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MoneyGram Signs Deal to Work with Currency Startup Ripple
- aviv 9y agoRipple will be the last cryptocurrency standing when all the dust settles simply due to it being the favorite of the global banking cartel.
- hanniabu 9y agoAs far as I'm aware, there is not use of XRP as of now. There's a difference between Ripple the company and Ripple the centralized blockchain, which many fail to realize.
- shepardrtc 9y agoFrom a Fortune article about this [1]: > The partnership will see MoneyGram pilot the use of XRP through a new Ripple service, called xRapid So there is usage of XRP. [1] http://fortune.com/2018/01/11/ripple-moneygram-xrp-cryptocurrency-bank-transfers/ http://fortune.com/2018/01/11/ripple-moneygram-xrp-cryptocur...
- alextheparrot 9y agoNote the use of the future tense in your quote, while who you were responding to spoke to the present.
- dantillberg 9y agoTo expand upon that: many people buying Ripple/XRP the coin believe (falsely) they are buying shares of Ripple the company. I found [0] helpful. [0] https://www.reddit.com/r/Ripple/comments/6jd9w6/this_is_the_difference_between_xrp_and_ripple/ https://www.reddit.com/r/Ripple/comments/6jd9w6/this_is_the_...
- free-trampolin 9y agoCuallix is actively using XRP. Get your facts straight, cowboy!
- patrickaljord 9y agoIt's not a cryptocurrency in the sense that it is centralized and pre-mined by a central authority who could mine even more whenever it feels like it just like fiat. Still, it's an improvement on swift if it succeeds but that would not be a "cryptocurrency success" in my opinion.
- snuxoll 9y agoPersonally I think it would be considered a success, swift sucks, ACH sucks - Ripple giving us a way to apply a lot of the benefits a decentralized cryptocurrency purports to provide (cheap, fast transactions) would be wonderful. Hell, I would love if I could track payment remits through Ripple someday - stop dealing with the terrible EDI formats our bank dumps to us on a daily basis and just monitor the blockchain. We could have knowledge about payments in real-time AND have a much saner time dealing with them.
- paulie_a 9y agoslightly offtopic: But I am currently building a ACH parser and I am shocked the banking system works at all.
- base698 9y agoI think since it uses digital signatures to send the transactions it's a cryptocurrency. It's not a decentralized one sure.
- shepardrtc 9y agoIt uses a distributed consensus algorithm to validate transactions. Anyone can run a validator node, and there are many companies/institutions out there doing that (Microsoft, MIT, etc).
- lawlessone 9y agoThey have no reason to use XRP though, they could just use the technology to launch their own token.
- cantrip 9y agoYes, whatever the Bilderberg lizard people truly in power decide upon. It's all in plain sight if people would just stop drinking the tap water and wake up.
- 0x4f3759df 9y agoHow Ripple could succeed but XRP be worth nothing https://publication.widmerdun.com/how-ripple-could-succeed-but-xrp-be-worth-nothing-4c2c5152d184 https://publication.widmerdun.com/how-ripple-could-succeed-b... People are going to get rekt
- prklmn 9y agoDo you have any proof that the global banking “cartel” is using Ripple? Why would they want to use some third party company they have no control over, with participation of the general public, for a solution to a problem that they didn’t think was a big enough issue to address earlier, and that they could create a proprietary, private solution for?
- dglass 9y agoYou should do some research on ripple and some of their customers. Huge global banks are already using their software.
- headmelted 9y agoReally? Which ones? I saw the tweets from their CEO and it actually sounded very much like the emperor has no clothes. If the best examples of "huge global banks" that Ripple can produce when asked are a couple of small-time national banks suggesting they'll trial the software later this year then I'll reserve judgement.
- black_puppydog 9y agoThis is pretty much exactly Ripple's use case, and remittances are a huge deal. So, progress! :)
- joeblau 9y agoTotally agree! But the one caveat is that using Ripple does not mean using XRP.
- nmyk 9y agoTrue, but MoneyGram is piloting xRapid, which is Ripple's product that uses XRP.
- joeblau 9y agoAh you are correct! I couldn't' read the original article due to pay wall, but I found info on other site. Well this is great news for XRP hodlers.
- lawlessone 9y agoThat won't stop all the XRP owners from posting this everywhere to pump the price.
- black_puppydog 9y agoTrue. The whole relationship between Ripple, XRP, and potential other tokens on the same network(?) has always confused me. If someone has a good explanation (or rather a link to one, I'd be very happy about that. For example if this test works out, what's to stop MoneyGram from using some other token, cutting out XRP altogether? Or just spin up their own system (think LTC vs BTC)?
- hellogoodbyeeee 9y agoI found this article yesterday and I think it answers part of your question: https://hackernoon.com/4-alarming-reasons-ripple-might-not-be-what-you-think-9debc3c86985 https://hackernoon.com/4-alarming-reasons-ripple-might-not-b...
- black_puppydog 9y agoNon-paywalled article: https://techcrunch.com/2018/01/11/ripple-announces-an-actual-customer-for-xrp-brackets-ok-its-a-trial/ https://techcrunch.com/2018/01/11/ripple-announces-an-actual...
- Graham24 9y agomany people at work at "investing" in ripple, they all got rather excited when the value spiked 25% this afternoon. "This time next year Rodney, we'll be millionaires."
- aphextron 9y agoYep. Moreso the MoneyGram announcement is not new news, this is their business model. I suspect the well timed press release had something to do with XRP sinking over the past few days.
- newsbinator 9y agoThe entire market sank over the past few days. MoneyGram couldn't have predicted the drop, and I'm not sure why they'd rush the press release to coincide with it.
- yvesmh 9y agoFor that to be true, Ripple's market cap would have to be in the trillions unless they invested half a million or even a quarter of a million dollars.
- ben_jones 9y agoSame, pretty sure the whole team is buying (small) amounts of bitcoin. Reminds me of the story of the guy who dodged the great depression because he pulled his stocks when his taxi driver starting giving him tips.
- TearsInTheRain 9y agoThat was Joe Kennedy. JFK's father
- davidkuhta 9y agoand the tips came from a shoeshine boy.
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- 2paisay 9y agoMore than that MoneyGram is a loss making entity with a negative equity. This is just an attempt by MoneyGram to pull a Kodak (last ditch attempt to stay afloat by attaching itself to "cypto" currency bandwagon)
- mylons 9y agoi hope this is the case. XRP is a joke.
- codecamper 9y agoYou have been downvoted because you are not a crypto fanboy.
- nimchimpsky 9y agoIt has one major feature that causes the hate, it's a centralised crypto. All the transactions have to go via ripple.
- cheeseandpickle 9y agoI don’t understand - XRP is actually putting crypto currency to use by solving existing problems... right now! Either way you look at Fiat is going to be around for a few years yet - ripple are actually aiding the transition.
- mylons 9y agoripple is a contradiction of Satoshi's white paper. I don't support contradictions to it.
- cududa 9y agoWhat in in the world are you talking about? Moneygram is a successful business
- GunlogAlm 9y agoMoneyGram isn't loss-making, where did you get that idea from?
- calimac 9y agoHacker news flags anything from non liberal sources. https://www.projectveritas.com/2018/01/11/undercover-video-twitter-engineers-to-ban-a-way-of-talking-through-shadow-banning-algorithms-to-censor-opposing-political-opinions/ https://www.projectveritas.com/2018/01/11/undercover-video-t...
- zhjansbnas 9y agoAmazing that there is supposed to be a $100B of value here and the big announcement is a pilot program.
- sct202 9y agoAlso MoneyGram had revenue of $1.6B for 2016, so I'm not sure how far even a full roll-out would go to justifying the valuation.
- mkirklions 9y ago100B of value? You mean market cap? There might be 100B in solving the problem of Moving Money. But market cap for Ripple is intentionally misleading. only 19,000,000,000 ripple are owned by the masses. 20,000,000,000 ripple are controlled by 3 people. 61,000,000,000 is held by ripple labs. The 20,000,000,000 ripple held by the founders are included into the market cap. Its basically 2x overvalued.
- free-trampolin 9y agoNot a single price of the top 100 crypto-currencies is reflecting their value. They are all over-priced by magnitudes and still "investors" insist it is not a bubble.
- erikpukinskis 9y agoIf you sum the top 100, what do their “market caps” add up to? Edit: back of the envelope it’s something like $700 billion.
- deleted 9y ago[deleted]
- t1o5 9y agoThere are many remittance companies in UAE, Saudi & Oman where migrant workers send their salary back home to India, Pakistan, Bangladesh, Nepal & Philippines. UAE Exchange being the major player there. Many of these companies might want to signup for Ripple because they can avoid the middlemen (what if Ripple becomes the middlemen ?) , thus more profits while keeping the fees low for customers and have rapid money transfer rather than waiting days for bank clearance. The problem in implementing this is the origin & destination country should have legal mechanisms in place to operate this. Many low income migrant workers use schemes called "Hawala" , "Hundi" to avoid the fees charged by the remittance companies. Maybe RippleNet can work in favor for both consumers and providers. Do keep in mind that RippleNet is not the same as XRP. The remittance houses will have to maintain Nostro and Vostro accounts for funding which I believe is currently maintained in USD. They can switch this to XRP to avoid those transaction fees and overhead.
- cheeseandpickle 9y agoThat’s rights. XRapid removes the need for dormant FIAT sitting in Nostro/Vostro accounts.
- perseusprime11 9y agoWhether you use ripple or any other intermediary, it will not save conversion costs from one currency to other. You are really selling one currency and buying other.
- tim333 9y agoThe actual costs of converting currencies on the normal money markets using an account like interactive brokers are almost zero - maybe 0.05% or you can even make a profit on it if you put in a limit order near the current price. The costs are mostly in getting money in to the system at one end and out at the other. I'm not sure how going via crypto will be any cheaper - it's usually more expensive in my experience.
- perseusprime11 9y ago
- kristofferR 9y agoI'm amazed MoneyGram is still in business. I had to deal with them last week and it was hell. Their reliance on phone support for most operations is absurd. I saw five people attempt to use the kiosk - and all were required to call phone support for various reasons! The kiosk complained about DOB missing (date of birth I guess?), yet there wasn't any field left unfilled. Changes in unpaid/draft transactions resulted in duplicate ones instead, and they could only be deleted by calling support. The kiosk software was filled with dumb errors like that. I could go on an on. Using cryptocurrencies seems like a good idea, but I'd bet just improving the kiosk software to make phone support a rarity instead of practically a requirement would be way more efficient at reducing cost.
- blowski 9y agoAlong with Western Union, it’s the only viable option for sending money to people who don’t have a bank account and can’t use a computer. It’s taken years for my wife to persuade her parents in Brazil to try Azimo or Transferwise. We were using Moneygram until last year.
- KeepTalking 9y agoThe money remittance market is a very interesting problem. The key to understanding why moneygram is still around is by getting a good understanding of global banking and associated regulation & fees along with top immigration/immigration corridors and consumer behaviour in these corridors. Most money transfers happen from a stable high net worth economies (USA,UK,Germany, UAE, Saudi Arabia) to growing economies(India, Mexico, Brazil, Philippines) and following the emmigration/immigration corridor. The money transfer market is more akin to a marketplace with disparate sender-receiver situations. Sender banking infrastructure typically is more sophisticated but disjointed with the receivers banking infrastructure. Learn more about these patterns in this document. https://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1199807908806/4549025-1450455807487/Factbookpart1.pdf https://siteresources.worldbank.org/INTPROSPECTS/Resources/3...
- hrasyid 9y agoCan you explain why these situations led them to be secure in business?
- kazecrypto 9y agoPersonally, I hope OMG will become the go to for remittance in the crypto world. Much prefer something decentralized and community focused.
- kumarski 9y agoSame question: Are they using XRP? Answer: No. Brad Garlinghouse reminds me so much of Dick Costolo. He'll keep allowing Ripple Deals(bots) to increase the valuation of the company unwarranted. The banks and no-one I've talked to in fintech has indicated to me any serious adoption of XRP.
- shepardrtc 9y agoWhat? From a Fortune article about this [1]: > The partnership will see MoneyGram pilot the use of XRP through a new Ripple service, called xRapid [1] http://fortune.com/2018/01/11/ripple-moneygram-xrp-cryptocurrency-bank-transfers/ http://fortune.com/2018/01/11/ripple-moneygram-xrp-cryptocur...
- hsod 9y agohuh? "MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple's solution for on-demand liquidity." http://ir.moneygram.com/releasedetail.cfm?ReleaseID=1054088 http://ir.moneygram.com/releasedetail.cfm?ReleaseID=1054088
- free-trampolin 9y agoWrong. They use Ripple's xRapid which utilizes XRP. This is (after cuallix) the second company that uses XRP for money transfer.
- mkirklions 9y agoThanks for posting this, this is my understanding. Ripple is the company that controls 61% of the worlds XRP. XRP is the medium to move money. While I personally dont like centralized currency, this is how ripple works. Ripple basically decides the price of their own currency since they have sooo much supply.
- shepardrtc 9y agoWrong. They locked away 55 billion XRP and are releasing a certain amount monthly for purchase by investors and institutions. If that XRP is not purchased, it goes back into escrow. https://ripple.com/insights/ripple-escrows-55-billion-xrp-for-supply-predictability/ https://ripple.com/insights/ripple-escrows-55-billion-xrp-fo...
- rrggrr 9y agoI've not used MoneyGram in many years, but as I recall the friction is account set-up, authentication and funding the transation --> authentication and account set-up to receive funds. I don't think Ripple removes those choke points.
- free-trampolin 9y agoRipple is not necessarily targeted at end consumers. In some cases you may notice lower fees and faster transactions, however, they are targeting banks and payment providers.
- cheeseandpickle 9y agoOf course that’s user experience which is handled by MoneyGram. KYC is also a necessity. Ripple reduces cost and settlement time which means the end user get as cheaper service where the money is delivered to his/her account MUCH quicker
- elango 9y agoAre there any other blockchain use cases at scale more than that of RippleNet?
- linsomniac 9y agoUpdate: They have only decided to do some prototyping, not a full on deployment. https://themerkle.com/moneygram-confirms-xrp-integration-is-an-internal-pilot-program/ https://themerkle.com/moneygram-confirms-xrp-integration-is-...