Eik

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  1. To elaborate x50 price increase in 2 months is ENORMOUS Rolling out Escrow and PayChan (also in last two months) is ENORMOUS Having Interledger to the point that atomic transaction between e.g. Ethereum and RCL happen in seconds is ENORMOUS Having Interledger to the point where a user can determine to send whichever money to whichever receiver on whichever ledger, and the transaction picks the best pathway that happens to chose RCL within seconds is ENORMOUS!!!!! Sorry for you if you don't think this is amazing, why are YOU actually interested in Ripple? Looking for another x50 increase in price? Greed.
  2. Congrats to successfully closing 30 M I L L I O N ledgers! For future comparison: 5.3M XRP burned
  3. Too much headless chickens creating too much expectations here. Correct me if I am wrong, but: JK's gossiped ' big announcement' was never an announcement but a promise of a live demo that they never demonstrated before, which they delivered. (please take time to listen/read, instead of yelling/zerping what you don't know) Nikb's tweet about teaser in the end of Stefan's talk: 'what happens after consensus?' has to do with the content of the talk, which was 'consensus', not 'Consensus 2017'. The answer was in the last slides: consensus does not scale, reduce to local agreement (two-phase commit, paychan (?) ), and interoperability by e.g. InterLedger. But sure, also after Consensus 2017 Ripple will keep on doing amazing work and announce great things! To Ripple: Great performance on Consensus 2017! Congrats! To headless chickens: don't act like a headless chicken if your neighbor acts like a headless chicken.
  4. When can we expect the launch? Month is almost ending... just saying... so you don't forget...
  5. Transcript from Consensus 2017 workshop, here. 58:49 QUESTION: I was hoping that you guys could briefly discuss your decision to move those funds into escrow, and maybe what the plan is for those funds, if any, and would you use those for something like the lawsuit that you referenced earlier. 59:07 DAVID SCHWARTZ: So we're primarily VC funded, which is nice. Oh our decision to put fifty four billion XRP into escrow and what was behind that and whether we would use that for example to fund the lawsuit. So we're primarily VC funded. That lets us use our XRP strategically. We don't so much have to use it like a bank account we can more use it as a strategic tool. Certainly if we were threatened if you could imagine we're going to act in our own interest if we were threatened and we have to draw on that we certainly would to protect hopefully the space as much as it would protect us. We're going to act in our in our own interest but we don't have to draw off that like to pay salaries or we can be strategic. We can use it to align incentives. Institutional buyers who may buy XRP with the lock up they have an aligned incentive with us and other people who hold XRP because the future value of XRP is very important to them and that and we're able to use it that way. It certainly is also a source of revenue. I'm not saying that's not the case but I'm saying that that's not all of what's going on. I think also the fact that a lot’s been made about the fact that we're releasing a billion XRP a month. That doesn't mean that we're going to spend it. Obviously we think the price is good, if we succeed we believe that's going to put upward pressure on the price and if we fail what we're going to fail then you know we fail. If we fail it is what it is. We're not trying to squeeze out as much money as possible today. We're trying to maximize long-term value. So I would expect a significant fraction of that XRP, particularly is just going to wind up going back into lockup. If you look historically we've typically been selling between a hundred million and three hundred million XRP a month roughly. With the increase in value and the increase in interest it's hard to say like will it decrease because we have the same piece of value? Will it increase because we're trying to incentivize more partners and get more done? I think either way it's good it's good for everyone. 60:49 STEFAN THOMAS: I just wanted to provide a quick clarification on the lawsuit I mentioned. So that was an example of something that the Bitcoin community has sort of taken up. I'm not implying any particular position of Ripple and it wouldn't be my place to announce that anyway so we haven’t announced any position on a particular lawsuit. That was a hypothetical. 61:09 PATRICK GRIFFIN: I think that everything we're talking about. This is a capital intensive rollout. We're talking about re-engineering the entire financial system and the plumbing that underpins international payments. It's going to require a lot of capital and I think that everybody in the room understands that and I think that that's part of the reason why you're seeing these increases in market caps across the board. And it's certainly this is a powerful asset for us to leverage to grow our network. To grow our business. Which is good for everybody and in that spirit of sort of building out a level playing field.
  6. Transcript, also from the workshop. 1:07 STEFAN THOMAS: Yeah so, my name is Stefan Thomas I am CTO with Ripple. Before Ripple I was involved with BitCoin for several years and now I work on the vision and technical direction for Ripple. 1:22 DAVID SCHWARTZ: My name is David Schwartz. I'm the chief cryptographer at Ripple. I’ve been working on Ripple since 2011 and public ledger tech. Before that I was working on cryptographic messaging systems and cloud storage for government and military applications. 1:35 PATRICK GRIFFIN: I am Patrick Griffin. I’m the head of business development [at Ripple]. I don’t know why I’m up here, but there’s our CTO and our head of cryptography, but actually I think we are the, to be honest here, I think we are the, we are the one two and three first employees of Ripple. Well, two one and three. We've been here for quite some time and it's been a long journey. So why don't we first start off with the demo and I think I'll tee it up: This is a demo that demonstrates our technical our technology start of the inter ledger protocol, moving payments in and out of XRP and Stefan will do a better job of articulating what you are about to see.
  7. Transcript from Consensus 2017 workshop, here. 47:25 QUESTION: So what are you guys doing to make Ripple more accessible to end users and consumers? 47:32 PATRICK GRIFFIN: Okay so, I'm going to jump in on that to start and if you guys have thoughts. We take the view and this maybe goes back five years where five years ago we started with sort of the business development challenge was an interesting one. We had this great technology and then we had to try to figure out like, okay now how is it useful, and we basically took the “throw spaghetti against the ceiling see what sticks approach.” We looked at loyalty points, we looked at merchant adoption we looked at pretty much everything under the sun regarding value transfer. Even sort of like syndicated loans and everything and ultimately what we learned in the course of doing that is that there is infrastructure in place today that provides certain value to consumers. In particular on the consumer side, there's insurance. There's risk controls. There's authorizations. There's authentications. There's there's you know ways in which where you can store your value with assurity. So we stepped back and said this technology's really you know has where all the places are in place all the pieces are in place to adopt today is institutional. And we felt like this technology, and we continue to feel this technology is still very early for retail adoption. It's just company view I think that other people have different views and and so we're just focused on that layer. Now what I would say is that I think that that's just a you know a very very very long first step, but once you get sort of this technology embedded deep within the financial infrastructure then I think you start to see a path to retail adoption. If banks are sending and powering their payments through digital assets, well there's a clear path then for banks to provide accounts for digital assets with insurance behind them and so on and so forth. And then there's path for you know consumer rails to start being really rolled out I mean I think even when you look at the merchant merchants sort of companies, like Bitpay, so forth some of those merchant stories that the merchant adoption has not helped the consumer adoption is not quite there and there's a real reason why you would not use the volatile digital asset to pay your groceries or whatever the case may be. That will change eventually but for today it's just not our focus. 49:39 STEFAN THOMAS: So when we first started out we actually had a consumer facing client and we decided to sunset that. We had a credit card. We had all kinds of cool things and that was us coming from a very much like a Bitcoin mindset but if you think about it how many people even in Bitcoin actual end-users use Bitcoin. I'm not talking about using CoinBase. I'm not talking about using BitPay. I'm not talking about using any kind of intermediary that’s on my behalf on Bitcoin, but actually downloading the client downloading a blockchain myself and interacting with the network directly. If it wasn't for the Android well, I think that number would be very very small and even with that it’s a small number. And I think you know my personal experience with Bitcoin you know I lost one fairly large wallet and so, if I think about the user experience of using a digital asset directly it's actually not that creative and experience because there's no one you can go to the complain. There's no consumer protection built in. So it actually makes a lot more sense to me that there would be intermediaries that take off some of the rough edges for you and then in turn it will be enthusiasts that use it directly just like people run their own email server but I think it's completely unrealistic to think that that will be the majority of people. You know like the majority people want a nice experience and they're willing to pay for it. They're not worried about everyone's out to get them and so we think it's a more believable model and so once you presuppose that model, the things you start to be interested in is how do those systems integrate with the digital asset and so that's what led us down the path of InterLedger, and so on. Like look at how these different exchanges work today, and I if I want to move money from one exchange the other I have to withdraw it into Bitcoin, I have to get into the wallet, I have to deposit it into the other one, wait for confirmations each time. Like why isn't there a protocol that ties it all together? So that's exactly we're trying to trade with with Interledger. 51:35 DAVID SCHWARTZ: I think you can see an analogy in the early days of the internet where a lot of people were early adopters and they were using you know the earliest technology and there was not broad adoption and it was institutional adoption that drew the people in. It was this idea that that everybody could play on this platform. That there wasn't one company that controled it. I think that was what brought it to the point where it made sense to launch consumer facing products on that platform. The problems that we have today in blockchain are just not there yet. They just don't provide the basic features that ordinary people want. Customer support is very difficult to do because the underlying systems are so complex I think I think if you talk to any company that has a retail facing blockchain product at this conference, and you ask them how's their customer support been the past couple weeks, I think you'll hear a uniform story. Many of you quit smiling and probably have your own personal issues because you work for those types of companies. The technology is at a point where a very high level of sophistication is required to use it. You know, it used to be you had to be a mechanic to work on a car, you know you have to get a copying machine if you any of you remember back when you're copy machine required regular service. We're in the day where it really isn't ready for retail adoption. I think trying to push that early is a dangerous strategy. People are starting to do that with XRP. We're hearing a lot more interest now that this has that volume the liquidity, but that's not our use case. If you want to do it, we're not going to stand in your way, but we don't think that that really makes sense yet. We’ll get there though.
  8. Transcript from Consensus 2017 workshop, here. 43:49 QUESTION: Do all three of you have a different opinion of how high Ripple should go? 43:56 PATRICK GRIFFIN: My short answer is no. Look, what I will say is as an asset class in general to digital asset for now north of sixty billion dollars of market cap. Wow! It’s a big number, but step back. This is a new asset class that will be here for as long as the internet is here. Sixty billion dollars is a rounding error in the long long-term of asset classes so I think the personal view is that I think that this is a long runway still ahead of us. I don't know what the timing is or what that's going to look like, but yeah I mean I think it's early days for this whole space. 44:42 DAVID SCHWARTZ: and also for people who may work for other blockchain companies and companies in the space the pie is pretty big by absolutele numbers. You know, tens of billions of dollars is a lot. It's very, very small compared to the potential use cases and applications for the technology we're building. As an industry, we should not be fighting over who gets the biggest slice of this pie. We should all be working to make this pie many many times bigger than it is. Some of the infighting that's occurring, you see it in the in Bitcoin governance but you also see it across the different block chains. It isn't helping. You're not going to make Bitcoin maximalist. You're not going to make Bitcoin bigger by saying bad things about small alt coins. I mean if you feel like you have to warn people about things that you think are scams great, but I mean growing, growing the space is beneficial for everybody. The real world of use cases international payments, you know many, many trillions of dollars, that's where we should be focusing. 45:35 STEFAN THOMAS: Yeah so you know we obviously can't give investment advice but I think you can say some very general things like you know I've been investing in digital assets since 2010 and they're one of the riskiest most volatile asset classes out there. So definitely don't invest money that you can't afford to completely lose because you will whether it's through, you know, losing your wallet or losing, you know, through a big collapse in the price of whatever you bought, so definitely beware. But as Patrick said, I think there's a lot of potential in the space and so for long-term investors with very high risk tolerance I think it's an it's an okay asset class to have some exposure to.
  9. Later I'll start some new topics discussing various aspects of the video. Now back to work Feel free to do the same!
  10. Thanks James! Looking good! Bounty heading your way. Also in time for @Dennis' deadline. And btw, great first post!
  11. Woops, the bounty helped I guess. Too bad about the double work. PM me your address, I just added an effort bounty