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IBM Signs 6 Banks To Issue Stablecoins and Use Stellar's XLM Cryptocurrency (coindesk.com)
IBM is taking its banking clients a step closer to cryptocurrency. From a report: Announced Monday, six international banks have signed letters of intent to issue stablecoins, or tokens backed by fiat currency, on World Wire, an IBM payment network that uses the Stellar public blockchain. The network promises to let regulated institutions move value across borders -- remittances or foreign exchange -- more quickly and cheaply than the legacy correspondent banking system. So far three of the banks have been identified -- Philippines-based RCBC, Brazil's Banco Bradesco, and Bank Busan of South Korea -- the rest, which are soon to be named, will offer digital versions of euros and Indonesian rupiah, "pending regulatory approvals and other reviews," IBM said. The network went live Monday, although while the banks await their regulators' blessings, the one stablecoin running on World Wire at the moment is a previously announced U.S. dollar-backed token created by Stronghold, a startup based in San Francisco.
Time to buy IBM stock! And use it as equity to short those six banks.
Neat!
Is wrong about crypto currencies. They are here and they are growing and if you aren't in on them now you will be extremely sorry soon enough. I constantly see horrible posts about how pathetic they are here despite the fact many of them are opensource and are developing along very nicely. It's almost as if since it involves "money" that it's deemed terrible. Yes I know Bitcoin's PoW wastes energy.. pick one of the many many PoS or premined coins then. For example: XLM is an energy efficient premine.
It's an entire marketplace of developers, investors, opensource pros working together to deliver on financial freedom from banks and I think my /. folks should be happy for the developments. Go ahead and be critical all you want, that is warranted since some of the projects are just to take your money. But do yourself a favor and dig deeper into the scenes behind projects like Partcl, Tezos, Theta (Youtube co founder and Netflix developer are involved), and also some masternode coins that help give you great year on year returns. There is nothing wrong with having a second entity helping to pay your bills that just happens to also contain mostly free software and ideals.
...the cops have already been there and all the booze is gone.
So we have a handful of traditional, regulated banks trading tokens pegged to real currencies that are already traded around the world... on a blockchain!. Does that need to exist? Of course not! But it does, because in late 2017 Bitcoin was headed for $20k and one of IBM's many consultants told them that coinz were going to be the next totally tubular gotta-have-it thing.
0 1 - just my two bits
They still are - eventually. IBM is late but in the end the question looming over CC's is the stability and proven security of the system over time. Nobody has really "gotten there" entirely, there is still lots of room for market emergence.
IBM throwing themselves at it is either a waste of resources spent chasing the fad, or it's going to really invest resources into the platform which will bear fruit long-term while the other CC's struggle and are hacked to smithereens.
We don't know if they'll succeed. Short-term profiteering is the "buzz" metric & they're definitely late to that game, but the long game still remains to be played and eventually CC's will drill down to a few main players. IBM wants to be one.
Right now it's still anybody's market to corner.
Yeah, good riddance to those democrats and liberals.
The downfall of the leader of the mainframe and personal computer is complete.
General public woke up to the fact that cryptocurrencies are just a new form of scam (which specifically designed for internet age)!!!
Meaning, sooner or later, prices of all cryptocurrencies will collapse fast, when the panic hits!!!
(Because, sooner or later, all remaining cryptocurrency HODLers will wake up to the reality & start trying to sell like crazy!!!)
IBM isn't investing in cryptocoin, they are investing in shears with which they can fleece cryptocoin sheep. You make more by selling tools to miners than by mining in the gold rush.
I work for one of the banks yet to be announced and I think this will actually be quite a major shake up. The reason that IBM is getting market share regarding this is mainly down to the belief that they provide additional security, and that IBM have got a group of banks to work on the same product. https://www.ibm.com/blockchain/solutions/trade-finance
I work for one of the banks yet to be announced and I think this will actually be quite a major shake up. The reason that IBM is getting market share regarding this is mainly down to the belief that they provide additional security,
I understand why you'd need blockchain for that, but not why you'd need cryptocurrency. If it's pinned to and backed by the USD anyway, why not just use blockchain to track transfers of normal currency? Like by serial number...
"You're right," Fisheye says. "I should have set it on 'whip' or 'chop.'"
Bring lube, Don Jr. You will most definitely run out and be raped to smoking pieces, cowardly traitor.
I understand why you'd need blockchain for that
Sorry, but you don't need blockchain for anything. It's about as necessary and as transformative as the Segway scooter.
Only way to obtain XLM: purchase from someone already with it (minimum account of 0.5 XLM, but that's not really a useful minimum because of transaction fees).
Built-in inflation rewards 1% / 52 XLM weekly (Monday) to all accounts.
The creators and early adopters reap the benefits of those joining later. You want to be on the top of that pyramid!
oh there are a few Democrats and liberals in the Fed but it's the white boi libertarians who get passed around like kleeeix. Just close your eyes and pretend it's Ron Paul as you open your throat again after lunch
Quick, everyone invest in them! Oh wait...
NO !!! Corporations, Banks, and Government are now over TEN (10) years TOO LATE to the party.
First...
There are $10 Billion worth of BTC alone traded every single day on PUBLIC RETAIL markets, this excludes utterly MASSIVE positions on worldwide OTC desks, and market valums are currently down MANY TENS of $Billions during the recovery period, and does NOT include all the other cryptocurencies and tokens trading in independant pairs from BTC. The volumes have already exceeded credit cards and are soon to be eclipsing other markets as well.
Second...
People all over the world now know that ONLY REAL non-fiat cryptocurrencies are worth adopting. Those are defined as
Fully Distributed P2P Transaction Mineable Privacy Coins... un-censorable, un-gatekeepered, un-shutdown-able, transactions mined and related by millions of people all over the world sharing in their responsibility to make it work together.
All these CENTRALIZED, CORPORATE, BANK, GOVERNMENT, and "STABLECOINS".... are COMPLETE and TOTAL SHITCOINS. They will lockstep you into that shit, TAX INTEREST FEES BAIL-IN and PENALIZE you and SHUT YOU THE FUCK OFF whenever and as much as they want. That is FATAL to you. There is ZERO FUCKING REASON to use their SHITCOIN, just use FIAT INSTEAD.
Or WAKE THE FUCK UP and use the REAL CRYPTOCURRENCIES as defined above to get more actual FREEDOM POWER AND CONTROL over your lives, NOT LESS.
Because they are trying to SCAM YOU into thinking that you have some REAL and FREEDOM enhancing Cryptocurrency, when IN FACT all they are selling you is the same old BULLSHIT SCAM of FIAT MONEY they've been doing for HUNDREDS OF YEARS.
REAL CRYPTOCURRENCIES ARE...
Fully Distributed P2P Transaction Mineable Privacy Coins... un-censorable, un-gatekeepered, un-shutdown-able, transactions mined and related by millions of people all over the world sharing in their distributed responsibility to make it all work together.
Banks, Governments, and piece of shit Corprorations are all ABSOLUTELY NOT required to make that happen. Only YOU and your peers.
It seems that for real-world uses and/or anything that requires some minimum amount of security, they could not persuade the banks to use HyperLedger Fabric. The banks are not stupid.
XLM isn't a cryptocurrency. It is issued by the network via inflation. Its purpose is to provide a basis for securing a stake in the network, and is not meant to be traded for value. Instead, the Stellar network (of which XLM is the base currency) allows defining and trading of assets. These assets can represent anything the issuer desires, and it is up to individual account holders to trust an asset.
Anyone know if it is below the 16 bit threshold?
Stellar has a few nice improvements on Ripple, but they're planning to scale using Lightning, which remains pre-alpha because it depends on open topics in Computer Science being solved to route effectively.
see: https://lightning.fail/ for more detailed explanations and analysis.
Meanwhile Ripple developed Cobalt because they need to scale today.
These national banks got snookered by IBM, sadly, but IBM can't control Ripple so they're not going to back it.
My God, it's Full of Source!
OUTSIDE_IP=$(dig +short my.ip @outsideip.net)
It's true we don't need this per-se. However, the tokens are the important bit of this - it means that those banks are no longer using actual currency, but are using tokens. It potentially paves the way for tokens not tied to an individual currency, but perhaps to a basket of all the currencies in the group, or maybe tied to some other thing (or not tied to anything at all).
A 'banking currency' alters the global power base quite a bit. It means that banks start to run national economies directly, rather than 'by extension' as they do now. It means that any one countries economic policy doesn't necessarily impact the working and profitability of the banks using these tokens (so they can compete internationally, regardless of their local economic policies). It also provides a possible route to transfer 'value' between countries without having to pay the payment networks. Thus, the older, more entrenched and legacy banks lose a bit of power, whilst the smaller ones gain a little bit. That might not sound a lot, but as I say, it's s shift to global power.
This is indeed small potatoes today, and is largely pointless as it stands. However, it's a 'proof of concept' and if it proves to be workable, then others will join, and then there'll be the option to directly buy and sell each others tokens in local currency, or to speculate on fluctuations or create options, ETLs and all the other weird financial products we already know and love. They might be private to banks for the foreseeable, but they'll provide a whole new 'revenue stream' for those involved and provide other 'benefits' too. This is all 'value' moving from place to place without any of the traditional systems, charges and oversights that exist - as I say, a change in the balance of power.
One other point of note: IBM are making this happen. That's basically a "tech company' making a global currency and getting into banking. They're shifting away from a crappy mainframe provider, expensive internal IT support and whatnot to being an actual financial services provider to the banks (without needing a banking license). That too is quite a big shift in the 'way of the world' that I'll bet Silicon Valley would love to replicate, and something governments will struggle to understand.
The practice of routing is different from the total theoretical solution to routing.
Good enough is good enough.
IBM might do better if they tie their fortunes to a different store of value than Stablecoin. Maybe Model M key caps or King Korn stamps.
Go to to hell, you despicable AC. It is because of people like you that the world is going backwards.