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Ripple Jumps 37% In Price And Bitcoin To $600,000 A Coin – 052

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  1. David Ross 15 February, 2018 at 06:26 Reply

    The Bank of England has carried out a successful test of an “interledger” programme developed by Ripple, the California-based blockchain specialist, to synchronise a payment between two central banks’ systems.

    The test did not involve real money, nor any of the BoE’s core systems, or even use blockchain technology itself. However, the proof of concept announced on Monday evening marks an important moment for the blockchain community.
    “This is really about connectivity between central bank systems rather than replacing the central bank systems with the blockchain,” Daniel Aranda, head of Europe at Ripple, told the Financial Times. “It allows money to move between countries near-instantaneously and without settlement risk.”
    The BoE tested whether it could synchronise a multimillion-pound wholesale payment passing from its own settlement system, known as the Real-Time Gross Settlement (RTGS), to another central bank’s core system.

    The central bank said it set up two simulated RTGS systems on a cloud computing platform, using the Ripple interledger to simultaneously process “a successful cross-border payment”. “We also demonstrated that an attempted cross-border payment that failed validation on the receiving side would not be honoured,” it said. 
    The 21-year-old RTGS system handles about £500bn of payments between banks every day, facilitating a huge range of transactions — from settling company invoices to house purchases.

    Mark Carney, governor of the BoE, has said that changes are needed to help RTGS handle new demands as the financial industry evolves.
    He launched the overhaul three years ago after parts of the payments system suffered an embarrassing nine-hour outage that forced the BoE to start processing important transactions manually.
    The central bank has already concluded that distributed ledger technology, the shared database and cryptographic system that underpins virtual currencies such as bitcoin, is “not sufficiently mature” to support the core RTGS system.
    But it said the test of Ripple’s software had reinforced its intention to ensure the new payments settlement system was fully compatible with the new technology and “highlighted areas where we would like to conduct more exploratory work”.
    One question it flagged as needing more work was how to handle issues around the availability of liquidity when processing wholesale cross-border payments.
    Mr Aranda at Ripple said the test showed that the interledger, which uses cryptographic algorithms to securely co-ordinate money transfers, could reduce the time it takes to settle a large cross-border payment from between two and four days to “only a few seconds”.
    “Instead of having to rely on a series of counterparties, it is central bank to central bank, which is lower risk and therefore lower cost,” he said.
    In May, the Bank of Canada officially abandoned its experiment with blockchain, or distributed ledger technology, citing “a fundamental inconsistency or tension” between the country’s centralised wholesale interbank payment system and the decentralised principle of blockchain. 
    That provided plenty of ammunition to blockchain sceptics. But it contrasts with the more upbeat tone from the BoE, itself run by a former Bank of Canada governor, about its progress on harnessing new technologies to make its core payments system ready for the future.

  2. shiedzevituo miachieo 15 February, 2018 at 06:26 Reply

    the think i don't understand is why the hell people buy ripple .
    we try to run from banks that why we join crypto
    once we join crypto most of the people buy ripple again is LMAO .
    even if ripple hit 500$ i will never buy.

  3. eLucian 15 February, 2018 at 06:26 Reply

    On the contrary. Having 3 BitCoins will reduce popularity of BitCoin and this is a good thing. This has to happen so that we can have a better coin emerging. All 3 BitCoin variations are going to use PoW (ASIC devices) for mining with huge power consumption. Even if X11 (Dash) PoW is more efficient the PoS coins are even better. BitCoin can go very high in price but will not be used for day to day trade. Some other coin will do much better. BitCoin is a bubble that will burst once we have a good new coin alternative.

  4. Maarten van den Adel 15 February, 2018 at 06:26 Reply

    Great vid's. Very informative. I know you say you can't talk about all the coins. Understandably offcourse. Can you maybe do a video on top 5 smaller coins with lower market cap, but high potential? Greetings from The Netherlands

  5. K10 inV 15 February, 2018 at 06:26 Reply

    I'm Korean.
    use google translate

    The announcement of xrp has nothing to do with Alibaba

    If the announcement relates to the Korean cacao bank, will you sell xrp? Will you buy it?

  6. Aachoo Crony 15 February, 2018 at 06:26 Reply

    Its good that there are a lot of altcoins. Let the drama unfold with every new unsuspected hurdle. Bitcoin has some less than desirable features which will only boost the alt(s) which can fill in the gap(s).

  7. Richard Colucci 15 February, 2018 at 06:26 Reply

    When the difficulty becomes too great there will be no more mining and no transactions will occur making the platform useless. I would think that they would move on to other coins well before then

  8. John Chae 15 February, 2018 at 06:26 Reply

    i'm korean. lately, there were rumors in the korean crypto world that ripple, as a company, was set to fail. that, supposedly, led to the drastic price drop we just recently saw. that rumor has now been debunked and korea is back to trading xrp. korea is a densely populated country leading trends to move in collective and sudden massive waves. kakao bank has launched in korea and is taking on millions of accounts along with hundreds of millions in dollars. in korea, everyone has kakao. i mean e v e r y o n e. it started out as a chat app and is now used for everything from social media (like fb though not at that magnitude) to banking. given that korea is very technologically advanced, just about everything is paid with a tap of the phone. everything from groceries to cab/subway/bus rides. public transportation is dominant in korea due to its mega city infrastructure so you can only imagine how many transactions there are per minute with the city of seoul alone having a population of 10 million plus – and all of them already have had kakao to begin with. imagine all fb users suddenly having the ability to transfer funds with no fees. that's basically what happened in korea with kakao. what we know now is that kakao's system also has no fees and can even be used for person to person transfer. rumors, as of now, are that kakao is pairing with ripple's system thus giving us the massive uplift in trade volume in that region, however, the rumor that they are not is still more prominent. summed up, it could be room to grow if that rumor turns out to be true, or another dip if not.

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