7 ms·

Totally agree! But the one caveat is that using Ripple does not mean using XRP.

by joeblau 9y ago

nmyk 9y ago
True, but MoneyGram is piloting xRapid, which is Ripple's product that uses XRP.
- joeblau 9y ago
  Ah 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 ago
That won't stop all the XRP owners from posting this everywhere to pump the price.
black_puppydog 9y ago
True. 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 ago
  I 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...
- shepardrtc 9y ago
  30% reduction in transaction cost if you use XRP over other currencies.
  - jerguismi 9y ago
    The weird transaction cost in ripple is that you always have to leave 20 XRP to the account. LOL.
    - shepardrtc 9y ago
      That can change by vote, and they're looking at doing that as the price increases. In the past, XRP was well below $0.01, so it wasn't that big of a deal.
mkirklions 9y ago
Can you explain this further? XRP is the currency to move money at Ripple. They have some minor currencies for some situations like debt IIRC. But Ripple is going to use their currency for transactions.
- ApolloFortyNine 9y ago
  XRP is only used as a spam deterrent. There is a 0.00001 transaction fee to change ledgers (send money, but not XRP) in Ripple, that is actually destroyed, and there is a requirement that every account in Ripple maintain a $20ish balance of XRP.
  - cheeseandpickle 9y ago
    What?? Where on earth did you get that? A tiny fraction of XRP is destroyed every time a transaction completes and wallet activation takes a reserve of 20 XRP (to keep the wallet active) as spam prevention BUT... XRP is used as an integral part of the overall vision - a bridge currency.
- joeblau 9y ago
  You're understanding is 1/3 correct. XRP is only used for xRapid protocol. Ripple Labs has 3 protocols (xCurrent, xVia, and xRapid) and the other 2 do not use XRP. However, it does look like MoneyGram is using xRapid.
  - cheeseandpickle 9y ago
    The only actual “protocol” used by Ripple is interledger of course
- makomk 9y ago
  The whole point of Ripple originally is that you could use it to send actual fiat money by using a network of trust relationships to chain together IOUs that could eventually be settled via actual transfers if necessary. Then after Bitcoin took off it was retooled as something more Bitcoin-like with its own internal cryptocurrency, XRP, and a ledger system to support it. (Except that the ledger is pretty much centralised.)

Totally agree! But the one caveat is that using Ripple does not mean using XRP.

nmyk 9y ago

True, but MoneyGram is piloting xRapid, which is Ripple's product that uses XRP.

joeblau 9y ago
Ah 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 ago

That won't stop all the XRP owners from posting this everywhere to pump the price.

black_puppydog 9y ago

True. 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 ago
I 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...
shepardrtc 9y ago
30% reduction in transaction cost if you use XRP over other currencies.
- jerguismi 9y ago
  The weird transaction cost in ripple is that you always have to leave 20 XRP to the account. LOL.
  - shepardrtc 9y ago
    That can change by vote, and they're looking at doing that as the price increases. In the past, XRP was well below $0.01, so it wasn't that big of a deal.

mkirklions 9y ago

Can you explain this further? XRP is the currency to move money at Ripple. They have some minor currencies for some situations like debt IIRC. But Ripple is going to use their currency for transactions.

ApolloFortyNine 9y ago
XRP is only used as a spam deterrent. There is a 0.00001 transaction fee to change ledgers (send money, but not XRP) in Ripple, that is actually destroyed, and there is a requirement that every account in Ripple maintain a $20ish balance of XRP.
- cheeseandpickle 9y ago
  What?? Where on earth did you get that? A tiny fraction of XRP is destroyed every time a transaction completes and wallet activation takes a reserve of 20 XRP (to keep the wallet active) as spam prevention BUT... XRP is used as an integral part of the overall vision - a bridge currency.
joeblau 9y ago
You're understanding is 1/3 correct. XRP is only used for xRapid protocol. Ripple Labs has 3 protocols (xCurrent, xVia, and xRapid) and the other 2 do not use XRP. However, it does look like MoneyGram is using xRapid.
- cheeseandpickle 9y ago
  The only actual “protocol” used by Ripple is interledger of course
makomk 9y ago
The whole point of Ripple originally is that you could use it to send actual fiat money by using a network of trust relationships to chain together IOUs that could eventually be settled via actual transfers if necessary. Then after Bitcoin took off it was retooled as something more Bitcoin-like with its own internal cryptocurrency, XRP, and a ledger system to support it. (Except that the ledger is pretty much centralised.)