Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Cryptocurrency company Ripple says SEC lawsuit is imminent

axios.com

Post reply on HN
Print view View original

111–120 of 189 posts

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#111

Post by drcode »

rglullis wrote: post #92
rojeee wrote: post #71

Earlier quoted context omitted.

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

Raiden is doing that for the ethereum network, if you count the fact that each node can be a mediator for multi-hop transfers. https://raiden.network

Raiden has fallen short on delivering a workable system and has had funding issues... most people people in the ethereum space are now banking on rollups filling these use cases (a competing approach for low-cost transactions)

Though certainly I'd be pleasantly surprised if Raiden still pulls through on their plans at some point.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#112

Post by hanniabu »

throw1234651234 wrote: post #91
zapdrive wrote: post #83

Earlier quoted context omitted.

Bitcoin core's lightning should be the next on the chopping block of SEC.

Why? People pay tax on every sale in the US, lightning or not.

The nodes violate money transmittal laws

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#113

Post by rebuilder »

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.

I remember thinking it sounded awful. Automated repackaging and reselling of user-valued loans? The original idea was like the subprime mortgage racket, only with less opportunity for the participants to understand the risks.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#114

Post by gruez »

chollida1 wrote: post #101
gruez wrote: post #100

Earlier quoted context omitted.

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:)

But in the case of ETHE, it's the ETF dropping, not the cryptocurrency (ETH) itself. The same logic would apply to the reverse situation. If tether (USD stablecoin) crashes, you wouldn't say the USD was crashing.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#115

Post by ForHackernews »

martinko wrote: post #103
ForHackernews wrote: post #87

Earlier quoted context omitted.

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).

It's worth highlighting that there are distributed databases that meet all those criteria except "incorruptibility in terms of maximum supply". You're right to point out that there are a few very specific use cases that a distributed blockchain with multiple independently-owned verification nodes will satisfy and other more performant databases will not. Whether that makes them "valuable" like gold is left as an exercise for the reader.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#116

Post by bitxbitxbitcoin »

Espressosaurus wrote: post #93
zapdrive wrote: post #82

Earlier quoted context omitted.

Of course, because it's a CENTRALIZED service. I can make a centralized transaction settlement service with a completion time in milliseconds. But it will not have the security and freedom of a decentralized service.

The security of having an audit trail with no way of reversing the transaction and the freedom to get ripped off by a shady exchange?

The freedom to get ripped off by a shady exchange is the same as the freedom to not have your money stolen by the government. Worth it, in my opinion.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#118

Post by UShouldBWorking »

drcode wrote: post #111
rglullis wrote: post #92

Earlier quoted context omitted.

Raiden is doing that for the ethereum network, if you count the fact that each node can be a mediator for multi-hop transfers. https://raiden.network

Raiden has fallen short on delivering a workable system and has had funding issues... most people people in the ethereum space are now banking on rollups filling these use cases (a competing approach for low-cost transactions) Though certainly I'd be pleasantly surprised if Raiden still pulls through on their plans at some point.

So happy to see actual discussion of cryptocurrency concepts and not just visceral hate for all things crypto on hacker news. New line it looks like you guys have really turned a corner I'm proud of you hacker news.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#119

Post by bt3 »

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.

I could be wrong, but I always understood the primary purpose of XRP as a mechanism to increase liquidity. Since Ripple is all about cross-border payments, you're potentially dealing with hundreds of currencies. So if you were a bank that needed to do global business, you'd be required to hold a subset of each traded currency in nostro/ vostro accounts. XRP was then meant to be the "standardized" currency that member-banks in the Ripple ecosystem could transaction with.

Since you as a bank would only need your own fiat currency + XRP, you could materially cut down on additional costs from holding all the other accounts. When it comes time to convert currencies, because Ripple (XRP) transactions settle in seconds, the period you're exposed to market volatility is virtually zero, so you can move in and out of a position in XRP in exchange for whatever other currency you need almost immediately.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#120

Post by UShouldBWorking »

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.

Amazing such obtuse comments like this even show up on HN still. The BTC GitHub repo was hijacked years ago by corporate interests and Blockstream. They artificially limit the number of transactions to try and push people onto their "second layer" products. BCH (for example) forked just in time and follows the original Bitcoin White Paper. Ethereum aims to be a global decentralized computer, XMR is building an anonymous version of BCH. Wake up dude, it's almost 2021 and even central banks has realized the benefit off crypto currency. Users like this are either trolling for Blockstream or legitimately have no place commenting about crypto.
Post reply on HN