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Hello fellow hodlers For some the day is near, others need/want to wait, but ultimately some of us will sell our zerps and convert back to fiat. I want to collect some thoughts on this process. The only regulated exchange I know is Bitstamp and apparently they are OK, but I haven't transferred to them amounts beyond five-figure. I've never transferred fiat back from them to my bank either. I understand that nobody with a sane mind will post here and say: "Sure it works, I transferred back and forth a couple of millions of EUR already", but I hope we can share some insights. I know some of the old time hodlers here have become very rich 7-9 figure rich, that is. So, how do you plan on handling the issue? Technically, Bitstamp, and any other fiat accepting exchange are pure exchanges, matching my sell order with buy orders, so they should HAVE my cash, and not just on paper, but in their accounts, since somebody (multiple people) will have bought my XRP. I'm more concerned with the exchanges playing funny games and stuff. I consider this a very serious topic and I don't want any FUDsters posting market cap nonsense. I will cash out $ millions one day and so please stay away if you have nothing practical and applicable to contribute. How will you people handle this? Also: Bitstamp told me they'll ask fore "additional info", should they need to make a large payment. When I asked what kind of info, they refused to tell me. Has anybody been subject to their additional due diligence yet? Thank you.
According to this article, South Korea is seeking to ('only') allow financial institutions to hook-up to crypto exchanges if those exchanges will deliver on a proper KYC procedure, by informing the FI's of the real account holders' name. https://news.bitcoin.com/korean-crypto-exchanges-share-data-with-banks-new-account-system/ That in itself is a totally legit way of thinking, and no one in crypto should expect things to go any different way (and suppose you still were, you should then be hiding on a personally purchased island with a couple of Tomahawk missiles to fend off the incoming armies) :-) We as XRP-adepts couldn't agree more, IMHO. Frankly, I am totally happy with this development: fukda bloody fraudsters that want to ditch their tax responsibilites, honesty in the end always pays out - if only it were for a clear conscience. I know I voluntarily file my taxes on any of my crypto holdings - even before regulation wasn't yet very clear on that issue. So in the end: even in South Korea the future seems not all that daunting for cryptos after all, does it? I guess, this will bode well for crypto in SK in the long run - legit people doing legit investments. It will take some time to implement things, of course, but that's not a real issue for anyone with a proper long term view. To you, Ahhrrrggg!
How would today have been different, had XRP and the RCL technology been at the center of the SEC news announcement? A ) If all exchanges were gateways and listed off ledger XRP -A- If they were integrated to process a deposit and withdrawal in one ledger close event, the price discovery of all digital assets (including XRP) would have been much more efficient -A- If ledgers started getting full with volume, the transaction fee would spike (less failed transactions because fee logic on RCL is flexible and predictable). -A- Total XRP network volume would be distributed slightly more efficiently, since some volume can offload to the RCL for arbitrage, and such. B ) If all exchanges just listed off ledger XRP -B- If they were integrated to process a deposit and withdrawal in one ledger close event, the price discovery of XRP at each exchange would have been much more efficient. C ) If all exchanges were ILP enabled -C- Price discovery would converge to a lower bound globally, for all assets, including XRP. -C- Depending on local rail speed, transactions could potentially be delivered to users in minutes, or seconds. -C- An ETF wouldn't be needed? D ) If all devices were ILP enabled -D- Anyone connected to the internet could pay anyone else in the world, any amount, during any time of the announcement, in any asset, instantly. -D- The best price would be available for everyone, and all services would be in competition to offer the best rate / fees. -D- An ETF wouldn't be needed? E ) What was the craziest thing you saw today in the BTC exchanges during the announcement? -E- Ripple has the intention to ensure XRP meets compliance standards that would enable it as the world reserve currency. Given that, and their growing relationship with banks, enabling complaint solutions of international foreign exchange, it might have had a better chance passing.
hi guys. just wondering about security issues i have felt and thought to ask if anybody else realized that.... when you close the screen with ripple account without logging out and reopen the rippletrade.com you will be logged in so its not like banking website type security that if you X the screen you will have to put the password in which can be very risky in some scenario so just wanted to warn the community second problem i faced was, i had multiple screens opened and logged into with ripple in the same account and logged myself out in one and closed it (x) refreshed the other one i was still logged in so i believe ripple might need to up the security as its still not bank grade security. I am only worried because I am invested in XRP heavily and keeping my hopes high on it.....