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Ripley

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  1. It need not be 10K. It might also be based on the tranche of equity that they have access to. Sometimes, for popular companies, there is a market for those secondary markets (tertiary?) that you can participate in bulk. Equity Zen calls these “Express Deals” as opposed to “Standard Deals”. For example, right now someone who has $130000 can buy 2500 Class A Preferred Ripple Stock for $52 each, at an implied valuation of $9.4B. I’d guess that this is someone who participated in a previous offering at a lower valuation. Given today’s valuation of $15B, someone with that much money can make a table profit of 60%. The risk is that you don’t know when the company would go public. Or if it would go public. You don’t know if the company’s valuation goes down after you buy into a secondary market. You may not be able to get rid of your investment. So the potential gains should be balanced against that risk, even if you can afford it. These are illiquid investments.
  2. Need to be an accredited investor in the US, I’m afraid. At least 200K per year income if you’re filing single, 300K if married filing jointly (i.e including spouse income if any) or worth $1M, not counting your primary residence or something like that.
  3. It’s the same with EquityZen. You are not going to be buying Ripple shares. It is closer to owning a stake in a DAO that owns Ripple equity.You get actual equity through a liquidation event (IPO, Acquisition, etc) And the $10000 amount could be the minimum given the legal fees to manage that structure, or it could be a minimum mandated by law that allows secondary sales. I’m not sure.
  4. You’re right about SBI being an earlier investor. But they also participated in Series C.
  5. Brad just confirmed that this was just Series C shares. Definitely about booting Tetragon off the board I think. SBI also may have participated in that round so that’s a nice bonus for them. Of course they must also be holding older and more valuable equity.
  6. Actually I was wrong. Sorry about that. I just checked and SFIN staking does exist with ExFi collateralised loans and gives out CAND and SGB as rewards. This means there is a way to get a valuation for SFIN. It’s not all speculation. Rough math, with bad assumptions but just wanted to illustrate how I would try and look at a valuation. Assuming a total of 10B in loans are taken in an year, with average fees as 1%, that’s 10M in fees. Let’s add another 5% in bad debts/liquidations etc. So a total of 60M of revenues per year. Assuming all 11000 SFIN are staked for loan proceeds alone, that gives us ~5500 USD per year per 1 SFIN. Like I said, my assumptions could be wildly wrong. We might have much higher liquidations, fees, loans, or a combination. And actual valuation would likely be a multiple of 1 years valuation. If Flare Finance is successful, I think expecting a 6-10% per annum returns for your investment is a good solid value prop. So if I buy 1 SFIN at 100K, I personally would be very happy with an average 10K returns per annum. But I would be very disappointed if Flare Finance just folds in 2 years because I’ll never get back my investment.
  7. I think no one cares about governance. I think ExFi and DFLR/YFLR are a lot more valuable because there is a cash flow component to holding it and staking it in Loans for some fixed income.
  8. Tetragon filed that lawsuit. My reading is that while Ripple did win the lawsuit, they didn’t want to have anything to do with Tetragon anymore, and certainly not on the board. I’d imagine filing the lawsuit triggered an exit clause and Ripple was able to buy back those shares.
  9. It’s a 50% profit for 2019 investors, and I think you are right about the motivation. But the article is really referring to institutional investors. The valuation pre-2019 funding was 3.4B. Retailers who bought in secondary markets like EquityZen before the 2019 round made a ~500% profit I’m sure there are some of those lurking in these forums. And that’s the company’s valuation. Depending on how strong their cash flows are, when they go IPO, they are likely to trade in multiples of that. PS: Obviously the valuation (correctly) doesn’t count their XRP holdings.
  10. I understood it as buying back Tetragon’s equity because of the bad blood between them as the motivation. They may have gotten more, but that is because they significantly grew their business. The 50% profit really is only applicable for those who participated in the 2019 round. The ones who invested early (like SBI, Andreesson Horowitz etc) have seen several times that. See my post below on pre-2019 valuation.
  11. This may not be the right approach.. If I go to https://songbird-explorer.flare.network/token/0x0D94e59332732D18CF3a3D457A8886A2AE29eA1B/token-holders, I see 10062 SFIN with 0x0D94e59332732D18CF3a3D457A8886A2AE29eA1B, along with 225000 ExFi. See top 15 below. The rest have < 0.2SFIN I will take that to mean 938 SFIN in circulation, including at exchanges and with whales. Some of the top addresses here could also be other ExFi products (LPs, Loans, etc.) 0x3b07881839C04Ad3A0904BcA09Ece7447200f2bc 10,062.499 SFIN 91.4773% 0x921E8f58cF517d289c01BCBE800c2d31838c1a28 142.180393453687029664 SFIN 1.2925% 0x02785B7CE6Eb9A5858561DDAB64cCBE5c478b730 142.115401338840608333 SFIN 1.2920% 0xc5478a1d5914cF9D0Ee20Da21459502eCb7E1646 142.057877594232527795 SFIN 1.2914% 0x864201b2227Ee23f0875c5D3Fc49F4F0ec59aC19 142.016757736940924414 SFIN 1.2911% 0x6BA0F675EB2f169D15764D5cf10C4EF0e9e059f2 95.205025300781922062 SFIN 0.8655% 0xc9231AB30b2B39c1f7f79132D7a44bBF0F8144B0 95.133582550779930922 SFIN 0.8649% 0x554742076743b366504972F86609d64fd18BDC34 77.18670847338421022 SFIN 0.7017% 0x38A03CD3140249C2c7311bfa6c9A63A0262212A0 29.627815062702871041 SFIN 0.2693% 0xc1BED4C40352C511B10A01A82e9ccff1ef479C23 25.782296043940650104 SFIN 0.2344% 0x32b36B0A8B74Ac9212946a99e0af727848D5A3A1 23.728273582317224758 SFIN 0.2157% 0x48195Ca4D228ce487AE2AE1335B017a95493Ade6 15.789272768052529203 SFIN 0.1435% 0x5CbbaEA64e28e1B33FD95f2216D8365CB6B85a6F 4.896486947333526127 SFIN 0.0445% 0x72C8908511F31A241D5f05F2fB10AAD14DCeC3cf 0.22907857740759886 SFIN 0.0021% 0x9DFCfDE58D9C19bBec48DE91539EE29eFF6B7637 0.220945036806514998 SFIN 0.0020%
  12. The most conservative and promising DeFi product I’ve seen is Probity/Trustline on Songbird/Flare. If you are in the US, unfortunately you will need to be an accredited investor under current regulations. Accreditation not needed if you are outside the US. KYC is mandatory to participate in Probity. And they are sensitive to Usury laws in the US (https://www.upcounsel.com/lectl-state-interest-rates-and-usury-limits) When there is high demand for loans, yield goes up to attract depositors. When there are too many depositors, yield goes down to attract those who want to take loans. Simple. Backed by Flare/Songbird. Adding XRPL post lawsuit clarity. Additions through governance. No fancy tokenomics. Strictly adherent to regulations. Will provide an inflation resistant stablecoin (USD2020). Stablecoins can be trustlessly moved to XRPL and will likely support direct withdrawal through supported banks. It’s the DeFi product I’m looking forward to the most. FYI @Troote, in case you are interested.
  13. Frankly I think @Troote is closer to being right here. Most of the high yield products are - Backed by assets that are re-hypothecated several times over (which is what caused 2008 financial crash, except with houses) OR - From those who are taking the risk of putting up fiat and hoping the crypto they hold will go higher (which will fail in a bear market) OR - Funded by those who want to launder money through voluntary liquidations. Community is left holding the crypto and and launderers get away with Fiat. There is a valid case where getting rid of banks and other middlemen does free up more yield but that’s may be low to mid single digits. Not double digits.
  14. White House can't make long term policy. It won't last long. They can empower institutions to make policy. I think that is what we will see. They need to tread lightly. Otherwise, they will lose mid-terms badly. Crypto is that rare subject that has bipartisan voter support. It's not like abortion rights, gun control, etc. where there are strong views on both sides. Obviously they'll tax more. Somehow I don't think we will see any policy that will affect Ripple lawsuit any time soon.
  15. If the motion is denied, I wonder if that is enough for the SEC to come to the negotiations table.
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