Original Ripple Wallet

[RippleSider]

Hey folks, i am quit sure i missed something but did not find it the quick way:

Why ist there no official Ripple Wallet (Windows, Android, iOS )? What is behind this?

[rootvegetable]

9 minutes ago, RippleSider said:

Hey folks, i am quit sure i missed something but did not find it the quick way:

Why ist there no official Ripple Wallet (Windows, Android, iOS )? What is behind this?

It's actually a long story. The short version is Ripple did at one time have a downloadable wallet, but for legal reasons they can no longer support it. If you google Ripple/FINCEN you can read the actual FINCEN mandate directly relating to this. I believe there are still versions of the original ripple client on github somewhere, but I wouldn't be able to comment on their reliability.

[RippleSider]

32 minutes ago, rootvegetable said:

It's actually a long story. The short version is Ripple did at one time have a downloadable wallet, but for legal reasons they can no longer support it. If you google Ripple/FINCEN you can read the actual FINCEN mandate directly relating to this. I believe there are still versions of the original ripple client on github somewhere, but I wouldn't be able to comment on their reliability.

ok thanks found it. i didn't read and understand it fully (My english is not good enough). Is there an official statement that there is no newer streamlined official wallet because of this verdict?

[rootvegetable]

1 minute ago, RippleSider said:

ok thanks found it. i didn't read and understand it fully (My english is not good enough). Is there an official statement that there is no newer streamlined official wallet because of this verdict?

Ripple did make an official statement, and it's still up on rippletrade website. https://www.rippletrade.com/#/404

And a longer statement can be found here: https://forum.ripple.com/viewtopic.php?f=1&t=15819

[tulo]

I think in 2018 they can offer the wallet service again.

[RippleSider]

1 minute ago, tulo said:

I think in 2018 they can offer the wallet service again.

Where i can i read this officially? I think if this is true they might have developed everything ready and release 2018-1-1?

[rootvegetable]

Here are links to the violation and the subsequent agreement:

https://www.fincen.gov/news/news-releases/fincen-fines-ripple-labs-inc-first-civil-enforcement-action-against-virtual

 

Section 2d part (2) is where they specify no more ripple trade

https://www.fincen.gov/sites/default/files/shared/Ripple_Remedial_Measures.pdf

 

I don't recall seeing a timeline for Ripple to reintroduce support for a client, but if someone finds it please post it.

 

Edit: actually it looks like some sort of review of Ripple re: money service business activities will take place in 2018 and 2020, but I couldn't find anything on allowing Ripple to re introduce a client

[LetHerRip]

52 minutes ago, tulo said:

I think in 2018 they can offer the wallet service again.

This is true, March 2018 they will legally be able to do so again as the FINCEN limitation prescribes. 

[Sukrim]

4 minutes ago, LetHerRip said:

This is true, March 2018 they will legally be able to do so again as the FINCEN limitation prescribes. 

Could you quote the exact line from the agreement that states this?

[LetHerRip]

1 minute ago, Sukrim said:

Could you quote the exact line from the agreement that states this?

@JoelKatz made the comment about the time frame, it was either May or March. I dont remember where I read it, it was either reddit or twitter.

[Guest]

Hmm... the real question should... how would a new Ripple wallet work?

[Sukrim]

2 minutes ago, Max Entropy said:

Hmm... the real question should... how would a new Ripple wallet work?

Just like the old one I guess, with a few switches for the new features since then. I am afraid that they would still need to do KYC even for simple users(!) of that wallet, if they provide a hosted service, so I'm not sure if it ever will be revived. Having a reference implementation though would still be a huge benefit, the XRPL wallet ecosystem at the moment is abysmal.

[Guest]

@Sukrim

ya, I think that would a best case, however, I can envisage a worst case.

--

They could do the following:

• implentment a closed source multi-platform software wallet ( I'll address the hardware wallet )
• which performs pre-authorization on each transaction
• pre-authorization which check a black and grey list, black list would block you, and grey list would be subject the nature of the transaction. Example, if your insurance provider had you at risk of an MI, you would not be able to buy beer or a health membership.
• If the transaction was executed,
• then all state and federal taxes would be sent directly to the tax body
• then any annual tax filing information would be sent to the IRS.
• then you could optionally, receive an email summarizing the transaction, which the NSA could file copies for you.
• ...
• i could have fun with this all day...

Let us see where conspiracy guys drag this topic.

--

The problem with stuff, is that no one goes deep.

Lets us see what Ripple is thinking re: wallets, as it will tell a lot about the direction the network will take.

[Sukrim]

Sure they could. Why would anyone use that though? Either people like the benefits of such a "service" or they'll just use a different wallet software if the "official" one sucks.

[Guest]

Well... I think this is the 'nut' of the issue... I see the whole... Ripple model as unproven.

Without adoption they are simply irrelevant. I mean it is silly to take Ripple at .25 cents as serious. The folks here are not patrons of technology, but rather trusting that Ripple will have future value. The folks here will be sitting on their hands while their financial resources will locked up in Ripple while the rest of the crypto space goes to the moon, metaphorically speaking. And the Ripple employees will be selling XRP like crazy so as not to miss the rise in Bitcoin. It is laughable.

Many here will fuss about adoption, but I remain firmly in the camp of banks failing. When they do, all bets are off as to whether they will be 'trusted' in any manner.

I expect that few, here, know that a bank account is actually an unsecured loan to the bank, which they do not need to repay. Which they can treat as a source of bailin funds. These practices will be put in place. The people will be ****** off, and if there is an alternative like Bitcoin, the people will take it.

This leaves the banks as - un-wanted - and therefore irrelevant... and that is precisely where Ripple is aligned. It seems like a self-limiting strategy.

Edited December 9, 2017 by Guest