Thread by @librehash

1/ Since nobody has mentioned this, figured it should be said here : "JPCoin" / J.P. Morgan's digitized bank note (which is essentially what it is), completely fried Ripple's supposed value offering as a blockchain.

Brief article about it here: librehash.org/jpmcoin-the-be…

2/ For years, @Ripple has fed us all the narrative that their token $XRP will one day become the *dominant* solution for cross-border payments by financial institutions.

3/ They espoused the same logic in one of their recent blog posts (published September 2020), titled, 'Why Real-Time Cross-Border Payments Are Poised To Breakthrough'

link = ripple.com/insights/why-r…

4/ In the article, Ripple makes its typical value proposition by first laying out the premise that instantaneous payments would be beneficial for the financial services industry (specifically cross-border payments), which is actually true.

5/ Unfortunately for Ripple though, it appears that the old 'go to' talking points regarding the supposed archaic technologies being leveraged by the financial space are now, ironically, archaic too - as this is no longer the case.

6/ Proof of the claim made in #5 (above) was [even more ironically] provided by Ripple in this piece where they later claim to be the driving force for 'ISO 20022' (new international standard related to banking & payments industry).

7/ Interested to see whether it was true that Ripple was a "leading proponent" of an entire ISO Standardized Volume (which would be profound in itself), a brief look up of the said standard (original) was conducted.

Which lands us here = iso20022.org

8/ Unfortunately, it appears that Ripple's characterization of their involvement in the ISO 20022 standards formation couldn't have been as the "leading proponent", because that was Swift (Ripple's alleged rival that they have yet to viably compete with)

9/ More to the point, J.P. Morgan was able to essentially remove Ripple out of the equation entirely (at least for the purposes of what they're creating), which makes it hard to imagine that financial institutions would even consider Ripple in the future vs. a custom solution.

10/ What's even more 'yikes' about what J.P. Morgan wrote above is that highlighted section, which essentially lets us know that they were able to do everything Ripple claimed they could provide...except without needing Ripple at all.

So what's Ripple's purpose at this point?