Ripple Employee
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JoelKatz last won the day on May 15

JoelKatz had the most liked content!

About JoelKatz

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    Oakland, CA
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    Chief Cryptographer, Ripple
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  1. I'll comment more when I get back to San Francisco, but I'm not exiting anything. I left the board so that someone who brings a lot of value could join. I'm all in on Ripple either way. My reduction in time working for Ripple is still speculative, but it would be in order to spearhead projects that Ripple needs done but can't do in house. (And, to be honest, me working part time for Ripple and part time for a company building things Ripple needs but can't do itself would probably mean full time for both. I'm a workaholic.) And Chris didn't leave. He's still in the office pretty much every day. I still report to him. He's just focusing more on strategic things and not running the company's day-to-day operations. He's not the best guy to run a large company day to day, he can admit that, he found the guy to do it, and he focused on the things he does amazingly. I also am happiest when I'm taking everything we know about how to do something, ripping it up, and building it better. This would give me a chance to do that again. By the way, one of the three things that Ripple needs but can't do is a wallet -- one that showcases all of Ripple's awesome features like native multisign and escrow. Another one of the things will help jumpstart XRP liquidity. Consensus was amazing. We did do most of our announcements before consensus, rather than joining all the noise of everyone else announcing at consensus. But that let us go into Consensus on a huge up, and it got us meetings and high-level talks throughout the conference (and maybe some awesome new hires). You'll be seeing the benefits of that over the next few months. I'm an insider, how do I get my dumpling? It sounds delicious.
  2. I agree. But what will naturally happen is that people who don't know what currency they'll need next may choose to hold XRP so they only have half the cost of going into XRP just to go out again. Similarly, the market makers waiting to buy assets with XRP have to hold it until that happens. If there are lots of such market makers, the total amount held could be much greater than the volume. These could cause a huge increase in demand.
  3. It's also pretty good for the space that every major crypto-currency sets a new record high every once in a while. It really reduces people's fear of holding after a drop. Of course, there will certainly come some point when that ceases to be true. But as long as everything keeps growing at this pace, that seems to be a pattern that's likely to continue.
  4. In the short term maybe, and maybe that contributed to this rally. But in the longer term, a robust healthy bitcoin makes the whole space look good. We're trying to grow the whole ecosystem, not fight for a bigger share of a pie that's much smaller than it could be.
  5. This is a good argument that it doesn't make sense for ordinary people to hold crypto-currencies yet. This is one of the reasons Ripple didn't pursue a "retail" use case like bitcoin did. Thefts, at least for me personally, always feel like a punch in the gut. It's just hard to keep these things secure and, fundamentally, the public ledger is irreversible. Fortunately (or unfortunately, depending on your view) it's almost impossible to turn XRP into anything else untraceably. If the thief goes to bittrex, bittrex should know who received the XRP. And if you go to law enforcement (if you can get them interested), they should be able to get that information out of bittrex. I agree that this sucks, and the number of recent thefts is a real dark spot on this wonderful rally.
  6. I agree that the importance of increasing decentralization has increased dramatically. Fortunately, we are seeing more interest in running validators and a diversification of stakeholders. That was exactly what we needed to make this happen.
  7. The base reserve is 20 XRP. There's an additional 5 XRP for every object you own (such as a trust line or offer). If you want to get more XRP out, you can remove these objects. Offers can be canceled. Trust lines can be returned to their default state. And so on. If you need help, PM me your ripple address and I'll tell you what objects you have and what you need to do to remove them.
  8. It's funny how people are coming around to the strategies we've been executing for years. This is my favorite: So now bitcoin is for banks and FI's and not the decentralized payment system for everyone? Who came up with that idea? (And we've never said "XRP isn't for X". We've just pursued the strategies we felt we could be most effective with. Others are free to use XRP how they think best.)
  9. See my post on bitcointalk. Here's the crux: If you were using consensus and you wanted three companies in China to choose which transactions go in, you could just choose to let them. You wouldn't need to pay them millions of dollars to do it. And then XRP would have the same censorship resistance bitcoin has. As I say in the post, I'm not claiming this is a fatal flaw with bitcoin. It can be fixed with good governance and with the users/holders pushing back against the miners. But the recent block size issues, escalating transaction fees and massive backlog show that this is a tough fight. You really are fighting the technology's inherent centralizing tendency. Consensus works equally well in a completely centralized system or a completely decentralized system. So you do have to choose to make and keep it decentralized. But the tech won't fight you. I expect the recent increase in value, liquidity and interest will lead to greater diversification of stakeholders.
  10. Please PM me your ripple address. And so not send any more funds to your account until it has been checked. At least one account was compromised some time ago and re-keyed. This can induce the victim to send more assets to the account. I hope that didn't happen to you, but I'd like to check to be sure.
  11. Primarily liquidity, value, censorship resistance, and breadth of adoption. Obviously, XRP has gained a lot in the first two areas recently and is started to gain the last one as a result of gains in the first two. We're working hard on the third one.
  12. XRP's not bank based. Ripple just happens to be working to promote XRP as an intermediary currency for international payments. If we're successful, a reduction in international payments volume or demand could hurt XRP demand. Though it's not part of Ripple's strategy, with the recent increase in value and liquidity, more people and companies are starting to look into using XRP for applications they would otherwise use bitcoin for. This is even more dramatic because of bitcoin's high transaction fees, high backlog, and slow confirmation times. Some people are seeing XRP as "like bitcoin, but better". It's true that bitcoin has some advantages over XRP, but those advantages don't seem to really make an immediate, practical difference. The number of stakeholders is growing and what Ripple thinks XRP should be used for could come to matter less and less. Of course, if we're more successful than others in promoting XRP for international payments, then we'll matter a lot. The point is that it's not just us. I'm not sure I share your conclusion that the price of BTC or ETH wouldn't be affected by a global financial crisis. Certainly a reduction of money to put into these systems would affect their value. Lots of people might cash out to cover lost retirement funds, for example. I honestly don't think it's easy to say what effect a crisis would have on any of these currencies and it might depend a lot on the specific type of crisis.
  13. I've contacted ShapeShift and advised them to set the "destination tag required" flag to avoid this problem in the future. I was told they would relay that information to their developers.
  14. And if a little volatility will bring huge increases in liquidity, that's a pretty good deal. You can hedge volatility and some even are attracted to the platform because they seek to profit off it. But poor liquidity limits the payment volume you can bridge and that affects demand very negatively.
  15. For use cases like escrow, lock up, payment channels, and cross-ledger payments, yes. Our transactors handle that without needing smart contracts. The advantage of the way we've done it is it's more secure and more efficient (small number of fairly simple on-ledger operations). The downside is that it's less flexible (if those operations don't do what you want, you can't add more).