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XRP is Centrally Controlled by Ripple – Says Bank of International Settlements (BIS)


yxxyun
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13 minutes ago, cryptoxrp said:

We should all be very happy that the UNL list is controlled by Ripple. This is providing the quality assurance which is needed for the whole network to run smoothly. Just imagine some amateurs running validators and destabilizing the network....

One has nothing to do with the other, Ripple's UNL list is advisory only, anyone can choose whoever they want to trust so long as they are validators.

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18 minutes ago, Trickery said:

One has nothing to do with the other, Ripple's UNL list is advisory only, anyone can choose whoever they want to trust so long as they are validators.

Point made. But do you have that ‘in writing’?..... an advice can be rather persuasive....;)

 

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42 minutes ago, cryptoxrp said:

Point made. But do you have that ‘in writing’?..... an advice can be rather persuasive....;)

 

I don't understand your question? XRPL was designed to accommodate groups of validators who trust each other, Ripple has provided the only trusted list so far, it doesn't make XRPL Ripple controlled or elitist in any way, they are simply the first to do it.

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1 minute ago, Trickery said:

I don't understand your question? XRPL was designed to accommodate groups of validators who trust each other, Ripple has provided the only trusted list so far, it doesn't make XRPL Ripple controlled or elitist in any way, they are simply the first to do it.

My question is "who in fact makes the decision that a validator node is trusted? Is there a specific procedure to which new validator owners must comply?" Seems to me that some 'verification' procedure is in place.....

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8 minutes ago, cryptoxrp said:

My question is "who in fact makes the decision that a validator node is trusted? Is there a specific procedure to which new validator owners must comply?" Seems to me that some 'verification' procedure is in place.....

You make that decision. As long as you run a node, you can decide who to trust.

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18 minutes ago, bm32533476 said:

You make that decision. As long as you run a node, you can decide who to trust.

What I observed is that the validator node of Wietse Wind (Tip Bot programmer) took some time to become an 'active trusted validator'. If what you are saying is true, what is causing the 'lag time'. So my question remains unanswered. Where is the documentation that supports that there is no specific validation procedure in place to become a trusted validator? How far is ...  'Ripple in removing itself from this process'?

Source: https://ripple.com/technical-faq-xrp-ledger/

Which UNL should I select?

Since anybody can run a validator, the burden is on the network participants to choose a reliable set. Currently, Ripple (further mentions of Ripple in this document that are italicized represent the company) provides a default and recommended list which we expand based on watching the history of validators operated by Ripple and third parties. Eventually, Ripple intends to remove itself from this process entirely by having network participants select their own lists based on publicly available data about validator quality.

If Ripple recommends adoption of its UNL, doesn’t that create a centralized system?

No. The Ripple network is opt-in. Each participant directly or indirectly chooses its UNL. Should Ripple stop operating or should Ripple act maliciously, participants could change their UNLs to continue using the network.

Edited by cryptoxrp
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6 minutes ago, cryptoxrp said:

What I observed is that the validator node of Wietse Wind (Tip Bot programmer) took some time to become an 'active trusted validator'. If what you are saying is true, what is causing the 'lag time'. So my question remains unanswered. Where is the documentation that supports that there is no specific validation procedure in place to become a trusted validator?

Trusted by whom? If you use the UNL provided by Ripple than you put your trust in them that they will pick secure validators. You are transferring your right to choose to Ripple. How they decide who is placed on the UNL might never become public knowledge the same way anyone else running a validator might not disclose why they selected a given server. I know the case with Ripple is different because of the default UNL, but the concept is the same.

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All true...but all we have is the BIS. What I know of them is that they are quite a powerful bunch with double nationalities (and passports) and have an 'above national law accountability'. So we better realize that what they say and do has serious impact. If they speak you better listen.

What I understand from their policy is that they will try to support macro economic and financial stability. Their activities are directed towards that goal. Stabilizing fiat and crypto currencies will be high on their wish list.

Luckly Ripple will become more stable with adoption and the present system of XRP liquidity pools provides no systemic risk (if insured) for commercial or central banks.

The system is still in development and Ripple management is making sure it is fully compliant with the international laws governing financial institutions.

The article we are discussing smells as sensasionalist  'click-bait'...

Edited by cryptoxrp
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9 hours ago, yxxyun said:

maybe in the future, we can let the community vote to decide which validator to enter UNL.

Already implemented that way. The group of people running validators is "the community", and the configuration of their validator is their vote.

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