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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

#71

Post by rojeee »

pat2man wrote: post #39
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.

Interesting. Do you have any links to some of the new IOU market maker projects? Cheers

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#72

Post by nullc »

jberm123 wrote: post #57
nullc wrote: post #9

Earlier quoted context omitted.

Ripple isn't really a crytocurrency, it's certainly not a decentralized cryptocurrency. I don't think this is likely to send a signal that the US is "anti-crypto", though I'll have to see the litigation to know for sure. When ripple was created many people in the cryptocurrency space had or were considering doing something similar and many reached the conclusion that what ripple went on to do would be unambiguously u…

>by deceiving unsophisticated members of the public I don't think they've deceived anyone. It takes I can't believe I'm defending Ripple. I think anyone who buys XRP is making a very unwise decision, precisely because the government does ridiculous things like this all the time. I wish the government wouldn't do things like this and Bitcoin had no use case. But alas, governments will continue to suck.

> It takes That may be true today-- years into it, due to a lot of people exposing themselves to enormous amounts of harassment just to get the message out.

It certainly hasn't always been the case.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#73

Post by SOLAR_FIELDS »

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 actually was useful for a brief period as a pretty fast and reliable way to process a transaction. There was a time when a good portion of the major cryptocurrencies had transaction confirmation times on the order of minutes and XRP was one of the few reliable and cheap ways to get a fast transaction (seconds) completed.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#74

Post by harkal »

waynesonfire wrote: post #53
pat2man wrote: post #45

Earlier quoted context omitted.

“Proof of authority” chains are a lot more than just a database. There is still a verifiable audit trail etc.

so a sql database

So files with indexes... so storage devices with a file systems... so... so bits of information...

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#75

Post by artellectual »

asim wrote: post #61

Make no mistake. They're going to make an example of Ripple. This is going to be horrible for them and a warning to anyone trying to run a similar Ponzi scheme. You can't centralise, hype and then cash out on vaporware without there being consequences. XRP held zero value at the time the founder cashed out and they've been trying to make their consulting business work ever since. Dare I say XRP goes to zero. Watch th…

Actually Ripple is not Vaporware. I work for an MTO and we use ripple XCurrent product. XRP enables MTOs to send / receive without having to use USD as an intermediary currency. This reduces costs on money transfer and also enables money transfer even when US banks are on holiday. So I can say there is real value in the network Ripple is building and also XRP itself being used as the tool for cross border remittance.

As far as I can see they're delivering on their promises.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#76

Post by gst »

garmaine wrote: post #46
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…

No, that was the idea of Ripple, invented by Ryan Fugger long before bitcoin even existed, and requires no new coin or token for its operation. OpenCoin, a company founded by Jed McCaleb, bought the trademarks other IP for Ripple and rebranded their bitcoin competitor altcoin as XRP. They never had any interest in the original concept, and quickly threw it away when it was no longer fashionable.

The original Ripple site was available for a while under https://classic.ripplepay.com/. I just noticed that Ryan is now operating it under the new domain https://rumplepay.com/.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#79

Post by jberm123 »

nullc wrote: post #72
jberm123 wrote: post #57

Earlier quoted context omitted.

>by deceiving unsophisticated members of the public I don't think they've deceived anyone. It takes I can't believe I'm defending Ripple. I think anyone who buys XRP is making a very unwise decision, precisely because the government does ridiculous things like this all the time. I wish the government wouldn't do things like this and Bitcoin had no use case. But alas, governments will continue to suck.

> It takes That may be true today-- years into it, due to a lot of people exposing themselves to enormous amounts of harassment just to get the message out. It certainly hasn't always been the case.

You actually think someone who bought XRP at any point in the past unaware of this did reasonable diligence?

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#80

Post by dmurray »

octoberfranklin wrote: post #59
mrleiter wrote: post #23

Earlier quoted context omitted.

Besides looking like a James Bond villain villa, how do you know this is him?

Abject failure to optimize his PDF files. 20 meg PDF = guilty as charged.

It's a 289 page scanned document, it's OK for it to be a few times larger than a React Hello World.
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