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AdamHDavis

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  1. Thanks for this explanation! Ok, so it looks like this would cover the transaction from a fiat-crypto exchange (like Coinbase today) to a conventional bank. Would there be any concerns related to that fiat-crypto exchange (the fiat Gateway on the Ripple network) though? That is, will this Gateway just accept XRP from anywhere and give you fiat IOU's no questions asked? I guess I'm trying to get my head around the scope of KYC/AML rules - is the case that as long as the government knows who is receiving the money, they are satisfied, or do I need to demonstrate that I have received the money from a positively identified source as well? (Which would be impossible for XRP purchases from a crypto-only exchange like Binance, which does not have any KYC requirements).
  2. @JoelKatz replied to a tweet of mine asking about this - he said that there are internal policies and controls in place, but that nothing else has been disclosed publicly. I'd like to advocate that Ripple make these policies and controls publicly known to the Ripple and XRP community. Ripple's governance model is one where we trust that the incentives created by Ripple holding a large fraction of all XRP through the pre-mine will mean that the company will tend to act in the interest of network health and whatever will keep XRP prices high and stable, even when some of its actions are secret (XRP deals prior to sales, new XRP ledger-related products, partnerships with new customers, etc.). I'd like to argue that Ripple needs to disclose more information to all XRP stakeholders about exactly how it will ensure that no individual or group within the company could act in such a way as to benefit unfairly from being privy to those secrets which we tolerate as part of Ripple's unique governance model. I would expect that Ripple would have a clever technical solution for this (time-locked escrows, etc.?), but also fit into existing legal frameworks around insider trading. I'm curious to know more details, and look forward to @joelkatz and others at Ripple sharing that information with the community, or a plan to enact such a framework if it doesn't yet exist.
  3. How will Ripple address concerns of insider trading, given that both Ripple (the company), and many Ripple employees hold large amounts of XRP, and have real-time material information about partnerships, technical updates, and disbursements? https://en.wikipedia.org/wiki/Insider_trading Is XRP considered a security by the SEC? If so, the SEC would likely be able to enforce insider trading law against Ripple if needed. If not, what then? Some clarity from Ripple regarding this would help to increase confidence for XRP holders (both individuals and institutions). Thanks!
  4. How will current hodlers of #XRP be able to legally redeem their XRP for fiat in the future if there is no valid KYC/AML trail for the 2017/2018-era crypto exchanges which they purchased their XRP from originally? My concern is that fiat Gateways in the future will not accept XRP which does not have a complete KYC documentation trail for each address which it has been held by. Or do the KYC/AML laws only require that the individual / account who wants to buy the fiat IOU's provide KYC information about themselves to that Gateway? Thanks for any help in better understanding this. https://ripple.com/build/gateway-guide/
  5. @JoelKatz Just wanted to clarify: deriveKeypair() returns a private key and public key, in hex encoding. In order to sign transactions, do you have to know the ripple "secret" (the Base-58 encoded string starting with "s")? Can the privateKey field (a long hex-encoded number) of the returned keypair be used to sign transactions? If not, what is the privateKey used for, if anything? Thanks, Adam
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