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JoelKatz

An update on Ripple's XRP escrow

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2 minutes ago, 1todd960 said:

galgitron

you know the saying "Making a mountain out of a mole hill".  Seems you're the only one worried about it.

Now I find that ironic because I have a bunch of you all attacking my modest suggestion of Ripple coming clean in a very visible way.  It strikes me that all of you are making a mountain out of my molehill, lol

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4 minutes ago, galgitron said:

I'm not worried about the children, I'm worried about the media looking for a major scandal.

There's no scandal. They immediately corrected the mistake after immediately performing an audit after following through with their promised escrow. Every step they took was in good faith. If any media outlet looks to scandalize this it will be the outlet, not Ripple, who loses credibility.

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Just now, galgitron said:

Now I find that ironic because I have a bunch of you all attacking my modest suggestion of Ripple coming clean in a very visible way.  It strikes me that all of you are making a mountain out of my molehill, lol

And i find it quite amusing that your whole reasoning for wanting the Company to put out something official is because, i quote you "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".  You are actually being the FuDder.  enough said.  I'm tired of talking about it.

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@galgitron and @1todd960... take a breath. No one is attacking anyone--at least not up until now; we're just debating. No reason to insult one another.

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This week really has had a little bit of everything at this point (and still 2 days to go :lol:).  Major props to the Ripple team for recognizing a flaw and acting quickly and with complete transparency.  Immediate resolution and an immediate public acknowledgment to the community.  You can't ask for anything more than that from a company.

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Thanks so much to Ripple, @nikb, and @JoelKatz for the transparency around this. We are very impressed by your candor and willingness to quickly release the code, accounts, and transaction IDs for further audit.

It seems unlikely this will have any long term (or short term, for that matter) impact on the price, and I hope the way this was addressed builds trust. It certainly has for us.

If people wanna FUD, let them FUD. If it isn't this, they will complain that Ripple is too centralized, or that they still own a lot of XRP, or whatever tired argument they select from the list that we have all seen countless times.

Korea is driving huge volume right now, and it seems highly unlikely this will impact the Korean markets. Anyone can audit the code/situation. Clearly Ripple is not interested in lying or sneaking in back doors. If the FUDders don't know enough about code to be able to audit this, then they probably also aren't big enough to impact the price. If they do know enough to audit it, they are probably already FUDing about XRP being bankers coin or some other BS.

 

Just my opinion.

 

As an aside, I am excited for the new rippled. It should be installed on our nodes in a few hours, and I look forward to seeing the difference in resource consumption.

Edited by Rabbit_Kick_Club
Added aside

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36 minutes ago, galgitron said:

I see 4 possible outcomes of this problem:

1) Ripple doesn't make a big deal, but FUD campaign blows it up and everyone thinks Ripple was trying to sneak it past them (Bad for Ripple)

2) Ripple doesn't make a big deal, FUD campaign fizzles (Good for Ripple)

3) Ripple makes a big deal, nobody cares (Good for Ripple)

4) Ripple makes a big deal, FUDders try to capitalize, but demonstration of integrity overwhelms (Good for Ripple)

THUS applying the first binomial and squaring the root, scenario 1 is the scenario we don't want to happen, and the only way to innoculate that possible outcome is by Ripple making a big deal

PFFT!

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3 hours ago, JoelKatz said:

During an internal audit immediately following our escrow process, we discovered a defect in the implementation that could cause XRP to be released from escrow prior to the intended release dates. While no funds were at risk, we wanted to correct the defect to ensure the implementation is airtight. We then used the defect on all of the escrows created to release the funds back into Ripple's accounts and then lock them up with new escrows that are not vulnerable to the defect. We are confident that there is no ability to release the escrowed funds prior to the intended release dates. We invite anyone interested to investigate the code, the transactions, and the ledger entries. We published a technical paper describing the lockup process, which you can read here:

https://ripple.com/dev-blog/explanation-ripples-xrp-escrow/

 

This is exactly why I have stayed invested in XRP since May.  Ripple and the team cares about their work and are transparent.  They know what is at stake.  Thank you @JoelKatz and team.  

 

Community take note:  Ripple is going to make history, and we're lucky enough to have caught wind of this.  

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@galgitron Has made some very valid points, disappointing to see some attacks and not a debate.

For the last 5 years Ripple has had to contend with accusations that it is centralised and they could "reverse" transactions at will, this error does give "fuders" material to spread more fud. Congrats to the team for identifying the issue early and sharing it.

As for the best approach to dealing with this, I am unsure and have no experience in public relations. Anyone with a software background should be able to emphasis and appreciate how quickly the bug was dealt with and disclosed. Maybe the best approach would be to make a public announcement and then immediately try to bury it with the "two big house hold names" ;)

 

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If the points were especially valid, you'd subscribe to his solution, which seems to be to qualify the situation as a major error. No PR person would advise going this route as it would validate FUD rather than dismissing it. You guys are looking at this the wrong way. You're focusing on the error. I don't see why you're not focusing on the solution. If you want to release a statement, you say: We figured out a way to upgrade our escrow protocol to make it even more secure and are very proud of our development team for lending even more credibility to Ripple, blah blah blah.

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7 minutes ago, CartoonCrimes said:

If the points were especially valid, you'd subscribe to his solution, which seems to be to qualify the situation as a major error. No PR person would advise going this route as it would validate FUD rather than dismissing it. You guys are looking at this the wrong way. You're focusing on the error. I don't see why you're not focusing on the solution. If you want to release a statement, you say: We figured out a way to upgrade our escrow protocol to make it even more secure and are very proud of our development team for lending even more credibility to Ripple, blah blah blah.

As I said, I don't know the best way to deal with this. I am happy that the team has disclosed it and I can emphasis with this issue having been here many times myself. The one thing I do know, is that after my 5 years experience in this space and exposure to software development / security hiding bugs does not go down well (they obviously have not hidden).

I have no PR experience and wouldn't pretend to know the best route (my suggestion was a joke /s).

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