Color me surprised that it was XRP before USDT. When Tether stops creaking and finally falls, it is going to make a HUGE mess.
For the record, Coinbase has never had support for Tether.
Coinbase to Suspend Trading in XRP
71–80 of 209 posts
Re: Coinbase to Suspend Trading in XRP
#72Earlier quoted context omitted.
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.
Legit Bitcoin creates tax revenue so there is that too.
Re: Coinbase to Suspend Trading in XRP
#73This 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...
Without you giving a discount equal to their marginal tax rate, they would likely be both complicit in tax fraud and paying more after taxes.
Re: Coinbase to Suspend Trading in XRP
#74The 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.
> The real test will be how much further XRP drops (or doesn't) from here
Do we know who holds most XRP?
Naïvely, I would guess retail investors and the company. I am not convinced either will be convinced to abandon ship by anything short of a court order.
Re: Coinbase to Suspend Trading in XRP
#75Earlier 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?
I wouldn't. Only fools are continuing to throw a few shekels into the ever-expanding black hole of government debt and deficit spending rather than putting it towards the health and happiness of their own family.
Perhaps my great grandfather had some sense of unity with his government, and its spending directly benefited his life so he felt an obligation to contribute. But it's now being ransacked by strangers or even used against me, so to hell with it.
Look at this recent stimulus bill farce. Congress were given 2 hrs to read an enormous 5000 page document, yet they still voted in favour. Nobody could have read that. Turns out every foreign influence with any kind of "in" had got their puppets to insert a clause to loot the American coffers some more. Ungodly amounts to Sudan, Israel, transgender programs in Pakistan, etc. And, almost as an afterthought, a paltry $600 for working class folk.
Re: Coinbase to Suspend Trading in XRP
#76Earlier 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…
"out of paper"
Sure but it would have to be special paper, hard to duplicate with security measures, probably special ink, weird watermarks, a whole bunch of things. Should probably name it something other than IOU to distinguish it from normal IOUs. I've always liked Johny Cash's music, maybe we could derive a name from him.
Re: Coinbase to Suspend Trading in XRP
#77Earlier 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...
Without you giving a discount equal to their marginal tax rate, they would likely be both complicit in tax fraud and paying more after taxes.
Without tax I could provide my service at a lower rate and still make more, which I would then invest in the most efficient way I could, unlike government.
“Tax fraud” makes it sound like one breaks a contract - but I never agreed with the state who threatens me to include them in any transaction I make.
Re: Coinbase to Suspend Trading in XRP
#78This 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 im…
What exactly makes XRP worth anything, though? Isn't it theoretically pegged to the USD?
Re: Coinbase to Suspend Trading in XRP
#79Earlier 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...
lol, how do you propose to power your mining rig and connect to the internet without a government?
Assuming free people could not create internet and electricity infrastructure is like an East German assuming free markets could not provide a Trabant alternative
Re: Coinbase to Suspend Trading in XRP
#80They 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…
The above shouldn't be downvoted. It's an interesting statement What do you think of the Lightning Network? Lightning Network channels specify a blockchain hash, so Bitcoin is supported but other cryptocurrencies could be used (if the HTLC scripts, etc., were ported) The Lightning Network web of payment channels looks good to me. You can see how it can form an efficient "overlay" on any cryptocurrency that provides s…
I find LN's UX really painful. Ethereum's layer 2 solutions are far ahead in terms of user experience. The other day I had to settle an election bet, and either I settle it in stablecoin on high tx fees of ETH/BTC or try explaining one of the layer-2 solutions.
And no, I can't pay them in USDT on bch because that requires them to get a new wallet.
Raiden network which is Ethereum's LN like solution, faces the same problem. Whatever bitcoin folks envision, they will never get LN bitcoins to have the same network effect as bitcoin itself.