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An update on Ripple's XRP escrow


JoelKatz
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2 minutes ago, Pointbreak said:

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).

Well, it's pretty obvious: You can paint is with an exaggerated negative brush as galgitron wants to do or you can paint it positively, or you can not make a big deal of it at all, which is probably most appropriate given they addressed it almost immediately. If from that list, you think the best option is go negative on your own company, and validate any negative criticism, then... need I continue?

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Wow @JoelKatz and Ripple you really are a company of a lifetime. Well done. Your honesty is much appreciated. Especially in a world in which honesty does not seem to be a standard anymore. For me and my family who are great sponsors of honesty and sincerety our decision to support Ripple and XRP was the right one. No matter how much profits we will get we are in it with a wonderfull company.

I wish everybody and especially our Ripple friends a very good and relaxing weekend.

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I have to admit, Ripple employees who are so intimately entwined to the Ripple team, communicating through an online chat room, is extremely odd. It's interesting to say the least. The man is obviously smarter than all our brains combined. But all it takes is one accidental slip, one, "I have a really bad cold"..'under the weather', inadvertent typo, one hacked account, to possibly cause irrefutable damage. We see how quickly members here took him at his word. Could you imagine the damage a Ripple employee's hacked account could cause in seconds?

Replace 'could cause' with 'caused'...

"During an internal audit immediately following our escrow process, we discovered a defect in the implementation that caused XRP to be released from escrow prior to the intended release dates."

Imagine the amount of damage control it would take to prove the fake/ accidental typo was not real.

My word, as a businessman, I simply cannot see the benefit of Ripple employees chatting here outweighing the benefits of not.  

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8 minutes ago, XRP_FER_ME said:

Ripple is to be commended for their honesty.  Can anyone imagine Chase Bank or GM reacting the same way?  This outfit

earns my trust more and more all the time.

Not sure if you're in the business world, but while honesty is a terrific attribute, official press releases on the official Ripple website disclosing this information would do just as good if not better. I believe Chase and GM have a certain sense of purposeful anonymity.. which is why they are so successful. 

Edited by XRPto50dollars
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4 minutes ago, XRPto50dollars said:

Not sure if you're in the business world, but while honesty is a terrific attribute, official press releases on the official Ripple website disclosing this information would do just as good if not better.

I don't agree.  Had Joel not revealed this, it would have been just a week-old bookkeeping error solved right away with no effect at all.  No need to post publicly.

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3 minutes ago, XRP_FER_ME said:

I don't agree.  Had Joel not revealed this, it would have been just a week-old bookkeeping error solved right away with no effect at all.  No need to post publicly.

This is a public website and still doesn't address the concern of  accidental slips. The man is a genius. Skynet is jealous. But that doesnt mean he isnt part of the human condition. 

Edited by XRPto50dollars
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4 minutes ago, XRPto50dollars said:

This is a public website and still doesn't address the concern of  accidental slips. The man is a genius. Skynet is jealous. But that doesnt mean he isnt part of the human condition. 

And that is why this tiny tempest in a teacup will be forgotten before the coffee is ready tomorrow morning.

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58 minutes ago, XRPto50dollars said:

Could you imagine the damage a Ripple employee's hacked account could cause in seconds?

Imagine the amount of damage control it would take to prove the fake/ accidental typo was not real.

Sorry, I got nothing... 

canstockphoto3833279-Thought-bubble.jpg

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We’re all here as XRP investors “for the long haul” because we trust the Ripple team, aren’t we? 

I appreciate the honesty in this matter from Joel and Nik and for me it is a non-issue:  “ we discovered a defect and it’s already fixed”.  No need to analyse further and blow this thing up. A short message on their website will probably be sufficient. 

Now I don’t remember seeing Joel or Nik asking us how to play this. Instead of giving them unasked advice, I leave the matter in their hands.  

Because I trust them.

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2 minutes ago, AlvaroXRP said:

Good that this was solved before anything bad happened. This has to be used as an example of that anyone can make mistakes and everyone should be more cautious when critiziting others' mistakes (i.e. ethereum or Iota).

I am surprised this wasn't picked up in the ~six months of preparation. Also shows that the staged and 'slow' roll-out of Ripple's software is absolutely the right strategy and anyone beighing for faster progress is just wishing for a fall.

Doesn't bode well for more complex assets, Ether etc., which is why I stay out. Critisism is exactly what they should get.

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