MsKat141 reacted to Tinyaccount in Bob Way live stream on Alex Cobb
If I had an XRP for every time I’ve gone down a wrong path I’d be called BigAccount.
So If Alex saw he had gone a bit off track and decided himself to rectify that then I think that’s very commendable. We reinvent ourselves every morning, and if we are trying to choose a better version of ourselves then that is admirable in my mind.
Its too easy sometimes to join in a howling mob and shout at some target, but I think we can be better than that, and we should assume good faith whenever possible.
I haven’t had time to see the interview yet but I do look forward to watching it at some point soon, and so my thanks go to you @AlexCobb for organising it.
MsKat141 reacted to NightJanitor in Welcome To Our World, Bob
History is a funny thing... A little story: Back in the days of Prosper, there was also a user forum. Now, Prosper, for those of you who might not know, was a p2p lending venture, and, in the very early days of it, there were those who were tearing apart the system, playing with this and that, trying to figure out how to model underwriting, etc, etc. But there were more than just lenders on the forum, after a while. Borrowers eventually found it, too. The borrowers would go to Prosper to put up a loan listing ("eBay for money" was the PR analogy, back then, and it was much more of a "GoFundMe" feel, with borrowers writing an essay and specifying why they needed the loan - or trying to signal that they were less of a risk, since a "rate-auction" mechanism was involved and lenders would compete with one another (like on eBay) to fund small chunks of loans by underbidding the rate of other lenders, if, for whatever reason, they felt that a particular borrower was less of a credit risk than their credit score indicated or than did other lenders - did they catch some detail that I missed? -ish thoughts)... So, anyway, back to the forum story. One day, a particularly "attractive" listing showed up on Prosper. The lenders in the forum discussed a lot of the listings (there were maybe a few loan requests per day, at that point, so, we were all trying to gain some kind of edge or figure out how we were going to scale up crazy underwriting insights like "the borrower's grammar is bad; I wonder if that correlates to default risk?" (it didn't, btw, and, also, I probably have a higher credit score than you, and I haven't even hit carriage return, a single time, yet, in this whole story, and these commas are breaking some rules - I just know it)...
So, anyway, that "attractive" listing showed up. The grown-up lenders didn't particularly care that the borrower was a young lady, we were more interested in looking after our principal and focused on the fact that, in her loan description, it looked, if one read between the lines, that she might have very little, if any, income (and was fuzzy about, you know, having a job) and seemed to have a lot of debt, already - and, then, in the picture she provided, that she might have what could be (charitably) called "a shoe problem" (there she was, smiling, looking as-cute-as-she-could-muster, hoping to garner lender interest and get more bids/lower rate - but in the background of her apartment, which one could also see in the picture, there was a small red flag, in the form of what looked like the proceeds of what Michael Crichton would have titled The Great Shoe Store Robbery... I mean, some of them were still in very high-end shoestore bags and boxes - and the 10 or so purses that were in the room also looked rather familiar; hey, is that a real Gucci? Uh... Dude... That... looks like a Prada bag. And another one. And another one. How many trips to Barney's are we going to be funding once we lend this lady this $5k or whatever - and what are the odds she's not gonna walk? That kind of thing... Innocent, but funny... And the first time we'd run into this particular situation, as novice online micro-lenders.
So, her loan listing ran, I think, a week or so... she was apparently unhappy that not many lenders were bidding on the listing or that her rate hadn't been bid down low enough (I dunno, maybe she actually intended to repay?)... So, she apparently did some googling and found the lender forum and arrived to make her case that she was an excellent credit risk, deserved a 0% loan, and was imminently trustworthy. Now, we didn't have any way to verify her ID - some of us actually thought one of the other lenders was just making fun and had showed up to pretend to be the shoe girl, who wanted $5k at like 1% over 3 years... and was prepared to argue us all down or convince us of this or that - so we had to start asking "How do we know that's your listing?" Prosper did KYC - but all of the data we, as lenders, were presented was anonymized (except for the picture, which was optional, anyway - most people chose an avatar or posted a picture of a pet or something, so, if lending (unsecured) money, online, to what appeared to be small cats or a terrier or a pug, who had a 600-620 credit score range and a debt-to-income of like 250% or whatever wasn't weird enough...... well... I digress, but you get the pic...)
So, on the third day of all the lenders being skeptical that it was "really her" on the forum, she decided to remove all doubt. She posted a picture to the forum of a sports car, which previously had been unmentioned (and these were unsecured loans, anyway, so, it's not like it would be collateral) - and there was what appeared to be a small, female hand in the frame, held just in front of the camera in front of the car. Her post, with that "ID picture" said - I swear to God - "I put my hand in the picture to prove it's really me!"
Anyway, that's straight where my mind went when Bob posted the picture of the shoe next to his head.
For those of you wondering how it turned out, she never did provide any real proof; and I'm not sure if she got her loan funded; but like 6 months later, the name she'd given one of the lenders so that he could look her up happened to turn up in the news. She - and her mom, I think? - had been busted for some kind of identity theft ring in NY...
So... I only skimmed whatever you guys are arguing about - but Bob knew the ID question was coming - and so did I - and I thought he handled it with grace - and so did those who eventually asked. He didn't post a picture of a car with the back of some dude's hand in the shot and go "See, it's me! How dare you question me!" - his TX was his proof - so... count yourselves lucky that the state of things has progressed...
MsKat141 reacted to Tinyaccount in Welcome To Our World, Bob
Nah... more for making it seem like there were a lot of doubters and they were repeatedly not satisfied until finally a crypto proof....
In my opinion it wasn’t a case of “kept challenging him” but more a case of a couple of people at different posts asking the same thing.... in the nature of a forum, concurrency is a bit elastic.
But the thing that most seems to jar to me is the word Amazingly. And it wasn’t a case of ‘still not convinced’ because as I clearly stated in the post... I was ALREADY convinced.
But the moving hand having writ and all that... but now I start to understand how history can record things not quite as they were for those that experienced it.
MsKat141 reacted to BobWay in Hi! I'm Bob
I'm not sure I'm qualified to use fancy words like "geopolitical" correctly. :-) But there are huge improvements coming to the structure of banking.
Please keep in mind that while I think of myself as a reasonably smart guy, I'm by no means smart about everything. However, in my various positions at Ripple, a lot of much smarter people than me showed up in our office to tell me the details of their particular problems. They then left it to me to figure out if Ripple or its technologies could help. That was one of my key contributions to the company. I could almost always figure out a way to deploy Ripple technologies to solve other people's hard problems.
So "geopolitically" speaking, one of the weirdest things about banking is how the international relationships are structured. This is true especially among the smaller countries. Take a random made up example. Say Alice lives in Barbados and want to do a business transaction with Bob in Saint Lucia. It is just a standard two party business deal for services rendered. But Alice uses BBD and Bob uses XCD. So how do their banks settle that transaction?
Well it turns out in many cases they use USD. That sentence sounds pretty sensible not earth shaking to anyone... But how does that really work? Well it turns out that important banks in Barbados keep "correspondent" accounts with a large US bank. Let's say Citi in this case. And some large bank in Sant Lucia also keeps a correspondent account with a US bank. Let's say BofA in that case. The settlement actually happens by the Barbados bank telling Citi to wire money through the FedWire system to the St Lucia's account at BofA. These requests are transmitted via SWIFT.
But the crazy thing is that US law says that both Citi and BofA need to screen the transaction between Alice and Bob for compliance with US laws! And if a bad transaction slips through, both Citi and BofA can be fined huge amounts. So in effect, whether Alice in Barbados can do business with Bob in St Lucia becomes dependent on whether or not US banks want to allow it. Even though the transaction doesn't involve US jurisdiction at all!
The side effect of the US bank's risk in these transactions is that they've started closing the correspondent banking accounts for entire countries. The risk is just seen as too high for the reward (fees) that they can charge. This is called in banking jargon, "the de-risking problem".
A bridge currency like XRP changes that dynamic dramatically. Transaction that don't involve the US (or other third countries) don't have to travel through their systems to settle. That allows people to stop jumping through third party regulatory hoops and just get one with doing business.
I hope that counts as "geopolitical"!
MsKat141 reacted to Silkjaer in 14 Common Misunderstandings About Ripple And XRP
This was not a paid piece. It is amazing, however, how many requests I have received to cover projects. I have never, and will never, take payment for writing about any project or product. Requests is an instant disconnect on LinkedIn and/or Twitter.
MsKat141 reacted to RippleSider in Do you think it's bad that anyone can see your XRP balance with just your public key?
This is the obvious solution for a non existant problem
MsKat141 reacted to Zerp_Legend in Do you think it's bad that anyone can see your XRP balance with just your public key?
Then use an exchange.
MsKat141 reacted to Tinyaccount in "Crawl, Walk, Run" $ 1 Bn. XRP transaction
But the memo is from whoever can be bothered to beat the other bored folk to the release transaction. Anyone can do it.
So a escrow release memo has as much importance as any post anywhere on the Internet. I don’t see why anyone even bothers to discuss them. Oops. I just did too.
MsKat141 reacted to Ripple-Stiltskin in Greenspan: XRP Not A Security But Community Still Too Aggressive
What the...... ?
XRP community too aggressive
Who the hell he thinks ..... ?
Calling us *%#$£?@ 😡😤🤬💪🏽
BS ! He doesn’t know us at all.
MsKat141 reacted to cmbartley in Greenspan: XRP Not A Security But Community Still Too Aggressive
The online "XRP army" really should chill out...
MsKat141 reacted to EcneitapLatnem in Greenspan: XRP Not A Security But Community Still Too Aggressive
I have a feeling some of the overly aggressive "xrp advocates" out there.... are indeed anti-xrp/btc purists.... on a mission to shine a bad light on the XRP community...
Considering that to be true, it is pretty pathetic... but possibly effective?
In the same breath, if that is a last resort of sorts..... kinda funny too!
On a side note, I want to pour XRP's all over my body and run wild through the mall!!!
Yes, I finished the 6 pack!
MsKat141 reacted to WhentheBoat_ComesIn in RippleNet Surpasses 200 Customers Worldwide
Very upbeat tone from Ripple in this official release with lots of references to XRP:
"JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will leverage the digital asset XRP to source liquidity on-demand when sending payments on behalf of their customers"
David Lighton, Founder, SendFriend: "Through our partnership, we are bringing our customers a next-generation, blockchain payment solution that leverages XRP to address many of the efficiency and equity problems with existing remittances. For them, that means cheaper and faster payments.”
Brad Garlinghouse “In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity”
Are we now approaching the tipping point for xRapid utilization at scale? Here's hoping so!