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Pieceofcandy

Ripple Burns Escrows if declared security.

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Dead horse I know, but I remember reading sometime last year, idk if was David or someone else but I remember someone saying that should XRP be declared a security, Ripple would burn all the escrow accounts to invalidate the case against them, I remember reading also that it would slow down the master plan but wouldn't matter in the long run.

 

idk if im gaslighting myself.

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50 minutes ago, Pieceofcandy said:

Dead horse I know, but I remember reading sometime last year, idk if was David or someone else but I remember someone saying that should XRP be declared a security, Ripple would burn all the escrow accounts to invalidate the case against them, I remember reading also that it would slow down the master plan but wouldn't matter in the long run.

 

idk if im gaslighting myself.

Technically impossible, they can blackhole it, but not burn it.

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1 hour ago, Yodaxrp said:

Technically impossible, they can blackhole it, but not burn it.

Can't they? There was this instance in 2017/2018 that Wietse Wind had to send a message via tipbot to a user who was burning 70k xrp in one transaction because of wrong settings. There was around 150k xrp burned with just a couple of huge transactions, Ripple even had to fix that issue as I remember correctly.

Can't find the topic, there was one on xrpchat... perhaps someone with knowledge can find it.

Anyhow, I think that there is a way to burn a lot of XRP's at once.

/Found it:  

 

Edited by Caracappa
Found the topic

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43 minutes ago, Caracappa said:

Can't they? There was this instance in 2017/2018 that Wietse Wind had to send a message via tipbot to a user who was burning 70k xrp in one transaction because of wrong settings. There was around 150k xrp burned with just a couple of huge transactions, Ripple even had to fix that issue as I remember correctly.

Can't find the topic, there was one on xrpchat... perhaps someone with knowledge can find it.

Anyhow, I think that there is a way to burn a lot of XRP's at once.

/Found it:  

 

In this way, adjusting the transaction fee, it's possible. Don't know exactly how high can go a transaction fee. Blackhole the escrow(s) would be much easier imo.

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Can't they? There was this instance in 2017/2018 that Wietse Wind had to send a message via tipbot to a user who was burning 70k xrp in one transaction because of wrong settings. There was around 150k xrp burned with just a couple of huge transactions, Ripple even had to fix that issue as I remember correctly.

Can't find the topic, there was one on xrpchat... perhaps someone with knowledge can find it.

Anyhow, I think that there is a way to burn a lot of XRP's at once.

/Found it:  
 

Because they are in escrow perhaps?

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44 minutes ago, kanaas said:


Because they are in escrow perhaps?

I'm sorry, I don't get your respons :unsure:. Those 150k were not in escrow, they were burned because the sender set an unlimited fee for his transactions. So never retrievable again. After that happened Ripple changed the API so that the max fee was 2xrp per transaction.

Putting 50bln XRP in an escrow for 999 years could also do it however.

/Ohh you mean the current escrow. Yes, they have to wait until they got out of escrow, and then burn them (or escrow them again forever). But isn't the point of escrow that they have to wait for it anyway? They can not change the date of release while it's locked up right?

Edited by Caracappa

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4 hours ago, Pieceofcandy said:

Dead horse I know, but I remember reading sometime last year, idk if was David or someone else but I remember someone saying that should XRP be declared a security, Ripple would burn all the escrow accounts to invalidate the case against them, I remember reading also that it would slow down the master plan but wouldn't matter in the long run.

 

idk if im gaslighting myself.

Apart from the issue how to render an XRP account useless (which can be done even if the XRP deposit is escrowed) I still don't understand at all why such an action would help Ripple in any way in the (hypothetical) case XRP would be declared a security ... :girl_impossible:

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3 hours ago, Yodaxrp said:

Technically impossible, they can blackhole it, but not burn it.

Actually they can. I remember when someone accidentally set the burn fee on a transaction of xrp to something like 50,000 xrp and poof it was gone.

Note, someone already stated my point. Sorry Yoda. Just wanted to leave the message so you weren’t wondering what I was saying. Have a great day my friend!

Edited by Raz

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4 minutes ago, Raz said:

Actually they can. I remember when someone accidentally set the burn fee on a transaction of xrp to something like 50,000 xrp and poof it was gone.

Note, someone already stated my point. Sorry Yoda. Just wanted to leave the message so you weren’t wondering what I was saying. Have a great day my friend!

Your point is equal to mine mate! No, you cannot burn the escrow per se, yes you can adjust transaction fees so high as possible to lower the supply. Nice day to you too mate!

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1 minute ago, lucky said:

blackhole has the same effect as burn. xrp is gone forever.

of course, also if fudsters will always argue that the amount has not been destroyed, but they always have something to argue!!!

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10 minutes ago, lucky said:

 

Not sure what he exactly means with "it can be destroyed". Don't you have to release it from escrow first and then burning each 1b in transaction's fee or blackhole the same 1b?

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17 minutes ago, Yodaxrp said:

Not sure what he exactly means with "it can be destroyed". Don't you have to release it from escrow first and then burning each 1b in transaction's fee or blackhole the same 1b?

Exactly my earlier point... perhaps they'll release the escrow above a ripple shredder every month. Poor zerps won't know what hit them when they think they're finally free!! :yahoo: 

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