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About MalluJohn

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  1. 1- “Ripple should yearly set a minimum price (at least 20 % higher than the market price)” This assumes it is a seller’s market and potential buyers are queuing up to buy at a price higher than market price. Very different from reality, I think! 2- “Set a maximum amount of XRP that can be sold to one specific buyer” I think Ripple, at the moment, will be selling XRP to anyone interested in buying it. Let alone dictating any Tiers or queues for purchase. The more people/firms are voluntarily willing to purchase XRP for whatever purposes, prices automatically goes up (provided Ripple doesn’t dump enough to satisfy every demand out there). Given the large escrow it holds, and given the stage of adoption XRP is in, it appears that Ripple is indeed in a position to meet any surge in demand for XRP (at least for now), which effectively means price staying low. On the other hand, if Ripple is indeed genuine in what it does and what it says, it would be in their interest to keep the prices of XRP low so that it can encourage more potential buyers to participate in the market and incentivize them to buy XRP and thus spread XRP wider. Spreading the XRPs as far and wide as possible is perhaps the only way to finally meet its objectives after all. Bottom line: It is difficult to see prices increasing much until the escrow depletes and when that happens the XRP ecosystem would've developed quite a bit and matured and that is when you will start experiencing real increases in price driven by value.
  2. Imagine a hypothetical scenario. Ripple sells XRP every once in a while to invest in wherever and whatever they want and thus grow the company Ripple. Good for people who got equity stakes in Ripple, the company. Now, because they do this, it is in their interest to keep the price of XRP as high as possible. For this, they "create" positive vibes around XRP adoption, use-case, utility blah blah so that people like us continue to hold and perhaps even buy more. Their reserve XRP is practically never ending anyways and we forever dream of XRP mooning. I know this is too pessimistic. But, can this be for real? FYI, I have been holding for nearly 2 years now and I can afford to take the risk of holding it couple of years more!
  3. Thank you. Is there some step by step guide somewhere about doing it fully in the offline mode?
  4. I know how to create a paper wallet with just the wallet address starting with “r” and secret key (family seed) starting with “s” from an offline computer using the “ripple-wallet-cli” from https://www.npmjs.com/package/ripple-wallet-cli . My question is, if I have to send a portion of the XRP to an exchange or some other wallet addresses, how can I do this without exposing the secret keys? The moment you have to key in this secret keys for signing the transaction you lost the very purpose of having a cold paper wallet! Can someone help? I couldn't find a satisfactory guide/answer after searching. Thanks for your help.
  5. Both NIFM and IIT Delhi are premier central government institutions. The fact they have singled out Ripple (company) against international payment TRANSFORMATION (I like how they used this word there) is certainly a good sign. This is quite in line with the Minister of Finance' stand the other day that they want to look into use of technology in payment transfers etc. Singling out ripple in a conference hosted in these institutions would give XRP lot of visibility to the folks in the government. Certainly a welcome development.
  6. Great post OP. Makes things crystal clear for every new investors apprehensive of taking the plunge into XRP
  7. I am talking about the difference in buying and selling price. For example, at the moment, I see I need to spent INR 65 to buy 1 XRP from zebpay. However, if I sell 1 XRP I get only INR 64. Which means, it work more like a market place than an exchange. This is the case with other coins also.. Whereas, you go to any other proper exchanges in India like Koinex, coindelta and coinsecure. You can see there will only be a single price for any given coin. Certainly the price for any coin at any time would be determined by the demand and supply in that particular exchange. In coinex, for example, at the moment, I see the price as 64.5. I can either buy or sell at the same price. In zebpay the selling price is ALWAYS less than buying price for any given time point. I have seen some times for BTC the difference used to be to the tune of INR 30K-40K when BTC price was around INR 130K-140K a month and half back..
  8. No.. it is really not an exchange. It acts as a middle man.. more like a market place. that is the reason why their selling price and buying price are so vastly different. They as a middle man tend to make profit from that difference. Whereas, in a real exchange you should be able to buy and sell it back immediately at the same price if you so wish. There is no doubt Zebpay is the largest bitcoin trading platform in India as they were one of the first. But, today there are many other real exchanges in India including koinex and coindelta which allows direct INR(indian fiat)/XRP pairing. However, their user base is relatively lower than Zebpay at the moment, although catching up pretty fast.
  9. But, zebpay is tecnically not an exchange. Its more like a middle man and, as a result, more often than not, there is very high spread between buying and selling price. On the other hand Koinex is a standard exchange and you can buy and sell xrp directly with INR (Indian fiat). There are also other exchanges like Coindelta in India which also offers similar method to buy XRP (simply pair it with INR itself). No need of purchasing BTC or ETH in between. Zebpay use to have only BTC till very recently. It is because of the competition from Koinex, Coindelta etc. they are forced to add XRP now. But, I think, as a exchange they still fall short.
  10. I agree that crypto/digital asset is the right terminology and one that allays the fears of governments and authorities. The recent statements by Govt. of India also made it explicit that these are digital assets and not currencies and currencies, by definition, need to be legal tender, which cryptos are not.
  11. This is because in India, we have an experienced lawyer (with no background in econ/finance) as FM. And more over, the elections are around the corner and it is the need of the time to use such language in order to appear as if they are against all kinds of corruption (implicitly meaning that all those engaging in cryptos are doing so either to evade taxes or to launder money). I am 100% certain that there will not be a ban on crypto in India ever. But certainly, his statements during the budget speech generated lot of knee-jerk reactions from the media most of whom are equally uninformed about cryptos. Most popular crypto exchanges in India are already in compliance with laws of the nation and do thorough KYC procedures before signing up users. So, in the event of tough regulations, which will happen most likely, several of these exchanges would stand unaffected and would eventually prove better for cryptos in the long run. By the way, good article!
  12. While I agree with your assessment of a possible tax on capital gains from crypto trade, I am dont agree that it will treat crypto similar to share market trading. Govt.'s stated position is that the crypto assets are not legal tender and want to discourage its proliferation. Certainly, they are not going to extend the kind of protection you as an individual customer enjoys while trading in regulated stock markets, to trading cryptos. For example, let us say, a certain crypto exchange becomes bankrupt or run away with your money, the govt. or the system may not protect you.
  13. There is no ban. This is what he said verbatim yesterday during his annual budget speech. Finance Minister Arun Jaitley said “Distributed Ledger System on the Blockchain technology allows organisation of any change of records or transactions without the need of any internmediateries. The Government does not consider Cryptocurrencies as Legal Tender or Coin and will take all measures to eliminate the use of these Crypto Assets in Financing Illegitimate Activities or a Part of the Payment System. The Government will explore use of Blockchain technology proactively for assuring in Digital Economy.” http://www.crypto-news.in/featured/no-ban-crypto-finance-minister-arun-jaitley-reiterates-government-stance/
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