Jump to content
Sukrim

Time to increase the owner reserve?

Recommended Posts

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

Share this post


Link to post
Share on other sites
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

Share this post


Link to post
Share on other sites
3 hours ago, Sukrim said:

Even though the price recently spiked (increasing the reserve costs measured in USD), the ledger is getting spammed with even more accounts than ever: https://xrpcharts.ripple.com/#/accounts

Time to vote for higher reserves!

Is there a ‘number of accounts’ that will be reached that becomes an issue/problem for the functionality of the network?

Share this post


Link to post
Share on other sites
20 minutes ago, Khaleesi said:

Is there a ‘number of accounts’ that will be reached that becomes an issue/problem for the functionality of the network?

Yeah, when the validators go out of memory. But I have no idea on how much that can be.

Share this post


Link to post
Share on other sites
28 minutes ago, Khaleesi said:

Is there a ‘number of accounts’ that will be reached that becomes an issue/problem for the functionality of the network?

A very poor estimation based on very rough (and probably very wrong) hypothesys:

  • 4Gb of RAM as the minimum for a validator
  • Only accounts are stored (but actually there is all the other ledger, offers, trust lines, ... and the other programs in linux)
  • One account uses 150 bytes

Then around 26M accounts can be created.

Edited by tulo

Share this post


Link to post
Share on other sites
6 minutes ago, tulo said:

Yeah, when the validators go out of memory. But I have no idea on how much that can be.

 

5 minutes ago, tulo said:

Maybe they should put an hard cap on the accounts...the amount voted by validators :)

Interesting....do you mean at that point (hard cap) no more individual accounts could be opened?

That’s a FOMO concept...lucky to be ‘in’ already.

3 minutes ago, tulo said:

A very poor estimation based on very rough (and probably very wrong) hypothesys:

  • 4Gb of RAM as the minimum for a validator
  • Only accounts are stored (but actually there is all the other ledger, offers, trust lines, ...)
  • One account uses 150 bytes

Then around 26M accounts can be created.

Appreciate the hypothesis....

I think it would be useful to raise the minimum ‘balance’ required to maintain an account...like 1000 xrp, but it needs to be withdrawable and the account closed...like at a bank. I had that chat with @Sukrim once...but it went into technicalities.

Share this post


Link to post
Share on other sites
41 minutes ago, Khaleesi said:

That makes it over 14 million XRP’s out of circulation with a current value of approx USD$10M (@.72)

Not necessarily. Some wallets have way less than 20 xrp :)

Share this post


Link to post
Share on other sites
2 minutes ago, Khaleesi said:

 

Interesting....do you mean at that point (hard cap) no more individual accounts could be opened?

That’s a FOMO concept...lucky to be ‘in’ already.

Appreciate the hypothesis....

I think it would be useful to raise the minimum ‘balance’ required to maintain an account...like 1000 xrp, but it needs to be withdrawable and the account closed...like at a bank. I had that chat with @Sukrim once...but it went into technicalities.

Yeah, I'm for that too, but when you close it you shouldn't be able to withdrawal everything.

But sukrim and the devs don't agree on the "closing" strategy.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...