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  1. I'll take these on: "There is no code or automated process that handles forks if consensus is not reached, and the network does have to split. If there is a fork, the losing side has to discard transactions or history possibly resulting in a double spend. There is no inbuilt mechanism or financial incentive to correct the network in case of a fork." It's not clear what the mean by a "fork" here. If they mean a temporary disagreement without full validation on one side, that happens all the time and fixes itself. If they mean fully validated ledgers on both sides, that's impossible unless the software is badly misconfigured. So long as you have minimal overlap of UNLs, you can't have two different 80% majorities. If he means some kind of permanent loss of servers or connectivity, then it's true, one or both sides won't see fully-validated ledgers. Either someone cares about this issue or nobody cares. If nobody cares, why are they even running the software? If people care, then they'll have an incentive to adjust the UNLs to fix it. "No incentive for node operators to perform public validations. Performing public validations can lead to lawsuits for negligence or potentially aiding financial crimes. Safest option is to outsource that legal liability onto ripple labs: which centralizes the network." Bitcoin has the same problem with running full servers. But sure, if people prefer a centralized network because it works better for them, then that's fine. I have no problem with, say, one company doing 100% of all bitcoin mining even. So long as that works well, so be it. If they start abusing their power to do things like double spends, then we do something about it. If the majority want centralization, they're going to get it. The minority who want decentralization can build their own decentralized system. If the argument is that Ripple works better if it's centralized, then it should be centralized. There's a fairly high cost to decentralization. We have Visa, but it's hard to build a decentralized Visa. One way to get the best of both worlds is to have a system that's capable of running both ways. If one (or a small number of people) run it very well as a centralized system, then that's awesome. So long as the system is capable of running in a decentralized form, it will be very hard for those centralized operators to abuse their position. This is why bitcoin has worked so well even though mining is centralized. Bitcoin is capable of running as decentralized as needed to deal with abusive centralization, so it can safely get the benefits of advantageous centralization. "Global consensus means that nodes must hold unrelated third party transaction data, which is too risky: e.g storing Iranian payments during sanctions." This was a huge objection initially and ILP will solve it. But I honestly think that people will gradually stop caring. Bitcoin forces you to hold child pornography if someone puts that in the block chain. At first, this really was a huge concern but most people just don't seem particularly worried about it. "No VM layer like Ethereum, everything has to be written into rippled. Changes to ripple frequently require changes to the core consensus code. Many amendments are hard forks of ripple: eg with Flow if some nodes decide not to implement it, they are no longer part of the network." Agreed. Ethereum is aimed at a different set of problems than Ripple is and neither one is as good at solving the problem the other solves as each is at solving the problem it's aimed at. "No secure way to download the software: "ripple labs team are not very competent ". An attacker can steal the secret keys for the ripple validators and compromise the whole network. Also if the ripple website is compromised the UNL list can be replaced in the software." We do have a secure way to download the software, commits are signed. People are free to review changes. You can get your UNL list however you want. You can trust whatever validators you want, even insisting that Ripple validators agree with non-Ripple validators if you want. This really is a variant of the same argument -- people have chosen not to make the Ripple network as fully decentralized as the technology is capable of being. But that's largely been because the costs have outweighed the benefits. If you think the benefits outweigh the costs, make a coherent case. It's also very important to understand that fundamentally validators order transactions to solve the double spend problem. Almost everything else is done by deterministic rules. A validator cannot tell you that an improperly signed transaction is valid. A validator cannot tell you that funds appeared out of nowhere. A validator cannot tell you that a transaction that was previous confirmed now isn't. There simply is no way to say these things within the Ripple protocol. (Why would there be?) "Ripple is aware of all these shortcomings and has shifted mostly now to Interledger." That's sort of true. We've shifted to ILP for use cases where this kind of decentralization isn't important. We've shifted to the Ripple consensus ledger more as way to ground XRP and XRP as a way to bridge ILP payments with a vehicle currency. ILP can support scalability and privacy better than a public ledger system can with present technology. But only a public ledger can produce a cryptocurrency with what we think are the right properties to be a viable world vehicle currency.
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  2. Since the leaderboard was added, I noticed I'm only 14th on the list! This will just not do. I'd like to point out that people seem to like me because I am polite and rarely late. I like to eat ice cream and I really enjoy a nice pair of slacks. For every like this post gets, I will pet my dog and tell him he is a good boy. p.s Like this post.
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  4. I have to be honest here. I'm a little disappointed. You guys missed one of the most important pieces of the report! Maybe it's on me for not making it clear enough, but there's only one mention on the thread about something pretty significant. Anyway, I appreciate the feedback and will take it into account for the next one.
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  5. I'm not going to address all the points exhaustively, one by one, but let me respond to a couple of them really quickly. This is a flat out lie. Our version-setting commits (in other ways, the tip of each repo) are all signed by rippled developers. Anyone downloading the code can verify that what they downloaded has not been tampered. See: https://github.com/ripple/rippled/commits/0.50.0 Additionally, our release announcements (served over https) link to RPM packages that are signed by Ripple and cannot be tampered (and yes, the built process verifies that the code it builds from is signed by an approved developer key) and the md5sum of the rpms and the commit id at the tip of master is included in the announcement text as well. See: https://ripple.com/dev-blog/rippled-0-50-0/ This is just plain silly. The caliber of people at Ripple is top notch, and the code we produce is a testament to that. Huh? What does the ripple website have to do with anything? Surely if they're that frequent, it should be no trouble at all to point to such changes in core consensus code. I'm not sure how to take this "criticism"... of course if an amendment is proposed and the network, collectively, accepts it, then nodes that veto it or don't support it can't continue to process transactions and become amendment blocked. What else could possibly be done? "I CAN HAZ MOAR NONSENSE"
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  6. SECOM, the biggest security company in Japan, and SBI Ripple Asia started running a Ripple validator together. http://www.sbigroup.co.jp/news/pr/pdf/2017/0201_a.pdf
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  7. What has happened to you guys in the past few weeks? What has changed? RCL isn't even yet fully ILP enabled to my knowledge! The good news keep on flowing in, everyone seems to be preparing for day X. Nothing has changed, and still people's mood keeps on regularly changing from euphoria to depression on a weekly basis. Look at the bigger picture and don't get stuck in analysing daily RCL metrics. Please! Instead of constant impatience and complaining we should be there to support and encourage the hard working folks at Ripple. How can it possibly serve as a motivation when you work hard (and successfully so far!) and all you get from the community is THIS! They made it happen that banks not only publicly team up with Ripple, they even managed to convince people of the various advantages of digital assets. Current discussions in the banking sector have shifted from blockchain only to digital assets(!!!). Think about it... I would consider myself to be a reasonably big (XRP) investor, and I've joined ~3years ago. And my impression is that we are constantly moving in the right direction. That's the only thing that counts. Let's remain supportive, and keep a positive attitude.
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  8. https://ripple.com/dev-blog/rippled-0-50-0/ And we're planning on voting for TickSize and SusPay so that both get enabled on Feb 21.
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  9. We all knew that Siam Commercial Bank was a partner of Ripple Inc. I didn't know they were also an investor. Saw this post on LinkedIn today and thought it was interesting.
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  10. https://ripple.com/insights/bitgo-builds-enterprise-wallet-xrp/ BitGo announced that it will provide multi-signature security, advanced treasury management and additional enterprise functionality for XRP, which will be integrated into the BitGo platform this year.
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  11. Brad Garlinghouse was interviewed on Bloomberg yesterday. [ Jump to 14:10 ] https://www.bloomberg.com/news/videos/2017-02-15/full-show-bloomberg-technology-02-14 He was interviewed at Goldman Sachs Technology & Internet conference. My feeling is it was a very good interview, educational, he has explained differences between traditional cryptos like BTC and Ripple. At banker's conference he mentioned how technology giants like Alibaba etc move towards providing services formerly provided by banks. He has even mentioned XRP a couple times. And there also was a ref to "peanut butter manifesto". Good job!
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  12. I've only looked at the pictures. Watching the video would be an hour and a half of my life that I'd never get back. But I do have to say, in all fairness, the diagram in the picture does look quite a bit like the call dependency graph of the first working version of rippled. Actually, it kind of looks like the git branching too (see image). Fortunately, I learned to laugh at myself at an early age. I learned by observation -- everybody else was doing it.
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  13. An IPO means additional accounting and compliance requirements. Unless we had a really good plan that we couldn't execute because we didn't have sufficient funds and raising those funds with private equity wasn't feasible, I don't really see any reason.
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  14. I don't understand you guys who are expressing your disappointment on this fantastic news... It's the first bank that is using RCL directly. Just the last week we could be only dreaming about this kind of news! Of course they are probably sending IOUs back and forth, because doing anything else right now would be useless and an overkill. They don't need anything else right now, just some kind of vehicle that makes their accounting on both sides easier. Because these UAE guys are smart enough, they have chosen RCL and as a nice extra they have got a technology with fantastic features and now they can use it, experiment on it and explore all the possibilities that they've got. Have you really expected they will pour some $50M into XRP, build their own liquidity pool and would simulate for themselves a liquidity provider? Common! In the next few weeks/months there will be more banks connected to RCL, probably the same way. We know about SBI's large project in Japan, we know about SEB, there is the Axis bank in India, probably more banks in Asia are almost ready to go live with something similar. And again, most probably they will star with trust lines set up just between their own branches for simple IOU handling. Disappointed again? But after a few more months all these guys will be ready to extend their trust lines between each other and finally build a fully functional RCL network with pools of XRP liquidity, which would finally makes sense. And imagine that fireworks! Rome was not built in a day. Even God himself needed 6 full days to create this theater. Let's not be ungrateful, please... Everything is going pretty well. Ripple - good job! Keep going please.
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  15. I don't know the details of this, been busy integrating a newer version of secp256k1 and getting Beast ready for a Boost review. I read the Reuters article. It mentions "blockchain" but not any Ripple techs (ILP, RCL, XRP, etc...). Every asshole has "blockchain" (just look at the 100+ shit coins on coinmarketcap). I'd like to see more promotion of our unique techs.
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  16. Sorry, i overreacted a bit. But again, i think all post in this thread were articulated in normal language and seemed to express a honest opinion. Let me explain why i think that the whole notion around "great feedback, if they even need that from us", "What do you expect to come from this forum with regard to Ripple's development?", "You buy some XRP and feel entitled to bash and get rich quick" is wrong. If Ripple really wants to make the RCL a success they IMO desperately need new and more retail investors like us. We currently keep the engine running and the power of network effects public blockchains currently create is huge. Ethereum is a great example. In only one and a half year the it went from zero to undoubtedly the platform with the biggest momentum having thousands of developers all around the world working on it. ConsenSys, which is basically a Ethereum consulting firm & startup accelerator has more than 160 employees and a mind boggling amount of projects in the pipeline, including quite some enterprise cooperations which are mainly building second layer applications but also developing for the core infrastructure. A local meetup in my area has more than 600 members. I think Ripple has noticed that their top down approach is not working out well for the RCL. FI's seem to be very hesitant in terms of adoption, they don't even want to run a validator to show some goodwill. Ripple pivoted away from the "one ledger to rule them all" approach and started working on interledger but that kind of left the RCL behind. After 2 years of silence the Bitstamp/MM incentive/quarterly-reports were the first concrete signs of renewed effort to push RCL adoption forward. Sadly the Ripple marketing team seems to be a bit disconnected from reality in terms of public perception of XRP & the RCL. It can't be explained in any other way that Ripple was posting several blog post about Bitstamp, tweeting several times about it (even "it is happening" was used) only to end up having around USD 15k trading volume with currently zero fees. That in combination with with a one page quarterly market report understandably led to quite some frustration and it's important to express that here so we can learn from it. The thing is this could have been avoided if Ripples marketing team would pop in here from time to time. We are essentially a free of charge think-tank spending time arguing about Ripple, the RCL and XRP since years. This community has/had a lot of valuable members from top executives at Santander to crypto millionaires, successful entrepreneurs and retail investors like u and me. Why did Ripple not contact @tulo before the Bitstamp listing? He is responsible for USD 200k volume on the RCL on good days. And this thread from Vinnie could have been a good entry point to figure out what a quarterly report should include. You are right that Ripple does not owe us anything but it would be stupid not to include this community into the communications process if the goal is to create public momentum for XRP & the RCL. I think we (retail investors) might still be the biggest group of XRP investors out there. In this context: big shout-out to the Ripple devs (@JoelKatz, @nikb, @mDuo13). Without u guys answering all our stupid questions since years and keeping us up to date i would long be gone! You guys are awesome!!
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  17. Of course, you can just as easily bridge or autobridge with bitcoins or even dollars. So XRP will have to compete on a reasonably level playing field. XRP will have a few possible advantages. First, it's being nearly exclusively pitched and promoted for this purpose. Ripple will try to make specifically this kind of thing happen. Second, it's reasonably neutral jurisdictionally, that is, it isn't directly controlled by any particular government. Everyone who uses it just has to follow the rules that apply to the jurisdictions they operate in. Third, it will be almost free of counterparty risk and backed by a public ledger that will have premiere ILP interoperability, payment channels, and so on.
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  19. Here are my thoughts on the MoneyGram + Ant Financial buy out. It is no hidden secret that MoneyGram was performing poorly (financially speaking). Their stock price dipped, and almost went under $1 so that the shares had to be grouped together in order to avoid getting delisted from NASDAQ (look up MoneyGram Reverse Stock Split). Every 8 shares of MG were converted to 1. This happened in November 2011. Despite that, the trend has been a downward trend. AliPay has applied for Money Transmitter Licenses in the US, AliPay which is owned by Ant Financial. MoneyGram already has licenses in US and various other countries. This is a HUGE advantage for Ant Financial (aka AliPay). Someone mentioned that MG is the central FX provider, it is not. MG obtains its liquidity and FX from various partner banks and open-market treasury providers. Peter Ohser’s viewpoint is the Bitcoin as the last-mile rails is that he believe (and rightly so), that last mile bitcoin adoption is just not going to happen. I have visited many many money transfer locations around the world, interviewed many people and I just don’t see bitcoin being adopted by those walk-in customers (too many reasons to list here). Peter's a good friend and I had the opportunity to interview him for our podcast (http://www.aroundthecoin.com/). You can listen to the interview here: With regards to bitcoin on the back-end rails of MG, again, not going to happen, since MG prefunds many many countries. Will MG use Ripple or other DLT for quicker settlement? No doubt about it! It will happen. Whether it is Ripple or someone else, all depends which corridors MGI deems needs quicker settlement process and by which it can increase efficiency of its Dollars floating around. I think MG will first see which of its partners are going to adopt DLT and see how that works. If it presents a good business case (and I have every reason to believe it will), then MG will slowly induct it into their financial network, whether that is Ripple or someone else. As much as other would hate to agree, I don’t see a role of XRP in this.
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  20. CEO Brad Garlinghouse talks about recent tech giant moves into payments, and what it means for banks https://www.bloomberg.com/news/videos/2017-01-27/will-tech-titans-enter-payment-industry
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  21. You've got it, I think. Alice has, say, Ether and wants to pay Bob, who wants Bitcoins. Now, imagine you have an exchange that has an Ether/XRP order book and a Bitcoin/XRP order book. The exchange could auto-bridge the Ether->Bitcoin payment through both of those order books. One of the main things I think ILP will make possible is the use of exchanges, essentially order books, to facilitate payments. Here's another crazy XRP payment bridge case: Imagine Alice has USD at a bank that's ILP enabled and Bob has a Euro-denominated bank account at a bank that's also ILP enabled. Alice wants to make a payment to Bob. Say there are two exchange, both ILP enabled, one that does USD/XRP and the other does EUR/XRP. The bank-to-bank payment could take place facilitated by an exchange of XRP between the two exchanges such that one exchange's customer trades XRP for USD and the other trades EUR for XRP. The XRP exchange could take place on or off the ledger. Amazingly, so long as the two exchanges are regulated, there doesn't seem to be significant regulatory obstacles to the banks doing this. Today, the banks often don't know their forex intermediary counterparties, just the endpoints and that they're using regulated FIs to facilitate the payment. ILP eliminates the technical obstacles to making this happen. Then there are the regulatory/business obstacles, and then finally the practical ones (making it cheap and reliable). It's a long road, but it could be amazing.
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  22. More than just a CA leftist, earlier in Chris' career he spearheaded and collaborated with the California legislature to produce consumer rights legislation to bring transparency to credit rating process and the right for consumers to have access to the information which formed the basis for such ratings. This was part and parcel to the E-loan strategy to de-mystify and improve access to loans through transparency (first to freely release FICO scores) and launched the peer-to-peer lending movement. The newly formed consumer right fintech coalition which was just announced fits hand in hand with this viewpoint, that consumers have a right to the information which has been gathered by financial, retail and information mongers which is being sold to businesses to judge their creditworthiness, financial capability and is used to target them as consumers for financial products of all manner. Trump represents (in ideology, rhetoric and action) an isolationist, protectionist, anti-globalist force - strategeically antithetical to the mantra of silicon valley tech companies seeking to break down old barriers, not erect new ones. However, what you describe as a shot at Trump I took more as a unfavorable allegory on the bitcoinistas making false, braggadacious claims of the impending doom of the banking sector despite the cold, hard facts that bitcoin is not even remotely capable of replacing, supplanting, or truly disrupting in any of the many ways predicted by its near religious proselytizers. ITS THE END OF BANKS!!! Why? BECUZ BITCOINZ!!! Its just another middle-man though ... BITCOINZ!!! HODL!!!
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  23. .... and they seem to be using Ripple - this I think is big ;-) https://www.cryptocoinsnews.com/abu-dhabis-largest-bank-just-launched-blockchain-cross-border-payments/
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  24. I don't envy the guy that actually presses "send" on a transaction for 5 billion. How many times do you think he/she checks the destination address?
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  25. To clarify, ~XRP-II isn't strictly related to Jed. "XRP II, Inc" is Ripple's wholly-owned subsidiary that exists solely for legal XRP sales. I'm not a lawyer, so I don't know the details, but I know this makes it easier to be in compliance with U.S. law. As for this trade, I've got nothing I can say on the matter (I'm personally about as in the dark as the rest of you. I do know that Brad G. was recently in Japan and did some interviews with Japanese media, so maybe you'll hear more about SBI soon. That could easily be a coincidence with this transaction/transfer/whatever-it-is though.)
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  26. I don't understand why anyone thinks this shouldn't be discussed. RCL is a public ledger. I am glad that there is interest and energy going into studying the network's accounts, and the transactions taking place on it.
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  27. In my opinion this reflects the tone of some people at this site, sometimes it's even a bit embarrassing. I don't want to be rude to you but I do like to vent a bit in general: This is NOT another hype/alt/sh*tcoin. If anyone wants quick results (up or down) then join an initial coin offering (ICO) of some coin for example. Ripple is doing great with recently very big advances in the industry but also in their actions. The price and progress are also very well. Just look at overall xrp/usd chart, there is an overal upwart trend in XRP low price and in overall volume. Besides that it is quite stable. Feel free to have your own opinion but I don't agree. Before you can build a proper market you need to build a good foundation. And currently they have done very big things, and just recently started focusing on XRP. It's not good to hype something when the basic stuff isn't in place. As you hopefully know the aim of XRP is to be a bridge currency. Well, how about actually getting some financial institutions to integrate your technology first? To set new standards and do all legal complience things first? That's way more important than hyping the masses. "With proven governance and the fastest transaction confirmation of its kind, XRP is the most efficient settlement option for financial institutions and liquidity providers seeking global reach, accessibility and fast settlement finality for interbank flows." - Ripple XRP portal Just some more reasons why they are doing well in my opinion: - The coin is in the top 3 of cryptocoins, is stable, has no hacks or weird things going on and has numerous advantages above others (very quick 5 seconds secure settlement / no energy waste / legal complience etc) - They recently hired Miguel Vias, who came from CME Group (the biggest derivatives marketplace in the world) and was head of precious metals there / bank of America - They are actively setting worldwide standards in the fintech (Global Payments Steering Group / Interledger Protocol / W3C Web Payment standard) - 15 of top 50 worldwide banks work with Ripple, and many more other banks including *many* from Asia if I remember correct - Ripple has offices all around the world (Luxembourg / San Francisco, New York, London and Sydney) and has 150+ employees - Ripple recently said XRP is part of their core business so no worries about that - And they are VERY active in all ways you can imagine There are so many more reasons but I actually did not want to respond to this in the first place. Someone feel free to give this guy some more reasons. I want to go sleep, have been awake for too long. I wonder, how much did you read about Ripple as a company? Have you fully read all news? What were your expectations? Did you just thought it is another coin, let's put some money in it and expect a quick price change? Maybe at that time it looked like 'another coin', but things have changed and Ripple has grown to a big company with a clear view. And it will take some more years before many projects using a blockchain go live. Banks are currently developing them, that + testing it takes time. There are interesting years ahead. Some comments here at xrpchat in general are simply rude and demanding lately. I actually sometimes wonder if some questions / comments here are simply trolls trying to influence XRP ... I hope it's just my groggy sleepy mind / just genuine people who do not have realistic expectations, who are frustrated about the current stable XRP price even though stable price + selling more XRP to the market is a very good thing imo (to reach good liquidity asap and for banks to trust it for example). And Ripple has been advancing greatly in my opinion. But indeed, they don't hype things first, they build things and change the industry first.
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  28. I think there are two good use cases for RCL: 1) Grounding XRP as a premiere ILP-enabled crypto-currency. 2) A decentralized exchange for cases where the benefits of operating on a public ledger exceed the disadvantages. ILP eliminates a lot of the disadvantages to operation on a private ledger, making use case 2 likely to decrease. The benefit to being on RCL was that you could interoperate with other assets on RCL in atomic transactions. You can do that with ILP without being on RCL. The disadvantage to being on RCL is that you get the semantics of RCL and cannot tweak them to your use case. The more minor benefits are that transactions are always public and RCL will operate even if the issuer can't operate -- you can transfer assets without the issuer of that asset having to participate. I don't see any significant advantages to removing the exchange functionality with only one small exception. Yes, many of the exchange transactions are computationally more expensive than just XRP transfers, but that can be addressed by changing their transaction fees appropriately. There aren't significant benefits to removing the code. The one exception is the way order books are implemented. Due to the need to efficiently find the "next" order book in the ledger, order books are indexed based partially on the exchange rate. This is the one exception to the ordinary rule that ledger node indexes are random looking and it's the only reason the ledger structure needs a "next entry in index order" function. This puts some constraints on the ledger data structure and removing those constraints would make it possible to simplify the design. That said, we already spent a lot of effort minimizing the performance impact and when we measured the difference without it, it was only very slight because we'd already added lots of specific optimizations to minimize the penalty.
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  29. http://www.coindesk.com/forex-bitcoin-japan-blockchain-startups-months-away/ Will they be able to turn up the volume...
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  31. ...Which other crypto currency or "Crypto firm" has it's tentacles so deep in Fintech environment(s) locally and globally and gets invited to participate in FED discussions / solutions (or other Central Banks all over the world) as Ripple is... ...Exactly! None! Ripple has a face by having dedicated ppl like Chris, Brad, Joel, Stefan, Evan and so many others!! One way or the other I believe Ripple and XRP will succeed!!
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  32. Nik, Warren and Derek are going above and beyond the call of duty and fixes are rolling out as we speak. Update: s1 and s2 should now be fully operational.
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  33. The good old "Love it or leave it" argument, which was said many times on this forum by many people in many different ways. This attitude will turn this forum into an eco-chamber of Ripple fanboys, the Ripple version of Bitcoin fanatics. and will result ultimately in a loss of all credibility on this forum. If this ever happens, you will get your wish and "I will get off the ride". Dissenting viewpoints (aka "negative energy") can be a good thing and a healthy sign of a vibrant debate.
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  34. That's the challenge for us. We will have to compete in a fairly level playing field. We could wind up building an awesome payments infrastructure and XRP could still lose out to other assets. One big advantage we have -- we control a lot of XRP and we're heavily focused on promoting it in this specific way. Nobody has this kind of focused interest on promoting bitcoin in this way. We have several strategies, some we've disclosed and some we haven't, but I think it's fair to say it's a bit of a long shot.
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  35. https://drive.google.com/file/d/0BxRgEJM6X5t-SGc1ZTZKTTNtM28/view
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  36. I would also add that RCL now supports a validator manifest system. We don't use it yet for our own validators, but the transition is planned and we will be using the system in the near future. The scheme is currently fully supported by RCL and others can use it now if they wish to. The validator manifest system works as follows: Validators are known by a public key, typically an Ed25519 master public key. These keys are only used to sign and verify manifests. A manifest contains a sequence number and a public key. Newer manifests replace earlier manifests. The manifest authorized the private key corresponding to the public key in the manifest to send validations that are recognized as authorized by the master key. This system has four significant advantages over just having the validator's signing key be well known: 1) Under the previous scheme, if you have any suspicion that the validator's key has been compromised, you have to get everyone to start using the new key. With the manifest scheme, any time you rotate personnel, have any possible suspicion your key might have been compromised, or just want to rotate keys on a schedule, you can easily do so. 2) Say you lose contact with your validator. Under the previous scheme, if you bring up a new validator and the old one comes back online, you could broadcast conflicting validations. With the manifest scheme, you bring up the new validator with a new key and a new manifest. The sending of the new manifest will deauthorize the old machine so even if it comes back online, it will be ignored. 3) If a master key is ever compromised, a manifest with the highest possible sequence number and an illegal public key can be sent. This serves to revoke the master key. 4) The master key can be held in multiple private keys with an M-of-N scheme. So there's no single point to compromise and no single entity needs to be internally trusted with the authority to generate manifests.
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  37. Jack Ma’s Ant Financial Buys MoneyGram for $880 Million https://www.bloomberg.com/news/articles/2017-01-26/jack-ma-s-ant-financial-close-to-buying-moneygram-wsj-says Connecting the dots... thanks @papa MoneyGram Teams Up With Earthport To Use Ripple Tech for Remittances to Romania http://coinjournal.net/moneygram-earthport-ripple-tech-remittance-romania/
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  38. An ETF would be wonderful, but XRP's markets have to grow in order for something like that to be viable. We'll get there but it's unlikely to be this year.
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  39. https://ripple.com/insights/baft-europe-bank-bank-highlights/ "Aranda spoke alongside Julio Faura, head of innovation, R&D at Santander, Wim Raymaekers, global head, banking market at SWIFT and Jonathan Vaux, executive director at Visa Europe on a panel discussing the relationship between banks and fintechs......Aranda said, “Ripple is providing the new system that banks need badly to execute both low and high value payments globally, whereas SWIFT is bolting an additional feature on an outdated infrastructure. We’ve moved well beyond the proof of concept stage, at this point we have 30 banks with active integrations using Ripple’s solution.”
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  40. I recently complained about a bitcoinista article misusing the word "decentralized". Vitalik coincidentally obliges: https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.w7crs4y1j Sent from my iPhone using Tapatalk
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  41. I was doing my evening stalking of RippleCharts and suddenly saw a yuuge payment volume reported. Thanks to a tool developed by @xtrapower, the culprits were identified. The address that got 4.5B XRP is a new one. But the other one (500M XRP) was activated by ~RL-92MN quite some time ago and has an assortment of transactions to and from ~XRP-II - which is Ripple's legally approved address for selling XRP after Jed's debacle. The address contains transactions to/from different wallets named ~RL-*something. One might think most of them belong to Ripple. See for youselves, https://bithomp.com/explorer/rBg2FuZT91C52Nny68houguJ4vt5x1o91m
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  42. Way too much negative energy around these parts lately. If you do not enjoy the ride, then get off the ride. Simple. The team at Ripple are doing far more than many realize. We are talking about fundamentally changing how the world works. Fucking secure your tokens and let the team work.
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  43. To understand the confusion, you have to understand what types of Nostro Accounts exist. First let’s talk about the Central Bank and the Nostro Accounts they hold. Say the Bank of Bangladesh (the CB for BD), has US$ 1 Billion in Foreign Exchange Reserves, this money is not actually in Bangladesh. Since the US Dollar is controlled by the United States, i.e. the Federal Reserve, the Bank of Bangladesh maintains a Nostro Account with one of the designated Correspondent Banks, example JP Morgan Chase. So the entire foreign-exchange reserves of Bangladesh are actually sitting within a Nostro Account with JPMC. JP Morgan Chase then has this corresponding ledger entry with the Federal Reserve of NY in their register. Keep that thought there, will come back to it in a bit. Now us first talk about regular Nostro Account. In the example below will start with the US Dollars again. A commercial bank in UAE, say NBAD (National Bank of Abu Dhabi) (not the central bank) that has correspondent banking relations in the US, would have its Nostro account with a bank in NY, say BNY Mellon. This means that the US Dollar that NBAD holds is with BNY Mellon and in turn with the Fed NY. Now imagine another bank, Habib Bank from Pakistan, which has its correspondent bank in NY as Citi is where its US Dollars are parked and in turn with the Fed NY. Now when a client of NBAD has to pay US$ 10,000 to a client of Habib Bank, the ledgers of NBAD / BNY Mellon / Fed NY have to be adjusted. Then another adjustment is done for Fed NY / Citi / HBL - for the transfer to be successful. (This is all assuming same currency). This is a slow process. Add to this mix, the Foreign Exchange Component, if the Buyer in UAE had to pay US$ 10,000 equivalent in AED, and the Seller in Pakistan had to receive money in PKR, you have to find liquidity providers on both end (the PKR side is easy), but on AED side you would now have to either source it from someone who has US Dollars and will trade it for the AED and then carry out a transaction. If you have a liquidity provider, they would need to have a Nostro Account in UAE to accept payments in AED and then would probably have a Nostro account in US to deliver the USD to NBAD. This is where Ripple’s XRP and the Ripple network can shine. The XRP is the traded currency of choice and can be paired up with any currency for conversion. The need to go to specific Nostro accounts and find a path from Buyer to Seller is diminished when liquidity providers who are in the same network can also benefit. There is no saying that the liquidity providers have to independent organizations, they can be bank. Banks can hold on to XRP and not block their actual currencies. Rather than maintaining Nostro accounts in multiple banks and your trading partners are doing the same, you can hold on to your wealth in XRP and then use the XRP/USD or XRP/AED or XRP/PKR price tables and trade. Granted this sound utopian, but it can be done. My personal problem with this is, I don’t see banks willing to commit to XRP. DLT based clearing is fine, but holding on to XRP puts another spin on the equation - of which personally I am not 100$ clear about. It may be due to my limited understanding of it all. On the Central Bank example, this becomes a problem, because if the XRP is subjected to price fluctuations, no central bank / government is going to accept XRP as reserves in order to eliminate the Nostro accounts. I cannot see the Nostro account disappearing in this case. I can see the Ripple network where a consortium of banks are doing essentially real-time inter bank clearing, hence the need to park money in a Nostro account disappears, however, I am not convinced the same can be said about Central Bank and their Nostro Accounts. From a government point of view, I don’t think currency issuers will settle for XRP as a trade-able commodity. Respective governments like direct ledger positions that they each hold with each other’s banks.
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  44. Call me old-fashioned, but I think we should keep this precious forum spare of any politics.
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  45. Another Ripple employee is added to a key council position. Karen Gifford is on the World Economic Forum's Global Futures Council on Blockchain. See the bottom of this article: https://qz.com/903401/globalization-failed-too-many-people-heres-the-technology-that-could-help-it-work-for-everyone/ Here's the tweet from Ripple: Competition is picking up but Ripple seems to have an unmatched number of well-placed employees/advocates.
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  46. Doing analysis of accounts on a public ledger isn't doxing. Public ledger data is not "personally identifiable information". Seems ok to me.
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  48. And what's funny. Even this bunch of good news, we have got recently, can't affect the price of XRP. It is VERY stable, lol. As if it was made of titanium, granite and emotions of Grumpy cat. We: "Zerpy, please, hit the dollar". Zerp: "No"
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  49. The text below is a translation of the SBI document, and not the original IP protected material. --
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  50. There's been a lot of work lately both on bugfixing and making installation simpler. It's still not reliable enough to handle real money except experimentally among friends, but it won't be long now.
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