China leaving bitcoin mining would probably be a good thing, difficulty would go down and I know a lot of Chinese pools flood the mempool with spam transactions and mine blocks with out putting in transactions.
Did you really think the banks and government were just going to hand over the fucking keys. These other coins are trying to go from point A to C while Ripple is going to point B( Integration). The big banks have over 10 tril in assets to fuck these other coins any way they please especially in an unregulated market with a low market cap. The combined MC for all coins is around 1 tril. All these Satoshi Nakamotos original vision cryptonerds are dreaming with that shit.
I think in the long term, banks will evolve into only being lenders, and people will use either bitcoin or its successor to store money securely and transmit it instead of banks.
Why would banks 'hand over the keys' to Ripple instead of a decentralized, trustless platform? Not all financial institutions are banks either; and they have a desire for anonymous trustless systems as much as anybody else because they all cheat each other.
Western Union using Ripple means little when I don't need to use Western Union to begin with.
They are not handing over the keys to Ripple. They will use the tech. Western Union and Moneygram are just about adoption. Brad Garlinghouse said they will be announcing 2 household names as well. When he comes out with Paypal and Amazon I may shit myself. What do you consider long term Torrid? For god sakes man this aint Mr. Robot. Bitcoin can walk away gracefully or be dragged out violently and at around $7 when Ripple takes over we will see exactly that.
MoneyGram has has become a partner with Ripple to trial products over the next few months. This product from Ripple Labs is Xrapid which uses XRP.
Similarly Xcurrent, the other major product from Ripple Labs, is a cross border settlement transaction tool. Xcurrent can use almost any legacy settlement tool ($$$) granting a substantial money savings. When a institution with Xcurrent uses XRP as tool ($$$) they’ll save another -20% for each transaction.
Well, 'handing the keys' (your phrase) would apply more to Ripple than it would to bitcoin because Ripple is more centralized/controlled.
Long term I think Lightning networks will be the winner. Lightning solves the high fees problem/allows microtransactions; it solves the block time wait problem; it allows for atomic swaps making decentralized exchanges much easier to set up; it dramatically increases privacy with onion routing; it increases the security of 'layer 1' by paying node operators; and all of this is completely trustless.
I've seen companies 'partnering' with coins for some time now. It doesn't mean much. I don't want to use these companies to start with. What good is Ripple's cheap TXs to me if I still have to use a middle man company who will charge me a fee? Even if it were free I don't want to leave my house and fill out forms to send money to people. With bitcoin you don't have to 'partner' at all-- you can just use the protocol like you don't have to partner with anybody to use HTTP.
Also Ripple's company controls a ton of Ripple that they can dump on the market at any time. That's a risk that dangles over the head of all Ripple investors.
I should also note that even if I naysay a lot of these coins, it doesn't mean I don't think they'll go up in the near-term.
I think Ripple has a pretty strong use case for bankers, and its centralized architecture is set up pretty well for it. That said, it has all the hallmarks of a scam coin, and if Ripple doesn't take off I'd be surprised if the founders stick with it.
Lightning network of course promises all of those things, but it's waiting on some pretty impossible math to implement it last I checked in December. If they determine that math, that's great, but I don't have high hopes otherwise.
What irks me about all these companies is they all do ICO and you can't invest in the company itself. You can only buy into their coins. I like the idea of the Ripple platform and Ripple as a company but am not keen on XRP.
Today I learned that Coinbase doesn't even do batch processing of transactions. Amazing.
For those unaware: Bitcoin has a feature in the protocol that allows senders to send coins to multiple receivers in one transaction. This is why Poloniex withdrawals were only 0.0001 btc until a couple weeks ago apparently. (I haven't used them in awhile)
Such a trivial (from a technical challenge standpoint) yet important thing to not implement. Fees are high in large part because exchanges are incompetent.