Ripple doesn’t seem to be having it easy if the recent events at the UK parliament are anything to go by. On Tuesday, skepticism took over the hearing about blockchain and cryptocurrencies at the UK parliament.
Interestingly, it was not the usual debate, and the members of parliament were not involved in setting the negative tone. This time, it was Ripple’s XRP and blockchain platforms that were under scrutiny as the director of the non-profit Center of Evidence-Based management, Martin Walker intimated that he did not see any likelihood of the technologies solving inefficiencies that have hitherto been experienced in the financial sector.
On this, he specifically singled out the current products from Ripple in his criticism, saying he did not see much hope in them. Notably, Mr. Walker also happens to be a former product developer at R3 a blockchain consortium.
On The Defense of Ripple’s Record
However, there was a fierce defense of Ripple’s record from Dr. Grammateia Kotsialou the regulatory relations, Ryan Zagone, and Chris Yatlor the COO at Everledger, an asset tracking blockchain startup. They filled out the panel and this helped answer inquiries from the Treasury select committee of the British Parliament.
Zagone was quick to point out one unique aspect of the company’s technology that has revolutionized the industry; the ability to track the transfer of money.
On the other hand, Walker argues that the company does little more than the current SWIFT messaging system. He notes that as much as tracking money can be applauded, the most significant challenge, in this case, has to be the fact that it may not be possible to get people who are involved in the payment to update the status of the transaction. As such, he reckons that just because there is a blockchain involved doesn’t mean that people will update the status of the payment’s location.
He further goes ahead to criticize the pilot projects from Ripple that propose to utilize XRP as a bridge between two currencies in a transaction on an international level. This is a role currently held by the U.S dollar. He remarks further:
You need someone to provide the liquidity to be able to change into and out of Ripple. And holding Ripple, a currency which has seen its price drop 80 percent and then back up 100 percent in the course of the last two months is just not credible. So, putting cryptocurrencies into the financial sector is a huge source of risk.
Queer Relationship Between XRP And Ripple Labs
Notably, the ministers present at the hearing were keen to turn their attention to Ripple. They were specifically registering their confusion regarding the relationship between XRP and Ripple Labs. According to MP Stewart Hosie for instance, there is no point n buying XRP since this doesn’t entitle them to an ownership stake since it is not possible to convert it back into conventional currencies.
What do you think about the current controversies surrounding Ripple and its products? How would this hurt its expansion plans? Let us know of your views in the comments section below.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Luis DeathAngell via Flickr
Property Loans for Foreigners in Singapore That You Must Know About
Intending to invest in a residential or commercial property in Singapore?
When it comes to foreigners applying for a loan in Singapore, things can be pretty hard regardless of the reason whether you need the property for personal or business purposes.
In Singapore, buying a property is challenging, whether you are a foreigner or a native, and sometimes applying for a loan is the only way for you to afford it.
HOW MUCH CAN YOU BORROW FOR A PROPERTY LOAN IN SINGAPORE?
As for the Foreigner Loans, in Singapore, there is an exact amount of money you can borrow to finance the purchase of a property.
In this sense, Singapore has the Loan to Value Ratio (LTV).
The LTV ratio is what determines the exact amount of money you can borrow for a property loan, which changes depending on where you try to obtain the loan:
- If you are applying for a bank loan, you can borrow a maximum of 75% of the value of the property you want to purchase. That means if you are looking for a property that costs $500.000, the maximum amount of money a bank lender can give you like a loan in Singapore is going to be $375.000.
- When you are applying for a loan with a Housing…
CoinField Launches Sologenic Initial Exchange Offering
CoinField has started its Sologenic IEO, which is the first project to utilize the XRP Ledger for tokenizing stocks and ETFs. The sale will last for one week and will officially end on February 25, 2020, before SOLO trading begins on the platform. Sologenic’s native token SOLO is being offered at 0.25 USDT during the IEO.
Earlier this month, Sologenic released the very first decentralized wallet app for SOLO, XRP, and tokenized assets to support the Sologenic ecosystem. The app is available for mobile and desktop via the Apple Store and Google Play. The desktop version is available for Windows and Mac.
“By connecting the traditional financial markets with crypto, Sologenic will bring a significant volume to the crypto markets. The role of the Sologenic ecosystem is to facilitate the trading of a wide range of asset classes such as stocks, ETFs, and precious metals using blockchain technology. Sologenic is an ecosystem where users can tokenize, trade, and spend these digital assets using SOLO cards in real-time. The ultimate goal is to make Sologenic as decentralized as possible, where CoinField’s role will be only limited to KYC and fiat ON & OFF ramping,” said CoinField’s CEO…
Many of the Top Sports Betting Websites for 2020 Can Be Found On Boomtown’s Best Betting Page
Sports betting is one of the widely known types of online gambling. With a large number of sports fans around the world, this type of gambling is one of the most sought after. The problem usually comes from when gamblers try to find the best sites out of the many available ones. Many new sports betting sites come up daily, thus making the selection process even harder. One of the best places to find top betting websites for sports is Boomtown Bingo. This platform doesn’t just give users the best online casino games websites, but they also cover sports betting. As such, boomtown bingo remains a one-stop-shop for everyone who needs the best and the latest online gambling and gaming sites for all types of devices.
The performance of any website is critical. Users need to find their way around the site easily, and that can be made possible with the site structure and arrangement. Loading time is also essential. A website that always hangs thus pushing the user to refresh every time is no good. These are some of the factors that Boomtown Bingo looks into when selecting the best sites for its users. You can be sure that the new sports betting websites listed on Boomtown’s platform have faster loading time, can be used easily by everyone, including those who are trying this betting for the first time.…