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Everything posted by spiras

  1. Pat Thelen is VP of Strategic Accounts at Ripple. His job is to work with CLIENT (customer) engagement and satisfaction to ensure smooth interface with their services. If there is a question or a problem, they call Pat. Pat gets sh!t done. Pat is also one of only 3 at-large members. Seems like he's pretty important.
  2. Look at the technology providers. At the very least, Ripple is involved.
  3. I'm going to try to keep this as simple as I can. Libra is a stable coins tied to multiple currencies. That doesn't work. I'll explain below. But first, we have to understand that stablecoins, by definition, don't increase in value, which limit incentive/reward to buy, hold or use. In a simple example of stable coins with just one peg, when the supply is insufficient for a purchase, simply more stable coins are printed, price doesn't change. The amount of money taken in is held in reserve until cash out. This creates a risk that the entity holding the reserves is honest, doesn't take a commission, and invests or stores the reserve safely. Someone has to hold the reserve and perform work to keep a ledger and process transactions. This isn't free, so the management costs will constantly have to be paid by someone, will have to be taken from the reserve holding, a fee has to be charged,.or the reserves invested for growth. (See risk above). Simply, someone has to pay. On top of all this, the underlying peg currency has to remain stable itself (not going to happen). If all people want to cash out of a stable coin, someone is going to lose. Now, let's complicate the stable coin by tying it to multiple pegs. In this case, let's say we're tying the stable coin to the value of USD, EURO, JPY, YUAN. Now we have to decide how the value of the coin will be derived. Example 1: Let's give each currency 25% of the weight of the value of the stable coin. In ANY scenario, of multiple pegs, one will perform worse than the others. The people who would MOST benefit from a stable coins would be those that denominate in the worst performing peg. The people would would LEAST benefit are those that denominate in the best performing peg. Thus, people from the WORST pegs will put in the most, to the reserves. Over time, the reserves (money that was taken in) will be disproportionately from the lowest performing peg, causing a gap in the reserves held and the stable coin market cap. Because the value of the stable coin is determined by a equal average of the pegs, Not everyone will be able to cash out. And this doesn't even take into account the costs associated with the maintenance of the coin or the transaction processing or the risks of an entity holding/investing the reserves. Example 2: The stable coin value could be derived from the value of the assets held in reserve. This would allow the reserves to meet the market cap value (everyone could cash out) despite the imbalance in peg performance over time. Needless to say, the costs associated with the operations, combined with the imbalance in peg performance would lead to a guaranteed loss of value over time by all stable coin holders. What would be the point? Just to send money to your Facebook friends? On the other hand - When the supply isn't available for an XRP purchase, the price has to go up to exactly the amount needed to entice holders to sell enough to meet the demand. Same with selling. It's an open market with price based on supply and demand. Almost no cost and no reserves that need to be managed. No central party needed to hold reserves. The value is in the utility, potentially increasing over time as new use cases are created. This could be a good place to hold your money to maintain or grow value; however, not without risk. Stable coins guarantee loss. All risk, no reward. The only people who make money here are those who control and/or manage the system. Clearly this is why Facebook wants to creat a centralized copy of XRP for their own gain, when a decentralized version already exists. If Facebook really wants to improve the world, why do they need to reinvent the wheel into a system that benefits themselves? Why not just build on what's already out there? Open market coins, such as XRP have risk of loss, but also come with potential reward. Choosing the right open market coins to invest in- those that can demonstate utility, can will lead to value growth to the asset holder - rather than the giving the value gains to the system or people who control the system. I realize this is simplistic and there is a lot more involved, but this post is long enough already.
  4. Dave sold some of his XRP stash for over $10 MIL. If I had 10 MIL dollars in XRP, I would sell right now and be done, regardless of what I think XRP is likely to do in the future. That's life changing money. Why risk it for a chance at more? I don't need more, no matter how confident I am that XRP will go higher. Because no matter how confident I am, I could be always be wrong. Now lets take it a step further. What if I had 20 mil dollars of XRP? Of course I would sell at least 10MIL. Then maybe keep the other 10 MIL in XRP? Best of both worlds. I'm set, PLUS have investment for even more money. Let's go further. What if I had 30 MIL dollars of XRP? First, that would never happen, because I would have sold a bunch of it at 10 or 20 mil.. but lets just say I did. I would sell. Now, Let's take David's example. The guy had 16 MILLION XRP for a USD value of about 50 MILLION USD when he sold SOME of his XRP. (10 MIL USD worth.) Why are we talking about this, again? Remember, Dave sold XRP from ONE of his long standing XRP accounts. The account had been established well enough in advance to be able to count as capital gains and a MUCH lower tax rate. How do we know that he didn't BUY BACK the same amount he sold when the price dropped back to 30 cents? HE likely WOULD NOT have placed it back into the same wallet and muddied what was newly acquired XRP with long holding XRP.. especially when he knew he was going to need to sell a little more to pay the tax man the following year (he sold another $1M USD worth of XRP on April 14th this year). He likely would have put his newly purchased XRP into a different wallet that you all aren't tracking and being a new holding period of that money so that it, too, could have been easily identifiable as capital gains in the future. The point is, Dave is human. He has a family. He has grandkids. He had many millions of dollars in XRP. He sold some now, and is set for life no matter what else happens with XRP. However, if XRP goes moon, he still has more XRP than probably anyone else in this forum. So he's set. He derisked, got many millions. Is still stocked. One thing XRP can't buy you is TIME. He might as well start enjoying his money, because he can't buy more time later in life to enjoy it then. His comments on twitter are about the criticism he got for selling. He's trying to explain it, but he shouldn't have to. Him selling was not in any way related to his beliefs of what XRP might do in the future. It was about derisking and getting millions now for his family. People need to leave the guy alone.
  5. I'm sure many and more productive side conversations are held outside of the actual meeting. I don't think anyone is running out the door as soon as it ends... Except for maybe the guy who abruptly woke up at 7:17. He's probably going to back to his room and take a nap as soon as he can.
  6. Great idea. Just send me your bank account and pin and I'll direct deposit my check. 😄
  7. My thought was that it would be easier to keep track. Formula = current balance + total amount spent - USD equivalent into account from Direct deposit. That would be my capital gain. No actual crypro to crypto trading. Just money in, money out, plus current balance. Beautiful. Simple. Or jail if I'm wrong. Maybe I might want to pay a tax lawyer /accountant for the first year.
  8. Coinbase fees are too high. But if that's my only option, I'll be eating more Ramen.
  9. My thoughts are that by increasingly using XRP as a currency would help liquidity because i, presumably, would be buying and selling at market rate. The more I buy and sell, the more someone else can sell and buy. Sure, the volatility would be an issue, but I believe the long term value of XRP will increase. While some days/weeks I would lose, I would win a greater percentage of the time. I would use my disposable income at first. If XRP tanks, I stay at home and eat Ramen. If it goes up, I celebrate with an evening out for steak and lobster and I don't even eat lobster. Over time, I wouldn't spend all my disposable income so I will continually accumulate. In fact, I would be less likely to spend freely, knowing that I would be stashing away XRP if I went with generic products instead of name brand. Walmart Special sneakers instead of Nike. Oh yeah! New car? No thanks. The fees should be small enough switching between USD and XRP. (I'm not talking BTC, here). Plus, my thought would be that my debit card would be like Visa for normal payments, but also allow crypto payments of direct XRP to merchants who accept XRP. I would seek them out. I would expect to get a discount of a percent or two if paying to direct XRP merchants since they don't have to pay the ungodly Visa/MC fees. (Kroger/Amazon/Sunoco, anyone?) That discount would encourage me to frequent those establishments, which would likely increase the demand for people to accept XRP payment as an option. I also could tell all my friends at work how easy it is to invest in XRP. Simply set up an allotment for our paycheck (2 minutes of time online) and start accumulating XRP into an account that is denominated in XRP but also reports the ever changing USD equivalent through a simple phone app. Use your debit card for this account just like you would with you old USD account. Seek out the growing list of vendors who accept XRP and save a few cents per gallon on gas. Bam, now I have other people buying and (sorta) holding XRP, instead of just listening to me talk about it. Win win for everyone. Am I wrong? Could be.
  10. I signed up for notifications for when it becomes available. Thanks!
  11. As a side note, I wouldn't tell my wife it's an XRP account. I would just give her our 'new debit card' to use for purchases.
  12. I need someone to set up a USD to XRP account that I can have my paycheck (or a portion of it) direct deposited every payday. It would have to be sort of a traditional bank account that then converts to XRP for a minimal fee. I go to my employer and add the direct deposit to that account, and each payday, I automatically get credited with XRP. I then need a debit card from that account that would also work off a nominal fee to where I could spend my XRP into merchants or businesses that accept USD or XRP. The conversion from XRP to fiat would be seamless and cost me almost.nothig. If I had that, I would just begin having more and more of my paycheck being deposited ad XRP... at first just for my discretionary spending, and ultimately ramping up to where I would move to paying my utilities and other monthly bills from. Essentially, I would be moving away from USD and operating strictly from XRP. I wouldn't worry about spending my precious XRP, because it would be just like spending USD that I do now, for the same things. The difference is that I would hold XRP for a period of time before spending or saving it. If enough people began using this, it would provide tremendous liquidity, both in FIAt to XRP and XRP to fiat. Does this exist anywhere, and if not, who has the ability to create this? I'm guessing an actual banking license would be needed.
  13. Unfortunately, it's a necessary evil. It has to be distributed. I think everyone recognizes this. We are all early in this space. This is just something we have to go through. I think that as time goes by, the escrow releases and sales will represent a smaller and smaller percentage of circulating supply. Then when all 1B is being sold each month, that's when we will start to see significant price increase. My opinion. I have said for a long time that the price is held in check due to the distribution of XRP. If you remember, when we had the bull run in December 2017, it was right after Ripple locked up the escrow, and didn't have any they were willing or able to sell. You can go back and look at the XRPII sales during that time and is is in line with that. I posted the numbers a few months back. Remember: Price spiked between December 12, 2017 and Jan 3, 2018. (.25 to 3.80) The first escrow was unlocked Jan 1. The price started to decline 2 days later. Is this a coincidence? I don't think so. Do I think Ripple is doing anything wrong or illegal? Absolutely not. In the big picture, this all has to happen. It just is what it is. We have to be patient and wait. It's all part of the bigger plan. Over time, expect to make slow gains despite this. This is all my opinion and I could be wrong. But this is how I see it. 3-5 years.
  14. He could just tell the IRS to wait for their money? Maybe 9 months, maybe 2 years, maybe 5 years.
  15. Assuming that's his account AND he's selling, (which I have NO IDEA if it is or if that's what he's doing) it would maybe make sense that it coincides with tax day. Last January 2018, that account appears to have sold about $10M worth of XRP. Its likely that a portion of that $10m would have to go to pay for taxes on XRP that he cashed out in 2017. Let's look at this year's tax burden of cashing out 10M in 2018... That 10M is probably taxed at the rate of 10% capital gains. That would bring the tax he owes this year to $1M. Unless he has a spare 1M sitting around, he probably needs to cash out enough XRP to pay that $1M tax bill. In the last few days, he made 4 transactions on that account totalling 2.8 mil XRP. At today's rate of .32, that comes to about $900k. The fact that he waited until the last minute to cash out the XRP.. or better put.. was forced to cash out the XRP for the tax bill shows that he was probably hoping the price would increase in the near term, rather than cashing out at the current prices. I would say he didn't have much choice.. but hey, he got $10M cash and still has 3 mil XRP. Oh.. and a great job that probably pays him a good salary. That's a problem I'd like to have. Or maybe he's just dumping on insider info that XRP is going to be classified as a security and hopes that the SEC doesn't notice. Nothing like risking jail time to sneak out an extra MIL to go along with your 10M you already have.
  16. Anyone with concerns about competitors or Transferwise.. read this about 5 times. This is exactly the difference and the point of XRP. Settlement. In seconds. Actual value transfer. Not a simple message that says 'I owe you'. Or my bank telling your bank ' Hey, you know that 100M we have sitting on deposit in your bank that we can't lend out or do anything with, really, since it's just sitting there waiting for me to be able to transfer money? Yeah, go ahead and deduct $50 from that account and credit John's account in Thailand.' Or even worse, my bank contacting a middle bank, who contacts another middle bank, who then contacts a big bank, who then contacts an international bank, who then contacts a middle bank who then contacts the Thai bank and they all have to agree to credit and debit each other's accounts from the trillion dollars sitting idle between them, just so they can allow me to send $50 to John in Thailand. There is a cost to the correspondent banking system above. Big cost. About 7% on average (2T/year), because everyone in the path has to take their cut (they don't work for free). Many corridors can do the crediting and debiting in a short amount of time, but it takes a bunch of money sitting around to allow this to happen, at a cost to either the consumer, the bank and/or the recipient. Now think about the volatility of the money sitting in all these accounts around the world. Who wants to hold their money in Zimbabwe currency to allow people to send money there? The hyperinflation of the Zimbabwe currency could make your $1M on deposit worth about 10% of that within a month. Who's going to want to do that? Answer: Nobody. Here is a list of the five countries with the highest inflation rates in the world: Venezuela (475.61%) South Sudan (476.02%) Suriname (67.11%) Angola (33.68%) Malawi (19.78%) The Republic of Malawi is one of the smallest countries in Africa and among world's least developed countries Try transferring money into those kinds of countries and see what the fees are. On the other hand, XRP transfers the actual value, real time, in seconds, with no idle money needed. Simply buy XRP, send XRP, cash out XRP into destination currency --> Settlement. All automated, completed within 3 seconds. Minimal risk, minimal volatility within a few seconds, no opportunity cost with money sitting around. Brilliant. Alternatively, of course, you could also get on a plane and fly the actual money to the destination.
  17. Uphold.com allows you to buy at current price for only 1.4%, (buying 1000 XRP will cost you 14 XRP) but you won't be able to move it until the payment completes in a few days. Only a 2 min verification process, as well. My 72 year old dad was able to figure it out, so its not complicated any more.
  18. Because Stellar is a non-profit organization, they are not subject to same security rules.
  19. I think you read the FUD too much. All of your points above are inaccurate. First, Brad has consistently said 3-5 years. Recently he was on panel (davos I believe) where he again stated 5 years. 1. I think Ripple's long term strategy is the best one. However, everyone wants to make Bank in the short term. Ripple is trying to change the payment world. Give it time. Even the Internet and smart phones didn't take off right away. Years. Further, Ripple doesn't own XRP or the XRPL. It's not theirs. Sure they own a lot of XRP, but not the network. It's distributed. They are only one player in the game. Don't want to wait on them, then what about SBI? How about R3? They are players too. Why not follow them? Why not start your own project instead of waiting on Ripple to make you rich? 2. Ripple owning a lot of XRP allows them to help build the ecosystem. Brad had said it many times.. they see themselves as a custodian. There are ways to change the distribution of XRP, and the more people that have an ownership or a stake in it, the greater the value will be. But as Bob said, giving away free money in a 'fair' way is not as easy as it seems. As David Schwartz said, when they have given away XRP, they find that it's not long before that XRP ends up consolidated into smaller amounts of wallets. Once Ripple decides how to distribute it in the best way to build the ecosystem and provide liquidity at the same time, without tanking the price, then I'm sure they will do what they need to. If they just give it away to make the retail speculators happy and don't do it the right way, they can't get it back. Years. 3. Jed is in control of MORE XLM than Ripple is of XRP but they don't publish it. In addition, XLM is inflationary increasing the supply a couple of percent per year. Also, Jed has been known to dump and tank markets. Documented. This isn't to say that XLM won't have some success, but I believe XRP has more of an upside. Invest in both if you want. They're both cheap right now if you are unsure.. 4. stable coins dont make more sense. They are pegged to something giving risk. Think of it this way. If a coin is pegged to USD, every single time the US government prints more money, they are stealing from everyone who has money invested in 'stable coins'. The value will decrease. This is constant downward pressure on VALUE even if it is still worth $1 USD. This is important. The US government is not going to stop printing money, with a 1T deficit and 21T+ debt. Investing in stable coins guarantees you will lost money. And yes, someone had to hold stable coins for market making. Someone is going to lose. And this doesn't even touch the fact that not everyone wants USD or MXN or whatever your pegging the coin to. You still need to be able to trade it. Also, if money goes through US, there are additional AML and KYC laws that prevent trading between partners. In short, stable coins are NOT a viable solution. 5. What? Why do you think your know their motivation? This is simply an opinion you have based on your own perception. Ripple is not a singular person. It's hundreds, thousands of people in the organization and investors and their organizations. Who knows how many.. and they are all represented in varying levels of stake. Ripple is a business. Businesses don't think like individuals. They are always motivated to make a profit or even to make a dent in the universe. If an individual had enough money to 'not be motivated' and money is their only motivation, I would suggest that they would likely retire/quit and then the next young and upcoming buck (or buckett) would step up with drive. 6. Who knows about another Bull run. However this cycle has repeated itself at least 6 times since BTC started. Each cycle drawing in more speculators and far surpassing the previous cycle after massive pullbacks. Is it going to stop at 6? Why would it? If you walked up to 20 random people that you don't know and asked them if they've ever heard of XRP, probably 19 of them would say no. That's 95% of the population that hasn't even heard of the world changing potential. How many of those 19, if you could spent the time to get them to fully understand how the world of finance works and exactly what XRPs potential is, would be interested in investing. 5? 10? Who knows, but clearly the general population is oblivious the the world of digital assets. When you are able to walk up to random people on the street and have intelligent conversations about digital assets just as you would about the Internet or their cell phone, then you might be at the point of a saturated speculative retail market. At that point, you would probably be looking exclusively at utility to drive price action. We are a LONG way away from that. Go test it out on 20 people and come back and tell us what you find. Yes, we might all be fools for investing in XRP. We might be wrong, maybe Chain link or XLM will change the world. Who knows. But for my money, I'm betting on XRP. If I'm wrong, sure I lose money - no big deal. But If I'm right, the world changes and I get to be a small part of it. Oh yeah.. and I retire. You make your decision. But stop listening to the haters. Many have their own personal financial agendas in action.
  20. spiras

    Hi! I'm Bob

    Hi Bob Questions: As a Ripple stock holder, can you explain the relationship between the stock holder and ownership of Ripple's escrowed XRP? For example, Ripple seems to donate a good portion of the escrow, and sells another portion. Aren't they giving away your money as a stock holder? Also, in using the sale of XRP to help build the ecosystem, rather than provide it to stock holders as dividends, how do the stock holders feel about that? The assumption among stock holders, I'm guessing, would be that as the XRP ecosystem grows the value of the remaining XRP in the company will grow at a faster rate, in order to offset the value lost in the sale or giveaway. However, since no more XRP can be created, at some point, Ripple will have to stop giving away or building the ecosystem as it passes the point of diminishing returns on the remaining XRP holding. What obligations does Ripple have to hold a substantial amount of XRP in reserve? Would Brad G get fired if he sold the whole escrow to the IMF or donated it to the whole pool or people in the world? Who gets to make the call on what rules there are for the escrow and does everyone agree? As Ripple is a for profit company I'm sure it's investors don't want to see the XRP given away or sold too cheaply, ,but I would think that they are ok as long as the end value is greater than the present value? Or am I completely wrong and all stock holders agree that the XRP gifted to Ripple doesn't belong to the investors? I'm just concerned that the value of XRP is being held back by the significant Ripple ownership and the problems it may have in distributing it.
  21. Hi Bob, I'm Shawn. I really appreciate you sharing your knowledge and experiences. When your book gets published, I will be the first in line to buy it. Until then, you should figure out a way to receive streaming XRP payments for people browsing in this club. Can't say I will provide much value here. Maybe a bad joke or two, but I am fascinated with the world changing potential of XRP. And I would love for all the BTC maxi XRP haters to be proven completely and totally wrong.
  22. One of interesting feature of the XRP EscrowFinish operation, is that these time-release transactions don’t complete automatically. The funds can be released at any point after the time specified in the EscrowCreate section of the coding, but there has to be another transaction in order for the held funds to actually move. If nobody completes the transaction, the funds stay where they are. What’s more, this EscrowFinish code can be implemented by anyone with the technical knowhow, and who is willing to pay the drops (XRP’s sub-divided units, a la Bitcoin’s Satoshis) to complete the transfer. These escrow agreements are also publicly visible to anyone who wants to monitor accounts to look for them, and do the deed. A community of keen XRP followers appear to have happened across this fact earlier in the year, and have since been entertaining themselves by finishing Escrow transactions for the company – and leaving their own memo messages behind for all to see, forever recorded on the XRP ledger. After all, it’s not every day that you get to authorise the transfer of a billion XRP (currently worth around $450,000,000) – and in January of 2018, when this all started, a lot more – in exchange for a few drops and some time. So, while these messages they are often misinterpreted as the musings of Ripple employees, they are nothing of the sort. Ripple’s Chief Technical Officer, David Schwartz, even took to the XRP chat forum to illuminate the company’s thinking regarding the feature. “Once the release or cancel condition of an escrow has been met,” he explained, “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,” he added. He concluded by adding that: “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.” https://cryptonewsreview.com/have-you-seen-the-messages-being-left-in-ripples-massive-escrow-releases/
  23. Youtuber Jungle Inc asked for someone to release the escrow and put in that message, which is his customary sign off message in all his videos.. Someone did. Anyone can release the escrow and put whatever message they want. no connection to Ripple.
  24. I just answered your first question. Why would R3 prop up any other digital assets. I can also give you reasons why they wouldn't. But I don't know nor do I care what financial institutions have plans to use Bitcoin. Are you suggesting that XRP has more liquidity right now than BTC? Are you suggesting that BTC can't settle faster than FIAT? Are you suggesting that BTC would be more expensive that settling in FIAT? If XRP doesn't have the liquidity needed for a transaction, are you suggesting that FIAT would be a better alternative than settling with BTC? There is your answer to your original question. That is why R3 would consider propping up BTC. Let's be real. Disclaimer. I own no BTC. I hate BTC. I think BTC sucks.
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