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JoelKatz

Ripple Employee
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JoelKatz last won the day on December 16 2017

JoelKatz had the most liked content!

About JoelKatz

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    Veteran Member

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  • Website URL
    https://gigabitether.net

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  • Gender
    Male
  • Location
    Oakland, CA
  • Occupation
    Chief Cryptographer, Ripple
  • Ripple Address
    ~JoelKatz
  1. Say xRapid users start performing a lot of USD->XRP->MXN payments. There are two things that might happen: Market makers start making more money. This attracts more market makers. Liquidity improves, spreads go down. All the liquidity gets used up. There just isn't enough "bandwidth" left in the market makers and liquidity dries up. I don't think 2 is going to happen. But I won't be able to prove that until xRapid volumes ramp up and we see what happens. We've done a lot of thinking and working on how we're going to monitor market response to learn as much as possible so that we can make the best possible decisions about future corridors and mechanisms. Brad Chase, one of the stars on the C++/rippled team, moved to the data team to help them out with this. Initially I was sad to lose him from that team, but then I realized how awesome it would be to have someone on the data team who knew everyone on the C++/rippled team and knows how the XRP Ledger works in great detail.
  2. JoelKatz

    David Schwartz - Ripple's new CTO

    I think my previous title was much cooler, but CTO is more impressive. Ripple is going to retire the title of "Chief Cryptographer" like a jersey number.
  3. xRapid includes a feature that sets a one-minute time limit for an exchange to fill an order to minimize the impact of price volatility. During the demo, filling the order took longer than a minute, which triggered xRapid to cancel the order and thus the payment. Across all xRapid test and pilot payments ever, this is the first instance of this occurring. The demo UI was not sophisticated enough to handle this case, designed just to get a quote, display it, and initiate the payment. So the team repeated the payment, requesting another quote and executing it against a backup xRapid server configured to mock the behavior of the exchanges. The repeated payment was a live demo of how an xRapid payment works but did not involve a live transfer over the XRP Ledger. We apologize for not making this clear during our demonstration. We recorded a live xRapid transaction at 11:28 am PST. The payment took place in just under 2 minutes and a typical remittance customer would have seen 52% cost-savings from it. You can track the payment over the ledger on XRP Charts. The transaction ID is 29E4F8E81B3E5F5E5A9A5766D1C56992E6D4F18ED62DFBEC3FBCE14189FEE871.
  4. JoelKatz

    SWIFT block chain dead

    See my comment on Twitter for my general view on this predictable failure. But I do want to add three points about how Ripple deals with backend issues: First, we've been doing this for a few years now. A major focus of development on what is now xCurrent is learning from integration issues and ensuring that they don't repeat. Second, while the backend issues may prevent particular partners from getting particular benefits, they're almost never a deal killer. If a particular partner wants a particular benefit, they'll fix the backend issues if they have to. Third, we're very very clever in how we market xCurrent to banks now (and similarly how we market xVia and xRapid). We try to make sure the partner has a specific business need that is important to them. We get high-level executive buy in to use the product in production to solve that particular business need. This means that even if it costs them millions of dollars to address the back end issue to get the particular benefit they want, they're incentivized to do it because solving that particular operational problem was their motive in using the product. This also helps to ensure pilots move to production and produce volume,
  5. My work as a developer for rippled has lately been a lot less actual coding and more meeting with the fine folks who are doing the coding. I have done a few experimental bits and handed off the promising ones to others.
  6. Once the release or cancel condition of an escrow has been met, anyone can release or cancel it. While it's not strictly required that anyone be able to do, it is important that not just the owner can do it. The point of an escrow is to take some control over the funds away from the owner. We designed it so that anyone could do so that a third party could do it if there was, for example, an escrow agent or a monitoring system. We don't always finish our own escrows right when they release. Of course, who cancels or finishes the escrow has no control over where the funds go, the set up of the escrow controls that. This also allows good samaritans to clean up expired or finished junk.
  7. JoelKatz

    Tell me how to find the secret key.

    Do you remember what service you used to create your wallet?
  8. No problem. If you want to narrow it down to one or two that you'd like me to look at closely, I'd be happy to do it.
  9. Programmatic literally means that they're made by a program. Ripple employs third party market makers to execute these XRP sales to ensure that we can't control the timing or volume to manipulate the markets or benefit from inside information and also to ensure that Ripple insiders (including me) can't use intimate knowledge of the sales strategy to their own advantage. These are professional market makers who understand that we don't want to kill rallies or engineer the price but want to sell with minimal impact.
  10. Yes, that's exactly it. Programmatic sales are made by market making on open markets. They don't include a lockup and Ripple has almost no control over who gets the XRP. They effectively become part of the open market. Institutional sales are made directly to investors. They might include a lockup or other kinds of deals and Ripple gets to pick and choose who they do business with. One good thing I think these numbers clearly prove is that Ripple doesn't have to sell XRP at a discount to FIs or make mass sales to institutions with no lockup to raise revenue. Sales on the open market are the majority of the volume. That means that Ripple can afford to be picky in who it makes institutional sales to and thus it's reasonable to infer that Ripple likely thinks those have strategic value. Ripple does not need to sell XRP at a discount to raise revenue, the open market clearly suffices. And Ripple is not selling large amounts of XRP at a discount to undermine the market. On the downside, if you think that Ripple is a brilliant strategist making amazing backroom deals that will incentivize the entire financial industry to use XRP, seeing that such backroom deals are a fairly small percentage of total XRP released might be thought of as a negative. Alternatively, it means we're confident we'll succeed without such deals or that such deals don't involve large amounts of XRP. The point is -- you have the data.
  11. Some of them fail for fairly obvious reasons. For example, F84CDAB9C9B846AC3F2B5158C5BC683CD0A7AA9AFC296C21CAC263A684CF59A6 tried to offer USD issued by rhub8VRN55s94qWKDv6jmDy1pUykJzF3wq, but you only held USD issued by rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B. You must be able to transfer at least some of the asset you are trying to give to whoever takes your offer or the offer will not be placed.
  12. Is your account rLo5nViV44DNjUEsJzUyEYx7KiZPmGdZYV?
  13. Ripple is not targeting XRP at "retail" use. There are a variety of reasons for this, including the regulatory challenge, but it's also because we (at least some of us) don't think any cryptocurrencies are quite ready for mass adoption through this route yet. (Just as you probably couldn't have launched anything remotely resembling Twitter or Facebook in 1988.) We did pursue a gateway strategy for several years. We had a very hard time onboarding gateways, and an unreliable gateway is probably worse than no gateway. Gateways faced challenges with regulatory compliance, customer service, and finding a good revenue model. Part of the problem is interest rates being at a very low level, making it not particularly profitable to hold other people's money. The security problems with interacting with cryptos didn't help either. So we pivoted to a strategy where we're promoting the XRP Ledger primarily as the ultimate store of XRP rather than as a decentralized exchange. We plan to expand and enhance our product line's XRP integration to provide XRP liquidity and take advantage of XRP liquidity wherever it may be. xRapid is our first big push to connect payments to XRP settlement.
  14. I think another interesting point is the ratio of sales off market to sales on open markets. You can argue the pluses and minuses of both, but having the actual numbers helps to put those arguments in context.
  15. There are probably a lot of factors at play. One of them is that there are a lot of transactions that seem, at least to me, to be basically junk. With transaction fees so low, there's no real disincentive to submit lots of junk transactions, and people do. The legitimate volume is somewhat lost in that junk. To get more useful numbers, you can limit yourself to just Payment transactions or OfferCreate transactions that crossed other offers. And then you can filter out Payment transactions that just seem to be moving assets for no particular reason (we used to see a lot of those, but not so much anymore). Our XRP Charts site and XRP site has metrics like that, and they're probably more useful than raw transaction volume.
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