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ZerpAndFlurp

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  1. Published today on Ripple's official site: https://ripple.com/insights/ripplenet-surpasses-200-customers-worldwide/ Go ahead, I'll wait -- read that whole post including the part where several new FIs (among them bona fide actual banks!) are now using XRP. P.S. in case my Snark-Fu is too subtle: I completely disagree with the OP's original sentiment -- Ripple owes us exactly NOTHING, unless what you own is actual Ripple company stock and not XRP like the rest of us. Either that or get in on the "XRP is a security, so Ripple owes me money!" class-action suit before it's too late (newsflash: It already is). Barring either of these, just do like the rest of us and sit back, relax and wait for the big light show cuz it's gonna be a helluva barn-burner.
  2. Data sharding is not a new concept and in fact predates blockchain as a practical technology: https://en.wikipedia.org/wiki/Shard_(database_architecture) The fact that the XRP Ledger is using sharding is great news for the Ledger, but that doesn't mean any part of the XRP ecosystem has any particularly beneficial application in the larger database management world just because it now uses sharding to help manage its historic data.
  3. After all the work and effort to scale back their presence in the UNL, now that they can finally legitimately claim that they no longer hold a majority of validators, it would be a tremendous step backward for Ripple to start remunerating server owners. It would open the door to renewed criticism (justified or not) about Ripple's control of the network -- the last thing they need right now.
  4. Banks (and other intermediaries) will always shave an arbitrary cut off the top -- for one thing, they have to (otherwise, why even bother offering the service?), and for another, they're banks, and that's what banks do. However, I think two dynamics will serve to gradually minimize (though never eliminate, of course) this FeePalooza: 1- XRP and the various Ripple mechanisms surrounding it makes it possible to cut out some of those intermediaries, and fewer players means fewer (though not necessarily lower) fees 2- And as more institutions get into the game, there will be competitive pressure to actually reduce fees Right now, early adopter institutions are alone at the buffet table and are gorging themselves, but as more players show up that won't last.
  5. Get used to news like this folks; they're not the first exchange to consider this move and you can bet your bottom zerp that they won't be the last!
  6. While most of your post is factually correct, the above quote is completely wrong -- and since several people on XRPChat have been propagating the same mistaken concept of "Internet Of Things" of late I feel the need to rectify this here: The phrase "The Internet Of Things" does NOT mean "The Internet At Large As We've Known It Since 1990". The latter is simply "The Internet", while the former is a completely different beast designating a network of physical devices containing sensors -- so-called "smart" appliances and the like. While it's true that the IoT principally makes use of the Internet to allow its devices to communicate, the two are completely separate and different things (see https://en.wikipedia.org/wiki/Internet_of_things). When looking at the development of the Internet Of Value, it is entirely appropriate to compare it to the development of the actual Internet, as I believe was your post's intention (and that is also how Ripple officials have been describing the concept of IoV). But apart from the passing similarity in their names, the IoV has NOTHING to do with the IoT. So in essence, all one needs to do is mentally replace all instances of "Internet Of Things" with "Internet" in your post for it to be flawless
  7. While it's true that leaving any crypto assets on an exchange is exposing yourself to theft by hacking, keeping them in a cold wallet (be it simple paper or Ledger Nano S-type hardware wallet) is perfectly safe and a definitive solution to that potential problem. And yes, were you to die without passing on your keys to your estate your assets would surely be irretrievably lost. But that potential problem also has an obvious solution: make sure your keys are passed on with your estate, either via your will or via a "care package" (complete with full instructions on how to access your assets) stored safely in your home safe or better yet your bank's safety deposit box. Personally (and obviously others may feel differently!) I don't see any of this as barriers to entry into the crypto market. Meanwhile, I've actually followed (ok, lurked on) this thread since its initial publishing and I do applaud your healthy skepticism and due diligence. However, your recent statement: ...while probably true of most XRP investors, once coupled with the tenor of all your questions in this thread reveals that maybe you're wanting to get rich very, very soon (as in, before year's end) otherwise XRP should be regarded as a bad investment. If you invest into XRP using sound methodology: Do your due diligence on Ripple and XRP NEVER invest more than you can afford to keep locked up in this investment for YEARS is necessary Understand that your investment may never be recovered, should XRP not pan out for any reason At the same time, realize that whatever happens, good or bad, is unlikely to happen in the next few months -- it may take actual years to come to fruition ...then a lot of your misgivings about "what if XRP remains under $1 by year's end?" become a lot less worrisome.
  8. Technically speaking, TWO more validators were added (bithomp.com and coil.com), and as a result Ripple retired one of theirs, for a final tally of 48% UNL Rippleness. I suppose one could argue that the Coil.com one still hovers pretty close to the mothership, but hey, not-Ripple is not-Ripple In any case... this makes, what, the 3rd week in a row that new validators are added to the list? This is definitely great work by the team, and great news for the community!
  9. This is nothing short of tremendous. All those XRP pairs...! We all know this, but let's take a moment to savor it: Since the dawn of altcoins, on most exchanges if you wanted to buy a coin, you had to buy BTC with fiat first and then buy your alt coin with that BTC -- incurring additional delays and high fees in the process. Flash forward to today on DCEX: Buy zerp with fiat to buy your other coins (including, deliciously enough, BTC!!!), for next to no fees and in mere seconds. One day, much sooner than we think, all exchanges will work this way.
  10. Thanks -- I never pass up a chance to refer to the Greatest Spy In History
  11. Not to be glib, but to all those inclined to think that this market (up or down!) has anything to do with bulls, bears, TA, breaking news items (good or bad!) or the Chinese Lunar Year: I respectfully refer you to this, one excellent blog post among several, explaining how the crypto space is willfully manipulated from top to bottom at all times: (And none of this is groundbreaking news or particularly innovative of course; the exact same thing was happening in the cowboy days of Wall Street until the US government stepped in.) So are we all doomed? Hardly. For one thing, sooner or later regulations will be put in place by most governments to greatly mitigate (although never fully eradicate) these shenanigans. Unfortunately, at the speed governments move it might take a few years But more importantly for the XRP community, once giant FIs and other market movers start shlepping billions of zerps a day these predators will slink away and go find another way to make their money. TL;DR: Hodl, this too shall pass.
  12. in the US, you'd get taxed twice doing this ? Technically yes, but keep in mind you only get taxed on the profits of any sale, so this isn't the end of the world. Consider this example: Sell $100K XRP into BTC -- Let's say you're making a $90K profit there. The whole $90K will get taxed at the %20 long-term capital gain rate (assuming you've held that XRP for more than a year) Transfer your BTC to Coinbase, sell for USD Now, if you've done 1 and 2 within hours of each other BTC is unlikely to have moved much, but let's say you got really unlucky and it did go up 10% between the two transactions. In that case you'll owe taxes on that 10% profit only ($100K @ 10% = $10K taxable profit). Unfortunately this will be considered a short-term capital gain so you'll owe %30+ (depending on your tax bracket), but it's not like you get taxed twice on the whole original $100K amount. All told your effective tax rate on the entire operation will be ~24% given the numbers above. Not great, but not devastating either. And this of course assumes BTC appreciated at all between the two transactions. You should be able to either sell on a slight BTC downtick or at least a quiet trading day and minimize this exposure to keep your effective overall rate near 21%. Or better yet, use an exchange that allows you to use ETH instead of BTC and reduce your exposure to mere minutes and make this whole double taxation thing a non-issue. By the end of this year it won't matter anyway because the XRP/USD pairs will be ubiquitous
  13. I think this recent, excellent post by @The_Phoenixed_Banker bears consideration for inclusion: https://www.xrpchat.com/topic/11171-thoughts-from-an-ex-banker-vp-of-tech/
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