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It never started lol
So we are done here I take it. Looks like it’s finally over!
A lot of the problem for SWIFT/WESTERN banks is that countries will now look very closely at their Western reserves and repatriate back to other spheres of influence or their home countries out of the USD/EUR/GBP framework. The isssue will no longer be about making money, but protecting their capital from political seizures/suspensions. In a way its all going to hasten the decline of the Western countries which had already started 30-40 years ago.
Increasing politicisation is a big issue Taxi. I doubt Swift will be replaced but it will very likely lose its dominance.
This has actually started happening. Russia got partially kicked out of swift after Crimea. This ped to them developing their own alternative and it does have some use already in the Axis you describe.
The trend for globalisation and streamlining resuces alternatives. It also tend to force many organisations to take a "moral srand". This is wrong.
To their credit ICANN have, so far, resisted this.
Increasing Politisiation of Swift will lead to it being replaced by a Yuan dominated system, to deal with the demands of the Chinese/Russian/UAE, and Possibly Indian axis. Its likely that Binance will also come into this orbit and de-register from the West as the East Rises. The fact is the Americans/EU overplayed their hand on the Ukraine matter, and their hypocrisy is there for all to see.
That interesting article makes no siggestion about any form of replacing swift or denting it's dominance.
It is certainly the case that it can he used for a reasonably quick transfer outside swift and at reasonable cost.
But I maintain that speed of processing transactions is a major issue from a point of potential throughput (swift averages over 100 and peaks at around 4000 per second).
Volatility is an issue. There are 2 extra currency conversion steps involved with a delay (albeit only a few seconds) between them. This exposes volatility risks to both the originator and destination.
Whilst this probably isn't a problem for modest sized private transactions it likely is for any commercial transactions, especially big ones.
But, if they fan solve those issues they could get dome acceptance as a money transfer mechanism. Getting it beyond niche will be hard.
You may also he interested is having a look at Stellar (obviously many similarities given it was set up by one of the ripple founders). It's trying a similar thing, and believes it is also the future.
There is no way a token will replace swift.
The simplest reason being there is zero technical chance of coping with the required volume onn a blockchain.
that they cant raise the funds needed, hence the delay. That is rather ominous I feel
Normally yes, it would be over optimistic but when you take into consideration that ripple will replace the swift system is it over optimistic?
There are currently 45 billion XRP tokens in circulation so a price of $35 would put their worth at 1.575 trillion dollars (if my maths is correct) , hmmm , just a shade on the over-optimistic don't you think
Going off at a tangent, I have been looking at Ripple, a company which is embroiled in a US court case. Do your own due diligence and look into XRP! They are selling at approx £0.56p and if and when they win the court case it will as many have touted go to $35. As I said, do your own due diligence.
Yep, first sight of Mavis' s orange bollards and them Ruskies will run for the hills
Glad we are in the security business surely this is an ideal time to launch. Strange delay given the current situation isn't it? Could have been worse, we might have become a communications company and failed miserably.
I wonder how we are getting there? any news from Simon or Seadog?
I've just re-read the latest announcement, and they've covered their own arses again by not saying which year this "early February" will take place in.
Maybe 2023 will be our year!!
I heard a rumour that the new management team had booked some courses with Honest Minty Enterprises in PR and spin, but he did a runner with the money before they got the course,
Certainly is a strange one. There was a whiff of hope but now it looks like like it was a whiff of guff.
It has been delisted for quite some.
I assume you mean liquidate. ?
An issue is they probably dont have the money to do that voluntarily either
As well just delist. It’s obvious they have nothing to work with and have no intention of moving forward.
At least then you know, instead of false hope.
...it looks as though early February is nearer to late February without so much as an update.
Any news from Simon?
We have lost touch with the mother ship again,I know she is out there somewhere, doing her best for us,one day she may return put yourselves on minimum rations as we drift of INTO THE UNKNOWN dyor have a peaceful day.
It really really doesn’t seem like it will does it.
Never going to happen