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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

#131

Post by zionic »

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!!

Reddit bag holders are dumping their XRP into BTC/ETH/Tether atm. Interesting to see what the #3 in market cap bleeding into #1 and #2 do.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#132

Post by gnarbarian »

There is immense value in disrupting and supplanting the global monetary hegemony. Credit card Payment processing amounts to a 3% tax on a majority of transactions. These companies also are increasingly imposing moral judgements on who should be allowed to transact. With little recourse available to the affected. (The blacklisting of Patreon alternative New project 2, and pornhub) are examples of this. Liberating payments online to the same level we have with exchanging cash is definitely desirable.

In general, crypto technology is valuable for it's ability to replace capricious monopolies with distributed implementations built on federated protocols run like a constitutional democracy.

We can of course expect established monopolies and governments to retaliate in every way possible in an attempt to maintain power.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#133

Post by BitwiseFool »

RamshackleJ wrote: post #121
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.

the SEC shutting down centralized exchanges would be a short term shock to the value of BTC but long-term would be a disaster for regulators. Decentralized P2P exchanges exist(bisq/hodlhodl), and shutting down centralized exchanges would force people to use those as the on/off ramps. The best way for regulators to fight bitcoin imo is to slowly assimilate it into the legacy finance infrastructure to the point that it…

I still maintain that if the government truly wanted to regulate cryptocurrency they would go after average citizens and add onerous reporting requirements. Even with decentralized exchanges, the government can still find a way to clamp down on citizens using cryptocurrency. Sure, it would be impossible to prevent someone from using a decentralized exchange, but would you personally risk being prosecuted for doing so?

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#134

Post by rojeee »

kderbyma wrote: post #106
rojeee wrote: post #97

Earlier quoted context omitted.

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.

That’s good to hear! How do you envision it working?

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#135

Post by mthoms »

zionic wrote: post #129
RamshackleJ wrote: post #121

Earlier quoted context omitted.

the SEC shutting down centralized exchanges would be a short term shock to the value of BTC but long-term would be a disaster for regulators. Decentralized P2P exchanges exist(bisq/hodlhodl), and shutting down centralized exchanges would force people to use those as the on/off ramps. The best way for regulators to fight bitcoin imo is to slowly assimilate it into the legacy finance infrastructure to the point that it…

You can walk into any major bank in the US with tens of thousands in USD cash, deposit it via deposit ticket with no ID, and have anonymous bitcoin/ether/monero in your account within minutes.

Is this actually true? I find it very hard to believe you can do anything at a bank with tens of thousands of dollars in cash without presenting ID.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#136

Post by nullc »

jberm123 wrote: post #79
nullc wrote: post #72

Earlier quoted context omitted.

> 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?

Yes. I've received numerous emails thanking me for my public criticism and saying directly that they didn't. It's extremely easy for people to fall down the rabit hole of only reading content authored by people pumping it.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#137

Post by x86_64Ubuntu »

mthoms wrote: post #135
zionic wrote: post #129

Earlier quoted context omitted.

You can walk into any major bank in the US with tens of thousands in USD cash, deposit it via deposit ticket with no ID, and have anonymous bitcoin/ether/monero in your account within minutes.

Is this actually true? I find it very hard to believe you can do anything at a bank with tens of thousands of dollars in cash without presenting ID.

The scenario isn't a problem I've ever had, but it doesn't make any sense. Unless you say, I want to deposit this money into account 12345.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#138

Post by Proven »

rojeee wrote: post #134
kderbyma wrote: post #106

Earlier quoted context omitted.

I am too thinking about Self-Sovereign banking.

That’s good to hear! How do you envision it working?

Buy gold and silver and issue tokens fully backed by metal.

The only problem is it'd be illegal because you aren't supposed to compete with government-backed fake money.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#140

Post by toomim »

jl2718 wrote: post #89
garmaine wrote: post #46

Earlier quoted context omitted.

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.

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, that recollection is awesome! I'd love to hear the rest!
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