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Cryptocurrency company Ripple says SEC lawsuit is imminent

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Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#21

Post by ehmmmmmmmm »

bacheaul wrote: post #18

What I've never understood about XRP and Ripple is that originally XRP was meant to only be used for paying for transactions and the ledger was meant to track IOUs between people denominated in some other "real" currency. They had videos floating around explaining the concept. In fact, they were handing out XRP for free to bootstrap the network of users [0] (that post says 1000 XRP, originally it was 30,000 XRP when…

XRP went down, interestingly enough.

I would have hoped for the community to collude and vote/bid its price up to give the SEC a big "ha" and also cover the costs of lawsuits.

After all crypto is one place where markets can be manipulated and the proceeds put to good use.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#22

Post by russdpale »

bacheaul wrote: post #18

What I've never understood about XRP and Ripple is that originally XRP was meant to only be used for paying for transactions and the ledger was meant to track IOUs between people denominated in some other "real" currency. They had videos floating around explaining the concept. In fact, they were handing out XRP for free to bootstrap the network of users [0] (that post says 1000 XRP, originally it was 30,000 XRP when…

it was doomed from the start, it was never a real crypto currency.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#24

Post by nmlnn »

dleslie wrote: post #20
jaredtn wrote: post #7

If your coin can be sued by the SEC, then it's probably not decentralized.

If it thought there were grounds to do so, the SEC could take on the major BTC exchanges. Losing a means to convert to/from fiat currencies would drive away the vast majority of BTC traders, and possibly cause something of a bank run upon the announcement of SEC action against them. I mean, let's be real here, the vast majority of BTC transactions aren't for goods or services.

SEC deals with securities, bitcoin is not a security according to them. Ripple(XRP) is.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#25

Post by Zamicol »

jaredtn wrote: post #7

If your coin can be sued by the SEC, then it's probably not decentralized.

They are blatantly claiming centralization is a feature in their defense.

https://twitter.com/VitalikButerin/status/134121951954555699...

You can't have it both ways. If you're centralized, you must be regulated as such.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#26

Post by 3np »

ehmmmmmmmm wrote: post #21
bacheaul wrote: post #18

What I've never understood about XRP and Ripple is that originally XRP was meant to only be used for paying for transactions and the ledger was meant to track IOUs between people denominated in some other "real" currency. They had videos floating around explaining the concept. In fact, they were handing out XRP for free to bootstrap the network of users [0] (that post says 1000 XRP, originally it was 30,000 XRP when…

XRP went down, interestingly enough. I would have hoped for the community to collude and vote/bid its price up to give the SEC a big "ha" and also cover the costs of lawsuits. After all crypto is one place where markets can be manipulated and the proceeds put to good use.

I'm pretty sure this is precisely what has happened, but I'm not as happy about it.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#28

Post by dleslie »

nmlnn wrote: post #24
dleslie wrote: post #20

Earlier quoted context omitted.

If it thought there were grounds to do so, the SEC could take on the major BTC exchanges. Losing a means to convert to/from fiat currencies would drive away the vast majority of BTC traders, and possibly cause something of a bank run upon the announcement of SEC action against them. I mean, let's be real here, the vast majority of BTC transactions aren't for goods or services.

SEC deals with securities, bitcoin is not a security according to them. Ripple(XRP) is.

It's a thought exercise, not a serious suggestion that it might occur, hence "if it thought there were grounds to do so." I'm imagining how a Government with sufficient power might go about crippling the value of BTC.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#29

Post by casualbob_uk »

https://kin.org/ got sued by the SEC for the same reason. They 'got away' with a 5m fine but were not branded a security (does that automatically declare them a currency?). They're now free to carry on development with the SEC behind them. The difference is they just moved to Solana as a token, so they're decentralized, whereas what I take from XRP is that it's not. I don't fancy XRPs chances seeing what the Kin boys and girls went through, but if they 'win', whatever that may look like, they'll be up and away.
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