I've seen a few sources that say that a silver standard would be better because it's more common, practical and accessible as a resource in various forms. In fact, it was talked about in The Money Masters, one of the best documentaries of our time.
Correct, and it was European royalty back in the old times which wanted to maintain the gold standard because they had more access to gold reserves and could better control it.
You've gotta peg your currency to something, and silver is as old as the Bible. I'm no financial and economics expert, but from what I've seen, silver seems like the best-bet. I don't necessarily disagree with you though, as commodities do have their limitations and downsides.
Im just thinking out loud here, but the bulk of backing an economy with silver and gold is backing off the commodity value. Adding other commodities artificially grows the economy when you dont have more silver and gold. Sure they might turn to other metals. Like copper. But eventually every natural resource a country has becomes a comodity that backs the currency.
Silver tarnishes over time, gold is less reactive. Silver does seem practical due to cost but that may be subject to extreme change. It's actually in demand in industry, which could make it scarce.
I'm not a brilliant kinda guy but we are (by most standards) about 36 trillion dollars in the hole, the fiat dollar is collapsing and couldn't buy enough gold even if there was enough gold and silver to break even. This is not a bad thing as long as we don't give a central bank control. Times may get tough but in the end... God wins.
At the end of the day with precious metals, you will still have to pay high transportation and security fees for making payments over long distances. The 3rd parties doing these tasks become the new banks and the cycle starts all over with you having to trust they won't fudge the numbers again.
Cryptocurrencies are the only ones that break this cycle.
Cryptocurrencies don't fall into Triffin's Dilemna.
You don't have to worry about a Cantillon Effect.
You don't need 3rd parties to watch your money for you.
Now the question is which cryptocurrencies are going to be viable for international trades on a global scale. Its gotta be:
scalable
no history of hacks
provably secure
low fees
able to perform complex transactions with many parameters (smart contracts)
inexpensive transaction validator setup
and of course be decentralized in wallet users, amount, per wallet, and number of validators being held by many different people and not just a few so no group can maintain control.
Everyone has heard of Bitcoin but I recommend looking at Cardano. It is its own novel blockchain with its own accounting model, not a fork of Ethereum or Bitcoin.
hmmm Cardano is good, but there is one more; it's been in the top 10 over a decade. Meets all those criterial and more. 1500 xactions/sec. The only one with regulatory clarity in USA. Specifically designed for financial institutions.
XRP doesn't have any Dapps. They've been very behind and haven't kept up. XRP depends on the govt and its CBDC platform to stay in business, not the best tech or experience.
Cardano has followed all regulations and Midnight Sidechain will be designed for businesses to use smart contracts on a privacy blockchain while still maintaining regulations. Quoted from Hoskinson, Cardano is the "Settlement Layer" and Midnight will be a "Service Layer".
Hydra on Cardano allows 1,000,000+ transactions because each transaction validator (stake pool) can modulate and make their own Hydra payment processor at 1000+ transactions/second.
There are about 3000 stake pools validating transactions on Cardano. So each of them theoretically could use Hydra and the transaction speed would be 3,000,000 tx/sec.
Also in Cardano you can send to multiple addresses in one transaction. There can even be transactions that must be signed off by multiple wallet addresses in order to be sent (for safety). So multiple wallet addresses can be sent to multiple wallet addresses in one transaction.
XRP being primarily for financial institution level use; It's first focus is cross border Xfer, bank nostro vostro liquidity etc. Ripple is not "behind" because their focus is not on retail use as you seem to presume. Instead they have numerous signed agreements with FIs most of which are waiting to "go live". Thus the bulk of the adoption work is already done; it's just a matter of time. This means it's already trusted by FIs to be a key component of the new system.
As far a following regulations that's pretty hard for any DA when the SEC purposely is totally vague on regs but instead invites various CEOs in for a "fireside chat" and then uses that info against them.
Hydra only works with a small # of nodes at this time if they are in agreement. XRP and by that I presume you mean Ripple does not depend on "the gov" to stay in business via CBDCs in any meaningful way. Instead as mentioned they have already created value via signed agreements because what it does is securely solve friction problems that FIs have. FIs are very much convinced of such else they would not sign on board.
XRP being primarily for financial institution level use; It's first focus is cross border Xfer, bank nostro vostro liquidity etc.
Literally every crypto does cross transfer. There's no need for 3rd party banks when the transactions are transfered directly to a persons wallet. When the big bank crash finally happens banks will not come back from this. Yes Ripple is far behind and hiding behind executives that have joined US government in the hopes that it outlasts better tech. It won't work.
This means it's already trusted by FIs to be a key component of the new system.
The majority of financial institutions are fucked after this credit event, theres not going to be any name to them after and that will be the reason crypto will become more widely adopted. Ripple didn't put any work in developing tech it just put work in developing deals with financial institutions.
Let me ask you, can you become a validator? What % of the validators are major banks/financial institutions rather than small independent business owners? What does XRP do that other crypto can't?
Hydra only works with a small # of nodes at this time if they are in agreement.
Actually your wrong on that, Hydra works with anyone that wants to use it there is no need of an agreement, its just a matter of being used. Each Hydra payment processor is like its own individual Lightning Network.
It will get widespread adoption by stake pools when 1.0.0 is released. That's when most major bugs will be worked out and it'll be use able out of the box.
Ripple does not depend on "the gov" to stay in business via CBDCs in any meaningful way.
Then why are there former XRP executives in the government now? Why make a CBDC platform when you are supposed to be a cryptocurrency?
Former US Treasurer, Rosie Rios et al migrated the other way actually from gov to Ripple because it is a corner piece of the new system; she, being extremely well qualified to know, knows it does what it is designed to do and is not flawed for what it does.
Every crypto does not do cross transfer by the definition of fiat to fiat through FIs. Ripplenet uniquely provides the liquidity needed for 4 second fiat to fiat xfers that banks and money exchange services need badly; it solves a huge friction point for them; not in the future, not planned but working now. There is an entire backbone that exists already and works now such that FIs are adopting it in part because it has 80M closed ledgers since 2012 without error or hack. It's detailed but roughly goes like this: Sender -->ripplenet's xRapid-->receiver. In 3-4 seconds fiat is converted to another fiat from one bank or FI to the other. No other crypto does that. XRP used by xRapid provides the ODL (on demand liquidity) so banks don'thave to tie up billions in nostro vostro accounts.
OK good deal, I was under the impression almost all the validators were big financial institutions or Ripple, I'm glad to see I'm wrong there. I'm not sure if this site is right but it says there's 115 validators on mainnet.
Replacing the SWIFT system would be an improvement to today.
Has Cross Transfer gone online yet and being used actively by banks or is it still tied up from the court case? Is it only for banks to use or can a regular bank user use XRP for cross transfer fiat?
FIs are adopting it in part because it has 80M closed ledgers since 2012 without error or hack.
Has the blockchain ever had a time it was shut down? That's much better than Solana or even Ethereum (with it going backwards after DAO hack).
Vitalik Buterin got the idea for Ethereum Smart Contracts back in 2013 or 2014 when interning with Ripple over the summer. Apparently XRP had smart contracts they were working on and shelved the idea. Vitalik took the idea and made Ethereum.
I've seen at some point in the last couple of years XRP was working again on Smart Contracts in C++ but I saw no developed Dapps at the time. Do you know if that's changed at all? Or why they shelved it to begin with?
Also another question for the cross transfer, where are the currencies being converted? If I did a cross transfer of USD from American to Indian Rupies at an Indian Bank, that money doesn't magically appear there.
US bank would have to convert US to some digital equivalent and send the digital money to the Indian Bank on the network.
The Indian bank gets that digital equivalent and redeems it for actual Rupies somewhere.
I heard dapps are in the works but their focus at least thus far is institutional. I personally saw my own fiat exchange using the exact same method go from days to 9 seconds end to end for a B2B xfer so I know its in use beyond just reading articles and there a plenty of articles that such n such currency xfer co. has/is/will adopted it. It's running even during the suit which imo is just laid against them to slow them down while chase tried/failed to make their own solution.
I sometimes wish I had the eloquence of laying things out like this. After so many years of military, you get to be very direct and blunt in communications out of necessity. It then becomes part of you and its very difficult to break.
I've seen a few sources that say that a silver standard would be better because it's more common, practical and accessible as a resource in various forms. In fact, it was talked about in The Money Masters, one of the best documentaries of our time.
https://odysee.com/@yellowgenius:0/Bill-Still---The-Money-Masters---Full-Documentary---1996:5
http://www.themoneymasters.com/monetary-reform-act/funding-president-elect-trumps-proposed-1t-infrastructure-plan/
Gold is for banks, silver is for the people.
https://www.britannica.com/event/Free-Silver-Movement
Correct, and it was European royalty back in the old times which wanted to maintain the gold standard because they had more access to gold reserves and could better control it.
Except we don't ever want or need banks where we are going (I hope)
Gold is for governments, too.
That Money Masters series explained so much for me. It's really excellent, advances through history and is easy to follow. I recommend it highly.
But that just really leads to an overall commodities based system. Which includes oil. Which puts everyone right back where we were.
Unless everyone goes electric.
You've gotta peg your currency to something, and silver is as old as the Bible. I'm no financial and economics expert, but from what I've seen, silver seems like the best-bet. I don't necessarily disagree with you though, as commodities do have their limitations and downsides.
Agreed, Fren, I'll be adding to my stack again soon!
Im just thinking out loud here, but the bulk of backing an economy with silver and gold is backing off the commodity value. Adding other commodities artificially grows the economy when you dont have more silver and gold. Sure they might turn to other metals. Like copper. But eventually every natural resource a country has becomes a comodity that backs the currency.
So hear me out. What if you don’t have to peg your currency to something and we are just told that to keep us in the matrix. Kek.
Silver tarnishes over time, gold is less reactive. Silver does seem practical due to cost but that may be subject to extreme change. It's actually in demand in industry, which could make it scarce.
Minimum wage in 1964 = 5 silver quarters an hour Minimum wage 2023 = approx 5 silver quarters an hour
1 quarter = .181oz. x 5 = .95 oz = approx 21.00
Silver Back Apes Know
I'm not a brilliant kinda guy but we are (by most standards) about 36 trillion dollars in the hole, the fiat dollar is collapsing and couldn't buy enough gold even if there was enough gold and silver to break even. This is not a bad thing as long as we don't give a central bank control. Times may get tough but in the end... God wins.
Invest in peas, canned peas. That is all.
At the end of the day with precious metals, you will still have to pay high transportation and security fees for making payments over long distances. The 3rd parties doing these tasks become the new banks and the cycle starts all over with you having to trust they won't fudge the numbers again.
Cryptocurrencies are the only ones that break this cycle.
Cryptocurrencies don't fall into Triffin's Dilemna.
You don't have to worry about a Cantillon Effect.
You don't need 3rd parties to watch your money for you.
Now the question is which cryptocurrencies are going to be viable for international trades on a global scale. Its gotta be:
Everyone has heard of Bitcoin but I recommend looking at Cardano. It is its own novel blockchain with its own accounting model, not a fork of Ethereum or Bitcoin.
hmmm Cardano is good, but there is one more; it's been in the top 10 over a decade. Meets all those criterial and more. 1500 xactions/sec. The only one with regulatory clarity in USA. Specifically designed for financial institutions.
XRP doesn't have any Dapps. They've been very behind and haven't kept up. XRP depends on the govt and its CBDC platform to stay in business, not the best tech or experience.
Cardano has followed all regulations and Midnight Sidechain will be designed for businesses to use smart contracts on a privacy blockchain while still maintaining regulations. Quoted from Hoskinson, Cardano is the "Settlement Layer" and Midnight will be a "Service Layer".
Hydra on Cardano allows 1,000,000+ transactions because each transaction validator (stake pool) can modulate and make their own Hydra payment processor at 1000+ transactions/second.
There are about 3000 stake pools validating transactions on Cardano. So each of them theoretically could use Hydra and the transaction speed would be 3,000,000 tx/sec.
Also in Cardano you can send to multiple addresses in one transaction. There can even be transactions that must be signed off by multiple wallet addresses in order to be sent (for safety). So multiple wallet addresses can be sent to multiple wallet addresses in one transaction.
XRP being primarily for financial institution level use; It's first focus is cross border Xfer, bank nostro vostro liquidity etc. Ripple is not "behind" because their focus is not on retail use as you seem to presume. Instead they have numerous signed agreements with FIs most of which are waiting to "go live". Thus the bulk of the adoption work is already done; it's just a matter of time. This means it's already trusted by FIs to be a key component of the new system. As far a following regulations that's pretty hard for any DA when the SEC purposely is totally vague on regs but instead invites various CEOs in for a "fireside chat" and then uses that info against them. Hydra only works with a small # of nodes at this time if they are in agreement. XRP and by that I presume you mean Ripple does not depend on "the gov" to stay in business via CBDCs in any meaningful way. Instead as mentioned they have already created value via signed agreements because what it does is securely solve friction problems that FIs have. FIs are very much convinced of such else they would not sign on board.
Literally every crypto does cross transfer. There's no need for 3rd party banks when the transactions are transfered directly to a persons wallet. When the big bank crash finally happens banks will not come back from this. Yes Ripple is far behind and hiding behind executives that have joined US government in the hopes that it outlasts better tech. It won't work.
The majority of financial institutions are fucked after this credit event, theres not going to be any name to them after and that will be the reason crypto will become more widely adopted. Ripple didn't put any work in developing tech it just put work in developing deals with financial institutions.
Let me ask you, can you become a validator? What % of the validators are major banks/financial institutions rather than small independent business owners? What does XRP do that other crypto can't?
Actually your wrong on that, Hydra works with anyone that wants to use it there is no need of an agreement, its just a matter of being used. Each Hydra payment processor is like its own individual Lightning Network.
Here is the monthly update for September 2023
https://hydra.family/head-protocol/monthly/
Here is the OPEN SOURCE Github
https://github.com/input-output-hk/hydra
Milestones
https://github.com/input-output-hk/hydra/milestones
It will get widespread adoption by stake pools when 1.0.0 is released. That's when most major bugs will be worked out and it'll be use able out of the box.
Then why are there former XRP executives in the government now? Why make a CBDC platform when you are supposed to be a cryptocurrency?
Former US Treasurer, Rosie Rios et al migrated the other way actually from gov to Ripple because it is a corner piece of the new system; she, being extremely well qualified to know, knows it does what it is designed to do and is not flawed for what it does.
Every crypto does not do cross transfer by the definition of fiat to fiat through FIs. Ripplenet uniquely provides the liquidity needed for 4 second fiat to fiat xfers that banks and money exchange services need badly; it solves a huge friction point for them; not in the future, not planned but working now. There is an entire backbone that exists already and works now such that FIs are adopting it in part because it has 80M closed ledgers since 2012 without error or hack. It's detailed but roughly goes like this: Sender -->ripplenet's xRapid-->receiver. In 3-4 seconds fiat is converted to another fiat from one bank or FI to the other. No other crypto does that. XRP used by xRapid provides the ODL (on demand liquidity) so banks don'thave to tie up billions in nostro vostro accounts.
validator list https://livenet.xrpl.org/network/validators simple system requirements here https://xrpl.org/system-requirements.html
OK good deal, I was under the impression almost all the validators were big financial institutions or Ripple, I'm glad to see I'm wrong there. I'm not sure if this site is right but it says there's 115 validators on mainnet.
https://xrpscan.com/validators
Replacing the SWIFT system would be an improvement to today.
Has Cross Transfer gone online yet and being used actively by banks or is it still tied up from the court case? Is it only for banks to use or can a regular bank user use XRP for cross transfer fiat?
Has the blockchain ever had a time it was shut down? That's much better than Solana or even Ethereum (with it going backwards after DAO hack).
Vitalik Buterin got the idea for Ethereum Smart Contracts back in 2013 or 2014 when interning with Ripple over the summer. Apparently XRP had smart contracts they were working on and shelved the idea. Vitalik took the idea and made Ethereum.
I've seen at some point in the last couple of years XRP was working again on Smart Contracts in C++ but I saw no developed Dapps at the time. Do you know if that's changed at all? Or why they shelved it to begin with?
Also another question for the cross transfer, where are the currencies being converted? If I did a cross transfer of USD from American to Indian Rupies at an Indian Bank, that money doesn't magically appear there.
US bank would have to convert US to some digital equivalent and send the digital money to the Indian Bank on the network. The Indian bank gets that digital equivalent and redeems it for actual Rupies somewhere.
I heard dapps are in the works but their focus at least thus far is institutional. I personally saw my own fiat exchange using the exact same method go from days to 9 seconds end to end for a B2B xfer so I know its in use beyond just reading articles and there a plenty of articles that such n such currency xfer co. has/is/will adopted it. It's running even during the suit which imo is just laid against them to slow them down while chase tried/failed to make their own solution.
666? Hmm.. what's the message here?
Editing to add, where does this anonymous person get off telling us what we're begging for? Freaking weirdo.
That they're channeling Satan and laughing in our faces? That we're in an ongoing mult-faceted psyop? Just a couple guesses....
DAMN!
I sometimes wish I had the eloquence of laying things out like this. After so many years of military, you get to be very direct and blunt in communications out of necessity. It then becomes part of you and its very difficult to break.
Great info, great post. Thanks, OP 👍
YES. I wish everyone just understood this.
Why isn't this stickied mods??
Anyone?
Anyone?
Bueller?
Bueller?