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  1. XRP Chat : Long time reader, and avid follower here. My name is Tim Lewkow, and I manage a team of six integration engineers at Ripple. I was the second member (employee 23 at Ripple from December 2013) to the now 30+ team that we internally call "Customer Success". That team now includes a tremendous group of project managers, architects, technical services engineers, and account managers. It's really been a special part of my life to watch it grow and evolve into an group that facilitates enterprise software delivery and professional services for financial institutions around the world. I also consider myself one of the largest, internal supporters of the XRP side of our business. I work on security, off ledger XRP exhcange integrations, gateways, market maker integrations, and most of the external facing communications that you all read. . ..."Ledger churn" was a recent one I debated @warpaul about By way of this introduction, I'd like to officially make myself a part of your community, and do my best to contribute. -Tim
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  2. A few things. First and foremost, thank you for taking the time to respond and post. There are some great suggestions here, many of which, believe it or not, we are in the process of doing. Still, it means a lot that there is so much interest and support. Thank you. Second, I wanted to provide a little color as to why I asked the question in the first place. Contrary to some, I didn't ask what you guys wanted because we're out of ideas, or because the plane is crashing and we're desperate, quite the contrary. I asked the question to sanity check the current path/strategy, get different perspectives than the ones we have internally, and most importantly make sure you know we are listening. Though most of you are not Ripple employees, you are most definitely on the team, some only because you're long XRP, but many because, just like me, know that what Arthur and David created is a transformational piece of software that has the potential to change history. I can't promise each one of you is going to get what you want, but I can promise that you won't be ignored. Thanks again and I hope all of you are having a great weekend. Sent from my Nexus 6 using Tapatalk
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  3. @will4star Thank you for the lovely metaphor....that was pretty good. Look, there is much truth to your post, but it's also important to note that a relatively small start up can't do everything, even if it wants to. Much of what has been posted in these forums as wishes or complaints is happening. I'm not going to keep asking you guys to be patient, as I know many of you have been hearing that for a long time. What I can say is that no one is more dedicated to making XRP successful than Ripple and we are working to get it right. PS...
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  4. https://letstalkbitcoin.com/blog/post/epicenter-175-miguel-vias-xrps-future-for-crossborder-payments
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  5. The digital asset market has grown from 8 to 24bn in the past year and shows no sign of slowing down. Teams of developers are building platforms for fund managers to build digital asset arrays to make crypto more accessible to private investors. Melonport is building a protocol to allow bankers to build portfolios of digital assets alongside their more traditional offerings. The cat is out the bag. Crypto is coming to the masses. Up to this point most investors have either been geeks or crypto anarchist hypocrites trying to build their own fortune whilst sneering at the banking elite. Recently we've seen a rapid rise in coins offering anonymity. Back in 2013 Ripple had a market cap that was far higher than DASH and Monero which many perceived as being built by hobbyists offering little in the way of innovation. The initial XRP allocations and less than transparent distribution strategy should have been a more obvious concern to many early investors. However, in recent times Ripple's communications regarding distribution have become much clearer. DASH has now surpassed Ripple in terms of market cap and Monero is not that far behind. This should not be regarded as a concern but rather a fresh start. The playing field has been levelled. When the serious money starts flowing in crypto it is not going to be worried about anonymity. Most important will be the security of the network and the quality of the team backing it up. In this regard Ripple has no equal. Some will argue that it is centralised. However is it not more worrying that the supposed decentralised Bitcoin network could be brought crashing to its knees by a rogue force with $200m of mining equipment? There is value in having funds secured by a network of trusted institutions. If Ripple is successful in building a network of banking partners the fact that they are not using XRP will not be a hindrance to it gaining traction as a secure, trusted and valuable digital asset. Association alone will be enough. By measuring twice and cutting once Ripple are positioning XRP as the safest choice for both private and institutional investment. XRP will most likely one day fulfil its role as a bridge between different currencies. It is the manner in which the company goes about its business that will see it rise in value such that it can perform this role effectively.
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  6. Something else about me : When I back up in my chair too quickly at work, I run into this guy and have to pretend that I root for the Jayhawks I told Brad that I opened an account on XRPChat, so he wanted me to tell you all hello
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  7. When you accept investment, you give investors voting rights, board seats, and so on. The board has to be able to make decisions, and the original founders will not always get their way. That's part of what they give up when they raise money through investment. When a founder doesn't get their way and disagrees with the decision of the board, they have to accept that the board makes the ultimate decisions. If a founder is going to react to not getting their way on strategic decisions by forming a competing company and publicly embarrassing the company, you simply can't have effective corporate governance. When you bring on good people, you have to accept that sometimes they'll be right and you'll be wrong. Part of the reason for having other people on the board is that they bring experience and judgment. Chris, Brad, Arthur, and the other amazing people I work with don't always agree with me. But you bring on other smart and experienced people because you're not always right and you won't always make the best possible decisions. And if you can't accept that, there are always sole proprietorships. But you *can't* get other people to invest on the strength of your reputation and knowledge and then get angry, take your toys, and go home when you don't get your way on every decision. Or, at least, if you do, don't try to set the place on fire on your way out to bolster your new project.
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  8. Just to update everyone: after receiving the report, we investigated, identified the issue, made the necessary changes in the code (complete with unit tests testing the fix) and created a hotfix release: rippled 0.50.3. That has been deployed to all validators under Ripple's operational control. This issue should be taken care of. Thank you to those who reached out to make us aware of this. As always, we welcome the responsible disclosure of bugs, and would like to remind you all that we have a bug bounty program setup - read more about it at https://ripple.com/bug-bounty/.
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  9. Hey guys. Can't give too many details, but I agree supply uncertainty is a big issue, and we're working on a few things that are going to help clear things up. Good suggestions in here though. Must admit I love how much much this community is constantly​ thinking of ways to help. It's very refreshing. Thank you! Sent from my Nexus 6 using Tapatalk
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  10. This is what I'd like to see in a hypothetical news announcement: Ripple and Fantabank Start Blockchain Payments Proof-of-Concept Blockchain technology company Ripple and commercial payments bank Fantabank launched a new proof of concept trial for routing some of Fantabank's $250b in annual payment volume over Ripple's RCL blockchain to take advantage of reduced costs. Ripple's McLovin explains: "During the 30 day trial, Fantabank will issue its own currency FNB from account rpvfJ4mR6QQAeogpXEKnuyGBx8mYCSnYZi (view on https://charts.ripple.com/#/graph) which will trade on RCL's internal order books. Market makers (or anyone) provide for the conversion of units of FNB to fiat currencies." For this trial FNB/USD and FNB/EUR pairs are supported. Fantabank routes payments to recipients by forming paths originating in its own issuance and terminating in one of the fiat currencies. To incentivize market makers, FNB can be redeemed at 1% above face value when the trial completes. According to officials, Fantabank expects to route over $150m of their annual payment flow over Ripple's decentralized network, at an estimated savings of 85% compared to traditional rails. Fantabank's compliance department indicates that future implementations may use XRP trading pairs to access deeper liquidity on RCL, pending regulatory approval. Obviously I made all this up - don't get excited.
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  11. How would today have been different, had XRP and the RCL technology been at the center of the SEC news announcement? A ) If all exchanges were gateways and listed off ledger XRP -A- If they were integrated to process a deposit and withdrawal in one ledger close event, the price discovery of all digital assets (including XRP) would have been much more efficient -A- If ledgers started getting full with volume, the transaction fee would spike (less failed transactions because fee logic on RCL is flexible and predictable). -A- Total XRP network volume would be distributed slightly more efficiently, since some volume can offload to the RCL for arbitrage, and such. B ) If all exchanges just listed off ledger XRP -B- If they were integrated to process a deposit and withdrawal in one ledger close event, the price discovery of XRP at each exchange would have been much more efficient. C ) If all exchanges were ILP enabled -C- Price discovery would converge to a lower bound globally, for all assets, including XRP. -C- Depending on local rail speed, transactions could potentially be delivered to users in minutes, or seconds. -C- An ETF wouldn't be needed? D ) If all devices were ILP enabled -D- Anyone connected to the internet could pay anyone else in the world, any amount, during any time of the announcement, in any asset, instantly. -D- The best price would be available for everyone, and all services would be in competition to offer the best rate / fees. -D- An ETF wouldn't be needed? E ) What was the craziest thing you saw today in the BTC exchanges during the announcement? -E- Ripple has the intention to ensure XRP meets compliance standards that would enable it as the world reserve currency. Given that, and their growing relationship with banks, enabling complaint solutions of international foreign exchange, it might have had a better chance passing.
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  12. Thanks to @Sachem for posting this in the chat box. Factom is working on amazing use cases, one of which is transforming how banks handle mortgage documents. But what I found most interesting (and exciting) is this comment from Peter Kirby of Factom Inc. My two favorite Fintech technologies getting together!?...I'm in heaven!
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  13. https://ripple.com/cost-model/ https://ripple.com/insights/ripple-can-help-banks-evaluate-their-cross-border-payment-costs/
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  14. I'd like add a little bit more context to this because the past four years have been marked not only by continually improving performance but also by rock-solid stability. And that doesn't happen by accident either: it takes effort and requires a process. Our process, which Vinnie alludes to, has been honed over time and it has served us very well. There's more to it than careful design, planning and optimization, and I'd like to discuss the tail end of it a bit as well: Beyond the careful design and planning we put in before a single line of code is written, we spend a lot of time writing unit tests. They are written using a custom Ripple-specific C++ framework, which means that can easily exercise the code by submitting transactions just like a client would, and running all the same code that the server would normally execute. These tests, combined with code coverage tools, help build confidence in the code before it is ever deployed on the Ripple network. Of course, unit tests only prove that the code works correctly under the unit tests. So we don't stop there. Before any code is merged, the proposed changes undergo a rigorous and in-depth review process; two sign-offs by Ripple developers are needed and security-sensitive code has an additional sign-off by @JoelKatz, @Vinnieor myself. The process is designed to leverage the combined experience of the world-class Ripple C++ team by effectively shining a bright light on the code to uncover any potential issues. As part of our process, we also routinely leverage static and dynamic analysis tools. Although running those tools hasn't really uncovered any issue with our code, we feel that continuing to use them is important: they provide an additional set of eyes - albeit automated - which could, one day, spot something that we all miss, so we feel that the benefit of using them outweighs the cost and effort required to use them. If all this sounds brutal, it's because it is; some pull requests can end up with hundreds of substantive comments, discussing performance, security, possible optimizations, and more. Instead of hiding this process behind closed doors, we chose to make it completely public because that also allows for easy third-party review of the changes as well. We feel that such reviews are important; our own efforts in reviewing and analyzing third-party code used in rippled have helped identify and fix bugs in RocksDB and Boost. So if you notice something in our code, let us know! We welcome feedback from others, especially from those in the crypto, fintech and C++ communities. If you have something security-sensitive that you'd like to report, please do so by e-mail to bugs@ripple.com (see https://ripple.com/bug-bounty/ for details, including our PGP key id). I'd also like to add that although the number we announced is impressive, we aren't resting on our laurels. We want RCL to be the the benchmark by which everyone else is judged. So we are pushing hard and our work on the performance side continues. in fact, we've already scored a performance improvement by migrating rippled to the highly optimized Beast HTTP and WebSocket library. It's written using modern C++ and has performance and robustness in mind. Although not specifically tied to increasing transaction throughput, it should allow us to process more client requests more efficiently and to produce responses faster.
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  15. As a kind of fun exercise, to give an idea of the potential real-world scope of this, let's compare these figures to another well-known settlement network: Paypal 2016 $354.01 billion in payments 6.129 billion payments $57.75 average payment amount 16.7 million payments/day 700K payments/hour 11.6K payments/minute 194 payments/second Given a 1000tx/second metric, the RCL could theoretically handle 5x what Paypal did in 2016. That would be $1.77 trillion dollars worth of payments per year. RCL did $1 billiion worth of payments last year. So, in Paypal terms, the Ripple network is currently operating at 0.05% capacity. Therefore, of course the price of XRP makes little sense right now. At $1 billion worth of payments per year, the network is effectively asleep, and could be said to be in the equivalent of an extreme alpha-testing phase versus its full potential capacity. (Sources: Paypal Annual Payment Volume, Paypal Net Number of Payments Per Quarter)
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  16. That's the advantage of standards, but the standardization process is necessarily going to be slow. You can't wait for standardization to finish before you implement or the standardization will never happen. If we wanted to build a closed system, we could have just done that. We firmly believe that the best opportunities for us exist when we're competing on a level playing field. Google's goal wasn't to be the best search engine for AOL, it was to be the best search engine for everything, and that requires everything to be accessible in a common protocol. We couldn't produce a working product with a protocol that wasn't specified. And we don't want to try to lock down ILP before others have had their say. We want to both standardize and deploy the best possible protocol we can, and that meant they couldn't be precisely the same protocol right this minute. I can't be sure exactly what's going to happen. But I do expect that the deployed protocol will converge with the standardized protocol as the standardizing process goes forward. The standardized protocol will change organically and the deployed protocol will change in discrete jumps as we sync up. If anyone is seriously interested in interoperating with the deployed ILP, they should definitely contact us. We're not trying to build walled gardens. We're not trying to do this all ourselves.
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  17. I don't think so @Honeysyd ! Its not 100 billion that counts, it the fiat and 'amount' of fiat requirement that is on-board the workflow that counts. This is a subtle point for those outside finance industry, but bear with me while i explain with an example. Lets be very grounded, and just consider immediate market where ripple is already going commercial as of now. and considering those facts, lets assume the following: Assumption 1.) ripple cloud solution using RCL - becomes a widely accepted solution for just cross-border transaction. Assumption 2.) Lets say just Japan, Europe, India, Emirates, UK and US are the adapters. Assumption 3.) Lets assume ripple's RCL backed cloud based solution now accounts for just mere 10 % of the cross border transactions among these countries. Assumption 4.) So, Currencies in play are USD, GBP, DNH, JPY, EUR and INR. first, lets the market share in USD value and lets just take US, UK, Japan and Emirates as major outgoing(aka: Sender) countries. Taking data from year 2015 'actual' readings of general migrant remittances (by ordinary working people sending money to family etc)and using pewresearch (http://www.pewglobal.org/interactives/remittance-map/) as a reliable source. """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" US --> India (outgoing)= 10.9 million $ USD US --> UK (outgoing) = 1.7 million $ USD US --> Japan (outgoing)= 1.5 million $ USD US --> Emirates (outgoing)=0.9 million $ USD US --> Europe (outgoing)=2.2 million $ USD Total US outgoing around ~17.5 Million ( 10 % = 1.75 Million USD) """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" UK --> India (outgoing)= 3.6 million $ USD UK --> US (outgoing) = 0.6 million $ USD UK --> Japan (outgoing)= 0.2 million $ USD UK --> Emirates (outgoing)=0.7 million $ USD UK --> Europe (outgoing)=1.8 million $ USD Total US outgoing around ~6.3 Million ( 10 % = 0.63 Million USD) """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" UAE --> India (outgoing)= 12.5 million $ USD UAE --> UK (outgoing) = 0.035 million $ USD UAE --> Japan (outgoing)= nil UAE --> US (outgoing)=0.032 million $ USD UAE --> Europe (outgoing)=0.4 million $ USD Total US outgoing around ~13 Million ( 10 % = 1.3 Million USD) """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" Japan --> India (outgoing)= 0.15 million $ USD Japan --> UK (outgoing) = 0.022 million $ USD Japan --> US (outgoing)= 0.17 million $ USD Japan --> Emirates (outgoing)= nil Japan --> Europe (outgoing)= 0.1 million $ USD Total US outgoing around ~0.45 Million ( 10 % = 0.045 Million USD) """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" Cumulative Total = 3.725 Million $ USD. World bank while providing these estimates, says this to include around 15 to 53 % of immigrant worker based remittances. I know bad percent, but to be fair, tracking this is hard. So lets take a simple worst case buffer of 47%. so that is 3.725 + (3.725 * 0.47 ) ~= 5.5 Million $ USD. total remittance performed with ripple infrastructure ( as per our realistic assumptions ) is 5.5 Million USD. the fun part of this relatively small number is, this gives very good estimate of a percentage calculate that banks need to maintain regularly in their accounts. Usually around 37% of expected flow in various currency baskets for player currencies. That's the financial industry Goldilocks ( although changes from country to country and regional dynamics, but never the less its safe assumption). So 37% of 5.5 = 1.925 million $ USD. at current value of (0.006 USD per XRP or around 160 XRP per USD) , there will be a need at the bare minimum to hold around 0.307 Billion (307 million) XRP. this is continuous holding. the bare minimum. If this one simple bare bottom minimal use case locks 30% of all available XRP at current valuations.. let that line sycn in ... hmmm So gives us a VERY CLEAR idea of how less 1 billion XRP is at current value, will run out quickly -actually very quickly. if you ask me, it should at the very least be somewhere around 0.37 to 0.4 cents to be viable. for me personally (no advice of any kind) this is like my minimal growth guarantee based on current real world use cases. and thats merely 10% market share of day to day normal migrant worker home transfer based remittance market. a very small portion of the use-case indeed. any realistic needs of the ecosystem will need xrp at the least 7 cents and above. and when the traders see this movement do you think they will not hoard any xrp ? :-) and by the way - this value will not be achieved in some 2020 or 2022 if you ask me. as clearly exhibited with real use case, the japan bank-folk are going live.... by latest 3rd quarter of this year - more stories are developing .... then it has to build up ... So we shoudl see this valuations latest by 2018 end ... based on this and many other calculations, I feel confident that xrp will atleast be 5 cents by 2018 end. most probably 0.8 usd or more.
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  18. Quick question. Outside of banks using XRP, and higher prices, if there was one thing you would want us to do for XRP, what would it be? Can't promise anything, but as someone who is responsible for driving our XRP strategy, I'm curious about what this group thinks.
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  19. I do think I brought a lot of domain-specific knowledge and technical expertise to the board. But I also spent a lot of time familiarizing myself with the details of things like partnership, legal, and lease agreements. Of course, I'm still available to the board at all times, and now I don't have to deal with all the things the board has to do that aren't really within my area of expertise. My commitment to Ripple is unchanged. As for what we've gained, in addition to having Ken on the board, I'll have more time to spend on what I do best. We now have experts on the C++ team not named David or Arthur on just about everything from the peer overlay network, to the consensus and validation code, to the payment engine. This will all mean I can do more to keep our ILP and RCL/XRP strategies aligned from a technical perspective.
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  20. Lucky my man! Those are two of the biggest points I took away. We really are in a bubble y'all, this market is very very small. I thought Miguel's metric for how to measure XRP's success was an excellent answer. For the record, he said look at the percentage Fiat pairing that represents total volume. Yes you want the total amount to increase too, but this actually provides an independent metric to measure XRP's progress in a way that's in line with the use case for XRP. I hope in the future they will add this metric (proportionally) to comparative infographics. Also, the question about what if Ripple just makes more coins shows how much FUD is out there. We have Brad having to remind people that RCL is open, Miguel having to remind people that more coins cannot be created, and myriad other myths. Man of these myths allow cryptoenthusiasts to lazily dismiss XRP as a scam. Personally one of the things that gave me confidence in Ripple bacon in the day were the videos of David explaining the consensus mehanism and allaying fears. I actually think that a video series or live Q&A with people like David, Nik, Tim, and Arthur (if he chooses the participate) where they once again go over the tech and in the process dispell myhs and reintroduce Ripple would go a long way. Cryptoenthusiasts are made to feel comfortable by being able to look under the hood and at least feel like they understand how the network works (even if most of us, me included, don't fully understand it). Ripple has one of, if not the, best C++ teams on the planet. Might be worth having them speak publicly about the tech. Maybe one of those slick marketing videos should be a detailed look under the hood... Lastly, to those that aggressively deride this interview... how myopic. How entitled. What we saw is someone who is new to the company, incredibly knowledgeable about his space, a fast learner when it comes to Ripple, clearly listening to what we've been saying on the forum, aggressively working toward implementing usage of this token, and publicly endorsing a desire to be more transparent. Nothing is ever perfect, but improvement is important. To me this interview was a step in the right direction.
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  21. Ripple is focused on building out payment paths and providing liquidity. XRP is the best digital asset for payments. Ripple has built out the tech and is now turning toward getting XRP integrated into payments. Digital assets will likely not be held directly on the books of banks in the nest 2 years so Ripple is attempting to make it easy for them to make payments through XRP. To help provide market certainty, Ripple is thinking about placing XRP in some kind of a smart contract lockup with a fixed release schedule and providing better disclosure of distribution and XRP strategy. Sounds like the MM incentive is being deployed to help facilitate payments and provide liquidity between crypto exchanges. There was more but that was a few of the highlights for me. One of the best Ripple interviews I have seen in a while!
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  22. There is little significance to timing. We are business as usual inside Ripple. The number of people involved in and dedicated to XRP related projects has slightly increased over the past 12 months, if that counts for anything. @warpaul joined almost a year ago : https://medium.com/@warpaul/why-im-joining-ripple-bba17aa8fc40#.z0q2unfan and of course, @miguel was another great addition to the team. I'm personally super pumped about these hires, and to be working with such strong individuals (not limited to just Miguel and Warren) on the XRP initiatives. I might claim to have heard of, or tried nearly every architectural trust line design, or use case that's been thought of so far on RCL. I might claim that.. but I think doing so would be foolish. My knowledge on RCL does however also include every flag on every transaction type, combinations of flags, enabling different use cases, and understanding every failure with mitigation than can occur on RCL. Also every API we've built... And I run a validator For just over three years now, I've personally worked on, or been part of about every use case that we enabled. This includes exchanges, gateways, banks, market makers, and to some extent, investors. Definitely. All our open source technology still has a tremendous potential, with vast use cases that are yet to be implemented. I'm so very impressed with this community, and personally have gratitude for what you have built, and the potential that you have. I hope you can understand that Ripple, just doesn't have the resources to do everything. Perhaps to your first question though, I just think it's my turn to start pulling some weight around these threads.
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  23. I was the integration engineer on Crypto Facilities' XRP derivatives, and I remember seeing this chart on their website : https://www.cryptofacilities.com/derivatives/analytics Of course, it's not news that BTC price varies for the same reason Ripple is working on cross boarder efficiency. The clean up on these arbs, you would need to : 1 ) Send USD to the "cheap" BTC exchange 2 ) Sell USD, buy "cheap" BTC 3 ) Send BTC to the "expensive" BTC exchange (3 confirms..) 4 ) Sell "expensive" BTC, buy USD 5 ) Take your USD profit, and move to step 1. So you can replace USD with any currency, and since these exchanges are international, those USD transfers (from step 5 to step 1 again) take serveral days, fees, etc. I suspect what happened instead, was people started to replace USD with LTC, or some other altcoin that could move quickly through step 3. However, we still see price differences in BTC today. Since XRP is the fastest settlement coin out there, with no n confims needed, I think we would see the BTC price differences significantly decay, if XRP was integrated "off ledger" at all these crypto currency exchanges. Frankly, I suspect all altcoins would start to price converge. For this use case of XRP, you need XRP, hence demand for XRP. It's somewhat of the same story we've told many times over, where XRP serves as the best "bridge currency" connecting emerging markets. ... So there's my second post. Thought I should also add, that my views are my own
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  24. I feel strongly about this. Ripple states that XRP is the best asset for cross-asset and cross-border value transfer. The crypto space can be a proving ground for this value proposition because we already have a diversity of exotic assets with very few paths between them. Sure, you could create complicated incentive programs for developers to build on top of RCL, but if RCL starts seeing increased volume because it's being used for instant value transfer between crypto exchanges then developers will naturally gravitate to RCL. You could create a wallet but we know that Ripple can't do that right now and what are you supposed to do with the XRP once you have them in your wallet? They don't have a purpose yet. Give XRP purpose but doing one thing and doing it well. So, I'd like for an instant transfer feature on all exchanges that routes value through XRP and back into whatever asset on the other side. Gatehub is starting to instantiate this to looks like (I can pay with one asset and the recipient will receive another). For example, if I have Golem (GNT) tokens on Liqui.io and I want to receive Factom (FCT) on Poloniex. I should be able to withdraw GNT from Liqui, have it routed through XRP, and back into FCT on Poloniex. That's a HUGE value proposition and only XRP and Stellar are really positioned to address this problem adequately given the low consensus time. It also allows users to unlock siloed value if that exchanges wallet goes down (Polo is constantly doing maintenance on various wallets). I already use XRP to transfer value between exchanges some times because it moves so quickly and I can't be plagued to deal with the problems due to the bloated mempool and transaction limit of the bitcoin blockchain. The problem is that not all exchanges take XRP and ultimately I still have to go convert through BTC because most tokens only trade against BTC. Scan reddit and bitcointalk and this is a pain point for EVERYONE. Even the bitcoinistas are complaining about the slow confirmation times and fees. This is a problem that I think XRP can solve and the incentive program could also go toward exchanges that integrate and support this feature (Ripple Pay). They're financial institutions as well right? This would naturally bring volume, would be simpler from a regulatory standpoint, and would test (and likely prove correct) the hypothesis that XRP is an excellent asset for value transfer (I'm assuming banks would like to see that). XRP is already on Bitstamp, Polo, Gatehub, and Kraken. These would be good places to start.
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  25. To anyone not able to grasp how much XRP will need to rise in order to be useful: About 10 years ago I worked in cash management. One particular client I had was a small charity no one has ever heard of. This client sent $30M every few days. I think we can all agree 30M is nothing, especially considering Ripples target audience is Institutional. But as an example, consider this 30M USD in XRP @ $0.01(~50% increase from where we are today), would be 3 Billion XRP or 3% of all XRP. This is not reasonable. Before QE1, 2 or 3, I moved $500M daily myself, not all international but I was just one guy with a relatively small client base. Now take into account that the trillions from the QE's basically all went to the markets, and the GS/JPM/BOA/HSBC level players who move billions daily, will all be competing for the float vehicle. I originally thought $1 was a pipe dream, and $10 was absolutely insane pumping, but IF, IF, IF x100, Ripple pulls this off, these guesses would be conservative.
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  26. This is my shameless promotion of my library NuDB, and begging for Reddit upvotes (please upvote) https://www.reddit.com/r/cpp/comments/60px64/nudb_100_released_a_keyvalue_database_for_ssds/
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  27. Agreed with all the above, plus I would add: - Privacy, as we've seen the market adopt assets that support more privacy features, plus it's one of the top requested things that banks and FI's want to see on RCL - Identity, which is related to the above, but itself comes with a lot of interesting problems to solve - some even say global identity is the hardest problem yet to be solved - Ledger size - RCL is one of, if not the largest, of all of the distributed ledger networks and that is a problem that needs to be solved soon - Performance - 1,000 tps is fantastic for an open, decentralized network, but we can do better and we will These four problems alone, will take several developers many months, more likely years, to solve. I'm confident that my team can solve them because they are some of the best C++ developers in the world. We currently have 10 full-time C++ developers on rippled and expect the team to grow by at least 10% every year, simply to account for technical debt, if nothing else, so I don't see downsizing as a path forward by any means. This team is dedicated to protecting RCL and its users and we will continue to work days, nights and weekends, if duty calls. The job is never done when you're running an open, decentralized network, with potentially tens of billions of dollars of collective value relying on it. Plus, the more the network decentralizes, the more complex the problems get. We welcome the challenges ahead and invite anyone talented and passionate enough to join us.
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  28. Hello Community! Firstly, let me introduce myself ) My name is Anthony from the Netherlands, 31 years old. I have been on this forum and following Ripple for a couple years now but only today I decided to sign up and start contributing to the community, dropping my two cents where I can. Today I would like to share what I believe is the best value that XRP offers me (and you), as an amateur - but highly dedicated crypto trader. This is my secret of the smith.... I see many of you being disappointed with the price of XRP, namely the lack of ''to the moon'' - what everyone keeps expecting of crypto's.... Actually XRP does something much better.... There is no crypto out there as stable and non-volatile as XRP....We have been hovering around the support level of 0.005 for years now, with an occasional spike... This is actually wonderful! It means XRP is the benchmark crypto for fiat money investment, and the flee to crypto on volatile days when you need to protect your portfolio... Look at the last two days: Most people are jumping on BTC, ETH, DASH and XRM like there is no tomorrow.... now we see BTC drop and all the big names drop with it... minus, minus and more minusses... but guess who is stable, EXACTLY! I sold all my ETH, DASH, XRM and etc in t he last couple of days am now happily speculating on smaller and newer tokens which have amazing swings, and sometimes dramatic drops... but its ok, because i dont operate from the volatile BTC... I operate from XRP to jump in and out of trades..... and I advise you to understand this amazing trait Ripple created for us. little extra, Stellar has the same awesome stability (not unsurprising)... So please dont let you Jed - this and that- emotions block your view... Dont philosophise for hours on end how and what and when XRP will go global... Just understand it is all about money and ROI... no emotions, just trading.... making money money money ))))) Good luck and cheers from the windmill cheese and red light paradise xxx
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  29. Thank you, but the entire Ripple C++ team deserves the kudos; not just me. Without the hard work of my colleagues, we could not have made that announcement.
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  30. Hi @miguel Thanks for requesting input from us. As you might agree, what can drive XRP adoption most is seamless, inexpensive, efficient, and fast usage. Since banks are conservative by nature and privacy and regulatory requirements can cause banks to slow down the XRP usage and adoption, maybe XRP should have a consumer facing role. The usage there will be much faster if it can get rid of existing friction points. Specifically, I would suggest the following: Promote and nurture an independent developer community using Ripple eco-system (specifically around RCL) to come up with software tools, cold wallets, mobile apps, reward programs, PayPal like functionalities...etc. This strategy will drive adoption among major online outlets such as Amazon, Walmart, Alibaba,...etc, If and this is a critical If, the value proposition of using XRP is compelling (i.e. XRP is proven to offer unparalleled advantages in speed, cost, and security). This strategy also aligns with Ripple's efforts with FIs adoption.
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  31. News on Ripple in India ... http://www.livemint.com/Money/fz3pwGy9a9b8zUHXOFBIbP/New-technology-for-faster-and-cheaper-remittance.html “Our target is to get one or two banks in the country. And from India, I expect an actual transaction by May,” said Rao.
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  32. This is what Ripple has been needing for 2+ years now, some journalism in cryptocurrency news and blogs!
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  33. Full Content of this post will be updated after: 15-03-2017, 12:00 noon, London Time. Intro: quality on trustline: on RCL, every users has the right to set a "Quality_In" property on his/her outgoing trustline, so that the issuance he received over a line can be valued higher/lower than its face value. e.g. if Alice trust Bob for some USD, and has set the "quality_in" at 50% level, then for Alice to received an amount she valued at USD 1.00, Bob has to sent out USD 2.00 along the trustline. Hot-Cold wallet structure & Transfer_Fee: Most gateways on RCL today are operating in a "vanilla" hot-cold-wallet structure. With this setting, if the issuing address charge a transfer fee, then every out-going payment from its hotwallets are subjected to the charge too, hence each txn has to be set with a SendMax > Amount to compensate for the fee. the correct way of doing this, as described in https://ripple.com/build/gateway-guide/#sending-payments-to-customers, is to set SendMax exactly same as Amount * (1 + transfer rate). The Problem: Some gateways on RCL now, are sending out their IOU from hotwallets with a SendMax higher than what's neccessary. hence, if a destination account had set a quality_in < 100% on its receiving trustline, then it could received an amount slightly higher than what's (the gateway) expected. Although the profit might be very small (less than 1%) for a single transaction, it's easy to repeat the trick many times and stay un-noticed for a long period of time. A Quick Fix: for all the outgoing payment from hotwallet, make sure that the SendMax is always exactly = Amount * (1 + transfer rate). period. For more complete fix, the quality_in of receiving trustline should be taken into calculation when constructing a txn, else payments to those trustlines(quality != 100%) will fail and need to be handled manually. An example of "Attack": Background: the issuing account of GatehubFifth has set a transfer_fee = 0.3%, But each transaction leaving its Hotwallet has its SendMax set 0.5% higher than Amount. A user feels that ETH issued by GatehubFifth should worth less than its face value (for whatever reason), so he has set quality_in = 99.81% on the trustline. As a result, for every 1ETH he deposited from Ethereum to GatehubFifth, he received ~1.002ETH on RCL from GatehubFifth's hotwallet. he could pocket 0.2% profit right away if he withdraw the fund immediately. Some demo-examples from GatehubFifth Hotwallet: txn1: CBFBC79B4000BED937B4F872E4A4C045E59BAB4900F55ADDE736DC1970859F18 txn2: 5AA6E91B7B7CA5B46A0ADE2DE04FD362980A16921AE7E7C1DE063DEA7EBA1CC2 (balance changed on receiving account is ~0.2% higher than Amount) Disclosure: Above txns were performed with prior notice to Gatehub operator. He was aware and agreed that a demo-hack could be done upon his gateway. But to be fair to everybody else, he had not been given any information about the detail of how this trick could be performed. My Personal Comment: (feel free to skip this part) Exploitability: There won't be any financial profit when using the trick on any IOUs that's charging a (deposit + withdrawal) fee higher than the exploitable %, which would be the case for most IOUs issued by most (major) gateways currently operating on RCL. (That's the reason I said with high certainty that the "vulnerability" can only bring very limited harm). Anyway, there's still an incentive for users to apply the trick, to reduce the fees charged on them (also means reducing profit for gateways). The profit/incentive to use this trick will be very much higher on IOUs that's charge zero-ish fee (which is true for many cryptos); If the deposit-withdraw process were fully automated and a cycle can be completed within minutes (e.g. Ripple - Stellar), and if the issuer doesn't have a good mechanism to detect suspecious balance change, its hotwallet will risk being drained to empty. Special case at Ripplefox: Ripplefox had been charging 0% transfer fee on its IOUs, so there's really no need to include a SendMax field when sending payment from hotwallet. Yet, some of its deposit txns (e.g. BTS) were leaving its hotwallet with a 1% slipage. So there should be a 1% exploitable profit for users. However, there's a special "two step transfer" logic in RippleFox's deposit handling process (Ripple fox use this for ensuring txn Idempotency), that's indirectly save it from the exploitation. Debatable Legitimacy: IMO, we have some difficulty in defining the nature of this exploitation. Some might say it's a kind of attack, but it's not wrong to say it's legit. Though poorly documented, trustline's qualities are among the advance-features of RCL that's exist since its very first days.Thus the feature should have been well understood by all competant gateway-operators. (The "Quality_in" and "Quality_out" of trustlines are accessible via Gatehub Wallet) Since the gateway operator has set a txn's SendMax on their own free will (though higher than neccesary), it's an explicit instruction that he is ready/willing to pay that amount. He might have done this intentionally, for any reasons, e.g.: the operator doesn't mind lossing those 0.xx%, he likes to give his customers some reward/bonus. it might be a well-planned marketing strategy, he probably just want to be generous, etc. Effect on ordinary users: The "trick" can be used on any transaction, including payments between normal users. Some old wallet-clients had always set a 1% slipage when making payment, So, by adjusting the quality_in accordingly, a receiver can receive a slightly higher amount from sender. But I think most people will have little concern, if any, about that 0.x% "loss". Again, since the sender explicitly agree on the slipage, I'm not sure whether we could call this a steal. cross-posting: https://forum.ripple.com/viewtopic.php?f=1&t=18210
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  34. The global forex market does around $5T worth of transactions per day, not SWIFT (and only about 30% of this figure is spot trading, the rest being forwards, options, swaps and other contracts). SWIFT carries on average 10M to 20M messages per day, though I'm not sure what the daily value associated with those messages is. It surely isn't anywhere near $5T - My guess is maybe a couple percent to tenths of a percent of this - I can't seem to find any stats quickly. Those figures might matter in the very near future, as legacy financial system mutates into this "Internet of Value." But beyond that, these numbers don't mean anything. IMO, the people arguing about this coin and that coin and distributions and exact numbers and forecasts can't see the forest for the trees. (That doesn't mean it's not fun to get geeky and have those discussions. It's just when that is the only perspective that it becomes myopic.) The analogy is the production of information and acceleration of information exchange with electronic communications. We now produce and exchange more information in a couple days than even existed in all of history before the year 2000. I don't think that value exchange will have the same magnitude of growth pre- and post-"Internet of Value" (and we seem to be sitting somewhere right around the cusp of whatever that is). But I do think it will have the same pattern: cost goes to near zero and capacity is magnitudes higher over a relatively short period, and importantly, it's pretty easy and reaches everywhere, creating explosive growth. (Another modern example of this type of pattern: DNA sequencing) This is not just about Ripple/XRP, but they are a part of it (and arguably about to be a major part of it) and bring some necessary utility and innovations to the system. That's why I think the price of XRP will be higher.
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  35. Do you have any reason to believe that Ripple would do this? What incentive does the company have to not ensure that all gateways are secure? Can you name a single one? Our sole motivation is maintaining a healthy and secure ecosystem. Also, if something is affecting users and gateways alike (something that ripplerm has alluded to), I can't help but imagine that there may be a way to address this at the protocol level itself. But I can't even make that determination, because ripplerm has decided otherwise. Just how he's decided that the fix is trivial, and how it will only take five minutes - because, of course he's qualified to know the process by which gateways update their systems and how long deploying even a single-line change will take them. So the issue will be released to everyone simultaneously, because to release details to the gateways first would be "unfair"... How is it unfair? Don't worry about that - ripplerm's decided it is, so it must be. All that aside, my original point was and remains that this sort of disclosure is not responsible. He's whipping people up in a frenzy, spreading fear, uncertainty and doubt and is, effectively, holding gateways hostage at the point of the proverbial gun by saying "suspend operations or else..." You may not agree, but his position on this issue is completely absurd. Assume that someone claimed to have found a way to make every Windows PC format its hard drive, and that upon being approached by a computer manufacturer and by Microsoft, claimed that he wouldn't disclose any information because he didn't want to give them an unfair advantage. Now he follows through. Maybe the bug is real, maybe it isn't. Let's say it is. Microsoft and manufacturers now need to rush to understand the issue (which may, potentially be way deeper than the reporter understands), create and test a fix and then patch their system and circulate the patch to all their customers. That stuff takes time, and the reporter isn't always qualified to know how much time. Back in the day, I discovered a serious vulnerability in Windows - one that could allow you to blue-screen _every_ Windows 2000, XP, Vista, 7 and all the server variants. All it took was a single API call. The demo program I sent to Microsoft was literally six lines of code. My initial analysis suggested that this could be fixed very easily: add a simple if to detect the problem case and done - and that's what the Microsoft team thought as well. But I didn't go out and publicly announce the bug, thinking the fix is trivial. Good thing too, because as they dug deeper, it became apparent that this was just the tip of the iceberg: the attack could be used to execute arbitrary code with SYSTEM level permissions (i.e. higher than even Administrator) and the full fix ended up taking considerably longer; the final patch became available over 3 months later. I couldn't have possibly guessed how involved the fix ended up being, or how deep down the rabbit hole of the kernel it went. And that's why I didn't take it upon myself to decide when and how the bug should be reported to the public or to guess how long it would take Microsoft to fix.
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  36. That is correct. At this time we have no reason to believe that trust lines between GateHub, GateHubFifth & Bitstamp are affected, however lowering the limit is an effective way to ensure that your funds are safe. The rippled team is working to deploy a fix asap and will post in this thread as soon as we do.
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  37. What I really enjoyed reading in those lines is that he's sold on the big idea, which is much bigger than (making) money. To have "faith" (ah, religion!) in a basic, solid idea is essential for a company. I think Ripple is still alone in executing its big idea, and it might just be that the low price helps them stay under the radar of potential copycats. Making your deals, while your competitors think you are not successful, might be a helpful to strike very good deals, with the least competition. That's how Bill Gates did it, IBM underestimated him and his DOS. Let's just hope. So far, @miguel has my respect and support. On a funny note! I was at a fundraising dinner for a new political party that wants to enter the Dutch elections next month. There was also an auction, and people could enter items in that auction, all benefits were donated to that new political movement. Guess what I brought into that auction? A wallet with 10k XRP. That XRP was then auctioned for 1000 euro. That means that this evening in the Netherlands, the value of 1 XRP was 10 euro cents. I think the guy buying that wallet has made a good deal. At the end of the auction, I was surrounded by people that wanted to know more about XRP. I'm ready for dawn!
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  38. You don't even need cryptoconditions for that - Escrow can timelock funds, so you can create a transaction that sequesters XRP until some time in the future. I think doing this would be a great idea for the company. We now return you to your regularly scheduled @miguel programming.
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  39. People always get hung up on wanting to know every step or misstep Ripple makes. IF they announce something for SOON, and it doesn't come to fruition it probably was not a good fit after some testing or trials. Many times it's just too early as we saw with Codius, and before anyone complains about that keep in mind ILP and other internal products like RC Cloud probably evolved from it. They are not going to consult us, the competition, or the rest of the industry on what works and what doesn't. If you want to know what really happened please pony up and invest as a VC. EVERYTHING they are doing is completely new and innovative. They are trying to integrate this new technology into an old world system, so everything is a first. Not only is it a first, but this movement has so many moving parts it's mind boggling. Think Visa(10x) Not in any order and I'm sure I'm missing a few but how many other products involve: Regulations/Laws (Local, Regional, and Global Laws and Politics) Technology (Continually Evolving and Innovating to keep ahead of the competition) Markets (fx, crypto, too many to list worldwide) Economics (micro/macro) Finance (local, regional, and global scale) Governments Central Banks Multinational Corporations Banks (regional, and global) Crazy groupies (agreeing with @Max Entropy) I'm not saying we shouldn't ask, but keep in mind that it isn't as easy as just writing an App, uploading it to itunes or google play, and start marketing it.
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  40. I don't wish to be too critical, as I have a great deal of respect for @miguel & Ripple team, and their accomplishments, however this somewhat exemplifies the issue. Scan the forum of most other digital asset and you will likely see details about roadmaps, distribution plans or development strategies. There will be some sense as to where it is heading. Come to a page about XRP, and it's working on 'things' that will be ready 'soon'. Now the recognition that things have to be done is lovely, but wouldn't a good first step be to outline what these things actually are? That would be a healthy (and highly appreciated) starting point, wouldn't it? So it would seem it will take a slight adjustment in mindset to shift Ripple's leadership corps from being wary of speculative investors as they appear - due to their effect on volatility - towards acknowledging them as necessary part of the ecosystem. Nobody wants to see people flocking in to support a lame horse or 'scam coin' for little more than a quick-buck pump & dump, because that disturbs the credibility of the entire marketplace, but equally, neglecting early, small investors and support from a grass-roots level could have consequences in the long term and hinder progress to become a widely-adopted asset (#xrpthestandard!). So I come to another wee point that concerns me. Ripple has expressed its aim to make XRP the first global digital asset. Hooray! But I am assuming, much like most people here, that that will mean it can be used by banks/FI's for x-border settlements as much as by mere mortal humans such as I in an everyday sense, at least at some point. But this is entirely an assumption, since there has been no official stance on this from Ripple since their pivot towards FI's and termination of Ripple Trade - as a global reserve, it could ultimately be more like an SDR than a USD for all I know. Gatehub has said some exciting things about releasing an app + debit card in the future, but again, where is Ripple in all this? Obviously I understand XRP's role in behind-the-scenes stuff, bridging assets and tightening spreads etc, but do RL not realise that if they really want to make XRP (*not* RCL/ILP) the no. one global asset, that they will have to cater for both?! Do they not think they ought to have a team working just as hard on the every-day consumer, real-world applications, as much as they are working on the institutional side of things?! It seems baffling to me. There is no doubt they are aware of the myriad possibilities of XRP (as @Tim has alluded to), so they have clearly made a choice to thus far not focus on that side of things. Now at this point (and speaking of tightening spreads...), Brad Garlinghouse would probably mention something about peanut butter. But as someone who is knows a lot about sandwich-making, I can confidently assure you that the solution to making the perfect sarnie when the topping is in short supply is not to clump all the spread onto one corner - it's to load on more spread! Trust me. For the perfect bite, maybe, but if XRP (*not* just RCL/ILP) is to realise its full potential in the long run, the development work on it is going to have to expand to include the broader user-base. (This is increasingly clear as we see these other upstarts arriving: Etherisomething and Dish etc. - but let it be said I do also understand Ripple's reasoning to date - I'd rather have a heavenly bite than a 'meh' sandwich. I'm just ardently looking for signs that they will start trying to cover the rest of the slice properly too). So, I guess what I am ultimately trying to say is that Ripple needs more peanut-butter, and that it needs to be transparent... It must be lunch time.
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  41. Forex is just buying and selling of XRP for other currencies. That doesn't create growth. What we need is for people to buy XRP and hold it for long periods. Ripple needs to clearly state the "XRP Value Proposition" to the public. This should be front and center of Ripple's message. It needs to be clearly explained why anyone should buy and hold XRP instead of Bitcoin. The company's strategy for distribution must be clear and well defined. Every account holding XRP belonging to the company must be fully disclosed. When the company makes an XRP sale, the terms of the sale must be disclosed including the price, the amount, and whatever the terms of any lockup are (XRP should never be sold in bulk by the company without a lockup). The buyer can keep their identity secret. Furthermore, when the sale is made the company should announce the account IDs where the XRP is being held so the public can watch it. And the company should provide a public, monthly report showing the exact total of XRP held in lock up, and how much XRP has come out of lock-up in that month repeating the account IDs which hold the XRP no longer under lock-up. What I described above is not "required" - there is no legal obligation to do so. But if this information is not provided, then the market will price-in the uncertainty by discounting the value of XRP.
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  42. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), today welcomed the establishment of the Fund’s new High Level Advisory Group on FinTech. ... http://www.imf.org/en/News/Articles/2017/03/15/pr1784-imf-managing-director-welcomes-establishment-of-high-level-advisory-group-on-fintech
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  43. It's obvious that multiple interpretations of the meaning of the term "gateway" is leading to some confusion here. To be clear - anyone with a Ripple account can become a fully-fledged "gateway" in around 3.5 seconds. ( @tulo explained this in one line recently, but I'll go over it in more detail.) A gateway on Ripple could be most simply defined as: any account on the Ripple network that has a negative balance of one or more IOU's. Ideally, this gateway also employs some mechanism to honour its IOU's, but that is entirely optional (hence the term "malicious" or "bad" gateway). If any of you reading this have a Ripple account, you can say to your friend "Hey, add a trustline for $1000 USD to my Ripple address!". If your friend then does this (it will take around 3.5 seconds), you are then able to send them up to $1000 USD over the Ripple network. The only difference between you and someone else doing that (such as Gatehub or Bitstamp), is the issuer address of those USD. Let's say your account address is "rMyAddressOnRCLThatIsNowAGateway ". When you send your friend $1000 USD, you are actually sending them USD.rMyAddressOnRCLThatIsNowAGateway (just like when Bitstamp sends USD.rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B to an account, "rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B" is Bitstamp's issuer address - it's the account on the RCL that has negative IOU balances in it). In your case, after sending your friend the USD, your account "rMyAddressOnRCLThatIsNowAGateway" - in whatever wallet you look at it in - will show negative -$1000 USD.rMyAddressOnRCLThatIsNowAGateway, and your friends account will show positive $1000 USD.rMyAddressOnRCLThatIsNowAGateway. Your gateway "issuer address" is now rMyAddressOnRCLThatIsNowAGateway, and you can say to anyone in the world that you are issuing USD on the RCL. YOU ARE NOW A GATEWAY. You can go on and advertise that or do whatever you want with it. For example, if you go to the XRP/USD.bitstamp chart on ripplecharts.com and paste in your issuer address instead of the bitstamp one in the URL, you can get ripple charts to display charts for your gateway. (Which would all be probably empty at this point, but you and your friend could just post some standing orders to fix that...). You can at this point do ALL of the things that your favourite gateways do now. For example, you could insist that your friend actually goes to the bank and physically puts $1000 USD fiat into your physical bank account, before you will send them the $1000 USD.rMyAddressOnRCLThatIsNowAGateway over the Ripple network. The other thing you can do is wait for them to send the $1000 USD.rMyAddressOnRCLThatIsNowAGateway back to you over the Ripple network, and ask them to give you their bank account number, and then you can give them their $1000 USD fiat back into their bank account. You probably better get some KYC details though... ;P The important thing is this: Because on RCL anyone can, at anytime, become and stop becoming a "gateway", and because it's a completely open network and this can be done from anywhere in the world, it is basically impossible for anyone to act as "God of Gateways" and take responsibility for keeping track of them, advising them individually of issues that affect them and other such things. For example, you can't even be sure that the language you use to communicate the message can be understood by the person you're sending it to. RCL can be used by anyone in the whole world who has internet. To take an extreme example, there is nothing to stop an anthropologist in the middle of the Amazon jungle with a solar-powered satellite phone and internet connection listing an untouched Amazonian tribes chia-seed-based currency on the RCL and teaching them how to use the system through a custom iPad interface they developed so they don't need to faff about with chia-seeds so much and can just eat them instead. The anthropologist could teach them the system, show them how to recharge the iPads and maintain the solar batteries, and then tragically fall to their doom moments later. At this point, there is an Amazonian jungle gateway for a lost tribe listed on the RCL, and it is in full operation with active deposits and withdrawals being made by a bunch of topless people with spears, and there is no way for Ripple to contact them about any issue that comes up affecting gateways because no one at Ripple speaks their language, and - crucially - no one at ripple even knows they exist. I haven't checked recently, but years ago there was a website that presumably was tracking negative balances on RCL, and the last time I looked at it I think there were around 300-400 "gateways" according to it, that were operating on the RCL, and there may well be thousands by now. Remember: a gateway can be most simply defined as any account with a negative balance of one or more IOU's. There is no way to know if those IOU's are backed by anything, if they are just testing the system, or if they are taking deposits from people into bank accounts. Certainly, there is no way Ripple can keep track of it all, nor should they. That's the point of a decentralised and distributed system such as this.
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  44. Thanks for the support! We're really excited to release the Escrow amendment as it also helps to make RCL compatible with Interledger. Both teams have been working hard to tie this up and push it to production. I should note that Escrow will ship with support for the preimage-sha-256 crypto-condition, commonly referred to as a hashlock. @nikb has been working on this for months, with the help of others and Ripple plans to eat its own dogfood
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  45. Err, I'm not sure what you're talking about. The only issue I am aware of was fixed on the day that it was reported. Specifically, I read the report around 8am, we had a unit test replicating the issue by 9am and decided on the way we wanted to fix this by 11:00am. Once we coded the fix, we put the candidate branch through our usual smoke tests, before, finally, deploying the fix around 4pm. I think that's pretty "together".
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  46. See the link. It seems they already expect trials to be done by March! Members increased to 47. Also clear signs for XRP getting listed in various affiliates (SBI Securities, SBI FX etc). They indeed sound like an active supporter of X-R-P ! http://www.sbigroup.co.jp/english/investors/disclosure/presentation/pdf/170301presentations.pdf
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  48. Followed starting with Jed's announcement on bitcointalk, begged someone on the board to fund my wallet, since I was late to signing up for the forum, and after first use, believed Ripple would change the world: I found the trust lines obtrusive, overly complicated, and too confusing for most people, but was beyond thrilled with the speed of transfer, which was remarkable, especially at a time when bitcoin took 30+ minutes for transactions. I was also very happy that XRP didn't destroy the environment in the way bitcoin does with power usage for mining. I agree that the feeling was one of excitement, like knowing what the future would be before it arrived. At the time, I thought it would take five years before anything major, and committed to holding for that long, painfully sitting through it going to $.1 in late November/ early December of 2013, and the following crash, fallout, and chaos. Now that it's been nearly five years, without seeing real usage this year, I will seriously consider reducing my holdings. The (previous) lack of transparency and communication makes XRP a maddening investment. Do like the recent developments, and Miguel is saying the right things. Like the attempts to connect with the community too, but unless there is something incredible behind the curtains, so much time has been lost. It's like a parent leaving their kid for half a decade during the formative years, then coming back and hoping that the relationship will be great. While it's possible, the amount of effort needed to repair the damage is going to be exponentially more than if there was steady support along the way. And no matter what happens in the future, some level of unrepairable damage is already done. My biggest mistake has been believing too much. Although I'm diversified, if I had been more-so, with all the amazing ICOs -- not going all in on Ethereum really hurts, as such an opportunity doesn't come along everyday -- XRP could go to zero, and I wouldn't have any regrets, cause let's face it, the company is likely to succeed on some scale, and employees will be taken care of through VC funding, and other revenue models -- us small holders are taking on asymmetric risk with asymmetric and deeply incomplete knowledge/information because we believed after using the technology. There are so many more things I could say regarding corporate structure, incentive structure, alignment, approach, marketing, narrative, price, and progress, but most of those things have already been said, and are not helpful re: Ripple. While those lessons may help the 2.0 group, and already have greatly helped Ethereum, we can't turn back time regarding XRP, so have to do the best with what and where it is. The one thing I'll add is asking this question: Who are the early adopters of XRP? I don't know at this point. But without evangelists, the people that go well out of their way to tell others about your product, it's hard to succeed. How many on this board still feel comfortable telling their friends to invest in XRP? And if not, why not? I will also say that after four years the feeling is now one of talk is talk. Show me empirical proof of real usage and a steady and sustained price increase tied to a corresponding increase in liquidity. That's all that matters. Despite these critiques, I can't imagine how difficult it has been for folks that have been working on the project from day 1. For that, the employees deserve a lot of credit. Also seems that Interledger is a game changer, one that I hope will gain major traction and positively change the world.
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  49. Yep, this is what I'd like to see: Banner ads on coinmarketcap.com, sponsored posts on Reddit, signature campaign on bitcointalk.org, and a full-court press on the digital currency media with articles and editorials on why RCL/XRP is going to be the Next Big Thing. I don't want to hear about boring cross border payments, bank consortiums, and endless "proof of concept" - Lets take this directly to the people (you know, the people who put $26b of market cap into all cryptos)!
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  50. The only significant difference I know of is the change in cryptoconditions. The emerging standardized cryptoconditions has had some significant improvements. This is probably what will happen most of the time. The standard version of the protocol will change more quickly and have newer improvements that will need to stabilize before they can be merged into the deployed version. We don't want to have 300 versions of ILP in deployment, so updates to the deployed version will likely happen in large chunks that lag behind the standardization effort. At least, that will be the case while the standard is evolving rapidly and while there's no stable, standardized version. If things go the way I imagine, shortly after a standardized version has some agreement, we'll release a version of our product that follows that protocol. Then we shouldn't need to tinker with it until a new standardized version comes out. We're willing to work with anyone who wants to interoperate before then. You never want to wait until a protocol is standardized to use it because then you find issues too late to fix them and standardization can move really, really slowly. With luck, our standardization efforts will eventually produce a stable, standardized ILP. But it also signals our desire to build something that other people can not just use and benefit from but also participate in and take ownership of. The more who use it, the more valuable a protocol is to each who use it.
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