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Coinbase to Suspend Trading in XRP

reuters.com

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Re: Coinbase to Suspend Trading in XRP

#81

Post by etrabroline »

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.

Could you expand on why you think that? I very much agree with the substantive arguments made by chemmail, and would like to hear yours.

Re: Coinbase to Suspend Trading in XRP

#82

Post by lhl »

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: A Peer-to-Peer Electronic Cash System - “The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services.” https://bitcoin.org/bitcoin.pdf

Average transaction fees are frequently $5-10 these days, which completely invalidates the original proposed use case for a system that would enable “small casual transactions.” https://bitinfocharts.com/comparison/bitcoin-transactionfees...

Since transactions will only increase in price as demand grows (and the tx limit has been effectively capped for years), I don’t see Bitcoin ever improving in this regard. Bitcoin may be successful as a speculative asset and for other purposes, but as “peer-to-peer electronic cash” it’s a failure.

Re: Coinbase to Suspend Trading in XRP

#83

Post by shawnz »

pmiller2 wrote: post #78
shawnz wrote: post #66

Earlier quoted context omitted.

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?

Yes, XRP is a bad example of what makes cryptocurrencies useful/interesting for many reasons. I'm just speaking to them in general

Re: Coinbase to Suspend Trading in XRP

#84

Post by jamoes »

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.

I'm curious why you chose to use the term "bcash" to refer to BCH. No exchanges or mainstream projects use that term to refer to BCH. As far as I'm aware it's primarily used as a pejorative, so it seems strange that you'd use it here.

As far as BCH's additional value: I'd suggest researching the block size debate. This debate is BCH's entire reason for existing. This article [1] from 2016 by Mike Hearn contains a good primer on the block size debate itself. He ended up quitting development of Bitcoin, but others decided to raise the blocksize limit - with or without the majority, thus creating BCH. Succinctly, BCH is the continuation of big-blocker's vision of the Bitcoin experiment.

[1] https://blog.plan99.net/the-resolution-of-the-bitcoin-experi...

Re: Coinbase to Suspend Trading in XRP

#85

Post by jeofken »

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?

If ethics exists it must be universal - otherwise ethics is just = power.

If ethics is universal, rules apply equally to anyone.

Let’s say theft is not moral, unlike receiving a gift. Both are cases of receiving without payment - the difference being that “giver” giving voluntarily or not. The same goes for how sex is moral, but rape is the furthest from moral, or how work is moral but slavery isn’t.

Tax is money collected under threat of violence - pay, or be punished. It can thus not be moral if morality is universal.

It is also bound to be inefficient - spending “other people’s money” is easy, but when you spend it yourself, you ensure it is invested where it creates the greatest value, unless you’re an addict. This is evident as governments waste money in any way that can to buy rulers the currency they need most - votes or special interest groups goodwill.

Re: Coinbase to Suspend Trading in XRP

#86

Post by lhl »

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

On the contrary, one could argue that the drop in XRP prices (and corresponding outflow of capital) has been one key drivers of the successive ATHs BTC has hit this week.

Longer term, there are many other tokens/protocols that can fulfill XRP’s functions without its obvious weaknesses.

Re: Coinbase to Suspend Trading in XRP

#87

Post by gruez »

newman8r wrote: post #69
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.

Yeah if you check the price history there was a massive drop from ~0.55 USD/XRP to ~0.25 USD/XRP shortly after SEC filed lawsuit against ripple.

Re: Coinbase to Suspend Trading in XRP

#88

Post by aazaa »

JumpCrisscross wrote: post #74
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.

> 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.

Most sources put that at Ripple and/or its two top execs. They obtained these positions by virtue of the Ripple consensus protocol, which conjured the coins into being and granted the network creator (Ripple) sole ownership.

AFAICT, that's the crux of what SEC will be going after.

Re: Coinbase to Suspend Trading in XRP

#89

Post by jeofken »

ineedasername wrote: post #65
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...

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.

This is true for large business. But an independent contractor, a hair dresser, a carpenter, a plumber, or any number of other people can do business without involving the violent and coercive group known as the state

Re: Coinbase to Suspend Trading in XRP

#90

Post by gruez »

CyberDildonics wrote: post #60
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 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.

> Years of saying that a throughput of more than a few kilobytes was impossible

I don't think anyone thought that was impossible from a technical standpoint, just from a decentralization standpoint.

>while one of the devs repeatedly - and this is not a joke - stated the sun revolved around the earth.

source?

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