canadrian1999 reacted to BobWay in Chat: [Study Group] Syllabus
In 5 years of explaining Ripple and the XRP Ledger to people, not a single person has disagreed with me when I described a "trust line" as "an accounting relationship".
An accounting relationship is an agreement between two entities (Alice & Bob) whereby both agree that one of the following is true:
Alice owes Bob money (equivalent) Alice is holding money for Bob Bob owes Alice money (equivalent) Bob is holding money for Alice The balance between them is ZERO (equivalent) Alice and Bob's accounting relationship is settled. Account relationships are easy to describe in bookkeeping terms
Alice is holding money for Bob Bob's nostro account This is an asset account in Bob's bookkeeping system The nostro account ledger carries a debit balance. Alice's vostro account This is an liability account in Alice's bookkeeping system The vostro account ledger carries a credit balance. Bob is holding money for Alice Alice's nostro account This is an asset account in Alice's bookkeeping system The vostro account ledger carries a debit balance. Bob's vostro account (equivalent) This is an liability account in Bob's bookkeeping system The vostro account ledger carries a credit balance. Nostro means "our money held by them". Vostro means "their money held by us"
In bookkeeping terms, each account carries a debit balance, a credit balance, or a zero balance. From the perspective of the bookkeeping system's owner, some people think of:
debit balances (assets) as positive credit balances (liabilities) as negative But this is not strictly true. The owner of the bookkeeping system also maintains one or more "owner's equity" accounts. Those represent the owner's "net worth". Equity accounts carry credit balances. They are seen as the bookkeeping system's liability to the owner. This is what makes the bookkeeping system as a whole "balance". The XRPL doesn't keep explicit equity accounts, but it can derive them through API calls.
Account relationships also have "limits' on what their account balance can be. These are made explicit on trust lines but are implicit in most accounting systems.
You savings account can not have a negative balance. The lower limit (from your perspective) is zero. From your perspective, it may also have an implicit upper limit as well. Likely the maximum that is insured against loss if the bank were to fail.
Checking accounts generally can not have a negative balance either. But banks often offer "overdraft protection" as an additional service. So occasionally you might see a checking account go below zero.
"Rippling" is an advanced topic, but it generally has more to do with permissions you set for your accounts, than those permissions set by your counterparties.
canadrian1999 reacted to BobWay in Chat: General
Bob's Note: I expanded on this answer a little bit in the patent thread. I think any discussion should continue there.
The primary reason for talking about "my mechanism" is to convince everyone that "at least one mechanism exists" that could drive XRP into its prime position as a bridge currency. Now lots of people in the cryptocurrency space presume that is true. They also presume that their favorite cryptocurrency is going to become a bridge just because it is awesome and had (X special feature) that other currencies don't have.
But people that study the economics of the ecosystem are rightfully skeptical that ANY cryptocurrency could actually become a de facto bridge currency. If you try to write down the sequence of steps needed for that to happen, there are almost always significant logical or conceptual gaps in most cryptocurrency fan theories.
So what I set out to determine was, "Is there really a plausible path to make that happen?" And also, "What are the necessary requirements and 'forces' needed to actually make that happen." That is what I documented inside the company. That was also what we patented and I assigned to Ripple. (I've discussed this elsewhere on this site so I won't rehash the back story.) The company has hinted at these techniques, but has not detailed any particular strategy that they will employ. (At least based on what I've read in their press releases and public statements.)
I think I've discovered "the last algorithm" that RippleNet needs to drive XRP into the bridge currency position. And also to maintain it there in perpetuity. But that algorithm won't necessarily be the first one employed to help XRP along on that path. There are other ad-hoc ways that might be simpler to implement and more effective for the initial corridors that companies want to deploy.
Now keep in mind, saying "I discovered the last algorithm" isn't very humble. Also note that once you find "a way" of doing something thought impossible, it becomes much, much easier to find a second even better way. That was the lesson of bitcoin's consensus algorithm. No one could find a good consensus algorithm because no one thought it could be done. So no one thought they should bother looking. Once the bitcoin algorithm was found, then boom! The ripple algorithm, a re-emergence of other known 'academic' algorithms, proof of stake, proof of space... Expect the innovation to continue.
So, there is no guarantee that Ripple will ever deploy my exact algorithm. They may have even better ideas in mind. Ones that I'm not privy to. But what I do know for sure, is that most of the other cryptocurrency teams don't have the resources they need to drive their currency into the bridge position. Nor do they even understand the economics of the ecosystem well enough to know why that is true.
canadrian1999 reacted to JoelKatz in Hi! I'm Bob
I think that any technology can be used for good or evil. Obviously, I would hate to see social credit develop in that direction.
I was definitely one of those people who believed that the Internet would inherently democratize the spread of information. Until a few years ago, i was thrilled with the idea that anyone could publish a web page or start a blog and get a huge following if people wanted to hear what they had to say. Seeing the gatekeepers of information lose their power was a wonderful thing. As you all know, in the past decade or so, new gatekeepers emerged with a small number of companies not only having huge control over what information can and cannot be easily shared but also having a revenue model based on gathering massive amounts of information that it has become impractical to keep private.
I'd hate to repeat this pattern with the democratizing of the flow of funds and hope we can correct this with the flow of information over the next decade or so.
canadrian1999 reacted to BobWay in Hi! I'm Bob
As promised, I didn't go to bed before finishing monstrosity. It is the delayed continuation of the post I left hanging here. Sorry for the delay.
I've had a long love/hate relationship with bitcoin. When I first heard about it I was inthralled with the technology. I dug in deep to understand everything I could. It seemed like a global LETS system to me. There were a few things I didn't like. It wasn't very private even though everyone kept calling it anonymous. I was one of the first to point out how the DAG could be used to unmask people. I may also have been one of the first to describe the mixer concept. I kicked around some ideas for a next generation more private blockchain data structure with Satoshi. I wasn't cryptography savvy enough to make that work, but I was happy when the zerocoin folks worked it out.
But the one thing I always hated about bitcoin was the monetary policy, I made that clear with my first post on bitcointalk. I thought and still think that volatile cryptocurrencies make lousy "money".
Medium of exchange -- OK, that works Unit of account -- Hum? Is it really a consistent "measure of value" Standard of deferred payment -- Nope, you can's agree to BTC denominated rent or other contracts Store of value -- Not really, store implies you get the same value out you put in
It turns out bitcoin is much better described as a commodity than a currency. This argument did not win me popularity either.
Over the next three years I explored other monetary policies and spent a lot of time trying to work out how to make a stable valued cryptocurrency. It was during that exploration that I discovered Ripple. It turns out Ripple is a uniquely suitable platform on which to build a stable coin.
By 2013 there were a lot of bitcoin maximalists pumping BTC. There pitch went something like this:
The Dollar is going to crash! The Euro is going to crash! People are going to NEED to use BTC. The whole world's financial system is going to hell! You can buy BTC now and be RICH! Or you can buy BTC later with the poor people. I thought that was a pretty sucky marketing plan. "The whole world's gonna be miserable, but hey, we DESERVE to be rich! We didn't actually do anything. But we did happen to notice this weird thing on Slashdot first!" I thought that pitch was lamely transparent even for a scammer. I didn't expect many to fall for it.
It was in that context that I made the comments that kicked off the request for comment. Keep in mind that when Ripple launched OpenCoin was giving away XRP. Please read at least the first page here. You'll see that there was an organized campaign to call Ripple a scam right from the beginning. Crypto is a hostile environment.
The initial amounts given were 50,000 XRP. Note Jed was first in line. Also note that Vitalik Buterin was on the first page. That XRP amounts tapered down over time. By the time I discovered Ripple the giveaway amount was 20,000 XRP. I had begged David for XRP a few days before I received my giveaway amount. I'd been posting in the forum and was way too impatient to wait. He graciously funded my initial wallet with 555 XRP. Keep in mind the account reserve was 200 XRP, and trust lines and offers were 50 XRP each. So 555 only represented a half dozen trust lines and market orders.
What's most important to the discussion we are having now, and the mindset I had then, is the relative valuation.
The story I was told is that when PayPal launched, they gave everyone who signed up at the beginning $10. At the beginning of the giveaway OpenCoin considered 50,000 XRP to be worth about $10. ($0.0002 in Feb 2013). By May, people in the forums had been speculating that XRP would reach $5 by the end of the year. I had shouted down a few of those speculation threads, and that was what I was referring to when I wrote this:
I thought such outlandish speculation made Ripple actually sound like the scam others were claiming it was. I also thought that most of the speculators had no idea what the "rippling" concept in Ripple actually was. Most were just happy they had gotten free crypto since the bitcoin faucet had long ago dried up.
Now in retrospect, I made two bad presumptions in the 4 points I made in that original post.
First, I was a Ripple maximalist and presumed that OpenCoin wanted all 6 billion people on the planet to have their own Ripple address on ledger. Having a Ripple address means needing some amount of XRP for the account reserve and trust lines. The average amount 6 billion people would pay just to have an account is pretty small. ($1 would be a pretty high barrier to entry in poorer regions)
That was what I was referring to here:
Say 6-8 billion people and add in a couple billion businesses. You are looking at 10 billion addresses. That averages to only 10 XRP per address. Now you have to consider some of that is locked into the account reserves. If you support the local currencies as well, that's at least 10 billion trust lines and and offer reserves. The reserves will need to fall into drop amounts at that point. Otherwise there isn't much XRP to use for transaction fees.
The use of trust lines to represent local fiat currencies was what I meant by "unlimited supply" here:
All in all, it didn't seem to me that XRP was being considered by OpenCoin as a common payment denomination. (Meaning to specify the price of goods or services in XRP rather than in USD) It was pretty clear OpenCoin saw XRP as a bridge currency, but that would be hidden from most Ripple users who continued to hold and spend their local fiat currency.
This third point I have discussed in at least a couple of other places in this thread. This logic is still sound.
I began to realize my presumption about 10 billion on ledger addresses was incorrect shortly afterwards.
The second bad presumption I made was that OpenCoin was manipulating XRP prices by selling off enough XRP to keep the price stable. (Remember I'm a fan of stable money) Stable XRP value seemed such an obvious precursor to XRP becoming a bridge currency, that I couldn't see any other way that could happen. (Why stable currencies make good bridge currencies is a longer discussion that I'll make in my "book" but you are probably bored of this already.)
This presumption was what I was referring to in 4a:
I learned much to my surprise that OpenCoin had never even considered manipulating the market price to increase stability! I never saw any inclination to do during my tenure either. So clearly I was wrong about 4a. If you are holding XRP like I am, I don't have any reason to believe that Ripple is competing against you and attempting to hold down XRP prices.
That also invalidates my 4b crack about greater fools. But really that was just a rude crack made at the expense of the folks who were speculating in the forums in 2013. To them, and anyone here who was taken aback, I offer my humble apologies.
Now if I ended the story here and referred you back to this post about upward XRP price pressures, I could rationalize this as a "more optimistic ending"...
...but come on. Do you really think I'm that lame? This whole story would make me sound like I'm just one of those lesser fools I mocked, waiting for the greater fools to show up. I'm not that kind of d***.
So I'll leave you with something that just might make your head explode. But I'll have to say this very carefully using words that I've already heard authorized Ripplers say in public. Hopefully, that will keep me out of trouble...
It's conventional wisdom that the one thing you can't do by giving away an asset like XRP--is make its price go up.
Except one day, a while back, Stefan proposed a concept in which it might...
I was quite reticent to believe it. It seemed intuitively impossible, much like you are thinking now. So I sat down to analyze it. And analyze it. And analyze it... And in the end I concluded his exact proposal was wrong. It was likely to put downward pressure on the prices of XRP.
But, Stefan wasn't very wrong. In fact, using his proposal as a starting place, I tweaked the parameters and intermediate goals and came up with a mechanism that I'm completely convinced will work. It leads to a net upward pressure on the price of XRP...
..and Ripple and I received a patent for it.
Now I don't speak for the company so I can't say if they'll ever deploy the system. I can't say they won't either. But I can say that I know at least one method exists that defies the above conventional wisdom.
Hopefully, that is optimistic enough to make up for any panic triggers you might have suffered!
canadrian1999 reacted to BobWay in Hi! I'm Bob
I did a lot of analytic work on "XRP as a bridge currency" as I mentioned in a previous post on this tread. I found two distinct upward pressures. 1) new traders buying XRP to enter the market and compete as a market maker. 2) people holding XRP to reduce their international payment cost. (the 1/2 fee argument from above)
Vijay and Miguel from Ripple's trading team in New York however created a lot of detailed trading models and simulations. It wasn't that they were trying to create upward pressure on XRP's price, more so that they we trying to understand what actions might but unnecessary downward pressure on price. Of course, so no one would accidentally make those mistakes.
Thank you cmbartley and everyone else as well!
Actually you all are!
One of the things I've been trying to judge is if I should write a book or perhaps start a blog about Ripple, blockchain technology, crypto, money, the future of banking, etc.
Does anyone feel something like that would be useful?
canadrian1999 reacted to lucky in AMERICAN BANKER: Is this Swift's answer to Ripple?
You either believe that decentralized digital assets running on a software platform build from scratch over the last 6 years, will power the global fully automated real time Internet economy, or you think the old tech built 30-50 years ago is not a spagetti mess in which correspondent banks have positioned themselves as rentseekers like bugs, works fine, just needs more patches to speed up the rentseeking process.
canadrian1999 reacted to Chewiecoin in How Are We All Doing?
Guys and gals.
Thought I would just “check in” to see how everyone is doing?
A year ago I got my start in this Club and learnt so much from it. I hate seeing the negativity which often takes over in here.
As anyone knows that has seen my posts I have no problem with counter arguments and differing opinions I think that is very healthy. I don’t spend as much time in here as I should.
I am still very bullish and see XRP at over $100 one day in the next 5 years. As always don’t let short term price affect your opinion of the potential of our investment. The price rises will come. With xRapid finally launching we will start to see adoption of XRP and utility demand that we all crave. After 10 months of a bear market it’s easy to fall into the trap that we will never see a bull market again. Not at all, we will see bull markets again and XRP will be taken along for the ride. But with utility demand supporting our base it will drive our minimum price higher and should fuel our speculative runs even higher.
The price will come.
Be patient and HODL.
So how are we all doing?
canadrian1999 reacted to Atomic1221 in Microsoft Azure and Ripple
Volpay uses Azure and an entire suite of banking tools; now including Ripple products. Volpay Hub is a cloud based banking infrastructure SaaS
You can fill in the dots here given Ripple and MS relationship and how much MS loves integrating vertically (especially with software)
^This is RECENT news. There’s a thread on here posted within the last week.
canadrian1999 reacted to Bearmark in What's your profit strategy?
I'm playing the long game like explained by @XRPto50dollars and Brad Garlinghouse, 3 to 5 years.
My mind is set on evaluating in 2023 and deciding how much to sell. In the meantime I just accumulate every month, if XRP goes so high that accumulating much more (in terms of percentage added to stack) becomes difficult, I'll switch to simply holding, learning about the IoV and perhaps looking for other opportunities that have popped up in the meantime. As attractive as trading looks, I know I'm not that smart and disciplined to make that a success.
Obviously, if things go apeshit again like in 2017, my planning may get cut by a few years, but I'm prepared and not worried to hold for a long time.
canadrian1999 reacted to BLPinfinity in Japanese Bankers Association adopt SWIFT GPI
Swift GPI is just a messaging system like xcurrent. It makes it bidirectional and fees mostly transparent.
The SWIFT upgrade ISO20022 which all banks must do by November 18 is making them compatible with the ILP as ISO20022 is one of the 3 main protocols it uses for comms.
SWIFT Temenos and SAP are all aligning to be connected into the ILP and in some cases the ripple suite directly.
The above news is all positive IMO.
I am very certain we will see swift payments settled instantly with the use of the ILP and this XRP at some stage.
canadrian1999 reacted to Julian_Williams in Japanese Bankers Association adopt SWIFT GPI
Stop this paranoia
This is right:
As Ripple have repeated told you SWIFT are tinkering with an old system. Making it work better, I think one exec remarked you cannot modify a candle to be a light bulb. They have built a better candle and maybe it looks as bright as a light bulb but it is not going to be the future tech that will be adopted by the industry.
Ripple built their system from the ground up. It is a much better designed system using digital assets when they are useful. Text rich payments with Codius smart contract facilites and seamlessly working with hundreds of other Fintech products. SWIFT are 5 years behind this tech.
The daily cross border transactions of SWIFT are 5 trillion (I think)
The daily vol of XRP today is less than .5 billion. If XRP captures 1 10,000th of SWIFTs business they will double XRP daily vol. If they capture 10% their daily volume will be 1000 times bigger. XRP is going to be the digital bridging asset, no doubt about it.
GPI have the advantage of working with a captive client base before XRapid is in production mode. It is good news for the banks and of course a lot, maybe the majority, would like to take the easy lazy route of just upgrading to GPI. A fragment will use XRP/Ripple and they will be using a better system and they will prevail.
This news changes nothing.
canadrian1999 reacted to MrBavaria in Japanese Bankers Association adopt SWIFT GPI
Just one word: Nokia They were a giant too, so what? Just because SWIFT is a giant doesnt mean they can't lose market share. They definately will lose market share, the question is how much will they lose.
2nd: its not just all about speed..there are other things to put in perspective: banks have to pay a big amount of money for using the SWIFT system, and nostro/vostro accounts wont be eliminated. Thats why ripple is focusing on smaller banks first: they just dont want to pay for using SWIFT!
"SWIFT is a cooperative society owned by its members. Members are categorized into classes based on share ownership. All members pay a one-time joining fee plus annual support charges which vary by member classes. SWIFT also charges users for each message based on message type and length. These charges also vary depending upon the bank’s usage volume – different charge tiers exist for banks that generate different volumes of messages.
Read more: How the SWIFT System Works | Investopedia https://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp#ixzz5Qu7qNKG1
Follow us: Investopedia on Facebook"
Smaller banks just cant afford to pay such high fees. If ripple is cheaper AND faster (not just cheaper in the meaning of transfer costs; but the annual support charges etc) they surely will switch.
And this is were ripples war-chest comes into play: they can offer them their services very cheaply because they have so much money right now!
canadrian1999 reacted to MrBavaria in Japanese Bankers Association adopt SWIFT GPI
@jabit you are sure that you're not a SWIFT employee?
Im asking because when i scroll through your post-history i can see that you are only posting about SWIFT GPI...
I dont want to insult you, but dont be so negativ. competition is good, and this doesnt mean that every bank will chose to use gpi now.
Do you remember the screenshot of a gpi transaction where 450k € were transfered? How long did it take? Somewhere near 24 hours? Thats still a very long time..and the fee was about 70€. Ok, thats not that much, but it was a EUR-USD transaction, that corridor is pretty liquid. How long would it take to transfer money into a less liquid corridor and how much fee would you pay?
There are so many questions and i really do think that Ripple is far ahead. Last year SWIFT said that they would no longer develop the gpi system because it is too expensive and takes too long. Why do you think they turned around and are doing it now? Because they were afraid of losing banks..in their hurry they rolled out a beta-like product so that they can say: "look what we have!! its great!!!", even though its not..
Thats my humble point of view.
canadrian1999 reacted to Plikk in I have been in deep red for 6 months
Good day fellow members,
Today seemed like a good moment to share my experience with XRP. I first started investigating Ripple XRP back in august 2017. The price back then was 0.12 cents and I was ready to make a nice investment. However, it was quite hard to figure out how to buy and what was the best way to do it. I researched for a week and when I was about to pull the trigger, disaster struck. My GF, whom I have been with for 7 year had a sudden severe stroke. She was taken to the hospital and it was the most severe stroke possible, a brainstem cloth had blocked all nerve connections from her brain to her body, leaving her completely paralysed. For 6 weeks she lay in the hospital and could only move her eyes to confirm yes/no. Mentally she was 100% there, but physically just could not move any part of her body. The doctors gave her little to no hope on any recovery.
I quit my study and job instantly to take care of her. This took place almost 10 months ago now, and miraculously she is making huge improvements. I am with her almost every day, and thanks to great support from me, her family and especially her own perseverance and enormous strength she has shown great improvement. She can now move her arms and legs, her speech and the ability to eat are also returning. It will however take much more effort and time before she will be able to come home. For a long time to come she will still have to stay in a rehabilitation centre.
I cannot express in words how hard this has been and the impact it had on our lives. We have been through hell and back again. I feel very blessed that she is recovering so well and that we have the opportunity to return to a better life again.
So, during that time I completely forgot about XRP for the first months. When things had cooled down since August, it was suddenly December and I saw the market, including XRP, rise like never before. I felt annoyed by not been able to pull the trigger back in august so I immediately decided to buy in big. My first XRP buy was on january the 7th, just when XP reached 3 USD. I of course did my due diligence and read and read and read about XRP. As I had no prior experience with investing, I did not know it was the most stupid thing to invest in an asset that has just rissen more than a thousand percent in a matter of weeks, being crypto or not.
I spent a lot time reading the threads here on XRPChat, and they were filled with joy and price predictions of 5$+. I was angry at missing out earlier, gullible and really believed with he potential of XRP it would make it that far in an instant. So I pulled the trigger and made my first deposit on January 7th. Literally the day after, the CMC website decided to pull out all Korean exchanges and the XRP price dropped by 20% within hours. Here began my XRP investment journey.
I was of course shocked by the sudden price crash, but I knew it was crypto, so I did not panic at all. I actually bought more, as people here, TA and fake 'prophets' like BG123 were pointing out that it was a normal correction, and the best time to accumulate more is when the price drops. So I listened and bought even more. The days and weeks after, the price only crashed further down and there seemed to be no end to it. What did I do? Panic? Meh, a little bit perhaps. I bought more every dip and really believed every time we already hit the bottom.
And again, people here were sure that after Chinese New Year, March, April, Consensus in May, SBI or whatever other reason, price would suddenly spike again. Well it did not, it only became worse. Why? Well, because none of us here know what the market will do. We can only speculate to a certain extent, but what I have learned is that it is very dangerous to FOMO on these occasions. Because every single time, it has proven to be a big downfall. I encourage everyone to stay level-headed, and decide for their own when to invest. FOMO is a very dangerous thing, and so is panic by the way. This market is very manipulated, run by bots and whales and many weak-hands and day traders that use any opportunity to make a quick profit. It is 180 degrees from what most of us have decided to be: a HODLER. This is the reason things usually don't work out as we hope, because we have a very different mindset(and way more knowledge about real life XRP progress) than most players in this market. They don't care about real life progress, they care about fast profits.
So where do I stand now? I have seen my portfolio ranging from -60% to being 0.5% in the green, but the latter was maybe for a few hours at most. I am now about 35% in the red, and it really sucks. If I had been more patient, had kept my head cool and made more calculated assessments, then I probably would have a much larger stack by now. But you know what, although it hurts and feels bad that I am this deep in the red, I have zero regrets about joining this crypto game. I am here for the long-term, even though when I first started I hoped to make quick profits.
And this is the most important thing I have realised: I started investing with hoping on quick profits. I would have been happy with a few thousand $ in profits, and be probably done with it. But thanks to this forum, and all the knowledge abound, I found out XRP is a waiting game. Waiting until the market finally sees the light and gives XRP a nice swing upwards. I am not that guy anymore that wants a quick buck. I want to change my life and that of my GF to be able to do whatever we want and enjoy life without having to worry about work 24/7. I will keep accumulating XRP at low prices, lowering my DCA, and just wait it out. It has no use to be full of regrets of choices we've made.
I have grown stronger as an investor thanks to crypto, I am only 25 years old and have a whole life ahead of me. All the things about investing, what to do and what not to do, have I learned from this wicked market and helpful forum. I have been through hell with my GF, I will go through hell with this crypto game, and I just don't care anymore. I just let it ride, and one day I will be applauding myself for not giving up on neither my GF nor this investment opportunity.
A heads up to everyone experiencing the same struggles in this crypto landscape. Keep strong, stay cool and if you have done your research, trust in your investment. Just accept it will take more time than you've hoped for and never feel guilty about decisions you have made. Always listen to yourself and take FOMO and PANIC posts with a grain of salt. They are equally dangerous.
One day this investment will pay off, pay off big. Are you willing to wait hit for it? I sure as hell am!
canadrian1999 reacted to corak in XRP Distribution stats on rNQEMJA4PsoSrZRn9J6RajAYhcDzzhf8ok
Top 10 receive addresses (by "ModifiedNode" counts) from the scanned transactions:
rw7m3CtVHwGSdhFjV4MyJozmZJv3DYQnsA: 10466 TX
rEb8TK3gBgk5auZkwc6sHnwrGVJH8DuaLh: 2514 TX
rstryhbE73v18SnJ3R8j1FSNYFWCSdELEd: 1349 TX
rav4ti22NyMgD1WbGKoRy62hUL75dq8w4u: 1336 TX
rhL5Va5tDbUUuozS9isvEuv7Uk1uuJaY1T: 429 TX
rGdgpSMFAdakC84jMwxL5z4BxtrnXVSfNd: 316 TX
rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy: 299 TX
rJfNtGo2ycceWUNbcmZrzhQBweGavvH2H4: 259 TX
rLHzPsX6oXkzU2qL12kHCH8G8cnZv1rBJh: 44 TX
I looked into those addresses aaaand.. i have no idea what I'm looking at.
canadrian1999 reacted to corak in XRP Distribution stats on rNQEMJA4PsoSrZRn9J6RajAYhcDzzhf8ok
Last 8 days there's been a steady distribution of XRP from wallet rBAyQitUnr2TqrPjmQ2invYwH29fVTyrVd into rNQEMJA4PsoSrZRn9J6RajAYhcDzzhf8ok and then to many small wallets. The amount in the initial wallet was roughly 3.1 billion XRP. Currently, there is ~2750 million remaining.
I'm guessing it's an exchange; the incoming transfers are using a destination tag "1000000004".
I scanned all transactions involving rNQEMJA4PsoSrZRn9J6RajAYhcDzzhf8ok via data API and aggregated the outgoing transactions (ones with less than 1M XRP) based on hour-of-day UTC, in order to determine the timezone of the exchange.
The histogram, taken from 27k payment transactions looks like this:
Pretty conclusive it aligns with SEA hours. The payments are of all kinds of sizes, my guess is that they are selling XRP "over the counter" like what Bitstamp did back in 2013 where you bought it direct from the exchange, and people are just moving these amounts into private wallets.
canadrian1999 reacted to BluKoo in Zerpening Part 2: The Sequel
This is crazy, even eToro are talking about it on their blog. Surely this is a conflict of interest of sorts ?
Ps. Sorry for talking about it again. I know its not going to happen. I just think one platform contributing to rumours about another is crazy haha.