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JoelKatz

Ripple Employee
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JoelKatz last won the day on December 8

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. They used to return these to sender automatically. But their support should be able to fix it for you .. at least eventually.
  2. 1 and 2 are non-issues for people who know what they're doing. The only thing which, if true, would shake the foundations of these systems is 3. And there's a very, very good reason to think it's not three -- despite the fact that finding such a collision would bring instant fame, nobody has yet produced such a collision. There is no known account for which there are two private keys. Until such time as someone presents such a collision or any good reason to think that they're more likely than we expect, there's absolutely no rational reason to worry about this particular attack. We have a safety factor of several orders of magnitude and we are only relying on a well-documented property of the hashing algorithm.
  3. I don't think you could. But I definitely don't think you could even be taken seriously if you were offering less. I guess it would come down to whether those deals would hold and whether that's really worth the valuation of the company. I think the easy answer is that almost no matter what you imagine, those deals aren't worth what it would take to acquire Ripple. But, wow, if they are, Ripple is seriously undervalued! (Since we also hold XRP with a notional value of over $10 billion.)
  4. You have to remember, the vast majority of Ripple's value comes from the XRP we hold. So any deal that didn't have a central place for XRP just wouldn't make sense. You'd have to imagine some scenario where the combined company could better execute on some XRP strategy than Ripple could alone. Personally, I can't think of one, but that might be due to lack of imagination. If you're not getting the XRP strategy and upside, what are you acquiring Ripple for? The team? The team is great, of course, but since the team could leave if there was a pivot away from XRP, I don't see it being worth the $1.5 billion or more it would take. That said, possible mergers/acquisitions are one of the few things that would be kept very, very quiet. And since I'm not on the Board any more, I wouldn't have any advance notice. So, for all I know, such a deal could be in the works right now.
  5. Escrow!!!!

    Sorry to disappoint you guys but we're actually just buying a pizza. Brad Garlinghouse insisted I put a wink on this so everyone would know that i wasn't serious. So.
  6. I don't know who is selling Ripple shares, but I suspect that sellers likely fall into three categories: 1) Early investors who are anxious to have a materialized profit on their records. Some of our investors put their money in three years ago and would like to demonstrate a cash profit on their balance sheets to help build the case that they should have larger funds investing in the space. 2) Former employees who can't afford to exercise their shares and hold them. When you leave the company, you have a limited time to exercise your vested shares or you forfeit them. This can be expensive, and there's no guarantee you'll ever be able to sell the shares. It might make sense to sell a percentage of your shares to help cover your cost of exercising the shares which can be hundreds of thousands of dollars. 3) Former or current employees who are trying to minimize risk because all their eggs are in one basket.
  7. It's kind of hilarious that the primary source of their bearishness is actually our biggest feature -- you can use the system and still get benefits even if there's no XRP liquidity, but if there is, you get even more benefits.
  8. The numbers given in the first post are roughly accurate. The upside of shares over XRP: Ripple might earn revenue from sources other than XRP and you might get a share of that. The price of shares of Ripple is low compared to the value of the proportional share of Ripple's XRP. You become a shareholder of Ripple with particular legal rights. Even if Ripple fails in the payments arena, if XRP succeeds anyhow, you could still benefit because Ripple holds so much XRP. It's an illiquid asset, so it's possible it's very underpriced. The upside of XRP over shares: You can buy or sell with more flexibility as to time and price, adjusting your position as you see fit. It's not clear how much of the value of the XRP Ripple holders will materialize as shareholder value. If people think such a high discount to XRP's value is applicable to the shares now, they may continue to do so when you want to sell. It's a more liquid asset than Ripple shares, so it's less likely to be very overpriced. Summarizing them, the main issue is just that it's very hard to know what a share of Ripple stock should really be worth. There's minimal market price discovery and so many unknowns. The shares aren't very liquid, so you can't adjust your position if you change your mind. But if you're bullish on both XRP and Ripple over the long term and can qualify as a qualified investor, it's worth thinking about. CAUTION: This is not anything specific about Ripple. But this is a general caution I always give people considering trading shares in a non-public company on a secondary market. There is a good chance that the person on the other side of the trade has inside information about the company that you don't. You will have to sign a form indicating that you accept this risk and as a sophisticated investor, you are presumed to know what you are doing.
  9. Ripple defamation ?

    "There is clear manipulation to keep XRP under 0.30, and there is obviously new XRP coming into circulation monthly form the company selling it off, but how much XRP have they sold to banks, and not speculators and traders like us?" I'm not sure why you say there's clear manipulation. Do you think Ripple wants the price of XRP to be under 30 cents? A higher price for XRP means we make more money selling XRP if nothing else. Also, are you claiming that Ripple selling XRP to banks is somehow a bad thing? Aren't they the least likely to put that XRP back into circulation and don't they have the most potential to drive demand?
  10. I'm already working on the XRP $100 party. Helicopters will take everyone to the private island: https://www.privateislandsonline.com/united-states/florida/pumpkin-key We'll have helicopter service to and from the island during the party. At the end of the party, we will have a drawing, and the winner will get to keep the island.
  11. US Senate Bill Definition

    Why not require people to carry transparent wallets in plain view too?
  12. Ripple: "The fundamental value of XRP"

    A higher price tends to correlate with more liquidity. It's not really a direct cause and effect relationship, but they tend to move in tandem. The ideal situation for Ripple would be an increasing price over the long term with few downward spikes. This would increase Ripple's value and revenue which not only makes Ripple's stockholders and Board of Directors happy but also increase Ripple's ability to deploy resources to incentivize partnerships and build the ecosystem. This would also reduce the cost of holding XRP. If the upside is worth more than the downside, FIs can hold XRP and give someone else both the upside and the downside of the volatility, giving them zero holding cost. This could lead to tremendously increased demand if Ripple is successful in promoting XRP as a vehicle currency. Imagine if XRP is an intermediary for payments in many different corridors and the cost of holding XRP is zero or negative. Now, companies like AirBNB, Uber, and Amazon can make international payments as follows: 1) They receive assets all over the world. 2) When people need to make payments into places where they have assets, the provide the fiat currency and take the XRP. This lets them buy XRP at zero or negative cost because they are being paid by whoever is making the payment. 3) When they need to make payments, they only have to do half the payment because they already hold XRP, the preferred intermediary payment. So they would only pay about half the normal cost. This is kind of my dream scenario for XRP. Companies that have to make payments around the world buy XRP at below market by facilitating other people's payments and use their XRP to make payments at below market because they only have to pay for the "from XRP" half. All those piles of XRP people are holding increase demand, increasing price, reducing the holding cost of XRP to zero or negative. You can also imagine traders doing the same thing. They hold piles of XRP because this lets them be opportunistic and take other assets that people are trying to make payments with since they'll need XRP to buy the asset they're trying to deliver. Whether it will happen is, of course, certainly not guaranteed. But Ripple's preferred price of XRP is as high as possible, preferably increasing, so long as sharp and/or steep drops are minimized.
  13. I wonder if you're using online delete (a feature that shrinks the databases regularly by purging old data) and it started or ended a purge around that time.
  14. This article's supposed bombshell conclusion is that XRP is not needed for Ripple's payment technology to be useful to Ripple's customers. That is actually a succinct statement of Ripple's strategy and to paint it as a negative is somewhat ridiculous.
  15. When a server makes requests from you, you "charge" it. If the server exceeds its "credit limit", it is disconnected. If needed, the IP address is banned for a period of time. Connection attempts during the ban cause the ban to be extended. Servers in a cluster "gossip" about IP addresses that have put heavy server or client load on them and ban them from the cluster. I have no heard any reports of this mechanism being insufficient to protect servers from abuse.
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