Coinbase to Suspend Trading in XRP • Hacker News Board

Re: Coinbase to Suspend Trading in XRP

#51

Post by seibelj » Tue, Dec 29, 2020, 2:24 AM UTC

ineedasername wrote: post #35

This is the paradox of wanting crypto to be both widespread and free of government influence. It cannot gain "market share" without interacting in some form or fashion with the regulatory structures already in place, putting it under de facto regulation of any jurisdiction of the people who want to use it.

XRP is centralized - it was issued by a centralized corporation, the ledger is permissioned (which is why it’s so fast) so not just anyone can join the network in a meaningful way, and the way it was distributed is highly suspect.

Cryptocurrencies like bitcoin are entirely different. Ripple is not like bitcoin and the regulations of the USA and other countries will affect bitcoin’s value but not determine bitcoin’s continuing existence unlike XRP.

Re: Coinbase to Suspend Trading in XRP

#52

Post by dnpp123 » Tue, Dec 29, 2020, 2:25 AM UTC

pontus wrote: post #30

dnpp123 wrote: post #25

IMHO good move for the ecosystem overall. Beyond that, the formulation is really funny (bad?) though: > Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time Assuming limit only == post only orders (which sounds like it in the sentence), how do you expect the trading to work?

Assuming you could still have limit orders cross the spread maybe?

Yes I guess too haha

Unless they limit the right of market orders to themselves^^

Re: Coinbase to Suspend Trading in XRP

#53

Post by pluc » Tue, Dec 29, 2020, 2:25 AM UTC

programmerslave wrote: post #47

As soon as Bitcoin market cap starts shooting up, the SEC starts banning coins and increasing regulation. It’s a correlation as clear as day. The US government is actively trying to suppress Bitcoin/crypto growth. This is no coincidence

Take your tinfoil hat off, the SEC might time their interventions but a scam is a scam.

Re: Coinbase to Suspend Trading in XRP

#54

Post by unwoundmouse » Tue, Dec 29, 2020, 2:25 AM UTC

onethought wrote: post #50

programmerslave wrote: post #47

As soon as Bitcoin market cap starts shooting up, the SEC starts banning coins and increasing regulation. It’s a correlation as clear as day. The US government is actively trying to suppress Bitcoin/crypto growth. This is no coincidence

But they aren't banning bitcoin though :\ Wouldn't that be the way to suppress it?

They don't have great legal grounds to attack bitcoin imo, only threat to national security or treason or some bs

Re: Coinbase to Suspend Trading in XRP

#55

Post by juancampa » Tue, Dec 29, 2020, 2:26 AM UTC

jeofken wrote: post #49

ineedasername wrote: post #35

This is the paradox of wanting crypto to be both widespread and free of government influence. It cannot gain "market share" without interacting in some form or fashion with the regulatory structures already in place, putting it under de facto regulation of any jurisdiction of the people who want to use it.

The best case would be a parallel economy developing, where you can hide yourself from government. No burglar can cost you as much as government. I sadly have yet to find a client for coding who wants to pay in crypto and not report it to the state...

Would you consider that be unethical?

Re: Coinbase to Suspend Trading in XRP

#56

Post by onethought » Tue, Dec 29, 2020, 2:30 AM UTC

unwoundmouse wrote: post #54

onethought wrote: post #50

Earlier quoted context omitted.

But they aren't banning bitcoin though :\ Wouldn't that be the way to suppress it?

They don't have great legal grounds to attack bitcoin imo, only threat to national security or treason or some bs

Well, rather than attacking alt-coins wouldn't lobbying for laws to allow them to block bitcoin exchanges (or tightly regulate them) as other countries have done be stronger evidence they were trying to undermine crypto?

The GP has drawn a strange correlation in my opinion that doesn't follow logic. But I admit I could be missing the logic.

Re: Coinbase to Suspend Trading in XRP

#57

Post by nullc » Tue, Dec 29, 2020, 2:30 AM UTC

etrabroline wrote: post #31

est31 wrote: post #15

Earlier quoted context omitted.

I don't think there are any major implications. The point of blockchain currencies is to be decentralized so hacking a random github repo shouldn't have major implications. It's not even the only bitcoin node implementation out there at this point.

Before wall street involvement there was a single fork of Bitcoin that was a viable currency with low transaction fees. After Wall Street involvement there are at least 3 forks, the biggest of which had fees spiking at 60 USD per transaction making it nonviable for anything but speculators, and the others having very low adoption. The protocol was decentralized but enough of the community that controlled it was bough…

This is a hateful lie.

Re: Coinbase to Suspend Trading in XRP

#58

Post by greggturkington » Tue, Dec 29, 2020, 2:31 AM UTC

seibelj wrote: post #51

ineedasername wrote: post #35

This is the paradox of wanting crypto to be both widespread and free of government influence. It cannot gain "market share" without interacting in some form or fashion with the regulatory structures already in place, putting it under de facto regulation of any jurisdiction of the people who want to use it.

XRP is centralized - it was issued by a centralized corporation, the ledger is permissioned (which is why it’s so fast) so not just anyone can join the network in a meaningful way, and the way it was distributed is highly suspect. Cryptocurrencies like bitcoin are entirely different. Ripple is not like bitcoin and the regulations of the USA and other countries will affect bitcoin’s value but not determine bitcoin’s c…

This is also why the SEC can sue Ripple but not, say, Vitalik Buterin. They specifically do not consider BTC, ETH and other currencies as securities.

Re: Coinbase to Suspend Trading in XRP

#59

Post by ineedasername » Tue, Dec 29, 2020, 2:31 AM UTC

juancampa wrote: post #55

jeofken wrote: post #49

Earlier quoted context omitted.

The best case would be a parallel economy developing, where you can hide yourself from government. No burglar can cost you as much as government. I sadly have yet to find a client for coding who wants to pay in crypto and not report it to the state...

Would you consider that be unethical?

Probably illegal pretty much anywhere.

Re: Coinbase to Suspend Trading in XRP

#60

Post by CyberDildonics » Tue, Dec 29, 2020, 2:32 AM UTC

chemmail wrote: post #39

briefcomment wrote: post #10

Earlier quoted context omitted.

> “BTC has been a joke ever since the GitHub repo was hijacked by Blockstream and Adam Back” Could you spell out the implications of this?

Blockstream bought out most of the the btc devs who had commit ability. Their end goal is to cripple btc to where it is today. The goal of this is to build an unnecessary product they can charge for on a second level. Think skimming money like charge cards do, but offering no real advantage or service beyond that. So far they have found building a new network neigh impossible. Hence the memes: Lightning only 18 month…

This is all true and anyone who payed attention to more than the heavily censored propaganda soaked /r/bitcoin saw it happen in real time. Years of saying that a throughput of more than a few kilobytes was impossible while one of the devs repeatedly - and this is not a joke - stated the sun revolved around the earth.