulatory standards on, or guarantee transparency over the tokenomics or the governance. Chainlink is basically getting brain-raped for IP.

Grunblau

I’d rather SWIFT would just die, tbh…

CryptoNerdSmacker

Of course there’s room for others. SWIFT’s piece of the pie is huge, to the tune of like trillions/quadrillions in annual volume. XRP and Ripple don’t exactly sure the same target as LINK as well. There will be interoperability on these different blockchains. Has to or they won’t be around for long.

STEFOOO

Literally nothing says SWIFT & Chainlink Partnership at Consensys... just rumor to pump the price lmao

coinfeeds-bot

tldr; The anticipated announcement at Consensys 2024 about a partnership between Chainlink and SWIFT could revolutionize blockchain's role in traditional finance. This collaboration aims to bridge traditional financial systems with the multi-chain economy, potentially marking a significant milestone in integrating blockchain technology into mainstream finance. The partnership has shown promise in experiments, and the upcoming announcement may involve new protocols or a mainnet, influencing Chainlink's native token, LINK's market performance. This collaboration represents a significant step towards improving the efficiency and security of cross-border payments and could boost investor confidence in blockchain solutions in traditional finance. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

solomonsatoshi

Those who have been advantaged by western domination of global institutions and protocols (SWIFT/USD/World Bank/IMF etc) struggle to see a world where that is turned on its head. 33T debt that cannot be repaid. 50 years of exponentially growing trade deficits. Tragic political paralysis and dysfunction. None of the high grade chips are made in the US yet and it will be years before they are. The shift is acknowledgement that USA cannot stop China from retaking Taiwan. Most of Intels production is in China and has been for decades. Most of what the high grade chips are put in is made in China. Most top US corporate are reliant upon Chinese assembly lines.

nottobetakenesrsly

>That's what I would call historical revisionism It ain't revisionism. It's recognition of mechanical reality, instead of clinging to an ideal that was essentially dead on arrival. Per the same quote: >A country that loses more than half of its gold reserve, as the United States did in 1958-71, without reducing the money supply is not on the gold standard. You can go back further and look at the impact of Canadian bond lending to American banks (continental dollars) pre-1933 to demonstrate that there was no "real" control via a farcical gold standard from the get go. >Say Congress issues a CBDC, dissolves the Fed and drops the dollar. Loads of reasons why they ~~wouldn't~~ *couldn't* do this, Fixed it. A CBDC misunderstands what the dollar is. The US needs dollars to spend in its own economy. It gets those dollars from global commercial banks. These global commercial banks can create dollars when they lend. Suddenly switching to a a CBDC would undermine the ability of global banks to do what they do (and politicians have no desire to assume that role). They would much rather give the commercial banks the monopoly on dollar extension/creation in exchange for obligating a select few of them to buy the treasuries debt issuance. >Do you think the eurodollar would persist at that point? It's a faith based system. It exists because of social consensus. Global trade means a global money will emerge and, over time, the least-worst money system will be selected. Why do you think the eurodollar was selected then? Because it wasn't a top down imposition. >But are we just going to pretend Congress banning Russia from SWIFT was not a thing? SWIFT is just a messaging service. Russian banks are still transacting in dollars through correspondent relationships. Just makes it a bit harder. SWIFT ban is political theatre. The US can make some aspects of dollar intermediation a pain for folks, but they certainly *do not* control the use/creation/destruction of dollars globally.

BaguetteInMyPant

Yes, you are right with EUR, using SEPA and Bank Frick there is no fee. $3 for USD, Frick is the only option for GBP so still GBP 3. >trying to transfer GBP from non-UK account I have not entered my UK bank details yet and the GBP 3 is mentioned on Kraken's receiving bank details page within the deposit section of the app. >using SWIFT (Bank Frick) There are no other options. Is it different for you if you try to deposit GBP? Testing Kraken Pro with my VPN set to be in the US I do not see a Customers Bank payment option for USD deposits, only Swift, and Kraken's bank is located in Lichtenstein every time.

JashBeep

> Just want to emphasize this. 1971 was a late political acknowledgement (a leftover *anomaly*/artifact to be cleaned up). The US was not on a gold standard (and arguably wasn't even before 1933). That's what I would call historical revisionism. Before 1971, "oh yes, the dollar is absolutely a gold-backed currency, and it's important everybody believe that". After 1971 "oh it wasn't even ever a gold standard anyway, so fiat is cool now and always was". > but the dollar *isn't theirs*. Haha I mean you can believe that if you want to but I'm not sure how it's useful to see the world that way. Seems pretty trivial to falsify: Say Congress issues a CBDC, dissolves the Fed and drops the dollar. Loads of reasons why they wouldn't do this, but as an exercise it should reveal the truth of the matter: Do you think the eurodollar would persist at that point? It's a faith based system. It exists because of social consensus. Global trade means a global money will emerge and, over time, the least-worst money system will be selected. Ok, so I gave a pretty extreme example there, maybe hard to imagine that actually being carried out. But are we just going to pretend Congress banning Russia from SWIFT was not a thing? Of course it's theirs. In our world there is no greater 'state of exception' than the US Congress deciding to make up new rules. At least while we live in a monopolar world. Very tempted to say "bitcoin fixes this" here, but it would be more tongue in cheek than true, at least so far. > In giving up control over their denomination, they have gained the ability to borrow irresponsibility from a dollarized world. Certainly agree with that. It makes me sad to think of people in developing countries that are using stablecoins to escape their currency debasemenet. Out of the frying pan, into the fire.

diskape

But even then the 3GBP is questionable. I think you are being charged 3GBP for transfer because you are: * trying to transfer GBP from non-UK account * using SWIFT (Bank Frick) If you are from European Union then better option is to transfer EUR. It's free as long as you are sending money from a bank that supports SEPA transfers. Outside EU you can still transfer for free using Etana Custody but then minimum is 150 USD/GBP. I don't know much about this option and whether it's paid or not though. https://support.kraken.com/hc/en-us/articles/360023756252-Etana-Custody-funding-provider If you are in the US, there's also Customers Bank option but just like with the Etana Custody, I have no experience using it. https://support.kraken.com/hc/en-us/articles/customers-bank-instant-token

spiritualtruther

Solana Summer such a bullish narrative for the summer! $SWIFT https://preview.redd.it/hnyxi6r5r92d1.jpeg?width=956&format=pjpg&auto=webp&s=5c3857ce382fd1c179f9f3f5784a9afef6866271

Flashy-Mode-9542

https://i.redd.it/7x99n0s3r92d1.gif #SOLONASUMMER #SWIFT

opensandshuts

I’ve been talking about LINK for years. Most people don’t get it. Right now the only thing stopping LINK is the banks, notably Blackrock trying to get BUIDL off the ground. But LINK is working with DTCC…that is huge. SWIFT and DTCC are both orgs that NEED to operate independently from financial orgs in cooperation with financial orgs to ensure security. The fact that they’re working with LINK says a lot.

JustStopppingBye

>What do you think OP is referring to? I won't even name it because again I'm not trying to shill, but there is a token which has confirmed partnerships now building products with SWIFT and FIX and the DTCC to essentially onboard all of global finance to blockchain and enables the majority of current DeFi transactions, yet has a market cap lower than a number of ghost layer 1's and dog coins.

Freezy1111

3 reasons really: #1: I knew xrp gets a lot of hate from the crypto community and I wanted to diversify my portfolio from all perspectives to not get locked into an echo chamber of only one kind of crypto future vision. #2: I don’t trust what the government or media pushes. Most people I know in the real world are actual real sheep. They hate trump bc they are told that he is a racist and a criminal - when he literally did nothing besides sometimes being arrogant for 4 years. They love Biden because he is “the nice guy” and will save them from the evil corporations who don’t pay taxes - meanwhile he is the literal definition of a puppet and only helped those same corporations and banks while making us poorer. They listened to the nonsense spread throughout the media that if you didn’t get the COVID vaccine you are evil and are putting everyone at risk - when the Covid shot did literally nothing. It goes on an on. So when I see the SEC suing ripple I feel like I should look into it. Because it sounds like there is more going on than what they say. #3: there are real reason why XRP is an OK long term investment. I know, I KNOW all the reasons why it could be a scam - trust me you don’t need to school me on that. But they do have ties with the World Economic Forum. The company itself is huge, it’s not some garage business with a few random computer nerds like other crypto projects. A lot of people that used to work at SWIFT and major Banks now work at Ripple - so they might have the talent, experience, and connections to actually make their coin work irl. So that’s why I invested into it, I also thought the lawsuit would have wrapped up by now. But it’s 50c and I lost money on it so far. So yeah I shouldn’t have bought it, most people were right about xrp so far. To me, XRP is a make me rich or go to $0 kind of long-term play.

solomonsatoshi

You mean Bitcoin might create a more productive economy with higher savings, less debt and more investment- but it is hard to imagine how the interface between business and the state could change such that the ability of the statr to exert its will over other states would be less important. Looking at history the most successful empires have always combined the enterprise of business with the overall support of the nation state- well Bitcoin to some considerable extent reduces the leverage of the nation state. So the USA dominates and enjoys global monetary system hegemony (control over SWIFT) and uses that hegemony to preserve its position. Bitcoin removes that considerable leverage from the state...thus reducing the ability to dominate other competing nation states in resource access and market access and ultimately economic strength and domination.

solomonsatoshi

I agree the Chinese system seems to be inherently hostile to the freedom ethos that Bitcoin represents, but Chinas economy has succeeded to grow while the west has declined. It seems logical for them to want to dominate trade payments as every other previous global empire has since Roman times. Hard to see how Bitcoin with its absolutely feeble MoE usage can compete with the Chinese CBDC Yuan which is already facilitating billions in oil and gas exports from Iran and Russia and others outside the USD SWIFT network. Apart from El Salvador where is Bitcoin even used to pay for things?...its not- its just used as a speculative commodity SoV, not a MoE.