Ripple Surges after Teaming Up with MoneyGram on Cryptocurrency-Enabled Payments

Discussion in '[H]ard|OCP Front Page News' started by Megalith, Jan 13, 2018.

  1. Megalith

    Megalith 24-bit/48kHz Staff Member

    Messages:
    11,912
    Joined:
    Aug 20, 2006
    Thanks to a developing partnership with MoneyGram, Ripple is on the rise. The money transfer company will be trialing the cryptocurrency to determine if it can serve as a faster method for moving funds between accounts and locations. Unlike competitors, Ripple’s average transaction takes mere seconds.

    "The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram," Ripple CEO Brad Garlinghouse said in a statement Thursday. "Money transfer companies are incredibly important because they help people get money to their friends and loved ones." Garlinghouse added that, by using Ripple's digital asset, MoneyGram would be able to move money "as quickly as information."
     
  2. collegeboy69us

    collegeboy69us [H]ardness Supreme

    Messages:
    5,139
    Joined:
    Jul 27, 2003
    I heard about it a while back - bought some to test, and it was mind blowing the speed at which transfers go through and are confirmed. Bitcoin? several hours minimum, in addition to huge fees. XRP? fast and nearly free. It's not a coin you can mine so it eliminates the huge energy costs associated with mining as well.

    I was impressed and got a nice chunk at 20 cents knowing it's a long term hold. Their business strategy and design of the business targeting banks and the high volume institutions is solid. I won't be able to retire from it, but I'll be able to pay off my house easily and move my financial position up about 25 years faster, so woot!

    As long as I've been in and out of crypto - Bitcoin is like the AOL or MySpace of that world. First mover, changed a lot of things, but as big as it is/was, it's old tech by today's ever evolving standard.
     
  3. RogueTadhg

    RogueTadhg [H]ard|Gawd

    Messages:
    1,315
    Joined:
    Dec 14, 2011
    So convert into ripple, transfer the money, convert back into your fiat of choice? For me, I have better luck finding an Apple Pay store instead of trying to use a cryptocurrency.

    Why convert to Ripple at all? Moneygram isn't expensive with fiat money the last time I used it.
     
  4. WhoMe

    WhoMe Gawd

    Messages:
    641
    Joined:
    Jan 3, 2018
    So if E and J Gallo sues and wins they can get paid in Ripple?
     
  5. Hakaba

    Hakaba I Think I am Funny, but I'm Not

    Messages:
    305
    Joined:
    Jul 22, 2013
    My involvement with crypto since the last year was never to make it to the moon. But if the down payment on the house is great enough or it’s paid off... Then I can truly enjoy my retirement.
     
    wolfofone likes this.
  6. Ultima99

    Ultima99 [H]ardness Supreme

    Messages:
    4,668
    Joined:
    Jul 31, 2004
    Some good points but screw what is basically 100% premined ICO crap where the founders still hold 60% of it and could tank the thing if they cashed out and bought themselves a few tropical islands.
     
  7. collegeboy69us

    collegeboy69us [H]ardness Supreme

    Messages:
    5,139
    Joined:
    Jul 27, 2003
    Which is exactly why that huge chunk was placed in escrow lockup with pre determined release schedule of 1B per month, any unsold XRP is placed back into escrow at the end of the queue . Mostly to be sold off market to large volume exchanges/financial institutions so it builds to a stable price and not suffer the same volatility as BTC (it's still volatile but not as extreme)

    The target and goals of Ripple as a company is to be the new way of moving trillions of dollars around the world every day. Ballpark figure of how much volume the SWIFT system moves (slow and inefficiently) is about 5 Trillon *per day) Trillion with a T.

    Source: https://www.fincen.gov/sites/default/files/shared/Appendix_D.pdf

    That's 1.25 Quadrillion dollars a year in volume. Imagine moving even a fraction of that instantly and cheaply with Ripple technology instead of the current old school method.
     
    wolfofone likes this.
  8. 4saken

    4saken [H]ardForum Junkie

    Messages:
    12,350
    Joined:
    Sep 14, 2004
    ripple surged to what? It was over 3 bucks a few weeks ago, and its been struggling to get back to 2 dollars lately. Heard this a few times and havent seen the actual market do what the news has been saying.
     
  9. Delicieuxz

    Delicieuxz Limp Gawd

    Messages:
    381
    Joined:
    May 11, 2016
    The $3+ was probably on Korean exchanges, which were removed from coinmarketcap's data set recently, causing many currencies, including Ripple, to appear to suddenly drop in value.

    But the price still doesn't appear to be surging to me, either. Ripple was $1.88 when I bought some a week or so ago, and right now it's at $1.97, according to coinmarketcap: https://coinmarketcap.com/currencies/ripple/#charts
     
  10. collegeboy69us

    collegeboy69us [H]ardness Supreme

    Messages:
    5,139
    Joined:
    Jul 27, 2003
    It was sub 25 cents less than a month ago, where else but crypto would you see 1000% gains in 30 days? With a vertical take off like that, correction is absolutely normal. The fact it's settled at "only" $2 is still awesome. I bought into it long ago knowing it was a long term hold.

    The Korean market makes up about 40% of all volume currently and with the usual rumblings from South Korean the past few days about their "banning trading crypto" it's the usual fake out move they've pulled numerous times in the past. This was doing no favors to any crypto because newbs always fall for the fake out.

    Many people think that every coin at the release of any news will cause it to shoot to the moon price wise. It's a bit unfortunate really that lots of people only have this get rich quick mindset and that they can buy in during a high and retire 2 weeks later. There's a much much bigger picture Ripple has in mind, and I'm a firm believer in their plan/technology.

    The current situation with Ripple is akin in my mind to the first time BTC shot up from pennies to $5. It was an exciting time, nobody could have ever imagined back then the price would hit almost $20,000 from that point. I'm in no way saying Ripple will do that (too many XRP exist for that) but in a year or two, I could easily see it hitting $10 or $20 if they are successful in uprooting the international banking system with their technology.
     
  11. MrGuvernment

    MrGuvernment Pick your own.....you deserve it.

    Messages:
    19,717
    Joined:
    Aug 3, 2004
    not how it works, read the tech behind ripple. it is essentially being used to try and replace SWIFT.
     
  12. 4saken

    4saken [H]ardForum Junkie

    Messages:
    12,350
    Joined:
    Sep 14, 2004
    I absolutely understand all of that. But the news just in the last day has used the word surged, post deal, and it hasnt since that massive increase.
     
  13. collegeboy69us

    collegeboy69us [H]ardness Supreme

    Messages:
    5,139
    Joined:
    Jul 27, 2003
    yeah unless it's a highly specialized crytpo-centric blog type thing that keeps ultra up on the news... any mainstream news/financial article always lags behind by days sometimes weeks. Even though they might get the article written fairly fast, approval/editing/whatever process can make most big news outlets seem very behind the curve especially since the entire crypto world moves way wayyyyy faster than say the stock market.
     
  14. w1retap

    w1retap [H]ardForum Junkie

    Messages:
    12,405
    Joined:
    Jul 17, 2006
    I'm keeping mine as a long term hold. I expect a few big gains this year as more contracts/partnerships are announced, but I don't expect the moon. I bought my first several thousand at under $0.17 (mining profits), and then bought several thousand more when I traded some good LTC profits once XRP hit $0.93. I put it on the Ledger Nano S and I'll check back on it in a year. Until then, I'll be buying/selling/trading/mining the other hot coins this year.. whatever they may be.

    Overall though, I see Ripple as having a pretty solid plan. If they could get banks on board with xRapid (which they most likely will later on down the road.. Moneygram is just a small start), it could completely eliminate NOSTRO/VOSTRO wait times and high fees. This would mean liftoff for XRP.
     
  15. w1retap

    w1retap [H]ardForum Junkie

    Messages:
    12,405
    Joined:
    Jul 17, 2006
    Because they can have a much bigger profit margin (transfer is a fraction of a penny, and can avoid exchange rate hits for international currency), and it is much faster.. Last time I sent with Moneygram to someone overseas for some car parts, it took 4 days. With xRapid it will take seconds.
     
  16. krotch

    krotch [H]ardness Supreme

    Messages:
    4,559
    Joined:
    Aug 12, 2004
    Why I'm looking at investing in Ripple. Sadly, the amount of time it's taking to get my acct approved. I'm definitely not looking at quick rich scheme and am just looking at getting higher gains than a savings acct over the course of 5-10 years. I don't plan on throwing much into it. Maybe $5k at the most.

    It takes me 5-7 days just to transfer from one bank acct to my other bank acct. That's not even going overseas.
     
  17. collegeboy69us

    collegeboy69us [H]ardness Supreme

    Messages:
    5,139
    Joined:
    Jul 27, 2003
    Yes this is a particular problem many are facing as exchanges and coinbase have just been slammed for weeks with the volume of people trying to get in the game. Coinbase is the most reputable entry/exit point that I know of, been doing business with them for years and never had any problems. The latest "weirdness" going on is Capital One isn't allowing some people to purchase crypto via their credit card on them for some reason. *shrugs*

    There's more than a few stories of people who have been sitting in limbo waiting for verification and transfers to go through while X or Y coins skyrocket in value.
     
  18. SavageThrash

    SavageThrash Limp Gawd

    Messages:
    241
    Joined:
    May 16, 2007
    Ripple, a pre-mined and centrally controlled "cryptocurrency". More or less goes against the whole idea of the BTC whitepaper and in direct conflict with early crypto (pre "I want to get rich and don't care how" shitcoins) mindset. Will it serve a purpose, likely. Is it the purpose that BTC was introduced to solve? No, not at all. You don't move your BTC via BTC, you move it via LTC or ETH. Ripple is the bankers "crypto". If you are pleased with the current banking system then by all means support ripple. If you want satoshis (change) then put your money behind something else and educate yourself on premined coins VS properly decentralized coins.

    Ripple may make you some scratch short-term but supporting it long-term is continuing the trend we want to part from.

    Bought in at the high. Called their CC company "I was hacked! I didn't buy this 'botcoin' help me I've been scammed for 10k!"
     
  19. w1retap

    w1retap [H]ardForum Junkie

    Messages:
    12,405
    Joined:
    Jul 17, 2006
    You almost hit a bingo. :p

    [​IMG]
     
  20. Retronym

    Retronym Something big is coming.

    Messages:
    22,188
    Joined:
    Mar 5, 2007
    Ripple is the biggest honeypot i've ever seen.

    It astounds me that so many people have no problem with it.
     
  21. dangerouseddy

    dangerouseddy Limp Gawd

    Messages:
    439
    Joined:
    May 16, 2007
    well at least its stable something you want in a currency.
     
  22. w1retap

    w1retap [H]ardForum Junkie

    Messages:
    12,405
    Joined:
    Jul 17, 2006
    Not stable yet, but it doesn't need to be, since liquidity providers are responsible for locking in hourly/daily prices for financial institutions that require movement of money. They feed and bleed the escrow accounts as XRP would be required for xRapid transactions.