Crypto Industry experts disclose XRP’s role in solving the economic challenges related to holidays, weekends, and nights, as well as market manipulation.
In a recent tweet, pro-XRP lawyer John Deaton highlighted the application of XRP in solving a prevailing obstacle in the economic realm dubbed the “Friday Night Problem.”
Deaton’s tweet followed a detailed thread from Panos Mekras, the author of Understanding the Crypto Economy. Specifically, Mekras wrote a 16-part X thread pointing out the challenges posed by closing banks and markets on weekends and the potential for market manipulation in such scenarios.
In response, Deaton referenced TapJets, a private jet company that had recognized and harnessed XRP’s capabilities to address the challenges Mekras highlighted. Deaton mentioned that TapJets submitted an amicus brief supporting Ripple in the XRP classification lawsuit.
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The lawyer stated that TapJets explained to the court how XRP is an instrumental digital asset in addressing the Friday Night Problem.
TapJets is the “Uber of the skies.” If you need a last minute ✈️ somewhere, you can use the… https://t.co/oxAWWjpOf5
— John E Deaton (@JohnEDeaton1) September 17, 2023
TapJets Using XRP to Solve Night Problem
Deaton cited an instance to provide a proper context for XRP’s place in solving financial challenges related to weekends and nights.
He explained that someone needing to book a private jet at the last minute through the TapJets app often faced a hurdle since banks close after 5 p.m. on Fridays. Deaton highlighted that to secure a reservation, customers must prepay for various expenses like fuel, pilots, flight attendants, and airport fees.
However, the payment becomes challenging as banks are inaccessible during the period, possibly foiling the private jet booking mission. The lawyer noted that TapJets elaborated in the amicus brief that it integrated XRP as a payment solution.
In particular, TapJets told the court that the XRP integration allowed all parties to receive their payments in split seconds, even during those critical Friday evenings and weekends when traditional banking was unavailable.
Meanwhile, Deaton clarified that Ripple had no connection to TapJets and was completely unaware of the innovative use case for XRP.
XRP Addressing Holiday Challenges
Moreover, the crypto author Panos Mekras stressed that the traditional five-day workweek of financial institutions alongside holiday periods leaves a significant gap that impedes international trade and hurts individuals reliant on remittances.
Also, he argued that the idle periods allow banks to manipulate the financial market to their advantage ahead of the next business day. In his words:
“They can release news or take positions before the markets reopen on Monday, potentially causing fluctuations in prices that can be advantageous to them and disadvantageous to retail investors.”
To address these issues, Mekras underscored the role…