XRP-political viewpoint, daydream or bluff
Proponents of XRP assert that the real value of XRP comes from the ability to solve the cost problem of Nostro Account. And the solution is that XRP becomes 'a bridge currency' which simplify tons of currency pairs. They say it is a very innovative and brillant idea.
But this idea is nothing new. Using world currency(Bancor) within a multilateral clearing system-it was suggested by John Maynard Kayenes at the Bretton Woods Conference in 1944 . But it was not accepted and the conference adopted a system of pegged exchange rates ultimately tied to physical gold in a system managed by the World Bank and IMF.
The gold standard collapsed but US dollar is a key currency still and US maintains economy supremacy while enjoying seigniorage.
Today FX market run by US dollar which is a de facto clearing currency. Ripple's 'Bridge Currency' vision means XRP land the position of key currency US dollar. And the seigniorage will be occupied by Ripple, a private company not by the Federal Reserve Bank.
Is it Possible?
This is not a technical matter. This is a highly political issue. The Guardian said the real reason Bush went to War was a dollar. (believe or not)
US government, International financial capital, Federal Bank, will they let XRP alone?
Some say every cryptocurrency challenges US dollar's authority.(Bitcoin mostly)
But it's not the same thing.
Bitcoin is a decentralized cryptocurrency. They cannot eliminate Bitcoin easily.
But They can make XRP useless thing in an instant by shutdown the Ripple server. They have such power to do it legitimately or not.
Why don't they do nothign about XRP now?
I guess XRP is no threat to US dollar so far.
Ripple's XRP vision may be a daydream or bluff.
Ripple's enormous and successful funding using XRP makes me think the latter.
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