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Showing content with the highest reputation on 12/16/2017 in all areas

  1. 60 points
    During an internal audit immediately following our escrow process, we discovered a defect in the implementation that could cause XRP to be released from escrow prior to the intended release dates. While no funds were at risk, we wanted to correct the defect to ensure the implementation is airtight. We then used the defect on all of the escrows created to release the funds back into Ripple's accounts and then lock them up with new escrows that are not vulnerable to the defect. We are confident that there is no ability to release the escrowed funds prior to the intended release dates. We invite anyone interested to investigate the code, the transactions, and the ledger entries. We published a technical paper describing the lockup process, which you can read here: https://ripple.com/dev-blog/explanation-ripples-xrp-escrow/
  2. 23 points
    ScottChamberlain

    Why Ripple Needs High XRP

    Excuse me while I vent against the FUD. (admittedly there's less: FUD doesn't play at altitude). But still, I'm tired of reading the XRP is a scam, Ripple is keeping the market low, blah blah blah. TL;DR - Ripple has no incentive to cripple XRP’s price. Ripple has no sustainable competitive advantage in its chosen market unless XRP has a high price. XRP is the killer app of the Internet of Value. But first, they have to create the Internet of Value. And a high value for XRP is essential for RippleNet to become the backbone of the Internet of Value. RippleNet’s promise is near-instant payment and settlement from anyone, anywhere to anyone, anywhere with zero counter-party risk and near-zero cost. That seems something everyone wants, especially for global commerce and banking. The ONLY thing that makes this promise possible and credible is a deeply liquid market for XRP. It is essential to RippleNet’s success that XRP have a healthy market and a high value. Here’s why. Banks can use xCurrent without XRP. This is because xCurrent is for payment, not settlement. It is a better system for banks to organise and track international payments. It still requires nostro accounts to facilitate actual settlement (my understanding - can any experts confirm...?). Banks do not have to use RippleNet. They can (and some have or will) create their own blockchains with their own digital assets. Banks that use RippleNet do not have to use XRP. They get ~50% of the benefit just by using xCurrent to organise payments. And they can create their own digital asset for use on the the RCL. This flexibility - using the tech without XRP - is a feature, not a flaw. It is essential for the tech to stand a chance of being adopted as the backbone of the Internet of Value. But the flexibility comes at an inherent opportunity cost directly related to the use-case. If banks use their own blockchain, or their own digital asset, they introduce counter-party risk. They must make the system permissioned - invitees only - and/or introduce off-chain governance mechanisms to help ensure only trustworthy assets to find their way onto the blockchain or are exchanged for off-chain assets. These mitigations are costly. Permissionedness limits the growth of the network, crippling its value and creating just another walled garden that still needs a means of sharing value beyond the garden. And if such a transfer mechanism exists why have any walled gardens at all...? Meanwhile, counter-party risk introduces uncertainty, plus the need for off-chain governance and dispute resolution mechanisms. XRP is RippleNet’s sustainable competitive advantage. Since XRP is native to its blockchain, it can't be forged. Anyone receiving XRP knows they are receiving XRP. XRP makes RippleNet payments permissionless (anyone, anywhere to anyone, anywhere) AND with zero-counter-party risk (no risk of not getting what was promised). With the RippleNet-plus-XRP offering, the necessary off-chain mechanism for establishing trust and eliminating counter-party risk is not a walled garden defended and administered by a costly and inefficient bureaucracy, but an open market. A liquid market gives you fungibility at an objective price that you cannot feasibly manipulate. With a liquid market, XRP becomes a viable means of exchange with zero counter party risk. Anyone can buy XRP. Anyone can accept XRP and convert it into something else at an objective and not-feasibly-manipulated rate of exchange. To perform this function, XRP MUST have a high volume and a high price. Nobody needs to put any trust in the other party or the asset ONLY IF the market is sufficiently deep and liquid that no one can feasibly manipulate the market. Of course, just because XRP needs to have a high price does not mean it will have a high price. It may have a low price because it is seen to have a low value. XRP’s price will necessarily be a reflection of the value international banking and commerce places upon a network that combines near-instant payment and settlement from anyone, anywhere to anyone, anywhere with zero counter-party risk at near-zero cost. If the price is too low, it would mean the world does not sufficiently value the combination of permissionlessness with zero-counter-party risk. It would mean permissioned networks with sufficiently mitigated counter-party risk are deemed sufficient for international banking and/or commerce. So, this is the heart of Ripple’s bet: that its open-network, open-market offering will out-complete private blockchains and/or digital assets. The value of XRP is essentially the scoreboard for measuring the success or failure of that bet. Ripple may not succeed. The market may not respond. But Ripple has no incentive to cripple XRP’s price. Ripple has no sustainable competitive advantage unless XRP has a high price.
  3. 20 points
    rowling

    silence...when is the next run??

    Price is clearly manipulated man.... it's been stuck at 70 cents or so these past 2 days.
  4. 14 points
    zenkert

    An update on Ripple's XRP escrow

    I say @JoelKatz and I say this too, to Ripple as a Company. Transparent and honest. Core values in 2017. To you and all at Ripple. A big *HUG*
  5. 13 points
    JoelKatz

    An update on Ripple's XRP escrow

    If others created escrows intended to be used as time locks that set the release time in the "CancelAfter" field but have no "FinishAfter" or "Condition" field set, they will have the same issue. When I get a chance, I'll search the entire ledger for any such escrows and post a list.
  6. 13 points
    If you don't think 10 dollars per XRP is possible then you have ZERO freakin clue what you're invested in
  7. 12 points
    JoelKatz

    An update on Ripple's XRP escrow

    Yes, except I wouldn't call it a backdoor. It's a consequence of the documented behavior of the escrow feature. That's why we replaced them with new escrows that have no way to release XRP early.
  8. 11 points
    I bought a bunch of Bitcoin for under $10 in 2011. I sold them in 2013 when it peaked at $1200. I learned about Ripple and it's abilities at about that time. I dropped Bitcoin immediately and never looked back. I continued to invest from 2013 to 2015. I learned everything there was to know about Ripple and became an evangelist, spreading the word to numerous people around the world. I fought really hard against the "Ripple Scam" FUD that Bitcoin enthusiast spread. I worked on the Wikipedia pages. I toyed around with my own gateway. I engaged in a great deal of trading between every currency of every gateway on the network. I invested in a few startups working in the Ripple ecosystem. Most everyone I know has made thousands, tens of thousands, hundred of thousands, and a few who even made millions of dollars (to date). I have never once doubted my position because Ripple's tech is superior. The vision/professionalism of CL sealed the deal. I even wrote my doctoral dissertation on how distributed ledger technology would affect institutions of higher eduction. XRP was very difficult to buy long ago. ... but as I told many people: "There is a pot of gold in the middle of the forest, if you wait until there is a paved road that leads to it, then the gold won't be there any longer." The most challenging thing in 2012/2013 was the lack of information...You couldn't just google "how does bitcoin work?" or "how to buy Ripple". In fact, Google searches of the term "Ripple" or "XRP" wouldn't even take to Open Coin's/Ripple Labs'/Ripple's homepage!! ... no, you'd just find yourself watching a Grateful Dead video ... LOL ... Now however, there is so much noise I'm amazed newcomers to the crypto space can sort through it all. A lot of resources were lost when XRPTalk shut down ...
  9. 10 points
    RLP18PharmD

    An update on Ripple's XRP escrow

    Most companies/organizations would've tried to cover this defect up in fear of public backlash instead of being transparent and explaining the problem and relaying that info to investors and the general public. While I do not possess the technical skills to understand the intricacies of the code involved in the implementation of the XRP Escrow accounts, I do appreciate the level of transparency provided by Ripple. I love it when a company's leadership can bask in their hard-fought success, but more importantly, can take ownership of unintended mishaps, explain the issue(s) involved, and how to rectify such said issues. While Ripple may have the best C++ engineers in the business, they're human after all. That's what responsible stewards of any company/organization should do and why I've come to respect the leadership at Ripple. Bravo guys....
  10. 8 points
  11. 8 points
    I called ripple stupid when it was at .006$
  12. 8 points
    galgitron

    An update on Ripple's XRP escrow

    In preparation for the ensuing media exposure and price fallout, let's use the following terminology: instead of 'defect', use 'feature' instead of 'took out of escrow and back into new escrow', use 'upgraded the escrow" instead of "other escrows being affected, list will be provided", use "customers that can benefit from the new escrow features"
  13. 7 points
    nikb

    An update on Ripple's XRP escrow

    @nav: what dots would you like to see connected? I’m happy to try and answer any questions, and am sure that @JoelKatz would say the same thing.
  14. 6 points
    CryptoJoe

    Network Transaction Volume Graph

    Earlier this year this graph was floating around: Does anyone have the ability to update it for the end of the year? I'd be very interested to know what it looks like today.
  15. 6 points
    The great text wall of XRPchat
  16. 6 points
    Ohhhh...I get it now. This whole thing was designed to be an initiation for Tom Channick. Well, welcome aboard, Tom. I hope you pass the test!
  17. 6 points
    Apollo

    An update on Ripple's XRP escrow

    RCL is open source. Anyone with the knowledge can check the ledger and code to make sure they are on the level. Also, if anything this just shows Ripple's integrity. If they wanted to violate the escrow they could have. Instead, they followed good procedures, implemented a fix and disclosed their mistake. No human endeavor is perfect. But these are clearly the kind of people I want running the show when things don't go as planned.
  18. 6 points
    beyond73

    silence...when is the next run??

    Yes, Max has cut us and no longer communicate with us, I think he will come back, but still…
  19. 5 points
    AiiOrny

    Who bought 0.9billion XRPs ??

    Hi bro I have some capture image from korean community : ) Anyone knows who bought So many XRPs as you see below?? please let me know~~ thx all
  20. 5 points
    Investors see massive unrealized gains on brokerage's stake in XRP operator. https://asia.nikkei.com/Markets/Tokyo-Market/Virtual-currency-Ripple-effect-takes-SBI-to-9-year-high
  21. 5 points
  22. 5 points
    JA8

    XRP reaching 2$ in 2018?

    The only circumstances I can envisage that would lead to XRP being *only* $2 by the end of 2018 is a complete crypto-market meltdown. I wouldn't rule that out, but failing that, I see at least $10. I can't take anyone seriously if they forecast $2 next year anymore. That is the same thing as saying that exponential growth turns a 120X increase in 2017 into little more than a 2X increase in 2018. That's obviously not going to happen. I don't expect another 120X but 10X ($10) would have to be considered realistic if not conservative at this point.
  23. 5 points
    I read that and posted about it earlier. I think he's wrong. Very wrong. It's true that the competition is between permissioned and permissionless offerings. It's also true that XRP is the source of RippleNet's permissionlessness. But it's not true that the existence of permissioned offerings means permissionlessness is not valued or that XRP is worthless. XRP makes RippleNet an open garden with zero counter party risk. XRP has no value only if there is no value in such a network. That would mean the international banking and commerce markets value private chains/assets PLUS mitigated counter-party risk to public chains and assets PLUS zero-counter party risk. That makes no sense to me. It's certainly not a foregone conclusion. Permissioned networks are only as useful as their reach. It won't be possible for any one network to reach everywhere. So there will always be a need for a network that flips value between those walled gardens. And if such a system exists there will eventually be no need for the walled gardens. RippleNet-plus-XRP obsoletes walled gardens, not the other way around. Further, if XRP is an appreciating, or at worst stable, asset then its cost is actually negative or zero. That's a pretty good bargain for near-instant international payments and settlements with zero counter-party risk and near-zero fees. I do not think the existence of permissioned systems indicates that banks do not value permissionlessness. I think it represents two things. First, it is one way for risk averse institutions to get to grips with blockchain without being accused of playing with crypto. Second, it is simply the only way others can compete with Ripple. It is too late for anyone to develop a system that relies on a liquid digital asset to eliminate counter party risk in a permissionless network. They necessarily must hope that a sufficient number of actors will prefer a walled garden. Ultimately, any walled garden must expand to encompass almost all the market or it will be out-competed by the network effects of an open system.
  24. 5 points
    nikb

    An update on Ripple's XRP escrow

    The issue was that an Escrow that is created with a “CancelAfter” time but no “FinishAfter” time can be finished immediately. The first set of escrows used the “CancelAfter” condition instead of the “FinishAfter” condition. This is an escrow created using “CancelAfter”: https://xrpcharts.ripple.com/#/transactions/F4086C558C565FACE4CDE40EE4543278735DF66246F214C3DD72EEC8C6C5F7BF I don’t have the transaction that completed this escrow handy, but it would be an EscrowFinish transaction, taking advantage of the fact that no “FinishAfter” was specified. This is another escrow, using “FinishAfter” instead: https://xrpcharts.ripple.com/#/transactions/ABAFB7AFE3B3CD4E1A97F5E4CA29C9163557E18860A1A699609602851C321085
  25. 5 points
    nikb

    An update on Ripple's XRP escrow

    The destination account for the escrow was an account under Ripple’s control. So the only thing that could happen would be that the escrows would deliver the funds back to Ripple prematurely. Hence no funds were ever at risk.
  26. 5 points
    mDuo13

    An update on Ripple's XRP escrow

    Glad this was taken care of quickly and that the company had the gumption to admit the mistake.
  27. 5 points
    Well handled @JoelKatz and Team Ripple. You could have left the vulnerability in your favor, yet you fixed it and reported it. Speaks volumes.
  28. 5 points
    xrp_moonjet

    It's Happening? The Zerpening!

    It applies to Crypto too
  29. 5 points
    As technology XRP is at least 10 times more valuable than BTC. So take BTC actual market cap, multiply by 10 and calculate it on XRP. It's XRP = 30$ considering all the 100B XRP. But we know that cryptoland is not driven by reasoning, but by speculation and manipulation so the chance of XRP @0.01$ is the same of XRP@1000$.
  30. 4 points
    Obviously written by a fudder. "As investments from South Korea boosted Ripple (XRP) and other currencies, it is likely that the value of cryptocurrencies with major investments from the nation will decrease". It's just his own opinion and nothing official. Nothing wrong with regulation when it comes to Ripple/XRP. In fact it should help us instead. Money will go from those other coins into XRP.
  31. 4 points
    jdimstrnate

    It's Happening? The Zerpening!

    Just buy now and wait for coinbase to add it in Q1 Then wait a year and retire at 100.00 LOL
  32. 4 points
    21x2

    Who bought 0.9billion XRPs ??

    The Blue one ......he did it. Ripple M&M
  33. 4 points
    Kakoyla

    An update on Ripple's XRP escrow

    This is not a big deal, from what I can tell, they just created the txs wrong, not a bug. They caught it (or someone else did and told them) and they fixed it. There was never any risk besides reputational, the XRP was always going to be under Ripple control. If you look at the txs you can see there is no cancel after time now, only finish after time, which means the only way this is going to be released is when the finish after date is reached. Before there was only a cancel after time, no finish after time. If there is no finish time, the finish time is now, which means the escrow could be finished as soon as the tx was posted. Here is one example, the original tx: https://xrpcharts.ripple.com/#/transactions/F4086C558C565FACE4CDE40EE4543278735DF66246F214C3DD72EEC8C6C5F7BF And the updated tx: https://xrpcharts.ripple.com/#/transactions/ABAFB7AFE3B3CD4E1A97F5E4CA29C9163557E18860A1A699609602851C321085
  34. 4 points
    http://markets.businessinsider.com/currencies/news/ripple-hires-facebook-communications-manager-2017-12-1011580387
  35. 4 points
    Convert 1 and keep the other for a lifetime.
  36. 4 points
    Thanks so much to Ripple, @nikb, and @JoelKatz for the transparency around this. We are very impressed by your candor and willingness to quickly release the code, accounts, and transaction IDs for further audit. It seems unlikely this will have any long term (or short term, for that matter) impact on the price, and I hope the way this was addressed builds trust. It certainly has for us. If people wanna FUD, let them FUD. If it isn't this, they will complain that Ripple is too centralized, or that they still own a lot of XRP, or whatever tired argument they select from the list that we have all seen countless times. Korea is driving huge volume right now, and it seems highly unlikely this will impact the Korean markets. Anyone can audit the code/situation. Clearly Ripple is not interested in lying or sneaking in back doors. If the FUDders don't know enough about code to be able to audit this, then they probably also aren't big enough to impact the price. If they do know enough to audit it, they are probably already FUDing about XRP being bankers coin or some other BS. Just my opinion. As an aside, I am excited for the new rippled. It should be installed on our nodes in a few hours, and I look forward to seeing the difference in resource consumption.
  37. 4 points
    BroCoin

    Why would new people still invest?

    I'll take those 510 xrp of your hands for whatever coin you like
  38. 4 points
    Sporx

    silence...when is the next run??

    My fear now is a lot of new people in XRP are going to start complaining when the price isn't doubling every other day. They didn't see the 6 months where it barely moved.
  39. 4 points
    Nobre

    An update on Ripple's XRP escrow

    Thank you for the transparency, @JoelKatz!
  40. 4 points
    CryptoEspi

    An update on Ripple's XRP escrow

    Keep it up Team Ripple and @JoelKatz Thank you!
  41. 4 points
    "Ripple is interesting in that it's the only other system that does something with trust besides concentrate it into a central server." - Satoshi Nakamoto Sun, Apr 12, 2009 at 10:44 PM From https://pastebin.com/Na5FwkQ4 and https://bitcointalk.org/index.php?topic=2080206.0 ... still pending verification from Mike Hearn
  42. 4 points
    Coretex

    silence...when is the next run??

    I think several months of stable or even slightly decreasing price will put this forum back on track. Our patience and ability to hold through difficult times will still be tested, in my opinion. I actually know quite a few people who sold their XRP positions literally HOURS before the recent pump. Some of them are really desperate now. One guy even completely cut me and our friends who hold XRP off and no longer communicates with us. I think he will come back, but still... I admit that I was having a difficult time myself the last several days before the pump as I had been holding XRP since May when I had bought at around 0.25 average price and had not made any profit at all for almost 7 months. Now I know one thing for sure. No matter how long it will take, I will hold!
  43. 4 points
    Are you serious? Just amazing.
  44. 4 points
    Morty

    Investors from 2015 and earlier. Amazing!

    I picked a random crypto, then moved to a universe where that crypto just happened to do really well.
  45. 4 points
    I believe you nailed it, however, I think you got only half of the equation. What I predict will soon happen, is that this crush of new money flowing into cryptos will be drawn to xrp in a powerfully accelerating manner. Why? Because this enormous pool of "new" money won't be anti-establishment at all, and will be looking for safety in a perceived sea of scam coins. They'll also be looking for the potential for a great rate of return, and at price that allows them to own a lot of coins. (psychologically attractive) Even a percentage of longtime bitcoin holders will soon get fearful of a collapse and start converting some of it into xrp. XRP is about to get a ton of press, and I foresee an accelerating run on it, as Ripple keeps rolling out new partnerships and new ideas. Ask yourself this? How many people do you know that are asking you about cryptos and how they can get started? Then ask yourself what percentage of these are likely to see Ripple as a "no brainer"?
  46. 4 points
    I’m so tired of hearing the market cap argument for this coin not reaching anything above $10. Do people not understand that XRP isn’t valued like a company, and that market cap doesn’t apply when your valuation is based on moving TRILLIONS per day
  47. 4 points
    From your keyboard to god's ears. If XRP does make it to $1,000 - I'm getting a XRP HODL tattoo!
  48. 4 points
    From Sakamoto: LOOOOL
  49. 4 points
    Somewhere somehow some bitcoin purist spontaneously combusted
  50. 4 points
    I was really hopping for some puns, like 'put a cap on it' or something. Disappointing @teddybear, disappointing
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