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jbjnr

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Everything posted by jbjnr

  1. I can't seem to find a way of importing a secret key into the bifrost wallet. Since that wallet will allow delegation of FTSO voting etc etc, I though it'd be worth a try, but if you can't import a secret key, then ... (it's a bit useless!). Is my only option to create a new address using bifrost and then send the $SGB to it from another wallet? (Metamask allows me to import a secret key, so I presume I can do it from there) - or is there a way of importing keys into bifrost directly? Since fees on FLR/SGB networks are supposed to be nice and low, I don't see much downside to transferring to a new wallet, but it's a shame to waste addresses/resources on accounts I shouldn't need. (It's bad enough tracking all the xrp accounts without adding all the FLR/SGB ones and then having to duplicate them with bifrost compatible ones too) TIA.
  2. Fixed it for you. You're welcome
  3. No I wasn't trying to tell you that. But the fact that Ethereum have broken the rules doesn't make it ok for everyone else to break the rules as well. However, the SEC made a huge blunder in giving Ethereum a free pass and so Ripple's fair notice defense will likely succeed. The SEC has tried to roll back it's free pass and claim that it was not SEC policy, but people like DAI have done such a great job churning out videos of everyone who is anyone using his speech as official SEC guidance that the fair notice defense will likely succeed. We can only hope that Hinman and Clayton are investigated officially and the reason why they gave Ethereum a pass exposed. Not exactly, but the SEC are in a difficult position - prior to BTC nothing like this existed. Companies sold shares and these were regulated by the SEC and certain rules are in place for how this should happen and what can be done to stop pump'n'dump of share prices. Along comes blockchain and disrupts this stasis. Everyone knows that all of these token sales are basically securities (or scams) and the $ is used to build out networks and line the pockets of early users, but the SEC did nothing for years and the situation has got completely out of hand. They clearly picked on ripple because they are one of the biggest and if they can beat them, then they can set a precedent for others. Gensler et al are in a very tough positions and it's not their fault - its the fault of the 8 years of inaction before they took over. Nobody on this forum agrees with me, and everyone bashes Gensler and blames him. I do not, but Ripple have been very clever throughout and raising funds through traditional means was a very sensible thing to do, and that's where all their early funding came from. They have tried very hard right from day 1 to avoid classification of xrp as a security, and this helps them. But ultimately, they have sold a lot of xrp and used that money to improve the company. You and I (probably) agree that xrp is a currency and they are within their rights to do this as their dream for xrp as a global reserve with high liquidity needs lots of xrp with a decent value. The SEC do not agree and their job is to try to regulate it. The fact that they have funds from legitimate sources in the eyes of the SEC does not affect their view of token sales. I do not know how the SEC get themselves out of the situation they are in, we wait and watch (or at least I do) for some legal framework to be drafted...
  4. The xrp ledger code was up and running - it was built out. But the rest of ripplenet was not. Ripple spent years developing/testing ODL etc as a layer within ripplenet using funds from xrp sales to build out that part of the network. I wasn't very clear in my distinction between the two. Without ripplenet, xrp doesn't have much utility and so the SEC are using everything ripple are doing as the investment in the network (or development of utility).
  5. Rubbish. Ripple have been using the funds from sales to build out and market ripplenet, bring in customers, develop ODL, subsidize partners like moneygram, sponsor projects like coil, xpring etc etc. (And even pay lawyers to defend their case against the SEC as well as lobby congress). All this impacts the value of xrp. Just because the network was built first (unlike ethereum etc), doesn't change anything. The SEC see this as a violation of securities laws and they are just doing their job. Hopefully they'll lose this one, and clamp down on most of the rest.
  6. That's my understanding - but be aware that it only allows 60% quorum when the x% missing are on the negative UNL list. You can't just go for 60% and ignore more than you used to. (if 20% of my validators go offline, then 80% of my remaining 80% is 64% of the original, so if I get the 64% agreement, I say 'ok', once it drops much lower than than, then I will hit the 60% threshold and can't declare consensus. Each validator has his own UNL (in theory) and if 20% of mine are known to be down, it does not affect anything in your UNL list - you might have the same 20% down, or a different bunch and the overlap isn't a thing that is enforced as such. The overlap is more of an emergent property than a rule - if everyone chose random UNLs then the overlap might not be good between some and they risk a fork, but when there is some level such as 80% overlap, then the probability of a fork happening is very low. The phrase "overlap required" - means that to 'prove' consensus can be reached without forking, one needs more than that, but things can still work with less (at least in the absence of byzantine nodes). So it doesn't directly affect the overlap requirements - however, if we have 90% overlap and 20% of my nodes go down and they happen to be the same ones you have got, then our overlap drops and we have a higher probability of forking (if someone is misbehaving on the network). (Someone please correct me if I have misrepresented the state).
  7. My personal opinion is that once the case is over (assuming a positive xrp outcome), the cone of silence that ripple have had to live under regarding xrp and price, will be to some extent lifted. They can (at least in principle) boast about their customer base being large, announce how many clients are lined up for ODL, how much business and new plans they have in the pipeline and how this will raise the xrp price etc etc. Combine this with an impending IPO - they will want to make themselves look valuable (especially if they still have control of the escrow). Then picture the scene if/when institutional investors are allowed to add xrp to their funds without the SEC shadow looming over them. We will hopefully be entering a new phase of the ripple story. (Fingers very crossed on the case/trial outcome). EDIT: Actually, the IPO is a problem - if they talk up the xrp price in order to make the IPO value rise, then it really is a security!
  8. I quite agree, but let's be honest, xrp tipbot has been running for 4 years, it has transferred almost 3million xrp. Being generous, that's $3m worth of value. It's irrelevant. Coil has done billions of transactions, but still not much value yet, @brianwaldentransferring family IOUs is worth another few $100. I don't care about this! I want to see banks transferring hundreds of billions of $$$ every day using xrp, that's the kind of value I'm interested in and frankly, there's only Ripple who can do that right now (and that will require a high-er xrp value). (How do all those other blockchain networks justify their market capitalizations of tens of billions? It's total nonsense). Famous quotes from Brad - "I'm Long on Bitcoin" - "A rising tide lifts all boats" - "There's no-one who has a greater interest in seeing value in xrp than us". David sold his because he's not greedy and a few million is fine, he still has plenty and isn't going to starve, but Ripple do want to see the value rise. they're not fools. And yes, I 100% believe that ripple manipulated the markets and I still don't care - I seem to recall I even concluded that they might be supporting the price at some point when I looked at sales back in the day ... https://www.xrpchat.com/topic/28981-analysis-of-ripples-xrp-sales/ EEK! - whist I'm typing this, I see a reply from Brian W to my previous post and now you're going tho think that I'm targeting you by using you in my examples - sorry!
  9. 5. Ripple's sales were necessary to build liquidity, which is needed for the token to function as a utility coin in x-border payments (ODL). 6. Many sales were outside the USA and therefore outside SEC jurisdiction (at least, so we are told) 7. Many sales were part of agreements with organisations like SBI/R3 that came with conditions on onwards selling (time limits and presumably rate/amount limits). They would have come with actual contracts that explicitly stated "not an investment contract with ripple in the SEC sense of the phrase" However ... 1. We all know that xrp would be practically worthless without ripple developing ripplenet and the hope that the banking industry will one day use XRP at scale for settlement. All sales of xrp are made in the knowledge that without ripple, we're doomed. I believe I bought XRP as an indirect investment in ripple, and the SEC had no option but to sue them (of course @brianwaldenwill say he's in it for the tech and it was all green fields around here when he was playing with the ledger, but the rest of us bought it as an investment and are relying on ripple to deliver on it). Disrupting the industry takes cash and they've raised plenty - they've funded themselves for years off the back of sales and I couldn't care less. As long as they settle and are allowed to carry on as before, then I'm ok with it. The SEC have gone about it poorly, but as long as it ends well... For the record - I'm poking fun here - and no I do not believe xrp is a security, but I certainly am relying on ripple to raise it's value, so I'm fine with them being sued (as long as they get away with it and we get a no action letter at the end of it).
  10. I think its more fun to think he's being held hostage somewhere. Question : Why did you choose today (or yesterday as I write this) to say this rather than any other day over the last N weeks/months - what was different in the markets that triggered this reaction from you (asking for a friend obviously).
  11. Doubt it, key former employee - Miguel, Dilip, Marcus ...etc ... one of them probably mentioned recordings of meetings and that has got the SEC trawling for more material...
  12. Summary. A company has built an identity management/KYC system leveraging ISO20022 that works with ripplenet, swift, etc. It has been patented. A youtuber gets very excited.
  13. You don't want some entity creating thousands of oracles, each with only 1 FLR behind them, all submitting quotes. This would allow someone to skew the distribution dramatically. Weighting thee votes by the number of FLR behind them helps to ensure that a bad actor can't distort the feeds.
  14. Best incentive for network validators is no incentive. Best incentive to kickstart a payment network is to reduce the bid/ask spread and increase traffic to the corridor.
  15. Sorry. You're quite right, I was not convinced that they've done lots wrong and that stellar are in some ways taking a better path. I think they've chosen wisely to focus on building out their payments network//banking connections and getting their xrp/crypto solution integrated into that network. The rest will follow.
  16. Disagree. Ripple's warchest is what will set them apart. Their Line of Credit allows them to offer liquidity at a price. They can lend xrp to a client at a price of P, charge x% interest on it, then buy back xrp from the open market at P+(fraction of x%) - this allows them to make money, and at the same time, slowly drive up the price of xrp. They can offer this service to any one of hundreds that are signed up to ripplenet. A coin backed by credit, on the other hand, being, is simply an alternative form of nostro/vostro with funds locked up in a sense (and with a cost). XRP can gain liquidity through the open market, credit backed ones will have to work much harder since they are effectively depreciating against fiat (unless there is some mechanism to pay interest on the money loaned to the token, or gradually raise its value relative to the credit... in which case, please correct me)
  17. My contribution to this extremely off topic conversation is simply to urge everyone to read this masterpiece https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century. And then get back to drawing straight (and squiggly) lines on charts and imagine where xrp might go if a settlement comes soon...
  18. https://github.com/RichardAH/hotpocket contains very old code, and the link to the new repo is broken. Richard Holland has moved (some of) his stuff to the xrpl labs root on github (xrpl hooks etc), but I do not see a newer version of hotpocket or other evernode related repos there. It says in the whitepaper that it's c++ and so I was interested in finding it too and having a play, but so far I did not locate it - Might be worth contacting them and asking if it's planned on being released as open source. I do not use twitter, or I would have asked there.
  19. ^this x 100 No. I believe you are wrong here. Flare have demonstrated over the last few months that they are not infallible and the choice of algorithm for rewarding oracles is one more example of a lack of thorough understanding of all the complications that a system like this brings into play. Just hoping that everyone will play fair is wishful thinking. Absolutely. If the system can be gamed, it will be gamed. All the oracles voting slightly higher or lower than the "true price" and then scalping joe public one way or the other is not beyond possibility. Look at banks and LIBOR rates for example. Since crypto is unregulated, it's almost compulsory for this to happen.
  20. Maybe, maybe not, but for me, the news of the Japan ODL corridor is probably the biggest thing for years. I've been waiting for SBI to finally make the move and start actually using XRP and if this proves to be successful, then we are at the start of potentially, the biggest and most significant stage of xrp price action so far (especially if we see a conclusion to the SEC case in the nearish future and a green light for institutional investment). [I am now finally going to try to motivate myself to finish writing an xrp themed paper that outlines how ODL provides a base price for xrp using a very simple market making model, I swore I'd finish it during lockdown, but never did and it's almost 4 years without finishing it now]
  21. ooh - cool thanks. That makes things easier. I missed that detail, I usually skip the tokenomics section of these whitepapers ... (not usually interested in how the founders plan on distributing prior to doing their exit scam ... Which does not apply in this case - it looks like a solid project - combined with federated sidechains, things are looking interesting. I need to think of some ideas to implement on top of all this).
  22. Each contract can run on a small/large set of nodes and forms a small consensus set - making it an independent blockchain. Instead of one monolithic blockchain like flare or ethereum running many contract and being potentially slow/overloaded with work, each contract can spin up it's own set of validators (or rather you can spin them up per contract). Advantages, easier, cheaper, 'independent'. Every validator can access data feeds and become an oracle - every consensus set of validators can 'agree' on data by choosing as many sources of data as they want and then you can write your own 'agreement' algorithm to decide on what data to use. No need for an external 'oracle' if you don't want one - you write your own into the contract in effect. (read price of X from N exchanges, then compute "true" value of x based on algorithm A. All validators perform same actions and then come to consensus on the contract output. (you could of course still connect to some external oracle if you really wanted - and pay for a data source? etc etc) Payment for validators via the token (that you presumably buy from a token minting source via ledger IOUs). no need for airdrop, suspect OP might be fantasizing about another freebie. Hooks on ledger would (presumably) interact with hotpocket/evernode validators to trigger actions. Not sure why you couldn't just monitor an account via a standard rippled node callback/event, but I guess a hook would be more deterministic and could carry better information for the contract. As I recall (possibly incorrectly) Codius had some emphasis on guaranteeing the contract was not modified by a third party etc etc by allowing contract participants to sign the program/contract that would run and have it validated before execution - and only the container root could access keys to wallets etc (correct?). I need to re-read docs to remind myself about secret keeping and all that. I presume evernode can do something similar. Need to look deeper.
  23. You appear to have referred to the safe harbour proposal - but the question is about the effect of the SEC open letter in reference to the coinschedule settlement, where pearce and roisman state 'on the record' that there is no clarity provided by the SEC and leaves the question of which tokens are securities unanswered. This plays 100% into the hands of ripple's fair notice defense and I can't see how you would say what's quoted above. If it has no bearing at all on the case, then why did Ripple file it immediately as a brief to the judge in support of their dismissal of charges against Brad and Chris? Secondary question (to anyone) - this letter appear on the SEC website - could they have done this without the approval of Gensler?
  24. What the live twitter feed doesn't convey, is just how well the ripple lawyer managed to put the case in favour of deposition - in contrast to the SEC lawyer who ummed and aaaahed and "you know" all the way through. If I was ruling on this, I'd have been quite convinced by the ripple arrgument - particularly in terms of how "special" this case in within the context of an entire new industry segment. EDIT: The SEC lawyer is rebutting now and doing a much better job at objecting to the deposition
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