Banks going Crypto!!!
And we. Are, live. I believe, so. Any of those that are joining. In, via. A recorded. The. Recorded, video. Welcome. Those who are joining, on, a live stream glad. To have you on hopefully. Everything, is streaming. According. To the way we want it to stream so, we can have a proper. Conversation. Early. On a Saturday. Morning, so. First, things first I. Would. Like to find. This. Up on YouTube just. So we can monitor, the. Stream, progress. As. It as. It. Unfolds, and make sure we're not getting any glitches, any delays. And. Any anything else like that so let me mute. Mute. Myself over, here and we. Should be able, to kick this off there we go the stream looks good no, delays, no. Major issues so. And. I want to you, know first and foremost. Highlight. Some. Of those of you that are bouncing, in because as, always. I really appreciate, you guys for taking the time to wanting to actually listen. To, what I have, to say about, my. Opinions, in this space so. I'm. Glad to have you guys on glad to have you guys chatting, it's, definitely a great morning. Last. Night was, kind of crazy, so. I. I, decided, that I, had. Something, I had to discuss. When it came to India. And, relation. To some, of the things that were going. On. Just. Economically, speaking as, it relates to token. Taxonomy, Act and I, had an update to provide on the token, taxonomy, Act uh, Elena. Okay. Elena. Okay, that definitely helps. That. Definitely, helps. Eve. Eve. Okay. So it's Elena Eve. Got. It Eve or I've. Very. Difficult, very difficult. Over. Here in the US I think we need everything transliterated. Instead. Of just spelled out because if it was transliterated. Then we might have a better chance at trying, to pronounce a lot of the names. So. Any L so yeah, so I got on okay. Eve. It. Is Eggbert. Inna Elena Eve, okay. Got. It. So. So. Anyhow the last night so had, this lengthy, conversation. About. About. India and then. I ended up I related. That a little bit to brad, Sherman's. Craziness. Right now in Washington, as he's, trying to serve as a counter. To. The. To. The token taxonomy, act and really, showing how you. Know some of this potential, policy. That's being proposed, over in India is. Also crazy based, on the policy, that, one of our congressional. Representatives. In the United States would like to would. Like to propose as well so, anyhow so an, hour into the stream any. All right before I was getting ready to go on, Auburn, rain and wanted me to come on to his show at 10 o'clock so, I said, of course I'll bounce on to yours, there'll be a nice extension, of talking. About toking taxonomy, act so. Bounced. In there we started talking about that we started talking about toking taxonomy act and etc. Towards. The end of his show. Chip. From. XRP minute had, been talking, and today get me on the stream and so. Tried. To get him on the stream didn't, work we. Were about it we started a little bit late with. Rain his. Stream crashed so, I ended up starting. Up a new stream just to test it out we ended up streaming, or, two hours, from. How midnight, to about two o'clock in the morning and then and, then we got jungle in on the chat so, we had, XRP. Minute all burn rain juggle, and myself on. The chat last night for for any of you that, are here that, had the opportunity, to bounce in there so that. Was kind of crazy last night. Man. Thanks Jeff I appreciate, that. I think I had a couple rants on. Mine. As well as on on, all burn rains directly. After that what's up Dan ski, good. To see you on roan, el penol'. EO from. The Philippines. That's. Been what if banks, create their own solutions. Maybe, XRP will never moon hey you know what anything. Is possible, but, what we're going to talk about today a little, bit more I want to get a little bit more in depth into, competition. And, why competition. Is actually healthy, and. Further, proves, the. Use case and and really opens, up this space even. Further. Considering. The. Amount of transactions. Amount of business that. Really takes. Place on a regular basis. And why you. Need a little bit of breathing room so, to speak so, Sin. City good morning good to see you on crypto, on on awesome. Great, to see you here another. Rainy. Day over, in the UK I'm, assuming it's uh probably a little bit chilly was, it probably in the 50s 60s over there. You. So, alright, um. See. Went. To the movie oh you saw, yeah, that's why can't, go to the movies otherwise, you're gonna miss I miss some of the good streams that come huh. Alright let's. See here CA k hey. Good to see one. Glad to have you on the stream this morning, bright. And early. It's, a 5, a.m., anywhere, on the west coast, just. After 8 a.m. over, here on the East Coast, so. Danielle. All right let's see where, are, ya. I've got this going here mr., d, what's, going on glad to have you on the chat this morning I've. Got, a lot of great things too to, talk about and we're going to go into a little, bit more in depth, this. Morning, on some really important, topics, last. Night we kept it real light and got, a little bit uh ha. Ha. Man. You, know what I got I've got to put up a little note.
On There, so we had echo echo echo and, then we've discovered, what the problem was I had two. Channels, I two audio, channels, going at the same time and I thought that when, I brought them in via Skype they each had to have their own individual, audio channel I didn't, realize that there. Was one audio channel for Skype but, once we figured that out which was probably about 20 minutes in which. You know now I got to go back and see if I should edit. It and cut, out that, entire first. Section, but I think it added a little to the flare because. Everybody, was in rare form and enjoying. The echo the, echo stream, so, be. Free, thank. You very much. Um, so. Let's, see oh yeah. So, here sandy, Alice oh we made it through all of the insanity, once. We made it through the insanity. Then. We went on to then. We actually went on to some great things but, it was just kind of funny you know you end up talking and and, it really brought to light in jungle, last night brought, up you know how how fun it is they actually have, group, chats, like that and it's, engaging for, you. Know for us individually. I think, it's more engaging for, the. Audience that in, the you, know all the the participants. In. The stream as well because, it's amazing if we can engage more people, whether. Through video or through, audio, if there was a mechanism to easily, bring people in that'd. Be great and I'm trying to organize a round, a roundtable, discussion. Hopefully. It'll. Be accepted, I don't know if it will be but. I've, reached out to Warren, Davidson's, office, to. See if you'd if. You'd be willing or you, know someone from the office would. Be willing to come and participate in. A, in, a roundtable type discussion. That, would be streamed on. YouTube and. Twitter, with. With an amazing, outreach focused, in on token, taxonomy, act up, so if we can pull that off it would be phenomenal. Yeah. So, there. Is something coming in, the in the hopefully in the near future, that. We've been working on a project, that I, truly. Believe can, pull a lot of the. Different, content creators. As, well as. Participants. Not, together to. Help develop, and build out this space even further, so. And really, in the sharing, of information and. Etc. So I think that there could definitely be some some, great great. Times ahead with that. But, needless to say wind, it up streaming, until about, two o'clock in the morning yesterday. It. Was a lot of fun and it's funny too because you, know as we're engaged you. Know with with art with us and. So anyhow I was gonna bring up yet so jungle brought up and he called he called it Thea the Four Horseman so. Yet you know all of us and then and then as you. Have to monitor the stream and and. Unfortunately, the way Skype has some glitches in it and people start bouncing, around on the screen yes. He got a monitor, and see where people are bouncing, around too so though, it's hilarious. Anyhow. Let's, see here. Eric. Kistler. What's up glad to see one, nice. Very, nice. So. Yeah. So this is great, Oh cooked. Just warm enough for a t-shirt so, but. That that's all relative I think right does. That mean that it's you, know relative, and warm enough for, you might be. What. 50. 55. Maybe I don't know I know. That when I lived up in the north and it was cold out and those, first days it was 50, micro. Again on Lake was was just it was so cold out there you, know huge waves and you're out there you don't care and. Then or, you, know when it hits that 50, degree weather and you you're driving in the convertible, and you put the top down and you're, enjoying it with the windows, up top. Down and the. Heat on so those were like those are great days over there. Oh. Joshua. Lynn Danny, Johnson. Good. To see you on. Joshua. Lynn from. Melbourne, Australia good, to see one man GM had a great present over in presence. In Melbourne Australia, for, a while, developing. And building out some platforms, their crypto, is getting huge over here car, companies are advertising. You. Can win ten big coin if you buy no. Man, I would, love to see that if you could if you could get a picture, of an ad like that and shoot, it to me on Twitter that would be awesome, I would, love to see that.
That, Would be really really cool on, you. To win 10 Bitcoin, and that's, a huge amount of money that's basically, getting. A car, for free that, would be really cool to see. Anneliese. George I didn't know you were from Sydney interesting, okay. Very cool. And then we got, young. Gisle from Cyprus. Nice. That's, all we may this is great I like I like this the early-morning, time, because we get a lot of engagement from. People all around the world and to, me what this space is all about when you work, internationally. Are you working, in a company that's doing business, internationally it. Allows you to engage with people on. A, business, level when, you travel, it allows you to engage with, them on a personal level somewhat. What, I'm loving about you, know these the livestream, participation. Is. That we're able to engage with, in the, digital, asset, community, whether it's you know we want to call it the XRP. Community, I like looking at it more in terms, of the, digital asset, community and everybody is kind of engaged. Looking. For the development, of this space but we're look at this we're bringing people from, all over the world it's outstanding you, know so so I'm really really happy to. See everybody on and be, free from Belgium, and I was in. I. Was, there in in, in. Brussels. I went, to the the Grand Place and, then it. Was such an interesting trip over there and we ended up at we look, for mannequin piss and then we found the girl can piss and then we ended up at delirium, that was like our arm our, agenda, for that evening we're therefore only there for two nights on. The way to well. We're kind of driving around on the way back from work and you. Know it was really really cool I. Don't. Know if you go to, if. You go to be free do you go - have you been -. Have. You been to delirium. The bar it's it's crazy over there they've got like 2,000, beers you go to this cage and order and they, bring out bring.
Out This this massive, like encyclopedia. On on beers, and they have racks and racks and racks of beers in the background, which, is pretty cool. Though. All, right and. We're getting a decent crowd rolling, in here. Netherlands. Nice, Eva's Valley Lena is from the, Ellen's very, cool. All. Right let's see what we've got here. See, where's my, okay. Let's uh let's, try to dig in here a little bit we. Can talk about travel, and all those other great things. So. You know what I want to start out with I want to keep it a little bit light before, we get into some of the more. Interesting. Topics. That I laid out and someone. The other night we that. The topic of the USC coin came up I talked, about it a few, streams, but back, when. I talked about 63. Million. Reasons why. Banks. Want to get involved, in cryptocurrency. And, so, we're gonna talk a little bit more about that but. There is one specific topic and it's interesting, and. The reason why it was interesting. To me anyways is because, it's one of the first videos, that. I actually made, and. And, it's funny now it just seems like time, just flies by you know as we, dig, in and and make some of this stuff so. And we get more and more involved. CAK. We streaming, beer last night. That's. Funny. Let's. See here Dan ski token, tax etc doesn't, Congress allows scheduled, times for public comments, if so, prep for presentation. Yeah. So for right now engage. Directly with. A. Number, of congressional offices. At, least getting updates, providing, some feedback, and then, our initiative, right now Dan is to try to get together a video. Series that. We can get in front of Congress to really help push the initiative, forward that. Presentation, will be great but there's people that are much more qualified. Than. Than, I am and and some of our some, others that can get in front of Congress and testify. And speak and. I'm talking about people from ripple, and. And other large. Major corporations. That are in DC. On a regular basis, meeting. With the different congressional offices, and helping to educate from. A high level our, initiative. Is to come in from, the grassroots, and show. The, congressional. Representatives. That. They can Stitch UNC, also. Want and also know and understand. Digital, assets, so it's one thing when you have a major, corporation, lobbying, for it and it's, a completely different. Thing, especially. In this regard, this isn't one of those high-profile. Cases, anyways. Right now until it passes Congress they'll probably get a little bit more attention for, sure we'll get attention but. At. This point it's a bipartisan. Initiative which. For. Sure won't get media, attention because the media wants you to believe that Republicans and Democrats and Congress do nothing, and, they never work together obviously so there's some again some very I, you. Know highlighted, topics. To, where they'll single, it out there's, a lot of strife and conflict. Between. The parties but. Things, still need to get done it's not you know again it's not like they're up they're not working, together so, things, are getting done and, there are you know agendas, on the, floor and. And bills on the floor that, have been passed through Congress, that go 100, percent without notice, now this, one is very very critical so.
And. I can talk a little bit more about it for, those of you that didn't, get on last night we'll, talk a little bit about token. Taxonomy, Act as. Well so, Edward. What's up glad to see you Juan. So. Let's see here. All right we're worried okay so though. This this kind of relates back to one of the first videos that. I actually made, and when. I was first kind of learning about the space uh I. I discovered. That Kodak, was. Getting, into the, digital asset, space and I found it really interesting because Kodak. Is. One of those companies, that we. Would really consider. Almost. Defunct. You would think because. Kodak their, entire business. Platform was. Based on film, uh and, so. They had their entire, film. Industry which, was obviously everybody, in the world that, had a camera used, film and used Kodak use, Fuji. Used, up whatever other, film. That was available but, primarily. Was. You. Know primarily was, was Kodak now. Then. You, fast forward a number years kodak obviously, gets into and starts buying up other companies, like uh you know big major corporations, do codec. Gets involved in medical kodak, get know there's a lot of other businesses, that kodak, got into. And so, they got into the digital, space and, digital. Camera space years ago they had to maintain their, relevancy. We're, seeing the same types. Of. Scenarios. Unfold, when. It comes to let's. Say. Facebook. Let's. Say JP Morgan let's, say many of the banks within, the financial, space globally. Are, attempting. To, look. For and develop. And. Continue, their, presence, and relevancy, in. The world and, so they don't want to go out of business obviously, you. Know if you look at a company like borders, borders. Didn't, get it Barnes. And Noble held in to the very. Bitter. End and Barnes and Noble will probably be out of business soon they were just taken. Over by. By, a. Financial. Organization. And, so, you, know it's just a matter of time that businesses. That don't, expand. And look for the. Change in the marketplace, and try to change with it and try to develop into, new. Segments. Of of, industry. Or of the market will lose. The relevancy, for sure now, a good example of, this if, you if you've ever been to Dubai now, you don't have to go to Dubai to, see the relevancy, of this you can just study, Dubai but, I camembert's. Or. King of Dubai whatever this goes back years, ago I remember there was an interview, and. He was talking about what. His. Vision was, for. Dubai and you. Know part of his concept, was that he, believed that, that. That, oil was. Going to eventually run, out that. A country, needs, to develop themselves they can't rely strictly, on oil because. That doesn't represent the, country, that, doesn't provide an outreach, to, to. Anybody, in, the, world it doesn't really make your country super.
Relevant In. Terms of outside of oil production, so. We're, seeing the same types. Of things and same, words, and and. And, I. Want to say. Developments. Taking place in Saudi Arabia right now Saudi Arabia is attempting, to, westernize. Themselves. Which they're up against, you know major, major obstacles. A diversification. That that's the right terminology, Eric. Thanks, so, they need to diversify themselves. Saudi. Arabia, is for sure attempting, to. Westernize. In order to diversify, in, order, to attract, people from around the world to, want to do business in Saudi Arabia most. People would. Be concerned and, and worried, about going to Saudi Arabia mainly. Because when, you travel. To. Do business and you have to worry that. You. Know even the smallest infraction, you, have to study up on a, lot of the. Legality you, know and so and it becomes, an. Impetus, for, people to want to travel there obviously people do travel to Saudi Arabia but. In terms of you know the overall is uh you. Know you want open to both business, and pleasure. Travelers. And most, people are not going to go to Saudi Arabia but the thing is is that that's changing, so they're, attempting to change their image through. Diversification. And. Through the identification. To. Again. To allow people to see it as something, bigger. You know I don't know I kind of went down this path of Saudi Arabia but any about. Dubai did. Exactly, that years, ago where they started dredging, up and building. Waterways. They. Wanted to make themselves into something that people wanted to travel to they. Built artificial. Islands. Like the palm island, to. Build on and they made it so attractive so, you go to Dubai today, and you, could be in Las Vegas just, in terms of and buildings, pop up and they have the entertainment city. And they have the high-tech, city and they have one, major city, and it they're unbelievable. You know what they the amount of money they pour it in there, and. As you go, there you see people from you. See people from all over the world that. Are traveling and living in Dubai to working dubai people, on vacation in dubai you, go back number. Of years prior and nobody wanted to go to Dubai again unless you were you, know in for the adventure, of being, some place OCO, Vegas, Sin City but. You know but that's what diversification. Is all about because again they saw the writing on the wall that they needed to attract, more. Attention, or, more focus outside of, just, just, gas so that's a really long-winded way of using. That as an example but, but, I think that you. Know it's a very very stark, you, know, contrast. To. Look at you know countries. That, are doing the exact opposite, you know so North, Korea for instance you know and. You know and, again. Saudi Arabia for many many years you. Know they were just you. Know focused, on you, know religious, intolerance and, an, oil production and that and that was really about it but now you, know they're investing, in a lot more and they're reaching out to other parts of the world you would never expect so what does that have to do with Kodak, so. Any help so. Kodak like many of these companies. Like banks are trying to find the relevancy, in the world similar. To let's say Dubai. That. Did of and, if they don't find the relevancy, they're, going to you know fade, away into history like borders and. Some of the others so, yeah. Anneliese yet for sure anybody, who's new to the channel if you guys haven't been in before, you, know please subscribe, if. You want to be notified every time we post a new video definitely. Hit the bell notifier. I've. Been doing live streams a lot more than videos, lately, so. Hopefully I'll get back to throwing up some videos and. I'm, planning on throwing, out a number of more live. Streams as well as well I got to figure out the timing of everything but anyhow though, Kodak, so. Kodak actually. And. This goes back again one of my first videos they developed, a solution. And, they developed. A kodak coin, the, kodak coin they actually put on hold which, was a cryptocurrency. Digital, asset and. Then, they put it on hold due to certain. Internal reasons. But they had, unveiled, at that time a blockchain. Based, document. Management, platform. To, where they could even store images, and. They and it's interesting because it's not just images, but it's images, to allow artists, to, allow photographers. To. Allow any of videographers. To. Post their. Information and. Store it there for. Capitalization. To be able to capitalize or, monetize. Their. Image storage and and Kodak really. Is in the best position, to be. Able to do something like this mainly because they're, known for images, not to say that they will be the most successful but.
To Me they're in the best position, to, to. Accommodate, this so, so. This was so the initial, database and, here's from this article where'd I find us on Yahoo Finance so the more we're seeing on Yahoo Finance it's. Really amazing to, really, show where you, know you're seeing, more and more the mainstream adoption but. Here again other, companies use blockchain, to establish, databases, before, they. Had, a and, so and recently forged a partnership with ride holding, to build an image rights platform to. Build a copyright. And held photographers. Monetize. And help photographers, monetize, their work no one is Kodak one, um it, generated, about a million dollars so far in, licensing. Claims and. So Kodak coin had been held. Back on their ICO actually, the day prior, but. Now, it says here that last month to polish British FinTech, a firm, a billion, secured, 2.1, million dollar grant, from, the European, Commission to further develop. Its, own blockchain, document, management system, alright that's nothing to do with Kodak that's the end of this article, anyhow, so there's others but the, point here is that now they want to get into document. Management, they, want their in photo, management, finding. A methodology. To to, monetize, it this, they're in it definitely, in a great position to, be, able to you, know archive, data. Now data is probably, one of the most important. Things. That that. An organization. That's in an IT support. Roll like this people. Are and companies, are generating. Huge, amounts, of data if you think about it and everybody wants their data immediately, accessible, being. Able to put it on the blog chain gives everybody, a lot more. Flexibility. In terms of, what they can or cannot do with their, data allowing. Photographers. To, monetize, right, now you have to go through websites and, you have to register for the website and you have to be accepted, to the website, and. Then there's a monetization, process. And then, they won't allow, micro. Payments, you, know you're not going to get paid for every photo you might, only get $1 a photo $5, $20, whatever it might be but, don't only release money, after, it reaches a certain amount through. Blockchain, and micro payment you'll, these up. Artists. Will, or photographers. Will be paid. Every. Time a photo is, is purchased. Their money will go right into their wallet which, is awesome you know so obviously there's, others that can get into it but my point being you know here's Kodak in this, space I hope you guys are our interest hit in that you, know I just spent a long time trying, to explain the. Relevancy, here and, putting you, know Kodak into that limelight, but I think it resonates across as a good example resonates. In, in, in most industries, to maintain relevancy, and it definitely resonates, in what, we've seen with JP Morgan you. Know coming out with JPM and trying to stay relevant in the financial, space as well. So. All, right so um, just, I did I wanted to point out you know I was thinking about you. Know mentioning. Mentioning. Tariffs. That are being placed in Mexico, and and and, and. China. And, additional. Pressure. That's being ramped, up on Iran, as. Positives. For our global economy development. Global, economic division is only valuable. When, granting, controlled anonymous, access yeah. I think that you know the - yeah. I mean that that's important because data bad database. Well yes. I you know exists, you, know outside of and, if you try to put, blockchain. Into roar. Or try to find a, solution. For it or invent, a problem. That doesn't really exist that, can be solved with a database, then. Does, blockchain, really the blockchain technology, really solve that problem, I, think one thing that it does do though is allow. For. More control, over, data. And. And, really then also being, to. Me that you know the base premise, and the most important, aspect of of the, blockchain technology. Is going to be the. Transparency. Thereof, you. Should have being. Able to store data and having easy access to the data having control over your own data, being. Able to secure your data with your own e. You. Know like health records, things. That need to be shared readily. And easily. Individuals. Storing their their. Photos, that they take of their, food. Doesn't. Need to be stored in a blockchain environment. And, and controlled, in any way shape or form in. My opinion, it can go if you want to store data then, stuff, like that's not as relevant, however. An. Environment. Where you want to be able to monetize, and, provide, efficiency, and transparency is, really the. The mechanism as, to why we want to apply an, important, technology. Like that now, let. Me let me dive in just a little bit here, into. The, USC, coin I talked about this again I mentioned, in the beginning but I talked, about this a few streams, ago 63, million reasons why. Banks. Want, to get into cryptocurrency, and are, getting into cryptocurrency, and you.
Know In this scenario. The, USC, coin is. Without. A doubt, you. Know the USC coin is without a doubt the. Engagement. Of banks. Moving. Into, and wanting, to move into a, more, a, trance. Site maybe not transparent, more official, up by a group of banks back in 2015. Now, as I started digging down but, you know as I was trying to figure out you know where can we really, draw. A comparison, between what they're trying to accomplish with. Us, see with. This USC coin - let's say JPM, coin because, there's a group of banks that want, to utilize this, technology, and, really. The the base concept. Of. The, USC. Coin. Is. To provide, you. Know more, you. Know more fluid. Movement, and, a cheaper you know more less costly, movement, for. Settlement, they want immediate settlement, so, I found this article on ledger insights, that, was talking, about it a little bit to. Look at some of the the. Pros and cons of the, USC coin, as a project. And. Looking at some. Of the banks. That actually, joined in and. What what. This really means, and so the USC, coin, will. Be they're. Gonna they're really gonna it's going to, have a digital. Version. Because. The USC it says here will be an institutional. Digital, currency I think that's, important, to note that USC, is a digital. Currency only to be used only underscore. Underline only. By financial, institutions and, no, other which. Differentiates. Itself significantly. From, XRP, that is has, a use case that transcends. All businesses. And and, isn't just stuck. Into, you. Know the business role where it can be used in things like the XRP tip pot so, it can be used on the p2p level, although it was, developed, for, much much much larger. Transaction. And provider, of liquidity. Solution. Where, so USC, they're. Going to then initially, have a digital, version of five currencies. The Canadian, dollar the, Euro the pound the Japanese yen in the US dollar again. Only utilized by financial, institutions, and. They want it again to have clear. Or almost. Immediate, settlement. Between. Banks, utilizing. This. USC, coin so, in a sense being. Able to, you. Know regulate. Or, again. Simplify, the movement. But they're gonna have to use this USC, coin now. Swift. As a messaging. Provider and. It's interesting they fall, back on it a lot, Swift. Has never been a, messaging.
Or A payment. Settlement. Provider, although is is a communication. Functionality. We're where, we, still see from. A competitive, perspective where. Ripple, net stands. Out from what all these all of these banks are trying to do on their own is look, for a mechanism. They. Saw, the importance, and significance of. What ripple. Was working, on and they're, trying to maintain their own relevancy. By, reaching out and figuring out a methodology. To try, to do it themselves, and. I think what they're gonna find is that they will, continually. Stumble. Because at the end of the day they. Didn't invent this or design, this on their own they're, still relying on a third party that may or may not have, an efficient, development. Network. Or have the, software, or the. Wherewithal to have developed, the, solution, that's. Really going to be built towards. Providing. The best platform, for. You. Know for a much, greater focus. When. It comes to movie money so. Let, me see here. Dansky. And. This is that be free did I miss something Oh buy, more extra P or BTC, and dance we said I think, both will be successful, but for the medium, to, long term I think XRP, well. Far larger returns, not, financial, advice yeah, that that's a good point not you know don't. Want to provide the financial advice but yeah in my opinion comes down to utility, and it's, gonna have to really be based on what, happens, with XRP. Through. X rapid, as right now the biggest. Case. For utility, obviously. We seek oil and cinnamon and there's gonna be all these other, entities. That are going to be developed, on on. The XRP ledger and. Utilizing, a protocol, and utilizing. XRP, the digital asset through utility. Becomes. Value, and so right now we're we're moving into that utility phase. So. In this USC, coin which i find is interesting, and. And we really have to keep focusing, on you, know if we're gonna talk about ripple and we want to talk about ripple. Net as. A solution. We have to look and say, okay they're not the only game in town we. Need to talk about or, at least you know educate, ourselves about, the. Potential, competition that, is out there obviously.
None. Of us have a stake in ripple. Net success or failure, however. It from from an interesting. And and interest. Level. To say hey this space is really developing to me why. It's important, to look at the others that are moving into this space is because competition. Proves. The. Use case is functional, competition. Proves that. Banks, around the, world want. To get into, this. Space and. They understand, that cryptocurrency, is the future regardless. Of what everybody, from. Our some, of these major, representatives. Jamie, dimon have. Said. In yo previously 'no in a stream ago might. Mentioned the top 10, corporations. From from 2018, that had talked about getting in and JP, Morgan was at the top of the, a lot of Chinese companies. Were at the top of the list but, here what we have, there. Were fourteen banks, uh that. Lets, a list of 14 bank's, shares eight. Members, I don't, know what that means exactly that's. Confusing, former. Members that have not participated in, funding, so funding, what they gave, money, towards. The. The. Development of this space but. Here this is interesting too so this was a CEO, that, was uh though with, Deutsche. Bank if. This is a good statement I'm still on this ledger, insights I'm looking at some of the things from here working. With our founding shareholders we. Will start the, regulatory, approval process, right away and look forward to connecting to, the first business, application, as soon as possible, now here USC, will be an enabler for tokenized, markets, and also offers, a significant, opportunity to. Simplify. Liquidity, management using, one cash asset, or as many settlement, needs as possible, but that's expected, to be next year so, what's, interesting about this is they still don't seem to get the whole concept, of and. Obviously. These guys are a lot smarter than, I am in the in the banking space but, it just on its face they don't seem to get the concept, of what is, what, ripple, net is offering, as they're they're just focused, in on the coin aspect, and moving. Money and. You, know there's there's there's still a missing element that. You know you still need a conversion, process an exchange process, you still need to move and transfer. Dollars. Into. This. USC, although. It's saying that USC will allow you allow, them to hold, multiple. Of those five x. Ridge '''l currencies, so. You. Know stuff to move your money into one of those currencies, if you're, in a different country and. And, so at. Some point there's still an exchange, being made and. Whether or not that's going to have to take place through the regular. Mechanisms. They're. Not talking about how. The, on the other end it's going to be handled whether or not they're. Going to need a nostro or Vostro. Account whether. It's going to do away with that if it's going to provide the true liquidity, it doesn't, and, I guess we'll have to dig in more also to really look at whether, or not it has the, messaging. Component does. It have you, know the full liquidity, component, uh you.
Know Is it is it enabled, for full liquidity, does it have a fee. A Forex. Like exchange. And you, know baked in to. Their solution, to simplify. The exchange, process and then, we have to dig in and look at who's, actually running, it who developed, it and. Is this company that developed, it did they build it on their own platform, or. Are they utilizing, another, platform and so there's still a lot of open items that we would need to want to you know need to look at and dig into Erika. Endpoint network so. You know so some of the founding members that did not participate in, funding. These, are former members so we have HSBC. Deutsche Bank ICAP and next and, then we have, newcomers. To this, to them nekoma. Commerce Bank ABC. In ing. Lloyds, NASDAQ, and Santander, and, then. Let's, see some of the current members where Barclays, BNY, Mellon CIBC. Again. Comers Bank Credit Suisse ing. Which I mentioned, KBC, group, which I mentioned Lloyds which. I mentioned, mu. F G Nasdaq Santander, SMBC State, Street and UBS. So. There were definitely a lot that moved in there it. Says here that the, project, was initially, founded by UBS, um and. So then there, was a company called clear, Maddox, and. They built this on a permissioned. Version, of aetherium, you. Know so, the. Sun high cap. Um let's. See here so, clear Maddox, so. Clear Maddox is interesting, just go to Claire Maddox comm, um we. Design protocols and build platforms, for distributed. Financial. Market infrastructure, you, know I'm not sure you, know I want, to look a little bit more into this to see, exactly. You know what else they've they've they've, built, what. They're into. But, you know the point being is that these banks are engaged. With. A third party, that. Is developing, these solutions, now Claire. Maddox was. Developed. In 2015. Incidentally. Which, is when UBS, started looking at the technology, so, it's hard to determine whether or not Claire, Maddox was. Somehow a design. Of UBS, it. Says here it's, in London so anybody over in the UK maybe you guys know about it it's an R&D, company, it says here we build member owned and governed. Decentralized. Network platforms, for the peer-to-peer exchange. Of tokenized. Value, between network, members. Our. Ethos and architecture. Is grounded, in protocol, peer-to-peer architecture. Removing. Friction and market, inefficiencies a. Strong. Security, guarantees an interoperable. Exchange, across, platforms, to build a peer-to-peer ecosystem. For market infrastructure, so, the other part of this, would be to, really ask you. Know if they're utilizing, a decentralized. Or a centralized. Platform and. If they're attempting. To build out a centralized, platform which. In, essence, will allow them to control. The ebb and flow of. Everything. That happens within the space, within. Within. The USC, coin. You. Know to me that there's just a lot of open items as to, why. You. Know they're trying to establish basically. An, alliance, they're trying to establish some sort of a a, a. Swift. Like, organization. Of banks to try to get involved, but. I believe, you know and again I think from a competitive, perspective it's. Interesting that, they're developing in, the space the. Other four years in ripple. Is more. Than seven years in already with a considerable. Amount of background. And, first. Mover initiative. First. In market, so. Third. Position, already with 200 plus customers. These. Guys obviously banks. That are dabbling trying. To figure out the solution, and. Really. At, this point not yet off the ground and so they put 63. Million dollars into it and a lot of the banks didn't contribute to it so, it doesn't seem like it's a huge sum of money that. They've invested so far to. Develop an important space and try to roll out a platform, that's, going to you know bear fruit and be you, know significant. In the in the flow of money. Globally. Even. Outside of the, the banking, realm. But it says here we uh this, organization, we work closely with the etherium foundation, and are an active, member of etherium enterprise alliance now what's, interesting to me about that also and I don't know a ton about the. The base technology, but. What I do know is that when. Kik was. Rolling out their kin coin and they, used to be on the etherium, platform. On that. They discovered. That the etherion platform. Didn't. Offer what. They needed in terms of efficiency. Area. And moved over to the stellar platform. And then, try to kind. Of develop you. Know multiple aspects.
So It's really hard to tell, you, know exactly what. You. Know what what, this platform is, really gonna be all about so I think it'll be important, you know as they drill down but. You, know right now as it stands it still looks like you know ripple net has the, best solution, out there and and they're so far ahead so. Crypto. Anon says the IOP will change. The, face of money, transfer, trade, and investment, convert anything tokenized. My, crypto, and fiat for anything yep exactly. I think, that there there's so much more that's. Involved, so, much more that can happen and. You, know and we're seeing you, know with the ILP, that you they definitely establish, a solid, up. Platform, to. Allow all of that to happen, whereas. They're still inherent, issues within. The etherium, network and. So I think that network I love the idea. Obviously. You. Know if you're gonna hold money even like obviously, fiat currency, you. Don't just want to hold it you know you want to be able to you. Know invest it and and, generate a little bit of interest off, your money, so. So. I think you know it's interesting with the Celsius network, with Nexus. They're. Dabbling, they're learning they're. Figuring out the space and. I talked about this before and this is finding that relevancy. This, is where banks in, my. Opinion, banks, and digital asset exchanges, we're, going to going to see a blurring, of the lines so these digital asset exchanges, in my, opinion, once they start getting banking, licenses. Then. It makes it then. Those lines blur immediately, but, the digital asset exchange understands, also that to beat the banks at their at their, game the. Digital, asset exchange isn't brick-and-mortar people. Are moving into this digital economy, people, are going to be holding, digital, asset they, don't want to convert it into fiat, currency. Those. Digital, exchanges. In order to facilitate a. Typical. Everyday affairs they're, going to have to move into banking or buy a bank, in order to facilitate this, so. We. Have to think about mortgages. We have to think about car loans we have to think about bank loans we have to think about people storing, and holding. When we get to mainstream, adoption especially. People. Putting their. Digital assets into a cold wallet, or you. Know on these exchanges, that. Now the money the money is basically just sitting there and. They should, put it to use, so then allowing, these. Exchanges, to utilize, the. Liquidity, that comes from these from, the stored. Tokens. And. Lend that out up and, at the same time offer interest. To. Those that are that are keeping their money are, digital asset on the exchange. So you know getting the 7%. Interest 10%. Even, even, 3%, is a heck, of a lot better than what, people are getting getting right now now, the only issue I, want, to say the only issue but one of the primary issues, that. That I have with with. These organizations. Like Celsius, and Nexus is, to.
Make Sure that, they're FDIC. Insured, you, know up to a. You. Know a point so there's, still that inherent, risk in, this space that even, those organizations. Relatively, new, anything. Can happen but if they're FDIC. Insured, then, the money that you put there will, definitely be. Secured. From anything happening, just like if you put your money in the bank you, want to make sure that that Bank is FDIC. Insured you, know so that if the, bank if there's a major issue you. You're still going to be able to get your money back and that's. The that's, the security they they give you for. Offering you a place to hold, your your your, money digital, or otherwise and. Now know, Anna leaves the saying coinbase will one day become a bank for. Sure I mean they're almost there, they've already made that major leap, and. And so uphold, it the same thing has already made the major leap to, being identified almost like a bank when you can hold your. Fiat, currency, there when you can have your, paycheck. Interest, and they're tying in like uphold is tying in with cred to. Offer up a mechanism for interest. And. Eventually. If. You look at some of the platform's I think it was Nexus, and. Another. One that's, actually offering. The. Possibility of mortgages, right now in. Order to borrow, there's. No real. Way to establish. Credit. With these organizations yet. Once they find that mechanism, to, establish. Credit, for people then, they, are going to lock. Them in and then they'll be able to loan out without. The collateral, right now they, want collateral, they want to, for, every one digital, asset so you need to store to digital assets to borrow one digital asset now that's not a bad thing necessarily, so, if you've got, X. Number of Bitcoin X number right whatever it is but if your value, is let's, say a million dollars, you, can obviously cash out of it you, can cash out of that of that, million you, know or need, help money at a small interest, rate that I'm going to end up paying these guys a small, interest rate to. Maintain the transaction. I'm. Gonna put up two of my digital. Assets and I'm gonna borrow one for every two that I store there and, now, I'm going to take that borrowed. And I'm gonna go do whatever I need to do with it and then I'm gonna pay myself back the, only issue with all of that is that you're putting up a significant. Amount of collateral then, now they're holding so. In instead. Of just having one for one which, almost, makes more sense if you want to buy a borrow a million put, up a million but they're saying if you want to borrow a million you need to put up two million, now, that doesn't make sense to me but it does, from their perspective, in a speculative, nature right now because. If. There's a change, in value and they're making an assumption that they're not going to lose, fifty, percent plus of the above, the value you, know so but they still want that two to one so if they take one to one and the value plummets by half now they're they're caught holding the bag and the person paying them back you, know it's it's going to be more, difficult you. Know unless it's borrowed. Strictly. Based on the digital asset, you, know and then it doesn't doesn't really matter so if you borrow if you put up two Bitcoin to borrow one Bitcoin you're, just paying back the Bitcoin it doesn't matter if it's worth a dollar or a million dollars you're paying back the Bitcoin that's, all they that's all they should care about so. I think that it's an interesting dynamic, overall. But. Things that you know much smarter people are gonna have to figure out how. They how they work through that what's, up mister be glad to see you on. Coming. Up here on an hours since I started the stream I think I started about five minutes late, I started. 805, so we, might just round this out here, Jacob's. Ladder good, to see you on would. There be a tax benefit. If you take a loan. Against. Your holdings, a tax. Benefit, I don't know that's a good question that's a great question we need to bring a CPA, on and. And ask some of those questions I, think that would be a, really, good question, I'm sure that. Would really. Be. Relevant, you know country to country because, everyone's rules. And regulations, in that case for, taxation, and are, gonna be a little bit different in terms of your.
Tax Benefit. Mr.. Beaman, really, good to see you I. Remember. Now I don't know I can't remember who it was of, XRP. I say. Warrior, XRP. There's. Somebody else up in Orlando that, actually. Works with sergeant obi-wan, and he was on the stream, last night and he, was saying that the next time we all do a meet up that he, wants to come as well so, I, was, kind of cool. Um CPAs, don't really know right yeah, yeah exactly as CPAs don't but we need to find one that does. You know that would be extremely. Helpful so. Um. Let's. See here, what. Did I miss. Things just bounced a few times here um. All. Right. They, only it's. A good point uh, crypto, none at a good point here he said we have to consider why, they want us to lock it away, moon. Will be good enough interest, for me and I have control and ownership the. Only they only want to take money out of our what, what they're about what you're investing yeah that's definitely. Impossible Texas, XRP uh tired, from echo, still in my head haha. Yeah we had the little. Bit of an echo issue, mr.. Bian fear you. Might have missed last night but last, night we ended up streaming, it like midnight. And. We. Were on with with, auburn rain and and xrp minute and. Then we then, we got jungle and as well um. So. XRP, minute what's up man I didn't, think you would be up this early I. Had. It since, a didn't I tell you I you know it was it was crazy and I like it was I woke up I woke up later, than I usually did but I still, 6:30, came around and I had to wake up it wasn't like I could sleep. In you know so does up at 6:30 regardless, and I think we ended up wrapping, up at like 2:00 and talked, to like 2:30, and you, guys wouldn't let me hang up and then then. Finally I just I hung up no. It was awesome we had an awesome awesome, call, yesterday we. You know with jungle on and you know talking about the four horsemen and, chip. You down with OTC, you, know so there's there's definitely some great, stuff on, the horizons, here and. It's it's been so, great you know I'm just we had a great conversation so, far um you. Know a lot of a lot of good topics, a lot of good things moving forward as well we're talking a little bit more about, competition. And the USC coin, we talked a little bit about the Kodak coin and. Also. I spent. Way too much time talking, about, Kuwait. And Saudi are dubai, in Saudi Arabia as, a example. For. Trying to maintain the relevancy, and in an ever-changing market, so. So, anyhow. It. Is nine o'clock I got to wrap it up I got somewhere I got a run - we, got tennis at 10:00 so, I will. Definitely. Check all you guys out, Monday. Night appreciate, everybody being on appreciate. The. Outreach from all parts, of the world Australia UK. Cyprus. We. Got good representation. Here Netherlands. Of, Belgium. We. Got people from all over the world as far, away as, as. Boca. And Orlando, so, definitely. We got people from from many different parts of the world and it's, been it's been great, appreciate, everybody up and. Until. Until. Next time, monday. Night i'll be on at, at. Ten o'clock, if. For whatever reason I get this inkling to want to stream tomorrow night which I probably won't, haha at this, point but but anyhow I'll check you guys out Monday, until. Then definitely. Have an awesome, weekend, if, there's any specific. Topic. Information. Anything that you guys are. Interested, in you know shoot me shoot me a message, you. Can you definitely, ping me on Twitter, I'm. Sure you guys already have it if you're new to the channel and you haven't subscribed, yet, definitely. Subscribe, and. Look. Trying, to type something and I can't see what I'm typing hang. On a second, just gonna throw this in there's the Twitter you guys can reach out to me on Twitter it's, the Hottel report and. You shoot me a DM any, info you see any you know anything, that you said hey you know what I would love to hear about this let's. Dig into it a little bit further that'd. Be really impactful. So any help up have. A great weekend, thumbs up on the way out if you haven't done so already and, until. Next time you. Guys know what to do keep. On Halloween. Your. Crypto. And I need some out out music, or something.