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

Coinbase to Suspend Trading in XRP

reuters.com

Post reply on HN
Print view View original

61–70 of 209 posts

Re: Coinbase to Suspend Trading in XRP

#61

Post by root_axis »

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...

lol, how do you propose to power your mining rig and connect to the internet without a government?

Re: Coinbase to Suspend Trading in XRP

#62

Post by aazaa »

The most surprising thing is how little this announcement has moved the USD exchange rate (~$0.25). That rate is about where it was last month.

https://www.tradingview.com/symbols/XRPUSD/?exchange=BITFINE...

Yes, there was a big run-up, but that was largely drafting off the increase in the bitcoin exchange rate. The real test will be how much further XRP drops (or doesn't) from here.

Re: Coinbase to Suspend Trading in XRP

#63

Post by CyberDildonics »

nullc wrote: post #44
chemmail wrote: post #39

Earlier quoted context omitted.

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 just an outright lie and malicious defamation from top to f*king bottom. Hateful nonsense by scam promoters like you turns HN into a toxic enviroment.

It isn't defamation if it's true. You can get as upset as you want, but you can't delete what people say here like you can on /r/bitcoin.

Re: Coinbase to Suspend Trading in XRP

#64

Post by etrabroline »

seibelj wrote: post #34
kylebenzle wrote: post #2

They never should have allowed it in the first place. By testing the waters of trading custodial currencies they were really pushing the limits. BTC has been a joke ever since the GitHub repo was hijacked by Blockstream and Adam Back. The only interesting cryptocurrencies are Ethereum, Bitcoin Cash and Monero. The rest are either obvious scams or dead ends at this point. A lot of people were holding out hope for dece…

This is clearly FUD pushed by bitcoin cash supporters. I’m coin-agnostic and don’t get into these fights but bitcoin is 100% doing exactly what it was designed to do.

>bitcoin is 100% doing exactly what it was designed to do

Bitcoin was designed to allow low-fee small amount internet commerce. From the first paragraph of Satoshi's white paper:

>The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions [emphasis added]

This is clearly no longer the case with the BTC fork of Bitcoin:

https://privacypros.io/tools/bitcoin-fee-estimator/

Therefore BTC is not doing what it was designed to do.

Re: Coinbase to Suspend Trading in XRP

#65

Post by ineedasername »

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...

That would only work on a small scale. Large scale, truly massive adoption can't occur until the major financial institutions are on board. If businesses can't legally accept it, put it in a bank, make loan payments with it, all of the normal things you do with money-- or have off ramps to convert to currency to allow that-- then you won't get widespread adoption.

Re: Coinbase to Suspend Trading in XRP

#66

Post by shawnz »

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.

I don't think it is a paradox at all but simply a separation of concerns. I believe government regulation is essential to a healthy economy, but it can still be useful to have methods to store and transact value outside of centralized control in case there is a failure of government.

It's kind of like how the fourth amendment makes it easier to commit crimes, but we accept it as a society anyway because it is more important to provide opportunities for individuals to defend themselves against government overreach. It is part of the checks and balances that ensure a healthy democracy.

Re: Coinbase to Suspend Trading in XRP

#67

Post by splintercell »

gnrl wrote: post #14
kylebenzle wrote: post #2

They never should have allowed it in the first place. By testing the waters of trading custodial currencies they were really pushing the limits. BTC has been a joke ever since the GitHub repo was hijacked by Blockstream and Adam Back. The only interesting cryptocurrencies are Ethereum, Bitcoin Cash and Monero. The rest are either obvious scams or dead ends at this point. A lot of people were holding out hope for dece…

I don't see any additional value of bcash over bitcoin. Eth and Monero I agree though, each of them bring fundamental values additionally to btc.

Bitcoin cash is the only cryptocurrency I have regularly used in the past 3-4 years. Almost all the crypto payment options support bch seamlessly (because they aim to integrate bitcoin which results in no-effort integration of bitcoin cash).

I just can never get myself to pay the tx fees of bitcoin or ether. I recently discover that USDT exists on bch (but BitPay doesn't accept bch usdt) so I keep USDT on BCH and do JIT swaps to BCH and make almost zero fee payments.

Just to be clear, BCH will never dethrone BTC, but BCH is becoming a defacto layer 2 solution for Bitcoin. Now there are tokens and NFT tokens on BCH too.

Re: Coinbase to Suspend Trading in XRP

#68

Post by seibelj »

greggturkington wrote: post #58
seibelj wrote: post #51

Earlier quoted context omitted.

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.

Correct - they explicitly said BTC and ETH are not securities. However ETH's launch was conducted via ICO, where people sent BTC in return for ETH, and the exact same launch style was later declared de-facto illegal security sales with companies being penalized.

The SEC essentially caved to the crypto industry and said (paraphrasing) "Yes, ETH was launched as a security, but it became 'decentralized enough' where it is now a commodity". But gave no guidance on how any other coin could become "decentralized enough" to accomplish the same feat, to the detriment of the US crypto industry which has fallen way behind offshore entities.

Re: Coinbase to Suspend Trading in XRP

#69

Post by newman8r »

aazaa wrote: post #62

The most surprising thing is how little this announcement has moved the USD exchange rate (~$0.25). That rate is about where it was last month. https://www.tradingview.com/symbols/XRPUSD/?exchange=BITFINE... Yes, there was a big run-up, but that was largely drafting off the increase in the bitcoin exchange rate. The real test will be how much further XRP drops (or doesn't) from here.

It might have been mostly priced in already - I was reading some articles about possible delistings last week, and I consider myself a hobbyist, not a serious investor.

Re: Coinbase to Suspend Trading in XRP

#70

Post by CyberDildonics »

nullc wrote: post #57
etrabroline wrote: post #31

Earlier quoted context omitted.

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.

Not it isn't, it's just information you don't want people to see.
Post reply on HN