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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

#161

Post by a1369209993 »

loceng wrote: post #125
bitxbitxbitcoin wrote: post #116

Earlier quoted context omitted.

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.

Except you can, through effort and organization (none of this "trustless" mantra non-sense/propaganda), get in place a competent democratically elected government with integrity via accountability and oversight - perhaps even running for elected positions yourself if you're passionate and strong enough. Or you can ignore the nuances and complexes, say fuck it, and support a system that disables power that good organi…

> you can, through effort and organization (none of this "trustless" mantra non-sense/propaganda), get in place a competent democratically elected government with integrity via accountability and oversight

No, you can't; that's rather the problem.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#162

Post by fastball »

ric2b wrote: post #146
ForHackernews wrote: post #115

Earlier quoted context omitted.

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 exer…

Distributed is not the same as decentralized. A decentralized system is a distributed system that still works _when nodes are owned by multiple different (even competing/malicious) parties_.

Exactly. In other words, a "trustless" system.

See the Byzantine Generals Problem[1].

[1] https://en.wikipedia.org/wiki/Byzantine_fault

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#164

Post by gnarbarian »

x87678r wrote: post #149
gnarbarian wrote: post #132

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 pay…

> Credit card Payment processing amounts to a 3% tax on a majority of transactions Only in America. Most other countries have this under control. > 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. No, in general crypto technology is valuable because it can avoid laws created by…

>No, in general crypto technology is valuable because it can avoid laws created by constitutional democracies. Its a back door for money launderers and illegal payments.

It's also valuable for that, but I argue it has greater value in legal transactions that currently must operate through said gatekeepers who impose extralegal restrictions.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#165

Post by garmaine »

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…

That’s precisely what RipplePay was. This was all sorted out a decade ago. The idea works, and is still relevant today.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#166

Post by qes »

gruez wrote: post #114
chollida1 wrote: post #101

Earlier quoted context omitted.

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.

ETHE is backed by ETH. If ETHE gets sold, ETH gets sold - ~0.01 ETH per ETHE.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#167

Post by jberm123 »

nullc wrote: post #136
jberm123 wrote: post #79

Earlier quoted context omitted.

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.

This sounds like bs to me. I've been in the space for years too, I've encountered many pro-XRP folk. Every single one either didn't know anything about it and bought because they wanted to get rich quick, or was aware the network is controlled by a consortium of banks.

Could you share the text of an email someone sent you that shows what they weren't aware of?

Edit:

>It's extremely easy for people to fall down the rabit hole of only reading content authored by people pumping it.

I also don't even deny this. But it doesn't excuse the irresponsible decision to buy something without understanding the most critical aspects of what it is and how it works. We should expect people to be responsible when investing, and to be able to do proper research for themselves, and to let them lose their money when they fail to do so. We don't need to waste tax dollars babying and protecting irresponsible investors.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#168

Post by zapdrive »

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?

One man's inability to reverse a transaction is another man's security.

Re: Cryptocurrency company Ripple says SEC lawsuit is imminent

#169

Post by MadSudaca »

x87678r wrote: post #149
gnarbarian wrote: post #132

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 pay…

> Credit card Payment processing amounts to a 3% tax on a majority of transactions Only in America. Most other countries have this under control. > 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. No, in general crypto technology is valuable because it can avoid laws created by…

Most other countries? Where do you get that information from?

Also maybe it’ll be made illegal in some countries, but if others work as fertile grounds for crypto, they will leak into all others eventually. Specially if their advantages are too good to pass.

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