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jetbrzzz's Achievements

  1. In the early days Ripple was distributing XRP for non-cash considerations in order to build liquidity, somewhat analogous to the Howey test of investors investing and expecting some kind of return on their money/investment. Was Ripple holding ICO's or fundraising like Ethereum? No. But they were giving something away (that could have future potential for both parties) in order to build out their network infrastructure. I can see that as a kind of investment, even if you need to twist logic a bit to get there. Unfortunately for the SEC, I don't think the laws as written really fit the Ripple situation, if we're talking about selling/investing in purely literal terms. One of Ripple's arguments is that they didn't actually 'sell' anything to anyone, and they weren't selling their stock, etc. I guess Fair Notice is their strongest argument but there's a lot of holes already in the SEC case so... The SEC should have asked Congress to make a new law or wrote a new regulation themselves (if that's even possible), not gone down the path of enforcement by applying old, outdated precedents to ground-breaking situations, twisting all logic and words to make it fit in the SEC enforcement box. Don't get me wrong, eff the SEC. I still think their case is non-sense.
  2. Here comes the dirt....Clayton getting big bucks at a BTC hedgefund, Hinman getting a $1,000,000 from Ethereum Foundation or whoever, these guys are dirty. Of course the SEC is trying to block Ripple from getting personal emails and comms of SEC employees. If Clayton and Hinman were smart, they kept their dealings for favors off of gov't phones and channels. It'd be a lot harder to get discovery on those things, I think Ripple is arguing that Clayton has so much conflict of interest that it's central to the lawsuit. Maybe not all of the SEC employees, but I'd certainly want Hinman and Clayton's. Funny how the SEC thought it was OK to demand Garlinghouse and Larson's personal financial histories for 8 years, textbook projection and deflection. What if we got Clayton and Hinman's financial records from the last 8 years? Wonder how much they were getting bribed to do what they did to Ripple and XRP....
  3. Sadly nothing will happen to either: when was the last time anyone went to jail for financial crimes, maybe Bernie Madoff but his public sentencing was just to keep the mob at bay. Clayton already has his new director position at Apollo now that Leon Black stepped down on sexual harassment claims. It would be difficult for an AG to go after Clayton and flat out prove he was on the take somehow, even though that's what we all suspect. Hinman has a $1,000,000 in the bank from the Ethereum Foundation so he'd be an easier target for prosecution it seems, "consulting fees" or whatever BS he's calling it. Revolving doors and quid pro quo is SOP for the finance world. It's just scummy that Ethereum Foundation is in on it too, paying off regulators to look the other way and crush competition through lawsuits.
  4. Oh ho ho, now Forbes is writing about it? Social media campaign activated, yet not even months ago all they could produce is FUD. I want Clayton and Hinman's emails between the Ethereum Foundation, and all the quid pro quo hook ups they were getting; Hinman only got an easy $1,000,000 from the Ethereum Foundation for looking the other way. For God's sake, D.A.I. has played 10x the clip of Vitalik on tape saying they're fundraising for Ethereum. If that's not a security offering, NOTHING is. Submit that evidence to the courts. Apollo Group hiring Clayton immediately after leaving the SEC; revolving door, back-scratching politics at its finest. Probably nothing will happen to Clayton but karma is a BTCh. Ethereum miners price-gouging its userbase, pay-to-play from the Ethereum Foundation, any respect I had for Ethereum went out the window. I hope Flare Networks, Cardano, Ziliqa collectively crush ETH.
  5. Would have to ask Ripple how they've set up their escrow but if they were smart and there's no way to change the programmed release dates, then they can just say "hey we can't do anything until the bank vault opens on the next billion" And it would take years for it all to come out they way they have it set now. It's really a question for @JoelKatz, he'd know if you could cancel all the escrows Ripple holds, like with the stroke of a pen. My gut says probably not, otherwise you could just reneg on your escrow which defeats the purpose in the first place, to guarantee release upon meeting the specified terms, either the time-lock, combination escrow, etc. Regulation/punishment would more likely be the SEC or whoever standing at the door the minute the next escrow opens and saying " Thank you, this billion XRP is ours now, see y'all next month." Not saying that would happen but that makes more sense than just destroying all 55 escrows or however many they have.
  6. Sure the USA could impose a huge exit tax on Ripple and indirectly the escrow, I guess. Kind of like California's idea for an exit tax for billionaires, forcing them to pay back taxes for 10 years even after they've left California. The tax would have to be insanely huge, like at least 50% or more like 75-90% to crush the value of the escrow; even 25 billion XRP is still a lot (like if the value was somehow cut in 1/2). I don't think the SEC can do that, it would probably have to come from Congress in the form of a law. Exit tax is an extremely unpopular idea even for liberal-leaning people. The idea that you owe forever is so un-American, I don't know that they could really pull it off in Congress. Then again they just passed $1,900,000,000,000 of money for themselves so what do I know?
  7. I don't see how Ripple would be forced to hand over the keys to the Escrow. It's on a time-lock, unless they have some fail-safe that overrides the escrow rules. If they were smart, they set it up as "our keys, and our crypto"; Ripple definitely multi-signs all their billion XRP addresses, with like 4/8 signers typically. If the USA doesn't like it, then they'll move of out its jurisdiction, which they kinda threatened to do already, if not 1/2 jokingly. It seems more likely that Ripple will have a serious say in what happens to the escrow, regardless of the SEC lawsuit. The US government can't just confiscate it, even if it wanted to. 80% of XRP business happens outside the USA already too so that's a thing.
  8. If it were a criminal case I don't think they would have to ask for such things in discovery, they'd just be able to get a warrant for the information directly from the banks BG/CL use, kinda how the police subpoenas Facebook for information when solving an actual crime. You don't tell the criminal you've got dirt on them usually. What Brad bought for lunch and where he has bought his underoos for the past 8 years is irrelevant to the case... ~~~~~~~~~~ My dude John Deaton spitting flames at these SEC knobs. The Clayton/GoldmanSachs/Apollo/BTC-ETH connection is starting to make more sense. Ex-Goldman guy Gensler also used to head the CFTC and just couldn't figure out how JP Morgan was manipulating the COMEX silver markets while he was there.....hmmmm, looking the other way for a big bullion bank...maybe he should have started with looking into the SLV trust. All these people rub each others' backs, the crony capitalism and corruption is kinda nauseating honestly. And now Gensler is coming into the SEC to do what? Regulate 99% of cryptos into oblivion so the banks can step in and take over, while the CFTC and SEC look the other way when the banks commit more financial crimes. Clayton might have bought some time, but is it really enough? XRP isn't going away obviously and unless someone else has similar or better tech, I don't see Bitcoin/Ethereum performing the task XRP can already do. Maybe some kinda deal with XLM, but network wise I'm pretty sure XRP is superior.; XLM has definitely had more hiccups and issues than the XRPL, (millions of transactions and billions in value without a glitch, bank partnerships, etc etc.)
  9. So is the value set up through a contract mechanism; like an agreed bridge value? Some assume that it's the open market alone which will dictate the price of XRP, as in adoption up, price up, and up n up. Makes sense from a particular perspective but not as much when you realize there are a lot of "hidden" OTC-style dealings going on as well which don't affect the exchange markets.
  10. I found a diagram describing what you explained, I think. I suppose the endpoints can bypass the XRPL and have direct communications with other waypoints in one of the outer rings. As for the XRPL, I'm sure there must be a central factor that connects all these points through the XRPL, not sure exactly what that is, but I don't think you'll be able to remove the XRPL and still have the rest of the system work. Just my hunch. Might just be the path of least resistance to go through the XRPL for transactions, and then therefore become the main way of doing business.
  11. Clayton obviously didn't act alone, though he shoulders a lot of the blame for bringing the lawsuit solely because he was the SEC director. I still have a hunch he was tapped on the shoulder, idk by who, but told to do what he did; I doubt very much he was at the top of the decision-making food chain. ~~~~~~~~~~~~~~ Gensler is also a revolving door Goldman BallSachs Federal Gooberment swamp critter, led the CTFC back during Obama's term and found NO wrong-doing the COMEX silver markets, yet in 2018 JP Morgan pays fines for rigging the silver market for a decade (actually much longer than that but what's another billion in fines?). Gensler is smart and seemingly understands cryptos way better than someone like Clayton, but he's not immune to look-the-other-way-itis. BTC/Tether/Bitfinex fraud immediately comes to mind. SEC Gensler: "Oops, we couldn't find any fraud, and the Tether printer seems to be working just fine, oh well." Literally more of the same Wall Street corruption, at least the NY AG barred Tether from operating in NY state, but had no problem skimming an easy $18 million for it's own pockets. Nice shakedown for some lunch money.
  12. From what I understand, I don't think this is how the forked infrastructure is laid out. Why would the BoJ trust validators from the FED or BoE Bank of China, etc? The whole point is for private clients to have complete control over the issuance of their currency, IE sovereign nations like the USA aren't going to trust China with keeping the validators legit and vice versa, the CCP isn't going to trust Japan, Canada, etc hold validators for the Digital RMB. China might not even use Ripple tech for their digital Yuan so how will they interoperate with everyone else if not through the XRPL? Will have to wait and see if there's a whitepaper released on the architecture, but every central bank gets their own private ledger and run their own node network, they can then transact through the main ledger XRPL with other CBs private ledgers. I don't think the design is every single CBDC on a single ledger. It's possible to do yes, but does not offer the privacy that the CBs demanded in the first place. Maybe BoJ doesn't want China to see its transactions with the FED or Bank of Korea, etc. Garlinghouse said one of his Middle Eastern bank clients said exactly that he didn't want the transactions publicly viewable, which it would be if every CBDC was on the same forked ledger; every CB could see every other CB's transactions.
  13. My dude Jake the Snake is the kind of lawyer the SEC hires, flash not facts, lol The SEC is either incompetent, hired council like Chervinsky or both. Can they really be that stupid to not know their own statute of limitations is 5 years to bring enforcement? Then they amend their original complaint, cause, oops...we forgot our case doesn't really make sense. How is the judge not laughing the SEC out of the courtroom as we speak. Unless there's political motivation or some backroom deal to armbar XRP, which has to be the case. Nothing else makes sense of all this.
  14. Obviously not, it's completely different to have something in your hand, settled, free and clear versus an IOU that says you own it. Might be a use case for holding debt, loans I suppose, but if you could settle instantaneously why wouldn't you? The reason lots of entities hold debt overnight/weekly/etc is cause it takes so long for money to move through all these legacy systems, bank to bank, etc There's also some sort of credit line financial warfare aspect to holding debt between countries. Only countries that play along with the FED get a direct swap line so, idk how that factors in to the new crypto paradigm. ~~~~~~~~~~ Some of the BTC sidechain solutions try to work around the fact that BTC just can't keep up with the amount of TPS, like racking up a side tally then coming back into the main chain at a rate the BTC network can handle; basically an IOU debt system in parallel with the main chain. If the tech exists to settle instantly though, why not?
  15. This T+2, T+3, or debt swaps is exactly what crypto ike XRP is going to replace. With XRP and it's offspring, there is zero need to hold the IOUs or swaps, the transactions settle instantly essentially. The GME saga was partially 'caused' by collateral calls on stock orders and a wrench in the T+days system that is currently in place, where people swap stock IOUs until the stock transaction settles days later. All that goes away with instant settlement, think stocks as NFTs on FlareNetworks/FXRP. You buy it, you own it, within 5 seconds. Not days. ~~~~~~~~~~~~~~~~~~~ It's the same thing with the FX market, if you don't need to hold trillions in cash reserves just to operate, why would you NOT want to get on that system as fast as you possibly could and free up that capital for other things? All because no one trusts anyone else to actually have the cash they say they do, so these FIs have to keep it in a huge pile behind them just to show the other FIs they're not lying. It's such 1960's tech. Instant settlement is the name of the game.
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