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SamIam's Achievements

  1. Exactly, it's a steam roller that's coming, you ether get out of the way, get on board, or get crushed. No matter how big, banks can't ignore technology that cuts costs in half while giving greater reach and capabilities. What do you suppose will happen in these smaller countries when all of a sudden moving money in and out is cheap, fast and easy? It will be like pressing the nitro button on their economic engine in a lot of respects. Once they start gaining traction and momentum, do you think they will turn to the CB paradigm that ****** them over for decades or stick with the technology that got them there? It's not just global finance getting turned on it's head, but the global balance of power is about to be re-balanced in the coming years as well.
  2. And I would just add on to the SDR portion - This is also why the CBDC conglomerates will fail in the long term. They cut themselves off from the markets. XRP will still be used to facilitate payments in those markets, but it will have better global liquidity, reach, and utility. The CBDC's will be trapped in their useful, but limited walled garden. Eventually one will over take the other, but that could take a while, might happen much more quickly.
  3. Interesting discussion. Nik leads the XRPL development team. That's an entirely different world from sales and business development. I'm sure he has a pretty good idea - not all the pieces. I think it's funny you guys are talking about gift cards being a use case. Did you forget about Interledger? Will the central banks try and come up with their own solution to remain relevant? Of course they will. Does that guarantee their success? Far from it. Ripplenet levels the playing field and if you hadn't noticed this evolution is happening from the bottom up. Sure it leverages the existing CB infrastructure today, but that's because the network effect with Crypto, and banks holding it, hasn't taken hold yet. When it does there will be no place for them, or at least not in the same capacity they exist today. That said it's a real threat that may capture some of the cross boarder market. Look at BRICS, that's exactly what they've been working towards and starting to execute - sans CBDCs. So sure they will capture the larger markets because that's their low hanging fruit. However, look at what the woman from Bitso had to say about her region. Do you think they're going to be happy with a CBDC solution? Of course not, it won't serve them or solve their current problems. Ripplenet will. Like it or not, Big banks are on the short end of this stick. Look at the announcements: This is the future of banking. Why do I need a traditional bank account if I can have the functionality in a wallet on my phone? Need physical fiat? How long before Moneygram and ATMs offer conversion services? This entire space is about to be turned on it's head by Ripple, and that's just the first wave. ILP is the second. The SDR was intended to be used as an instrument of trade, i.e. exchanged for commodities like oil. The reality is, they either get stored away by the larger countries that don't need them, or they get cashed in by the smaller countries that do. Used in commerce they are not, and this is why they were a failure. AFAIK, open markets don't have the infrastructure to hold/possess SDRs.
  4. Lol - Exactly what I was thinking when he was describing it to me. Those are issuances! XRP did that from the start! Those are payment channels, XRP has been using those (and they work) for years now. Wow such innovation from the BTC devs!
  5. I asked this question of Alex from Nugget's news and he talked about BTC wrapped in an ETH ERC-20 token. He also talked about another side chain that exchanges will use to allow customers to move BTC between exchanges in something very similar to a payment channel. Of course this will just help whales arbitrage and not allow the privacy claimed, because there is no exit ramp without going through an exchange's KYC/AML choke point.
  6. Okay, I found it, the public keys became "private keys" because that sounds more mysterious: https://blog.bitmex.com/the-ripple-story/ With BitMEX being a partner, hopefully someone at Ripple can reach out to get this corrected.
  7. Okay, so the validators in a sense are organized like resistance cells. They don't all know each other, but each cell (UNL) works together, some may overlap and have connections/contacts to members of other resistance cells (UNLs). By broadcasting to all validators known to you, and the process repeating, eventually everyone is informed?
  8. That clarifies a lot. I knew there could be various groups that trust each other. However, the default UNL is the "officially" recognized version of the ledger? Others can run and validate, but their work may be ignored because they're not part of the official group. That would let them still stay in sync and have access to transaction history for business purposes. However if they want to submit transactions they would have to do so with one of the default UNL validators. Do I have that right? So Ripple created the default UNL out of necessity and security, but if people didn't like the way they managed it, they could take it away from them by starting their own and getting enough validators to join it? If you have competing groups of UNLs what makes that different from a PoW fork? (this can wait if you're not feeling great. I have a couple of videos to do before this one)
  9. Hey Bob, I was just pointed to this report: https://cryptoresearch.report/wp-content/uploads/2019/07/Crypto-Research-Report-July-2019-EN.pdf While it makes some obviously incorrect claims about Ripple/XRP, there's some things I'm not entirely clear on as it relates to consensus. I'm hoping you can help clear this up, and I'm posting here because I think a lot of people in the group will benefit from this as well. I'm going to put a video together on this report, and want to get it as accurate as possible to educate the larger community. There's a lot to explain here, and I'm happy to review links to go read up on any of the questions below. Here's where my questions start: P28: xVia was billed initially as an interface for corportates so submit payments via RippleNet. Birla recently tweeted that it's a bridge between xCurrent and xRapid. Can you add anything to that? Has that always been the case? On the centralized consensus, my understanding - it's running on top of ILP and using a payment channel so upon close settlement over XRPL uses consensus. P28 - This is from Binance Academy: My best answer to this - That's just Ripple's list, if the default UNL becomes a small minority the rest of the network disagrees with, there is no overriding protocol/code putting Ripple or it's UNL nodes as a higher authority to the rest of the network. I'm confused as to what happens when the nodes start disagreeing. ( I realize this is a deep deep dive into consensus protocol, if I need to go read up somewhere I'm happy to if anyone can recomend a link to follow) This is the first I've heard of ripple holding private validator keys. Is this an encrypted default UNL list or something more? Either they're misrepresenting how the keys are used, or this is a pretty solid claim. P29: This is where I'm confused about the whole consensus mechanism overall. I understand you can have different pools (UNLs), but how do they all stay in sync? If one validator or group gets out of sync or behind, does it just grab a current ledger close and pick back up? How does this sort itself out? They seem to go completely off the rails with this one: Not at all like lightening network, Banks provide their own liquidity, still uses Nostro/Vostro, and xCurrent is simply tracking/directing/updating private ledgers of the movement/release of funds between the two or more institutions involved. After reading a bit more, seems they're bringing issued currencies and gateways on the XRPL into the mix, and that's mostly what they're referring to here. P31: This is largely only true for corporates correct? It seems like the "workaround" DS was describing is the use of xVia to bridge xCurrent and xRapid so MG can quote Fiat to Fiat while completing via xRapid. The rest of the report is so ridiculous I'll have no problem destroying their arguments. Any input you guys can provide would be helpful. ~Sam
  10. Alex, the last live stream I attended your admins were posting rude comments about me, and then timing me out over and over. I was polite and courteous in the 4-5 comments I made. It's your channel and your moderators. I think this reflects poorly on you that this behavior is tolerated. I haven't been back since, but wish you the best in your endeavors.
  11. Hello everyone, I'm Sam, I live in Texas (CST Timezone) and have a US audience. I speak a bit of several languages but not enough to be fluent. I'm on Twitter @hameggsn and on YT at To The Lifeboats In my corporate days I had a job very similar to Bob's but in Telecom. I've also been an activist, a co-host on a nationally syndicated talk radio program, a farmer raising Pastured Chicken and sold at the Dallas Farmers Market, and a videographer. I have a lot of people who appreciate me breaking down the more complex/technical aspects of XRP adoption to help them understand why it's important and the big picture of what may be happening.
  12. There's a reason Ripple developed ILP and then handed it off to the standards body. They're following the strategy outlined in Contemporary Strategy Analysis to a tee. I think you're on the right track but have a few details off. It's not one pool of liquidity. Ripple holds ~4-6Bln XRP in it's two primary wallets. What's noteworthy is the number of exchanges that sit on a billion XRP. (and No, customers are not buying a billion at each of these different exchanges, nor did all of these exchanges have 300M burning a hole in their pocket they decided to use to buy XRP) Currently there are 7, all different size exchanges (Have a look:https://xrptracker.kka72.com/) all holding 1B XRP (+customer holdings). These are the Ripple supplied and managed pools. They need them in as many markets as is practical. Shorten your time frame from monthly down to days and possibly even hours. If you were facing a business problem of managing global liquidity across thousands of markets, with billions of actors making independent decisions, would you try and manage that with traditional programmed thresholds? The clear answer here is an AI that monitors and manages the pools. Look at the XRPL monitor, every week you see 4-10 transactions of typically 5-50M XRP moving from Ripple wallets to a wallet where they then break it up into transactions that used to be round integers of 100,000 XRP (after making a video pointing out these payment flows they now added a random number of xxx XRP to disguise what's going on. Follow those wallets and you get to transactions that move x,xxx-xx,xxx XRP to several wallets. This all started around the timeframe you reference for the patent filings. Look at what happened when Bitrex did their upgrade. All of a sudden transactions of 49,999,999M XRP started flowing from Bitrex to Bitso's wallet. The destination tag was 0 so this was not a customer. When finished it moved 500M XRP. Seems highly likely that somebody forgot about a configuration that set Bitso up as a new Xpool and the AI saw the imbalance and started correcting it. Shortly after, it was moved back, but this time in round numbers without the 9's. I've seen this before and made videos about it. I think the 999's are to designate AI moves and when the humans come in to correct it moves with round numbers. This is one example but I've seen transactions that move funds between most of these exchanges sitting on 1Bln XRP. I've even seen an intermediate wallet that would pull XRP from 2 different exchanges combine them and send to a third exchange. Why in the **** would competitors be sending XPR around like that? The answer, they're Ripple partners, and Ripple's AI is managing liquidity for them. Don't know the specifics, but think about it, Ripple has almost no cost from it's acquisition/holding of 60Bln XRP. I suspect they're loaning/leasing the XRP to the exchanges for cheap/free. Ripple knows where this is going and have every incentive to drive up the price. The AI is installed at the exchange and Ripple's AI is free to manage the pools globally, as directed by their markets team. Again, I've been talking about this for months, and doing videos showing the wallets, but everyone is too busy calling me an idiot to actually look into it. Great post, I am just starting to dig into the patient topic, I clearly need to go read them.
  13. SamIam

    Hi! I'm Bob

    Hey Bob, I have a few questions for you: Every week for several months now, Ripple sends out 10's of millions of XRP. They follow a predictable pattern. Typically 5-50M go out, the receiving wallet then sends out XRP to 2-10 wallets in amounts that are usually in the hundred thousand range (with round numbers), those receiving wallets tend to then send transactions that appear to be payments, not in round numbers. Other wallets with a similar profile seem to be on the receiving end of the payments rolling things back up. Any idea what's going on here? xPOOL - What can you tell us about it? Ripple registered the trademark years ago. Temenos did a PR about shared liquidity pooling for it's T24 customers that may be related. The theory is Ripple manages global liquidity in partnership with the exchanges to provide banks with price stability. (There's also a Shane Ellis theory that suggests giant buy/sell walls with cash and XRP will do the same on live order books down the road. The walls will move up and down to manage liquidity.) I've been told xPOOL was going to be a product but then became more of a Ripplenet feature. This may tie in with the private ledger/walled garden idea and the accounts above. When Bitrex upgraded it's platform strangely 500m of it's ~1B was transferred to Upbit in 50 moves of 49,999,999 XRP. I think an AI could possibly be managing the liquidity pools for Ripple and the 9's are to indicate AI moves. Shortly after this stopped, the funds were moved back in 90M XRP transactions with round numbers suggesting human intervention. Do you know anything on this subject? There are wallets that do nothing but move funds between exchanges in this manner, sometimes through an intermediary wallet with an 5-15m delay. Destination ID's on all of these suspected xPOOL moves are 0's typically (sometimes 1-10), so it's not customers moving between exchanges. I guess the big question here - when XRP is used for 8 digit transactions, what is Ripple's strategy to avoid slippage eating up the savings between Mark and Mak? A couple of interesting ones - The SecurityBounty wallet that had 50K in it for a week and then it was pulled out. Happened a couple years ago, was this some kind of hacking challenge you put together? I also see occasional transactions with encrypted Travel Rule details added. Any idea why this is used vs. pre-transaction negotiation? Bob - Your posts are tremendously appreciated, and have filled in a lot of gaps for me. Too often I see a few Ripple employees respond on twitter when they can score points at someone's expense vs. educate the community as you have. This will go a long way to dispel FUD and create a stronger community.
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