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  1. Look like JP Morgan anticipates instant settlement of payments in the future. JPMorgan's new project looks to fend off competing financial institutions or payment providers who can offer instant settlements for low fees. Now JPMorgan can say they can offer instant settlement, so no reason to leave or use other services. Ripple should piggyback off this new project by explaining that one of biggest banks in the world agrees that instant settlement of funds is the future. And, XRapid is the solution you can use today.
  2. I would guess this test mainly applies when the network isn't established and/or and running on its own. If Company A offers a coin in exchange for a promise to build a network with the funds, it's easy to see how an expected profit can come solely from a promoter or third party manager's efforts. In the case of XRP, the network is up and running, so where does XRP's value derive from if there are no underlying business operations to produce profits? As you said, the value comes from demand of XRP, and demand is based upon XRP usage in the network. At this point, profits or appreciation from XRP comes from each individual purchaser, seller and holder of XRP, since they determine the usage rate by buying and selling. So, you, as a buyer, seller or holder affect the potential appreciation of XRP and are therefore not solely relying on a promoter or third party for profits. Yes, XRP purchasers can profit from other participants in the network if they sell to each other. However, the network itself is not a common enterprise, because all XRP purchasers do not have common goals when they purchase XRP. One XRP purchaser may intend to hold XRP while another XRP purchaser may use XRP to facilitate a payment to another person in a different country. One purchaser may use XRP to purchase an item. One purchaser may use XRP strictly to purchase another cryptocurrency. Everyone in the network has different intentions on how they will use XRP when purchased and many purchases do not involve a profit motive at all. So, even if you argue XRP purchasers can profit from the effort of others (other network participants), the network they share is not a common enterprise, because each XRP purchaser's intended use of their XRP is different.
  3. The courts have held instruments are not securities when the purchaser is motivated to use the item purchased. Without XRP being used (traded), then XRP has no value in an investment sense, because XRP is not an investment in an enterprise and therefore no person or entity can directly can reward it's holders. Ripple has created technology to provide a service for enterprises to utilize XRP. Since XRP provides no ownership stake in an entity or dividends to purchasers, it only makes sense that the purchasers eventual intention is to use XRP for a specific function. Yes, in the event XRP is utilized and demand increases, the purchasers may expect appreciation in XRP. But how does XRP appreciate in value? By being utilized by other holders of XRP. Ripple provides means to access XRP, but XRP's value does not solely rest with Ripple efforts, because ANY person or enterprise can create applications to affect utilization of XRP, and therefore it's value.
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