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Sukrim

Time to increase the owner reserve?

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1000XRP is quite a threat.  While I'm totally against raising the reserve limits and hope to see them actually decreased in the future, the issue @Sukrim is highlighting I believe is genuine.  I also saw Arthur make similar comments some time ago on the official Ripple forums.

It is at least possible, that if you had the votes (without implementing) and via a unified effort approached these exchanges, they likely would fold and switch to hosted in face of such a threat.   You risk having your "bluff" called of course. Having to actually implement this is where I agree with others, this would be antithetic to Ripple and this space.  Actually, it would be devastating IMO.  It would also be devastating if validators can't operate cost effectively.  Both could be fatal.  This is a tough one.

Edited by Coinseeker

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15 hours ago, Coinseeker said:

1000XRP is quite a threat.  While I'm totally against raising the reserve limits and hope to see them actually decreased in the future, the issue @Sukrim is highlighting I believe is genuine.  I also saw Arthur make similar comments some time ago on the official Ripple forums.

It is at least possible, that if you had the votes (without implementing) and via a unified effort approached these exchanges, they likely would fold and switch to hosted in face of such a threat.   You risk having your "bluff" called of course. Having to actually implement this is where I agree with others, this would be antithetic to Ripple and this space.  Actually, it would be devastating IMO.  It would also be devastating if validators can't operate cost effectively.  Both could be fatal.  This is a tough one.

Case is to have exchanges that are very much to trust. Actually an exchange that has a high level of trust somehow is more secure than private on-ledger wallets and personally kept keys or even hard/cold wallets in the hands of a noob or a newbie. When something goes wrong in that case, there just is NO ONE to backup them and they are alone with their problems and losses. We've seen a lot of them crying here lately.... blaming thieves, Ripple, Gatehub, ... whatever .... but in first place most had to blame themselves. 
With on-exchange accounts or "crypto-banks" one just has to have trust in the exchange/bank with the right KYC in place... For the majority this will work much better I guess.

Edited by kanaas

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