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JoelKatz

An update on Ripple's XRP escrow

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4 minutes ago, galgitron said:

hmm, as much as I hate to be the one to say it, there is no way the FUDders are going to let this one slip away easily.  Remember, the lockup was Ripple's ace up the sleeve.  Any loss of faith in the integrity of this mechanism is going to spiral into many unforseen consequences.  It may not even matter that the new escrow is bulletproof, the first one was also supposed to be bulletproof and a week later all the funds come out of it.  I believe this is going to haunt us for a bit.

I think you're wrong simply because most people are lemmings focusing solely on price movement, thus the large momentum moves; these technical things are of little consequence. You can look at the recent past where there was little upside price movement when escrow occurred, and I imagine there will be little price movement on this new escrow news as well. That doesn't mean our enthusiastic opposition won't embrace this for a new wave of anti-Ripple propaganda, but I think it will be more masturbatory than market-moving. That being said, I would LOVE if this news created a significant dip in price so I could horde more while others run away from Ripple in ignorance : )

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9 minutes ago, galgitron said:

hmm, as much as I hate to be the one to say it, there is no way the FUDders are going to let this one slip away easily.  Remember, the lockup was Ripple's ace up the sleeve.  Any loss of faith in the integrity of this mechanism is going to spiral into many unforseen consequences.  It may not even matter that the new escrow is bulletproof, the first one was also supposed to be bulletproof and a week later all the funds come out of it.  I believe this is going to haunt us for a bit.

1

RCL is open source. Anyone with the knowledge can check the ledger and code to make sure they are on the level. Also, if anything this just shows Ripple's integrity.  If they wanted to violate the escrow they could have. Instead, they followed good procedures, implemented a fix and disclosed their mistake. No human endeavor is perfect. But these are clearly the kind of people I want running the show when things don't go as planned. 

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hey @nikb feel free to ignore this request since I trust you guys, but if time permits (cause I'm sure everyone is busy), a small explanation of how no funds were ever at risk, and what turned the dev team on to this vulnerability. 

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14 minutes ago, CartoonCrimes said:

I think you're wrong simply because most people are lemmings focusing solely on price movement, thus the large momentum moves; these technical things are of little consequence. You can look at the recent past where there was little upside price movement when escrow occurred, and I imagine there will be little price movement on this new escrow news as well. That doesn't mean our enthusiastic opposition won't embrace this for a new wave of anti-Ripple propaganda, but I think it will be more masturbatory than market-moving. That being said, I would LOVE if this news created a significant dip in price so I could horde more while others run away from Ripple in ignorance : )

 

1 minute ago, Apollo said:

RCL is open source. Anyone with the knowledge can check the ledger and code to make sure they are on the level. Also, if anything this just shows Ripple's integrity.  If they wanted to violate the escrow they could have. Instead, they followed good procedures, implemented a fix and disclosed their mistake. No human endeavor is perfect. But these are clearly the kind of people I want running the show when things don't go as planned. 

And this is why I didn't want to be the one to say it....  Guys, you're preaching to the choir.  I did say FUDders would lock onto it, not myself.  And they don't give a rat's a** about any of the above

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1 minute ago, galgitron said:

 

And this is why I didn't want to be the one to say it....  Guys, you're preaching to the choir.  I did say FUDders would lock onto it, not myself.  And they don't give a rat's a** about any of the above

To be fair, I conceded your point that fudsters would lock onto it; I simply disputed that it would affect pricing.

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Just now, galgitron said:

 

And this is why I didn't want to be the one to say it....  Guys, you're preaching to the choir.  I did say FUDders would lock onto it, not myself.  And they don't give a rat's a** about any of the above

I didn't write that for you, and perhaps your right that FUDers will try to run with this. But I and many others will be happy to explain why this should positively impact Ripples credibility and clearly does not impact the escrow. 

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6 minutes ago, mDuo13 said:

Glad this was taken care of quickly and that the company had the gumption to admit the mistake.

Good to see you around @mDuo13. I always appreciate your input.

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19 minutes ago, nav said:

hey @nikb feel free to ignore this request since I trust you guys, but if time permits (cause I'm sure everyone is busy), a small explanation of how no funds were ever at risk, and what turned the dev team on to this vulnerability. 

The destination account for the escrow was an account under Ripple’s control. So the only thing that could happen would be that the escrows would deliver the funds back to Ripple prematurely. Hence no funds were ever at risk.

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