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New Video Explaining Xrp as a Scam

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Jo Lang paper:
https://static1.squarespace.com/static/55f73743e4b051cfcc0b02cf/t/5664a9e2e4b058c26c21ea94/1449437666296/Ripple_Paper_Public.pdf

They think it is a scam because they think XRP is not necessary for Ripple to work.
And it was only created to make the founders rich.
Peter says that ripple before Ripple Labs (RipplePay) was more decentralized and didn't used/needed any cryptocurrency.
He also said the the introduction of XRP made the protocol unnecessary complex.

So in order to defend against the accusation of it being a scam, people should address why XRP is important and how its distribution was made.

https://ripple.com/xrp-portal/
TOTAL XRP HELD BY RIPPLE 62,606,727,725

>>> Can this topic be deleted?
All the pages are already archived, and you just hide something you are ashamed off.

>>>  I think that just as they boldly confront the limitations of SWIFT they can boldly dispell misinformation about their their ledger and its native asset.

Regarding Ripple use case. I think it can be used for high value cross-border transfers, which is a big market.

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I've enjoyed the diverse points of view.  Now for mine.  I'm a SVP at a bank with assets of $15B.  I have been a banker for 25+ years and understand how bankers think.  First, the whole concept of digital currency, blockchain and distributed ledgers is new.  The bankers tasked at determining whether to risk their career by supporting a technology as new as Ripple have everything to lose and little to gain by recommending the Ripple solution.  Remember your audience!  Bankers are conservative by nature.  So when the bankers start to do their due diligence on Ripple and come across "objections" like the kind of objections (right or wrong) Peter Todd made, they will NOT BE SUPPORTIVE OF ADOPTING RIPPLE!  Peter Todd does have a level of respectability.  EACH AND EVERYONE ONE OF HIS POINTS SHOULD BE VERY CLEARLY ADDRESSED IN A WRITTEN AND EASY TO UNDERSTAND RESPONSE.  This is sales 101.  You must be prepared to overcome every and all objections.  Remember adopting the Ripple solution will fundamentally change the way a bank does business.  If I'm going to risk my career that Ripple indeed works I'd want to be 1,000% sure I could answer any question the CEO or a Board of Director may ask.

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3 minutes ago, AverageJoe said:

Peter Todd does have a level of respectability.

Correction: Peter Todd HAD a level of respectability.

He lost it completely on a poorly written report he wrote for R3. Shortly after that R3 kicked him out and some time later R3 announced an XRP trial...
I guess most bankers will listen and read the details of that trial conducted by R3 and in best case having a smile of compassion with Peter's report

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11 minutes ago, AverageJoe said:

EACH AND EVERYONE ONE OF HIS POINTS SHOULD BE VERY CLEARLY ADDRESSED IN A WRITTEN AND EASY TO UNDERSTAND RESPONSE.  This is sales 101. 

Writing it in all-caps and bold doesn't make it "more true". 

I completely disagree.  If Ripple (the company) stopped to try to address every trolling post from their competitors, that's all they would be doing.  There's a lot of motivation from competitors and also banks that don't want to give up correspondence banking, and from SWIFT.  Not to mention the die-hard bitcoinists that created entire web sites devoted to defaming Ripple in 2013. 

Nope - I think Ripple is doing the right thing by keeping very, very far away from this video and any other trolling posts that are obviously defamatory.  And they're not having any trouble selling - look at the banks that have adopted it, and also the latest news on this forum, and you'll see for yourself. 

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9 minutes ago, kanaas said:

Correction: Peter Todd HAD a level of respectability.

He lost it completely on a poorly written report he wrote for R3. Shortly after that R3 kicked him out and some time later R3 announced an XRP trial...
I guess most bankers will listen and read the details of that trial conducted by R3 and in best case having a smile of compassion with Peter's report

 

2 minutes ago, Hodor said:

Writing it in all-caps and bold doesn't make it "more true". 

I completely disagree.  If Ripple (the company) stopped to try to address every trolling post from their competitors, that's all they would be doing.  There's a lot of motivation from competitors and also banks that don't want to give up correspondence banking, and from SWIFT.  Not to mention the die-hard bitcoinists that created entire web sites devoted to defaming Ripple in 2013. 

Nope - I think Ripple is doing the right thing by keeping very, very far away from this video and any other trolling posts that are obviously defamatory.  And they're not having any trouble selling - look at the banks that have adopted it, and also the latest news on this forum, and you'll see for yourself. 

Hey I am a fan of Ripple so I want nothing but the best for Ripple.  I did see the table listing the banks involved with Ripple.  What I saw was lots of PoC - have those banks turned off the old systems and turned on Ripple?  Not yet.  All I'm saying is I understand how bankers think and the "fear of lose is greater than the desire for gain".  If Ripple doesn't work or goes tits up this is the type of thing you get fired for.  Be prepared that's all I'm saying!  Sales 101 - handling objections.

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Ripple is handling themselves professionally and perfectly in this respect.  If there are rational criticisms presented in a way that affords a clarification that will lead to greater understanding, then they ordinarily do so, even when some of the posters are dripping with sarcasm and obviously have some other agenda. 

You should ask a serious question of your own:  Do you honestly think Ripple should stop what they're doing, log into this forum, and try to address the topics arising from a clownish, sarcastic video whose sole aim is to discredit them?  Or should we ask readers who are concerned to leaf through the seven pages of analysis that have already been done prior to April 1, and decide for themselves what the real motivation behind the video is? 

Ripple (the company) is focused on future customers when it comes to sales - and they are doing just fine without responding to trolling forum posts or youtube videos made by their competitors. 

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2 hours ago, JoelKatz said:

 

Google is a scam because their search engine is not necessary for the Internet to work.

Well, umm, yeah. Google works to build, preserve, protect and promote the Internet, even though the Internet works just fine without Google, because without the Internet, there's no market for a search engine. So why does Google even bother with a search engine? Because that's where their revenue comes from.

Similarly, Ripple's payment network and things like ILP and the "Internet of value" are not major direct revenue sources for Ripple. But without them, there's no need for XRP. Ripple promotes its payment network and ILP and a universal way to make payments to create a market for XRP. XRP is, we hope, the major revenue source.

This isn't a secret, it's the strategy.

In order to say something like "XRP is a scam because it's not necessary for Ripple to work" you'd have to think that Twitter should be building its own network that requires you to use Twitter rather than promoting and growing the Internet. It's incredibly short-sighted, small-minded thinking.

Hi @JoelKatz I have a question. What's going to be the revenue driver for ripple after completing the distribution of XRP's? (I understand it will take quite a long time) I was curious since there hasn't been much discussion regarding the vision that comes after finishing the escrow. We all know that Google and Twitter has ads to make the business sustainable so it makes me wonder what ripple may have in mind, asides maintaining the current network and new developments that align IoV.

Edited by Eddie

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On 26 April 2017 at 10:28 PM, AverageJoe said:

I've enjoyed the diverse points of view.  Now for mine.  I'm a SVP at a bank with assets of $15B.  I have been a banker for 25+ years and understand how bankers think. 

So not an exactly average Joe.   :) 

Joes' opinion here should give Ripple pause.  I think Ripple the company is a very smart operator and probably don't need my input, but I would like to suggest they consider doing something as Joe suggests.

Perhaps a statement along the lines of :

"Although the poorly thought out and shoddily produced video recently promulgated by Peter Todd has no valid points, and does not really deserve a reply,  Ripple in the interests of transparency and fairness so that any observer can understand how innacurate and flawed the video actually is, would like to address the fears raised:

Critisicm:  That Ripple.....

Answer:. The....

 

 

Here we have a banker who suggests that for bankers it's better to wait for the pack rather than than to leap in and fail....   that the criticisms will have weight unless there is a clear rebuttal easily to hand.  Although fighting FUD is like playing whack-a-mole there isn't any real alternative....  a dignified silence in the face of clamouring fools might feel good but isn't the most productive strategy.

So that's my input...   I'm generally wrong so probably am again...   :).       BTW JK-DS....  Big big fan....   awesome dude...   :)  And my thanks to you and all at Ripple....   I think you are going to help my family finances.   :) 

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6 minutes ago, Eddie said:

I have a question. What's going to be the revenue driver for ripple after completing the distribution of XRP's? (I understand it will take quite a long time) I was curious since there hasn't been much discussion regarding the vision that comes after finishing the escrow. We all know that Google and Twitter has ads to make the business sustainable so it makes me wonder what ripple may have in mind, asides maintaining the current network and new developments that align IoV.

By the time they sell 60B XRP, they won't need any kind of revenue :D 

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Guest dfault123

Some of these crypto purists still don't understand the benefit of something being highly convenient vs forcefully required.

"Socks are 100% scam, since we don't actually need them!" 

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4 minutes ago, dfault123 said:

Some of these crypto purists still don't understand the benefit of something being highly convenient vs forcefully required.

"Socks are 100% scam, since we don't actually need them!" 

You know I've witnessed that we don't even really need whole shoes either? I saw a guy wearing something called "sandals" which seemed to run fine on bare bones scaffolding. Shoes are overcharging us with unnecessary framework! 

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