XRP: A new world reserve currency.

XRP: A new world reserve currency.

you’re the holder of the world’s reserved currency and you’re the safe haven for the world all rich people in the world want to invest in the United States because it’s safe because we don’t just take people’s because we don’t like them we have a process if you start doing that then the rest of the world’s like wait a second you’re not what I thought you were I want to get out of dollars I want to for example form a massive Global Coalition of Nations that are not aligned and we’ll do our own thing it’s called bricks and it now represents most of the world’s power uh that’s just a fact so like we just ended American dominance in a bunch of different sectors or began the process of ending it and I don’t even think most Americans know that like the consequences of what the Biden Administration did in February of 2022 will be things that your grandchildren have to deal with you believe that there can be two uh existing World Reserve currencies to I mean to to simultaneously exist I I do and I think that could happen I think it’s quite realistic that a lot of the world is just done with the dollar as the reserve Curren currency I and I think that there’s a lot of places that are are willing to try something else and you know one of my one of my scenarios and I don’t think again I don’t think it’s going to play out quickly but like one of my wild case success scenarios for a digital asset is if countries start to realize that the US dollar is not going to be the reserve currency forever other things are going to be the reserve currency and and the same thing that we saw with banks like people when I when we started selling software to Banks people would say to me you know why would a bank use something that like you guys were selling them when they could use something that was like made by Banks and what they didn’t realize is that you know only like 10 banks in the country in on the planet are Deutsche Bank HSBC credit Swiss JP Morgan Chase like the ones who would build a system that the entire planet would run on for the rest of the banks that’s 6 thousand smaller Banks those are their biggest strongest competitors those are the entities they hate the most they would not want to use the system built and maintained by them because it’s going to be biased in favor of them they’re biggest and strongest competitors and I think the same thing could happen to Nations like every nation would love for their currency to be the world Reserve currency that’s helped the US you know that’s grown the US economy quote unquote unfairly by Leaps and Bounds for decades and every other country be like yeah we’d like to have the world’s be the world’s Reserve currency but the only countries that could possibly pull off as the US holding its position you know maybe the EU maybe Russia you know maybe maybe one or two others but realistically most countries know that if there’s going to be a new world Reserve currency that’s a country’s currency it’s not going to be them and so they might actually prefer a currency that nobody can control to one that’s controlled by their largest geopolitical Rivals and so that’s like what I think is the biggest possible success scenario for for the for digital for you know for digital assets if these countries are like okay well the US dollar can’t hold on forever but it’s not going to be our currency because no one’s going to want to repeat the US dollar St you know nobody but the EU wants the EU to replace the dollar right nobody but Russia wants the ruble to replace the dollar nobody but China wants the you know the youan to replace the dollar so maybe they could settle on a currency that nobody control could control rather than one controlled by their most powerful geopolitical rival so if you want a success scenario that’s the one that I think is the most likely I’m David schwar CTO of Ripple I’m definitely not an economist I just had arthoscopic surgery and tomorrow will officially be my first day back at work so no slides for me I’m coming to you from my kitchen because my office is on the other side of my house it might as well be on the moon I want to thank rich and Tobias also Barry and John for giving me the opportunity to speak today Ripple improves International payments for Enterprise customers by building a modern interoperable international payment and settlement system ripplet based on blockchain Technologies our ultimate goal we call the internet of value payments as easy as email for Enterprises of all size and for consumers around the world obviously we’re not going to build that all by ourselves it’s an audacious goal and in eight years we’ve learned a lot about where the challenges are but also where the opportunities are the good news cbdcs can make domestic settlement faster more reliable and less costly and that’s important you can’t have good International payments without good domestic settlement International payments are more important than you might think because they’re just so inefficient today they often simply don’t take place most emails wouldn’t have been sent by postal mail if we didn’t have email the communication simply wouldn’t have happened an enormous amount of valuable Commerce simply doesn’t happen because International payments are so slow unreliable costly and complex the opportunity is enormous there’s typically a domestic transfer on each end of any International payment if those don’t work well the international payment doesn’t work well and equally importantly if you imagine an international settlement system with great characteristics like speed certainty low failure rates those benefits won’t be seen by the end points of the payment unless the domestic components on both ends of the international payment have the too countries that don’t modernize their domestic systems will not see the benefits of the Revolution and payments taking place today push to the end points in that country cbdc distribution will almost certainly have to happen through intermediaries banks wallets fintech companies central banks don’t have the scale to provide direct to consumer services and it makes no sense for central banks to try to scale up to replace Consumer Financial infrastructure in working to build modern international payments we’ve discovered that the biggest obstacle is very often the last hop getting the funds to the payment recipient through the domestic payment system but lacking connectivity to Consumers cbdcs won’t solve The Last Mile problem that is made modernizing International payments so difficult fortunately domestic systems are modernizing sepa Singapore others have very strong domestic systems the US is implementing fed now though that won’t be live for another few years it’s important that these payment systems are built on newer technologies that are compatible with each other at a minimum they won’t be able to confer the benefits of improved International settlement to the payments originator recipient if they aren’t modernized at worst those payments won’t work at all even if you imagine some future with one world asset we won’t get there unless the new one world asset is compatible with where the value is today so either way compatibility is key the world’s value today is spread out among systems that don’t interoperate with a massive number of thepoke and quirky interconnections Band-Aids companies that handle large numbers of payment end points need hundreds of people to maintain their payments infrastructure and handle the complex treasury operations needed to handle funds in dozens of payment systems if someone wants to compete with companies that have this kind of payments infrastructure the answer can’t be that their new startup hire 100 payment engineers and a dozen treasury operations people that’s a non-starter so there’s an opportunity here to bridge domestic real-time payment systems such as fed now Clearing House for US dollars with powerful benefits for small and medium Enterprises and ultimately consumers around the world we need to build systems with common principles just as the internet was built today many computer networks are effectively just part of the internet but this wasn’t always the case as many of you may know Cisco Rose to dominance among competitors because they could make Legacy systems that were already there connect to the internet while competitors frequently required you to build new internet like networks today most networks look like the internet and this isn’t a concern but it took interoperability to get there there was a long transition period we’re not going to build the new Financial system tomorrow and everything magically moved to it that’s not g that’s not realistic payments and settlement are in that pre- internet State there’s still that huge mismatch it’s wal Garden after Wald garden with limited interoperability through a massive number of limited interconnections liquidity is spread out and Enterprises need to keep money spread across these systems when they don’t know which domestic payments they’ll need to make next in which countries the result is high cost due to trap funds and the need to pre fund transactions often days in advance so two problems we need to be mindful of when we talk about stable coins and cbdcs stable coins are always going to be tied to a single fiat currency by definition there’s probably not going to be one winner at the end of the day they’re definitely won’t be a single stable coin or single fiat currency that everyone in the world uses anytime soon the US dollar has been the world’s Reserve currency since the Breton Woods agreement 1944 but as we’ve seen particularly this year that status has been weakening I don’t think the US dollar being fully replaced as the world’s Reserve currency is likely in the near term or even over the next few decades but its position is becoming more precarious pandemic uncertainty is forcing consumers and institutions to look at other Safe Haven asset classes even cryptocurrencies and the rise of other countries particularly China trying to Dethrone the US dollar being tied to USD also brings jurisdictional ties as well that are let’s be realistic increasingly unwanted in many parts of the world today many sovereign countries around the world want independence from such a system that gives jurisdictions like the US and the EU extra territorial control over systems in those Sovereign countries and regions Saudi Arabia for example wants a payment system in the Middle East that respects their sovereignty if each country issues their own cbdc or starts using stable coins denominated in different Regional currencies we risk repeating this mistake yet again we drastically need interoperability between these virtual currencies and between virtual currencies and traditional assets and systems a cbdc by definition is going to carry the same Capital controls trade agreements Politics as its corresponding fiat currency did and countries are not going to want to deal with another country’s capital controls nor should they they Sovereign Nations a world currency issued by a world jurisdiction that everybody uses for everything is a pipe dream our choices seem to be between an interoperable future with a few jurisdiction settlement assets or more balkanization if you’re looking at cross border that that key factor is interoperability you’re working across jurisdictions and across assets you need a neutral asset in between different cbdcs or your liquidity is going to be divided among the N squared pairs of cbdcs similarly if other assets such as Securities around the world get tokenized there’s even more need for a neutral asset between multiple cbdcs and possibly a large number of new assets and new asset classes a central bank is not going to issue a digital asset that behaves like BTC xrp or ethereum these are neutral assets that are free from a single jurisdictional control so cbdcs are not going to usurp the role of universal settlement assets you need a neutral asset going in between cbdcs serving as a settlement across jur jurisdictions accepted by all because everyone can come to accept that they can’t get the whole world to use an asset they control and so an asset nobody can control is preferable to one controlled by their geopolitical competitors Bitcoin is sometimes pitched as the interoperability solution and in the early days that almost seemed believable but as we now have some 1500 cryp cryptocurrencies that don’t interoperate and almost nothing non- crypto interoperates with Bitcoin we just recreated the new version of the same W Garden problem instead of building an internet based on compatibility we built one network and required everyone to join that Network demanding too many sacrifices too quickly internet without Cisco so it can’t be just one network and if there’s one network at the Hub that network has to be built for that role with interoperability taking priority over everyone do things our way it has to be based on is not on walls xrp and The xrp Ledger were built specifically for this kind of role The xrp Ledger was purpose-built for transacting in both a native neutral asset xrp and also in issued assets a bridge to cbdcs stable coins other payment networks and other kinds of assets such as Securities The xrp Ledger has asset issuance built into the protocol issuance authorization payment settlement and exchange or native operations with simple apis issued assets can represent fiat currency Securities or anything else of fungible value that works like a currency but of course The xrp Ledger can’t handle all the world’s payments and I’m not proposing a one network Solution that’s totally unrealistic people want different things and different countries have different problems but xrp can be the Hub or backbone that provides the fast International settlement piece competing with other possible solutions to that same problem it won’t solve The Last Mile problem but it will help with interoperability and concentrating liquidity so Enterprises don’t have to keep funds in every payment system they might need to make payments in just to repeat what I said at the beginning cbdcs can make domestic settlement more efficient and that’s very important you can’t have good International payments without good domestic settlement but they’re not enough by themselves and expecting them to bring B bring benefits to small and medium Enterprises and consumers and users is unrealistic unless we do a number of things one of the things we discovered at Ripple is that you can give an Enterprise a fantastic payment Rail and they’ll still be hesitant to push the benefits to their customers because it makes the less modern parts of their system seem worse or unacceptable it’s often better to only provide payments that settle in two to three business days than to sometimes provide instant payments and sometimes provide payments that settle in two to three business days people will now be more dissatisfied with the slower payments than they would be if you didn’t seduce them with the better experience they only sometimes get perverse but a fact to some extent you have to do everything to do anything but cbdcs definitely can have a role to play it just still leaves getting to and from the end user and interoperability across jurisdictions and different Fiats and those are very important components if we want to make things better thank you [Music]

PRIVATE GROUP – sub to my Twitter https://twitter.com/xrpmickle

Uphold – Best Place To Buy XRP:https://uphold.sjv.io/b3v0Kv

Twitter:
Tweets by xrpmickle

Merch!
micklemarkets.myspreadshop.com…

Donate me some XRP 🙂
rDxBFHhgGKYKphFEtoyNvEmujC3ATGRqmN

Become a supporter of Mr. Mickle!
https://www.youtube.com/channel/UC-wi…

#ripple #XRP #Bitcoin #xrpnew #crypto #cryptocurrency
Best crpto to buy now. Best altcoin. Top crypto now. What is Ripple? What Is XRP? How much XRP do you need? How much XRP? What is BTC? What is Flare? Flare network. FLR coin. XRP Coin. BTC Coin. #FLR FLR Token Now. What just happened to XRP and Ripple. Ripple IPO. When Will Ripple IPO.

The information contained on YouTube or the Mickle Markets YouTube Channel (“Channel”) is provided for general informational purposes only. The information provided is not intended to be a substitute for professional investment, tax, accounting, or legal advice. Mickle Markets (the “Company”) is not engaging in services as a securities brokerage, investment advisor, tax, accounting, or legal services provider to the viewers of this website, nor is the Company extending any solicitation or offer to the viewers to sell or buy any cryptocurrencies or securities. The viewers should engage their own professional qualified financial, legal, or tax advisor. The Company is not liable to the viewer for any possible claims or damages arising from any decision they make based on the content of YouTube or this Channel. The viewers’ use of YouTube or this Channel and any reliance on the information contained therein is at the viewers’ own risk. The Company makes no representation or warranties about the accuracy or completeness of the information contained on this Channel or YouTube. Any testimonials or descriptions of past trading experiences published on this Channel or YouTube are not typical, not indicative of future results or performances, and are not intended to be a representation, warranty or guarantee that similar results will be obtained. Any links or references to external sources are provided solely for convenience and do not necessarily imply that the Company endorses, sponsors, promotes, or is affiliated with the external sources.