Here it comes... Toronto Dominion Bank (one of Canada's largest) is going mandatory CBDC by end of April. If you don't consent you lose access to your cards and online banking.
🤑 CURRENCY CONTROL 🤡
Right on time after Turdy gov passes a law saying they can freeze your bank account for any reason they see fit.
That's what Bitcoin and Cardano are for. No banks needed. No CBDC platform is necessary.
Banks aren’t needed for XRP either but banks need a way to join decentralized finance.
Odd that you’re cool with Cardano but not cool with XRP. You’re aware that Cardano is on the list of WEF supported cryptos right?
https://www3.weforum.org/docs/WEF_Getting_Started_Cryptocurrency_2021.pdf
Check PAGE 17.
Cardano's code is 100% open source and Charles (CEO of IOG) has said repeatedly he does not support the WEF. The ones going to the WEF event is the Cardano Foundation since it's usually hosted in their country.
https://www.youtube.com/watch?v=rafYyWeSeG0
Nodes processing payments are also decentralized small businesses (currently about 3000 of them)
XRP is not open source
Most of XRPs payment processing nodes are controlled by Ripple.
Also Cardano is not building a CBDC platform but XRP is.
Cardano has smart contracts and dapps up and running, XRP doesnt. In fact XRP scrapped their Smart Contracts project back in 2014 and Vitalik Buterin who was a summer intern at the time got the idea of smart contracts from XRP.
The programming language Cardano is built on is Haskell which is a functional language built for safety and security of software that cannot fail like software in aircraft and financial institutions.
XRP uses C++ which is good for embedding hardware and speed but it is not good for safety and security like a functional programming language. Most common bugs you would get in Solidity or C++ won't even compile on Haskell just because of the way it is built.
There is a big difference in XRP and Cardano. XRP is a trap and it's god awful. It doesnt make the banking industry obsolete, it gets in bed with the bankers. It doesnt push the needle forward in anyway currently.
You need running Dapps and a large developer community making smart contracts that automate the financial industry. Cardano is doing that, XRP isn't.
Ha, you believe Charles? People say anything when it comes to money.
XRP and Ripple want to get regulated. After they get regulated they can open things up a bit.
Sure it is, it started as OpenCoin. Banks wouldn’t want to use it if it were closed source and owned by an existing financial entity.
XRP and Ripple want to get regulated. After they get regulated they can open things up a bit.
Are you aware of Flare?
How close are they to legal clarity?
Is it more compatible with the banks?
Have you heard of XDC?
I do believe him, I've been watching him red pill for over a year now and his actions speak louder than anything. What you said applies just as much to Ripple as well btw.
Have you read the 2023 Economic Report to the President? It doesnt look good for any crypto at all.
Here is Hoskinson reading a few points from the bill
https://www.youtube.com/watch?v=BC0ACe72dG8
Here is a link to the bill
https://www.whitehouse.gov/wp-content/uploads/2023/03/ERP-2023.pdf
So even if the judge sets a precedence with XRP, Biden will just use an Executive Order to overrule that precedence.
Have you seen the Patriot Act 2.0 RESTRICT Act that is being pushed through Congress? It is much more far reaching than just TikTok and allows the government to outlaw all crypto and anything on the internet that they do not like.
The RESTRICT Act is not limited to just TikTok. It gives the government authority over all forms of communication domestic or abroad and grants powers to “enforce any mitigation measure to address any risk” to national security now and in any “potential future transaction”
https://nitter.nl/LPMisesCaucus/status/1639934790026555394
Federal Congressional Law overrules a judges precedence as well.
Could you please share some open source XRP code? Could you show that the majority distribution of payment processors isn't controlled by
XRPRipple?I'm looking at it right now
https://github.com/flare-lang/flare
It appears to be a C# library. It is dynamic and not static. It is not a functional programming language like Haskell so it carries all the possibilities for bugs that imperative programming languages do.
There are several ways to look at this. You could look at the deals they are making with Nations around the world like Ethiopia for example.
You could also look at the ongoing debates over CIP 1694 which takes control away from Emurgo, IOG, and Cardano Foundation for pushing protocol changes to Cardano and gives the power to Cardano token holders (part of Voltaire). This would put it in the same legal realm as Bitcoin in terms of a Security.
You can follow summaries of the Cardano governance debates by following @Hornan7 on twitter
https://twitter.com/Hornan7
It doesn't need to be. This is the whole problem with your losing mindset. Crypto is more efficient, cheaper, less energy intensive, and potentially safer than the banking system. Crypto Dapps trumps banking competitively in every way.
Your idea is it's a pie in the sky the banks could ever become obsolete. This is why you hold on so tightly to XRP which in the end won't give you any more power back, won't automate banking, won't change the system for the better in any way. That's where you are wrong. Just like Blockbuster and Taxis, the banking system and its irresponsible over leveraging is on the chopping block and it won't be back in any meaningful way. The better product will win even if the US govt throws a fit about it.
But to answer your question, yes Haskell is compatible with financial institutions, several use Haskell Programming language right now for code that's designed to not fail. Haskell was originally built in C and it can be used in embedded hardware as well (though not as common).
11 Companies That Use Haskell in Production
https://serokell.io/blog/top-software-written-in-haskell
Haskell in industry
https://wiki.haskell.org/Haskell_in_industry
List of companies that use Haskell
https://www.teddit.net/r/haskell/comments/6p2x0p/list_of_companies_that_use_haskell/
Why Fintech Companies Use Haskell
https://serokell.io/blog/functional-programming-in-fintech
Looking at it right now
https://xdc.org/
"2000+ TPS"
Cardano just launched Hydra on mainnet this week. It allows each individual stake to individually process up to 1000 TPS. Currently there are about 3000 stake pool operators so imagine if they all adopted Hydra, that would be (3000 Stake Pools) * 1000 TPS = 3,000,000 TPS for the whole network.
Visa and MasterCard at highest estimates can process payments at about 70,000 TPS.
Hydra Road Map
https://github.com/orgs/input-output-hk/projects/21
Hydra Head is live on Mainnet & Fast Lane adoption on its way with Ledger Enterprise
https://nitter.nl/InputOutputHK/status/1639340912386998272
If you want to try out the Hydra Demo App go to:Â https://hydraw.ncoding.at/
IOG is already collaborating with MLabs to create a reference implementation of an auction using Hydra protocols. This partnership aims to develop further and optimize the functionality of Hydra, allowing it to be leveraged in real-world scenarios. https://mlabs.city/
https://iohk.io/en/blog/posts/2023/01/20/implementing-auction-projects-using-hydra-1/
Additionally, IOG is working with Obsidian Systems to drive the development of use cases based on the Hydra Head protocol, such as Hydra for Payments. This collaboration aims to bring Hydra's scalability solutions to payment systems, which slow transaction speeds and high costs have traditionally hampered.
https://iohk.io/en/blog/posts/2022/11/10/hydra-for-payments-introducing-developer-tooling-to-unlock-micropayments-on-cardano/