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LilBender

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  1. Like
    LilBender got a reaction from xSODAx in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  2. Like
    LilBender reacted to Kiwi in If you have an account with one of the exchanges that dropped XRP...   
    Below is my opinion.
    I do not think it is possible to attack BG and CL without attacking Ripple.
    We have a long period where Ripple was selling XRP, and it seems that was fine. They have been doing that for YEARS.  SEC knew what they were doing. 
    Then you have one period where two CEOs earned EXTREME (why the F*** do you need 600m dollars?????) amount of money. On top of that, they were giving weird messages to public. "Major banks will use xrp by the end of 2019, 3 of top 5 remittance companies will use XRP in 2018, etc etc." Bunch of lies.
    People on this forum were mocking me and others when I wrote that BG is shilling XRP while XRP is practically not adopted at all.  Well, we have now proofs (correspondences between Ripple employees) that they were sending these messages intentionally, just to make speculation and pump the price.
    Anyway, CEOs started dumping even more than Jed, and what happens few months later? Ripple and CEOs get sued.
     
  3. Thanks
    LilBender reacted to Kiwi in If you have an account with one of the exchanges that dropped XRP...   
    In my opinion XRP was "attacked" because two CEOs earned 600million dollars in 2 years while they were screaming they are long and were looking for ways to pump the price.
  4. Haha
    LilBender reacted to LetHerRip in XLM flipped XRP, Jed wins.   
    In the meantime at Ripple HQ

  5. Thanks
    LilBender reacted to pointbreak in USDC will be used in Interbank transactions 🔥 Is it a threat to XRP ?   
    Nostro vostro accounts are not nearly as big an issue as Ripple makes them out to be, the main problem with the Nostro vostro arrangement is that they are generally signed between two parties i.e HSBC in the United Kingdom and Banco Bradesco in Brazil, solving the bi-lateral or trilateral agreement issue is what can help release the funds tied up within these arrangements. Ripple does not really solve this problem with its ODL problem as the parties are still required to enter into multiple agreements i.e HSBC, Branco and Bitstamp. If a new corridor is to be introduced say into Mexico this adds another exchange and more agreements, its simply not that scalable.
    The problem Ripple finds its self in is that it has tried to avoid acting as a payment service provider, instead making a purely technology / SAAS play. Whilst this avoids further regulation it doesnt allow them to truly solve the problem by acting as a gateway that can aggregate the volume between corridors within the ODL product. 
    Who knows if SBI ever goes live with a proper exchange that may be the missing piece (there would be one centralised exchange providing liquidity as opposed to many in each jurisdiction. 
    My 2 cents here is even with the ideal solution to support crypto currencies, the transfer wise business model with the scale they have now hit is likely to be superior.
    None the less looks like Stable coins that the XRP community always hated will become what the XRP community wanted it to be. XRP on the other hand..... It has been a weird journey of pivots and errors.
  6. Like
    LilBender got a reaction from XRPage in My complaint to the SEC   
    I think we are thinking in a similar direction
    Now that I think about it, I would also move all future development of the XRP ledger to a foundation not affiliated with Ripple, staffed with hard working community contributors
  7. Thanks
    LilBender got a reaction from XRPage in My complaint to the SEC   
    A year and a half ago, I asked many of the questions that are currently being asked of Ripple:
    This thread resulted in David Schwartz personally messaging me to let me know that he read this thread out to Brad Garlinghouse and that the questions were valid. Unfortunately, none of those questions were answered, until the details surfaced as part of this lawsuit 
  8. Like
    LilBender got a reaction from jag216 in The purpose of SEC lawsuit (feat.tesla)   
    This is the same reasoning that DS gave, that the people receiving the tokens with zero cost basis will sell it at a pittance
    However, that scenario currently applies to the founders as well. Instead of millions of people selling a few thousands, we have a handful of individuals selling billions at zero cost basis 
    Jed’s plan may not have been fool proof, but it would have been more democratic and the individuals with zero cost basis XRP would have exited the market years ago. IMO of course 
  9. Like
    LilBender reacted to buh in Coinbase will suspend trading in XRP on January 19   
    honest question, and i know it is difficult to respond now or process. But why not sell now your XRP, even at loss, and catch the bull train of another alltcoin? it is clear the bull is here and you can still recover your money back, on another train. Also have in mind, majority of top coins will likely follow bitcoin and have new all time highs and then go dorment to another massive years bear market.
     
    So like 2017 up to now. Just asusme this is a logn-term project for you, get out now at a loss, jump on another train, recover part of your investment, stay dorment for other years while the market gets massively corrected again and jump on a new project.
     
    i know what it feels, altough i left XRP just up to the SEC news, it still feels unsavory. Passed 4 years arranging a strategy and all blows like this. But again, more opportunities will come in life, and just make it in yourself that gaining some profit may take years, and be cofnortable with that.
  10. Like
    LilBender got a reaction from Caracappa in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  11. Like
    LilBender got a reaction from SquaryBone in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  12. Like
    LilBender got a reaction from 2ndtimearound in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  13. Like
    LilBender got a reaction from Julian_Williams in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  14. Like
    LilBender got a reaction from Plikk in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  15. Like
    LilBender got a reaction from wogojump in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  16. Like
    LilBender reacted to thinlyspread in Ripple Defence   
    Side note: I hope Flare have some decent lawyers. 
     
  17. Like
    LilBender reacted to thinlyspread in Ripple Defence   
    Exactly, thank you. Some guy in Japan who owns XRP doesn't magically own shares in Ripple even if the SEC wins and declares "it" "a" security (not even practically possible). It's around Ripple and other large holders, their influence on the market at large, their behaviour, and specific transactions, all under scrutiny. Which myself and others have been warning about since 2014 or so. Doesn't mean we don't like the Ripple vision, devs, or the XRP tech! 
  18. Like
    LilBender got a reaction from aavkk in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  19. Thanks
    LilBender reacted to Julian_Williams in Brad has dumped 600 million dollars worth of XRP   
    The money received by Ripple is to be used to build, develop, service and update the software and XRP ecosystem (maybe at times misspent)
    The money received by BG and CL went to them personally to waste as they choose and has no benefit for the future of the stock.  In fact the money is directly taken out of the markets that support the funds that support the building of the XRPecosystem.  On top of that the way the money was extracted - with inside information and bots, directly harms the investors that buy the tokens that support the company that pay their salaries.
  20. Like
    LilBender got a reaction from Zerpiet in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  21. Like
    LilBender got a reaction from 7strings in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  22. Like
    LilBender got a reaction from Xrpdude in Ripple Defence   
    Unqualified, non legal opinion:
    Ripple is making the same argument it has made many times before that XRP is not a security. Problem is, the SEC (as far as I can see) is not arguing it is one, rather, the manner in which Ripple has been selling it breaks security laws. The two are not the same thing as far as I understand 
    Furthermore, the Ripple defense has no mention of the information asymmetry and personal sales Chris Larsen and Brad Garlinghouse profited from, which gives me (the again, unqualified) impression that the company is prepared to throw them under the bus if it comes to choosing between saving the company and saving the executives. Perhaps, their personal lawyers will have a defense more to this point
     
  23. Like
    LilBender reacted to XRPage in Ripple Defence   
    The CEO has a salary in dollars like everyone else and I am pretty sure he could live very well without the xrp sales. 
    It makes me sick to see people here still defending BG, CL, DS and co. Unless everyone stands again these practices nothing changes and companies like Ripple and its founders will continue doing what they have been doing. I'm sure most employees knew what was happening there and no one said a word, which makes them accomplices of fraud. Repulsive. 
  24. Like
    LilBender got a reaction from Julian_Williams in The most disturbing allegations in the SEC complaint   
    Jeff Bezos built a website where he got online orders, then packaged everything the customers ordered into individual envelopes, then mailed them himself at the post office, every single day. He built a trillion dollar empire from that
    chris Larsen built a digital asset out of thin air with the help of smart people. Brad Garlinghouse sold that idea 
    The two stories not even on the same planet 
    EDIT: there’s a famous speech Jeff Bezos gave to his shareholders a few years after the dot com crash where everything about Amazon was up except for the share price. Google it. That was a moment of true leadership. If CL or BG showed even 1% of that spirit, I would consider putting them in the same sentence as Jeff Bezos
  25. Like
    LilBender reacted to Plikk in If you're still unsure of why BTC is > $24K while XRP is < $1 read page 27 and 28 of the SEC report   
    In my regard the biggest issue right now is not whether XRP is a security or not. It is the PR damage done to Ripple et al.
    For me these are the reasons which made me exit my position in XRP. I might consider getting back in if any of these are either refuted or resolved in a fair manner.
    From the SEC report:
    -----
    6. Meanwhile, Larsen—Ripple’s initial chief executive officer (“CEO”) and current chairman of the Board—and Garlinghouse—Ripple’s current CEO—orchestrated these unlawful sales and personally profited by approximately $600 million from their unregistered sales of XRP.
    7. Garlinghouse did so while repeatedly touting that he was “very long” XRP, meaning he held a significant position he expected to rise in value, without disclosing his sales of XRP.
    8. Defendants continue to hold substantial amounts of XRP and—with no registration statement in effect—can continue to monetize their XRP while using the information asymmetry they created in the market for their own gain, creating substantial risk to investors.
    60. In addition, Ripple and Larsen (and later Garlinghouse) never filed a registration statement with the SEC prior to offering or selling XRP. Nor did they limit their sales of XRP to transactions that fit within legal exemptions to the registration requirements of the Securities Act. In other words, Ripple and Larsen embarked on a large-scale unregistered public distribution of XRP and—with the goal of immense profits—simply assumed the risk that they were violating the federal securities laws.
    69. In other words, Ripple’s stated business plan made Ripple’s conduct alleged here a foregone conclusion—Ripple made it part of its “strategy” to sell XRP to as many speculative investors as possible. While Ripple touted the potential future use of XRP by certain specialized institutions, a potential use it would deploy investor funds to try to create, Ripple sold XRP widely into the market, specifically to individuals who had no “use” for XRP as Ripple has described such potential “uses” and for the most part when no such uses even existed.
    70. Ripple also lacked the funds to pay for these endeavors and for its general corporate business expenses, which for 2013 and 2014 already exceeded $25 million, without selling XRP.
    71. Ripple’s objectives and its own financial reality thus compelled it to actively seek to offer and sell XRP as widely as possible, while controlling supply and demand in the resale market to manage and control liquidity for an imagined, future “use” case.
    84. In addition, Larsen (beginning in 2015) and Garlinghouse (beginning in 2017) directly participated in the Offering by offering and selling their own holdings of XRP into the same market as Ripple’s Market Sales, typically following the same manner of sale.
    85. From 2015 through at least March 2020, while Larsen was an affiliate of Ripple as its CEO and later chairman of the Board, Larsen and his wife sold over 1.7 billion XRP to public investors in the market. Larsen and his wife netted at least $450 million USD from those sales.
    86. From April 2017 through December 2019, while an affiliate of Ripple as CEO, Garlinghouse sold over 321 million XRP he had received from Ripple to public investors in the market, generating approximately $150 million USD from those sales.
    87. Defendants offered and sold XRP to any person, without restricting offers or sales to persons who had a “use” for XRP (particularly given that little to no “use” existed until Ripple subsidized some “use” operations in recent months, as described below) and without restricting anyone’s ability to resell their XRP to investors within the United States or elsewhere.
    106. In other words, Ripple expected that most, if not all, Institutional Sales buyers would sell their XRP into public markets and tried to protect XRP’s trading price by limiting the amounts that could be resold during any given time period. By selling at discounts to market prices, Ripple incentivized these buyers to seek to sell their XRP into the public markets in order to realize what was essentially a guaranteed profit.
    125. From approximately December 2018 through July 2020, Ripple issued at least 324 million XRP as fees, rebates, and incentives to entities associated with ODL, without restricting the ability of these entities to resell the XRP received as incentives into public markets. This XRP was valued at approximately $67 million at the time of Ripple’s payments.
    126. These entities typically have resold all the XRP they have received from Ripple to investors in the public markets, typically on the same day that they received the XRP from Ripple.
    127. Ripple took no steps to ensure that these entities intended to hold XRP as an investment. To the contrary, Ripple gave these entities XRP to sell into the public markets.
    161. From April 2017 through December 2019, Garlinghouse sold over 321 million of his XRP, for approximately $150 million, to the public through digital asset trading platforms or other intermediaries. Beginning in December 2017, Garlinghouse used the Market Maker, who deployed trading bots on multiple, worldwide digital asset trading platforms, to sell his XRP to the public.
    165. Recently, Garlinghouse transferred some of his XRP into accounts he opened with digital asset trading platforms, evidencing his intention to continue his unregistered sales of XRP.
    180. The following month, September 2016, Ripple directed the Market Maker to place XRP buy and sell orders around the time of announcements Ripple made that month referring to Ripple’s achievements, though neither announcement concerned XRP.
    ----
    This made me loose faith in Ripple's work ethics. We haven't seen a response from Ripple about these allegations yet, so in my eyes they're still innocent until proven guilty. But it is reason enough for me to take a few steps back and asses the whole situation with my money at the sidelines.
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