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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

#31

Post by efwfwef »

Zamicol wrote: post #11

I don't understand why this hasn't happen sooner as it's been 8 years since their release. Ripple is a centralized, managed network. It's nothing like Bitcoin, Ethereum, or many other decentralized projects. Ripple is not a cryptocurrency. For years I've told loved ones, friends, and anyone with a passing interest in the nascent space to avoid Ripple like the plague.

It's a currency based on cryptography, let's not try to exclude projects based on random definitions. You want to be more specific, like, it is not censorship-resistant.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#33

Post by efwfwef »

hombre_fatal wrote: post #13
vmception wrote: post #2

I saw some articles where they suggested this announcement is strange It is not strange, the SEC sends what are called Wells Notices to companies and reporting companies often announce the receipt of them Ripple is not a reporting company and doesnt have an asset to report on, and coming to an agreement with the SEC on staying that way has hit an impasse, for them to announce this

I did notice Vitalik Buterin's tweet about some "strangeness": > Looks like the Ripple/XRP team is sinking to new levels of strangeness. They're claiming that their shitcoin should not be called a security for public policy reasons , namely because Bitcoin and Ethereum are "Chinese-controlled". [Two relevant screenshots of the document enclosed in tweet] https://twitter.com/VitalikButerin/status/134121951954555699...

Thanks for sharing, not sure why you're getting downvoted as Vitalik always have good insights

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#34

Post by fastball »

efwfwef wrote: post #31
Zamicol wrote: post #11

I don't understand why this hasn't happen sooner as it's been 8 years since their release. Ripple is a centralized, managed network. It's nothing like Bitcoin, Ethereum, or many other decentralized projects. Ripple is not a cryptocurrency. For years I've told loved ones, friends, and anyone with a passing interest in the nascent space to avoid Ripple like the plague.

It's a currency based on cryptography, let's not try to exclude projects based on random definitions. You want to be more specific, like, it is not censorship-resistant.

Ok, but the cryptography is pointless if it's a centralized system.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#35

Post by ramphastidae »

octoberfranklin wrote: post #14
modeless wrote: post #5

I kind of thought the SEC had given Ripple a pass since they waited so long, but it's a pretty clear cut case if you ask me. I don't expect the SEC to lose this one. I'm not sure what the consequences will be.

Maybe they were saving a "slam dunk" for a politically-opportune moment.

What makes now a politically opportune moment?

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#37

Post by solaarphunk »

Lets not forget a few years ago when Ripple was running around trying to pay companies millions of dollars to list XRP. Ripple has always operated under a thin veneer of legitimacy, but it's basically to cover up the massive exit scam that effectively happened.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#38

Post by teh_infallible »

dleslie wrote: post #28
nmlnn wrote: post #24

Earlier quoted context omitted.

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.

A single government can’t do it, which is why bitcoin still exists.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#39

Post by pat2man »

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…

I remember their original pitch sounding like it made a lot of sense. Fast, cheap, verifiable trading layer for IOUs that can then be settled externally. A lot like how many stock exchanges work. Ended up selling any XRP I had two years ago when things went nuts. Now it looks like people are re-building that whole concept elsewhere and Ripple is becoming irrelevant.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#40

Post by petersellers »

fastball wrote: post #34
efwfwef wrote: post #31

Earlier quoted context omitted.

It's a currency based on cryptography, let's not try to exclude projects based on random definitions. You want to be more specific, like, it is not censorship-resistant.

Ok, but the cryptography is pointless if it's a centralized system.

How so?
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