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Ripple KYC and X.500 Directory Services

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Typing on a beastly small keyboard...

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This will be my last post to this forum. I have decided that Ripple represents all the things that are wrong with the financial systems today. Certainly, I have had serious issues with Ripple product security and wallet quality, but these are relatively minor, when compared with the requirements for KYC and X.500 Directory Services.

Certainly, Microsoft has an excellent implementation for corporations and the cloud, but it is the LDAP implementation on Ripple's Github repository that may be a clue as to where Ripple Cloud Services running. Ripple has Golang implementation of LDAP. Go is a Google language and not popular on Microsoft systems. I am not familiar with Amazon or IBM cloud services. Clearly, this is an exceedingly small reference point and may be not a useful indicator. However, I will use the generic view for any platform.

Reference:

https://github.com/ripple/ldap

Clearly, yesterday's post from myself about KYC Access Services has triggered more thinking about the actual implementation of the KYC. In that post, I presumed that there would a Session Access Control requirement. In reflection, it now appears that there will be both Session Access Control and an embedded Credential in each transaction that will further serve to 'qualify the level' of transaction service and future history of the transaction. The X.500 Directory Services make this easy for anyone with hierarchical permissions... to view, control, to report, etc.

Below is a generic pic of a Directory, sure I could have found better graphics. In the pic, one can replace 'Internet' with say, 'BIS' or IRS' or anything else. These directories can be multi and cross linked. A creative mind will get my point.

Reference:

https://msdn.microsoft.com/en-us/library/bb742424.aspx#XSLTsection122121120120

Example:

bb742424.f11ih09_big(l=en-us).gif

 

The above is a reference to X.500 MS Active Directory pic... but the Google implementation will be the same. Nodes in this tree can be cross referenced with that of other node hierarchies. Cross references could be maintained for 'Bill' in company 'X', as well as for the same 'Bill' the citizen, in say, Ontario, inside the country, Canada. So any administrator at each of the nodes with viewing or control permissions in the Directory; in the province of Ontario; in the federal jurisdiction of Canada - not only has access, but may also have threshold setting controls and reporting or forwarding tax organizations... or whatever. Example, we in Ontario would not be permitted to buy large numbers of cigarettes in Quebec. This Directory model serve to enforce those provincial laws. You will recall, that Ripple software has evolved from the Mt. Gox Crypto Exchange software thinking ala Jed. Further, you will be familiar with other crypto exchanges, which all have multi- tiered level permissions. This is how Ripple will implement KYC monitoring for every transaction. There will be a Identity Management pointer from Directory into the Ripple Ledger. Lastly, you will note, that in one of the FinCen documents that Ripple has a requirement to 'monitor' accounts and their associated transactions... presumably... to which addresses and for recorded types and amounts. I know Microsoft Active Directory rather well, and this type reporting and control is easily implemented... just more code.

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Now, there will be the predicatable group of 'useful idiots' that pop up to quibble about some form of this statement (above), but I am very close to what Ripple's business model is relative to the KYC Directories. This is an Orwellian direction that Ripple is headed in... one, that is the anti-thesis of what Bitcoin is all about.

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Max will be unloading everything (XRP), after the next bump... or sooner, depending on whether Dash surpasses Ripple in market capitalization.

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To the Ripple Board of Directors:

  1. you must be aware that there is a security issue with Ledger Wallet for Ripple. Your people know it is there. I am sure you know who wrote this software extension to the Ledger Wallet product. I think know as well. In my opinion, the implemtation is both sloppy and reckless. Not impressed.
  2. the business model that appears to me, to be on Ripple's product road map... looks today, to be the wrong direction... flying in the face of populism (or that of individual freedom and liberty) which is on the rise around the world. Being known, as the 'banker coin' is going to be an up hill struggle as these banks begin to fail. You guys are smart enough to understand the business dynamics of this. Further, I have stated in previous posts, that it will be the middle level management decision makers in corporations and banks - that will pause to think about the implications of a 100,000 $ Bitcoin, relative to a 2 $ XRP token. These middle level guys are going sit on the fence... until their job recommendations - are safe. Not good for Ripple Network adoption. 
  3. it is rare in life that we see and have an understanding of paradigm shifts in our midst. The Bitcoin and Alt-coins phenomena is one. It would be a terrible waste of human capital (Ripple employees and others) to enact decisions that limit the innovative capacities of, we, the humans. Clearly, I do not understand the motivations of the Ripple company, or the degrees of freedom that each of you can bring to this paradigm shift... but I have significant concerns, today. I was an early adopter of Ripple in 2013. I loved the network speed. The Ripple Trade wallet was great. The speed and quality of the Ripple Network and Wallet were the killer features. I jumped on board immediately, and convinced many friends and colleagues to do so, as well. Today, with XRP flat-lined or performing as a step function, we as a group are moving to divest all. The opportunity cost is not worth waiting for the next step in the XRP valuation graph.

To the XRPChat folks:

  • i am appreciative of the 'free of charge' XRPChat service provided by Karlos, I think. This is a great product/service. Always on, no bugs that I can see, across the many platforms that I use, and always fair to me. Thanks.
  • to the thoughtful correspondents here... I have valued and benefitted from your posts. They have enabled me to better understand my own views and where I intend to put my efforts. I am very thankful.
  • to many of the many idiots here, well, I am not so forgiving... but that may saved another time.

 

Max has left the building.

Time was tight !

:-)

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I can't say it was always a delight @Max Entropy, but I did always appreciate the devils advocate position and being forced to consider and defend my beliefs and position.  Anything not worth defending, or unable to explain or counter is not a position, tech or ideal I want to back personally.

Perhaps a temporary leave of absence?

And if unloading a fairly large stash would you consider a OTC buy out?

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Although at times I didn't agree with your argumentative tactics (especially against Ripple Employees who don't have the benefit of anonymity like yourself), you've always been entertainingly controversial.  Hope to see you again around these parts, but if not, live long and prosper. 

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29 minutes ago, Max Entropy said:

This will be my last post to this forum.

You've placed your stake in the ground here, Jed McCaleb. :lol: Adios. 

Funny that you should choose a moment when XRP's price is appreciating to voice your (final) concerns. It's almost as if you're trying to spread FUD again. 

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44 minutes ago, Max Entropy said:

it is rare in life that we see and have an understanding of paradigm shifts in our midst. The Bitcoin and Alt-coins phenomena is one. It would be a terrible waste of human capital (Ripple employees and others) to enact decisions that limit the innovative capacities of, we, the humans.

Funny how differently each individual view things, as I think Bitcoin has limited itself from a innovation to a marketmaker/miners' game now, while Ripple is free to be used by anyone. 

Anyway, best of luck in the future.

Edited by goodfellashxm

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Take care Max, but I believe you may be back.  Maybe you are doing "a Vinnie" - checking out just before the start of huge bull run.  I feel that after this next bull run - which is long, long overdue - xrp will be sitting in 2nd place, commanding the respect it deserves.  

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