Transcription
Have you ever been in a conversation and brought up digital assets or XRP in particular and had a lot of push back from the other person and they're like, "Well, nobody's ever going to adopt that. Like, what does that even do?"
Well, that's what we're going to break down in this video and how you can talk to them and give them real-world examples of what this is actually going to change and how it's going to affect their life so that they can better understand why this is a good investment. And we've all been there. We've all had a conversation with somebody that didn't go the way that we thought it was going to. You were super excited. You found this new technology. You think it's going to be revolutionary. It's going to change the world. It's going to change how value and money is exchanged. And so, you obviously dump your life savings into it. Not financial advice. I'm just kidding. But you make an investment. You're excited about it. You put some money into it. and you take it to a friend or a relative or a mentor or somebody else in your network that you think would probably benefit from making the investment as well. And so you start talking to them about Ripple and and XRP and XLM and these other digital assets and maybe it's Bitcoin, whatever it is, but it's it's moving value. And you try to break it down into simple terms for them, but maybe they just don't get it.
And so I'm going to give you some real-world examples of ways that I talk to high-net-worth individuals and break this down simply for people so that they can understand it and how it's actually going to affect commerce and money that moves globally. Most of the time when I'm having a conversation with somebody and it doesn't matter their age on this one, I'll ask if they use a payment app and inevitably they use PayPal, Venmo, Cash App, Wise if they're international. There's a bunch of these applications on your phone where you can do a peer-to-peer payment with somebody else. Zelle is another one. The way that that money moves through that account will show them how this is going to change things. So, I'll ask them, you know, do do you use these? They inevitably say yes. And I'll say, okay. And and when you get payment from somebody else in that application, you have two options. And they'll say yes. I say, okay. So, and those two options are, you know, instant that cost you some money to move it to your bank account. I'll pre-fund it or if you want to wait two or three days, it settles for free. And they'll say, "Yeah." I say, "Okay, well, what if it could be instant for free? Would you do it like that?" And what if you could send money from PayPal to Cash App or PayPal to Venmo or Zelle to Cash App? Wouldn't that be nice? And they'll be like, "Yeah, well, both those things sound great." That's what this does. It allows those siloed ecosystems to talk to one another. It's a protocol that allows for interoperability between payment processors and it's an asset that settles real-time for fractions of a penny when moving value. That's all Hyperledger and the XRPL and some of these other digital assets, the infrastructure and what they provide. You need KYC and you need a bunch of the other regulatory components in order to be able to do that. And you can get into the nuance of ISO200022 and the messaging and all those things. Most people don't care about that. In reality, it's really just how's this going to change my life and what's it going to do for me to improve things.
Another corollary that I like to make for people is email. Especially for people that are 45 or older, they probably remember sending letters when they were young to their friends or family. Uh people, you know, had fax machines uh back in the 80s, but before that, you know, most most messages were sent via postal. And at that time it cost you some money to buy stamps and it took two to five days for it to settle or get there, right? And then you had the advent of the internet and you had email. And even when the email first started, you could only communicate with people in your siloed ecosystem just like it is today. You can only send money to people for PayPal and only send money for people to pay Venmo if you're on Venmo. Used to if you had AOL or you had Yahoo or you had whatever it was, you could only email somebody that had the same type of email. But as the internet protocol came tang to fruition and was implemented, you were able to communicate across emails. So the corollary or or what I make is how many letters did you use to send for a week? I mean, if you're really getting it, you're probably sending like 15 to 25 letters a week. How many emails do you get day-to-day? A lot, right? Like sometimes hundreds of emails per day. I get hundreds of emails per day. So the volume of payments is actually going to pick up substantially when this stuff gets implemented because the friction, just like it took two to five days for things to settle for international payments, it can take up to five days right now for a wire internationally to settle and it costs a lot of money, which would have been you know your cost for the stamp to move things. Email moves things instantly for free. And I'll ask them, okay, well, what if you had to move a dollar, you know, every time you send an email? Well, probably people wouldn't send as many emails. For one, you wouldn't get as much spam. But aside from that, you'd have to have something that moved that value between those intermediaries that operated within that protocol. That's what these assets are. The asset allows for liquidity in between individuals that want to exchange value. So instead of packets of data via the email protocol, you're sending money or value between counterparties instantly for free or almost free pennies. And that's what this stuff does at its core level. It's just an accounting mechanism that allows people to instantly transact between counterparties and account for all of that real-time. And when it gets implemented, like I mentioned before, the volume of payments and the friction that exists today, they're going to go away. And people will get paid up to the hour, up to the day when they're working. Paychecks won't work the same way. Uh micro-payments will be streamed. There'll be all kinds of things that happen and things will just be less friction to be able to transact with somebody else. It'll make things easier and faster to do business. The velocity of money will pick up. GDP will pick up. There'll be a lot of things that change because of the implementation of this technology. Again, when you're having these conversations with people and you're excited because you figured something out, hopefully you'll be able to use these two examples in those conversations to be able to translate what this actually does and why it's valuable to those other people. If you did find this valuable, please like, subscribe, and we'll see you guys on the next one.