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Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

nytimes.com

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Re: Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

#91

Post by shepardrtc »

bmking wrote: post #34
skydv wrote: post #13

Earlier quoted context omitted.

but they can't sell any of it without annihilating the market. It's like I sell a diamond to my friend for 1 billion dollars, but she pays me 1$ every year for a billion years. So formally I am a billionaire, but actually I am one diamond short.

It depends. Surely they could not instantly dump all of their "ripple assets" and expect the market to absorb it. But currently the 24-hours trading volume is 6.6 billion USD ( https://www.livecoinwatch.com/price/Ripple-XRP ). A huge part of that may be wash trading due to some zero-fee exchangers. Nevertheless I am speachless how relatively speaking a lot of money is actually being poured into this right now.

> Surely they could not instantly dump all of their "ripple assets"

They can't. They've escrowed that 60 billion away and will release it to institutions at regular intervals. Any XRP that isn't bought will be put back in escrow. The executives that have large amounts of XRP themselves are contractually obligated to not dump it. They can only sell a certain amount per week. I think its like 10,000 or something (but I could be wrong on that).

Re: Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

#92

Post by jbob2000 »

Cthulhu_ wrote: post #77
pmontra wrote: post #45

I just read a critical analysis about Ripple [1] then saw this thread on HN. I quote the conclusion "XRP is 100% premined, Ripple holds 60% of the supply, controls which nodes are selected as “trustworthy” to confirm transactions, while they have paid nothing to create those tokens that people are so willingly buying at $4+ per piece and thereby make the creators insanely rich. Let us call it what it really is, digit…

I should make my own cryptocurrency, generate $60 billion out of thin air.

You don't even need to go that far, just generate a bunch of UUIDs and sell them to people.

Re: Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

#93

Post by ringaroundthetx »

keymone wrote: post #48
ringaroundthetx wrote: post #38

Earlier quoted context omitted.

All ripple accounts require 20 xrp which cannot be moved so this is an impossibility to begin with Xrp holders have some function in the network, I forgot And you could name the price for anyone else that wanted xrp or to use the network Although I would say Ripple’s XRP is not the settlement solution Id be looking for, I wouldnt say owning 99.999% of them makes it worthless Owning all of a commodity doesnt make it w…

if i have 20 ripple but can't spend them - how is that different from having 0 ripple?

Thats not the point, the xrp being cannot be bought by one entity because there are already millions of addresses and this has a helpful effect on the network and was designed for this exact scenario

Read up on it yourself, I think its some form of staking or validating

Im not the evangelist of Ripple just because Im not succumbing to widespread ignorance and flawed analogies

Re: Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

#94

Post by shafyy »

pixie_ wrote: post #78
austincheney wrote: post #72

Earlier quoted context omitted.

> Seems like crypto has a lot unique intrinsic value that surpasses traditional currencies to date. Only if they are used as currency in the marketplace. If cryptocurrencies are only an investment point they are a bubble with little or no practical value. The only value is to other investors. Personally, I find cryptocurrencies volatile and as such would not use them to purchase anything.

I pay my friends for drinks in crypto, they pay me (usually ltc, ether, or doge). It's quick and easy with a wallet on your phone like Jaxx. No venmo, no paypal, no bank account necessary. I use crypto to store and exchange value today. It will only get more popular as it becomes easier. I encourage everyone to try it. Send $100 of crypto to a wallet on your phone and use it to pay people you owe for small stuff. It'…

Yes, but people also use beer as a currency. Probably much more than they use cryptos as a currency. In this context, when talking about currency, we mean at the same scale as fiat currency. Else, the currency discussion is senseless.

Re: Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

#95

Post by keymone »

imtringued wrote: post #84
keymone wrote: post #48

Earlier quoted context omitted.

if i have 20 ripple but can't spend them - how is that different from having 0 ripple?

You gave someone else $40 for free.

right, i gave them to "open my account", now i have 20XRP that i can't spend - how is it different from having 0XRP that i can't spend?

Re: Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

#96

Post by keymone »

ringaroundthetx wrote: post #93
keymone wrote: post #48

Earlier quoted context omitted.

if i have 20 ripple but can't spend them - how is that different from having 0 ripple?

Thats not the point, the xrp being cannot be bought by one entity because there are already millions of addresses and this has a helpful effect on the network and was designed for this exact scenario Read up on it yourself, I think its some form of staking or validating Im not the evangelist of Ripple just because Im not succumbing to widespread ignorance and flawed analogies

last XRP can't be bought because they can't be spent. how is 20XRP that you can't spend different from 0XRP that you can't spend?

Re: Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

#97

Post by ringaroundthetx »

keymone wrote: post #96
ringaroundthetx wrote: post #93

Earlier quoted context omitted.

Thats not the point, the xrp being cannot be bought by one entity because there are already millions of addresses and this has a helpful effect on the network and was designed for this exact scenario Read up on it yourself, I think its some form of staking or validating Im not the evangelist of Ripple just because Im not succumbing to widespread ignorance and flawed analogies

last XRP can't be bought because they can't be spent. how is 20XRP that you can't spend different from 0XRP that you can't spend?

Right its not, what does that have to do with my grandparent post

My point was that the ripple network wouldnt be useless for the entity that bought 99.99% because of the network structure, I’m not sure what your point is

Another user of the network would need to buy xrp from the majority holder, there’s nothing controversial about that. Diamonds function the same way for DeBeers except they have a much lower standard of utility until the owning entity created a new use for them.

Re: Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

#98

Post by panarky »

jbob2000 wrote: post #92
Cthulhu_ wrote: post #77

Earlier quoted context omitted.

I should make my own cryptocurrency, generate $60 billion out of thin air.

You don't even need to go that far, just generate a bunch of UUIDs and sell them to people.

When you can explain why people trade hard-earned cash for cryptocurrency but would never buy your UUIDs, then you'll understand the flaw in your argument.

Hint: It's not because they're stupid or deceived. Go deeper.

Re: Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

#99

Post by keymone »

ringaroundthetx wrote: post #97
keymone wrote: post #96

Earlier quoted context omitted.

last XRP can't be bought because they can't be spent. how is 20XRP that you can't spend different from 0XRP that you can't spend?

Right its not, what does that have to do with my grandparent post My point was that the ripple network wouldnt be useless for the entity that bought 99.99% because of the network structure, I’m not sure what your point is Another user of the network would need to buy xrp from the majority holder, there’s nothing controversial about that. Diamonds function the same way for DeBeers except they have a much lower standar…

> what does that have to do with my grandparent post

your gp was response to my question, so i thought you thought you somehow addressed it

> ripple network wouldnt be useless for the entity that bought 99.99% because of the network structure

what is "network structure"? it can't be the residual 20XRP on everybody's accounts because those are equal to 0XRP as you've just agreed to.

the point that somebody can still buy XRP from the majority holder^W^W the effective sole owner of all usable XRP is sort of irrelevant, because you can make the same point about any other commodity/currency.

Re: Rise of Bitcoin Competitor Ripple Creates Wealth to Rival Zuckerberg

#100

Post by ringaroundthetx »

keymone wrote: post #99
ringaroundthetx wrote: post #97

Earlier quoted context omitted.

Right its not, what does that have to do with my grandparent post My point was that the ripple network wouldnt be useless for the entity that bought 99.99% because of the network structure, I’m not sure what your point is Another user of the network would need to buy xrp from the majority holder, there’s nothing controversial about that. Diamonds function the same way for DeBeers except they have a much lower standar…

> what does that have to do with my grandparent post your gp was response to my question, so i thought you thought you somehow addressed it > ripple network wouldnt be useless for the entity that bought 99.99% because of the network structure what is "network structure"? it can't be the residual 20XRP on everybody's accounts because those are equal to 0XRP as you've just agreed to. the point that somebody can still b…

I think we're agreeing

I dont know the answer to the network structure, I think it is some kind of staking/validating thing, thats the basis of my thesis and I had tangentially read it somewhere before deciding to pass on XRP for other reasons. feel free to tell me if you do some independent research on that assumption

Yes it is the same standard of any commodity and currency, which is why its not irrelevant. Same info, different conclusions, odd.

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