Cryptocurrency company Ripple says SEC lawsuit is imminent • Hacker News Board

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#101

Post by chollida1 » Tue, Dec 22, 2020, 2:33 PM UTC

gruez wrote: post #100

chollida1 wrote: post #95

We may see a pull back in a few crypto currencies soon. ETHE the grayscale Ethereum trust has skyrocketed lately and has about 285 Million shares outstanding. On January4th an additional 1.05 Billion shares come free trading as their 6 month lockup expires. Oh and its currently trading at a 200+% to its net asset value. Its conceivable Ethereum itself could double and ETHE could still drop 50%. Fun times!!

Your first sentence claims that there's going to be "a pull back in a few crypto currencies", but then the rest of your comment seems to be talking about ETHE, which looks like some sort of ETF for holding ethereum?

Well I was assuming that Ripple would fall on the news that the SEC is suing the company who runs it.

That makes two which is, checks definition in dictionary, a few:)

I'm not exactly sure what you want me to respond to:)

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#102

Post by snarf21 » Tue, Dec 22, 2020, 2:39 PM UTC

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…

There are all pyramid schemes. All the alt-coins exist only because BTC got too expensive and they wanted in. A lot of people are going to be left holding the bag.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#103

Post by martinko » Tue, Dec 22, 2020, 2:40 PM UTC

ForHackernews wrote: post #87

martinko wrote: post #42

Earlier quoted context omitted.

Because you might as well just use an SQL database

FWIW, this is how I feel about every crypto-so-called- "currency".

Don't want to get into an argument about crypto currencies, but the value proposition of BTC is different. What is not replaceable by a simple DB is it decentralization and resilience to attack, its resistance to seizure and its incorruptibility in terms of maximum supply (the digital gold / store of value narrative).

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#104

Post by gruez » Tue, Dec 22, 2020, 2:40 PM UTC

starfallg wrote: post #69

nmlnn wrote: post #24

Earlier quoted context omitted.

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

Until they are. Mining equipment for BTC is already effectively monopolized by one vendor and they are likely doing significant mining behind the scenes controlling much of the market.

>and they are likely doing significant mining behind the scenes controlling much of the market.

I don't get it, how does "controlling much of mining" allow them to control the market? It does give a bunch of bitcoin to play around with, but it costs money (electricity, manufacturing costs) for them to mine them, so depending on their margins they'll be less impactful than a whale who loaded up on cheap coins a few years ago.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#105

Post by drchopchop » Tue, Dec 22, 2020, 2:50 PM UTC

snarf21 wrote: post #102

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…

There are all pyramid schemes. All the alt-coins exist only because BTC got too expensive and they wanted in. A lot of people are going to be left holding the bag.

And the vast majority of people "investing" in it have no concept of the underlying tech/utility/scalability/whatever, they only care "token go up!" and essentially treat it as a penny stock.

It'll eventually tank, but not until the insane FOMO ends. For example, the completely useless Dogecoin still has a $600M "market cap", and at one point popped over $2B.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#106

Post by kderbyma » Tue, Dec 22, 2020, 2:52 PM UTC

rojeee wrote: post #97

jl2718 wrote: post #89

Earlier quoted context omitted.

I don’t remember if I had ever talked to Ryan, but I remember talking to people about this in forums and in person at Stanford and Cal in 2007. By 2005, the financial system was showing signs it was headed toward a point of no return because there was no revenue basis to justify the debt leverage, and the only way out was either extreme dollar scarcity, or previously unthinkable monetary base injections. Either way,…

Thanks for that - very interesting. I think it is possible to create a pure credit/IOU monetary system and I’m working on it at the moment. Though reality is that I spend most of the time reading economics journals... The key is to track reputation and enable the minimum necessary amount of transparency. Eg instead of a single currency like BTC or ETH, everyone becomes an issuer and then the problem then becomes how…

I am too thinking about Self-Sovereign banking.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#107

Post by randomopining » Tue, Dec 22, 2020, 2:58 PM UTC

drchopchop wrote: post #105

snarf21 wrote: post #102

Earlier quoted context omitted.

There are all pyramid schemes. All the alt-coins exist only because BTC got too expensive and they wanted in. A lot of people are going to be left holding the bag.

And the vast majority of people "investing" in it have no concept of the underlying tech/utility/scalability/whatever, they only care "token go up!" and essentially treat it as a penny stock. It'll eventually tank, but not until the insane FOMO ends. For example, the completely useless Dogecoin still has a $600M "market cap", and at one point popped over $2B.

Yup, I think the same. I think there’s a lot more “hype runway” left though. It’ll prob hit at least 50k

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#108

Post by hanniabu » Tue, Dec 22, 2020, 2:58 PM UTC

snarf21 wrote: post #102

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…

There are all pyramid schemes. All the alt-coins exist only because BTC got too expensive and they wanted in. A lot of people are going to be left holding the bag.

While I generally agree, there are a few exceptions.

Ethereum exists because Bitcoin isn't capable of running complex scripts.

Monero exists because Bitcoin is too transparent.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#109

Post by dylkil » Tue, Dec 22, 2020, 3:00 PM UTC

snarf21 wrote: post #102

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…

There are all pyramid schemes. All the alt-coins exist only because BTC got too expensive and they wanted in. A lot of people are going to be left holding the bag.

>There are all pyramid schemes

Do you include ethereum here? if so you are woefully misinformed.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#110

Post by bartvk » Tue, Dec 22, 2020, 3:01 PM UTC

snarf21 wrote: post #102

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…

There are all pyramid schemes. All the alt-coins exist only because BTC got too expensive and they wanted in. A lot of people are going to be left holding the bag.

Absolutely all of them? You may want to look for some subtlety. There are coins with a specific purpose, for example Monero, that have a clear purpose which is separate from Bitcoin.