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Escrow Sales, Who's buying?

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5 hours ago, XRP-JAG said:

Now I’m confused...?

That was some 50% of market price at time of settlement of the law suit.

Original agreement was sub 1c I understand, but I don’t know how that related to market price at the time then.

Either way, R3 is a special case. The XRP “sale” was a compromise between the original agreed option price, and what a court settlement may have compelled them to do. 

I’m sorry that I wasn’t clear.  (Also that my memory sucks.)  I was not talking about the price at the time of settlement.

My badly made point was that in the court filings the price came out as shown by @Jtadaly (thanks for that).  I’m basing what I’m saying on a number of discussions that were had here at the time,  but the essence was that the price revealed in the filing was higher than spot at time of the deal.  (Maybe 14% higher?  Where did I get the 14 from?)

It was a reasonable thing (to me at least) because if R3 tried to buy 5 billion XRP on the open market the price would have gone up by a wee bit more than that small premium.  :) 

So that was a data point that showed Ripple selling OTC at higher than spot...   not lower.

 

ADDENDUM:   So I stopped being lazy...  checked the helpful link giving by jtadaly and see price to be paid was. 0.86c.  In May 16 the price was around 0.6c.  So higher by around forty percent.  (Wish it had turned out to be 14% then my memory would be slightly redeemed.  Sigh.  Oh well. Senility here I come....)

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Research: Ripple has sold a total of $1.1 billion of XRP, 36% to exchanges

JULY 25, 2019, 2:19AM EDT

Ripple has cumulatively sold $1.14 billion of XRP out of which 36% was sold to the exchanges and 64% was sold to the institutions, according to The Block's research.

https://www.theblockcrypto.com/linked/33383/research-ripple-has-sold-a-total-of-1-1-billion-of-xrp-36-to-exchanges/

 

...only 64% left for finding the truth.

 

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By no means I am saying all Ripple sales are fake. They could use accounting voodoo to inflate sales in order to impress general public though.

Quote

https://en.m.wikipedia.org/wiki/Enron_scandalMark-to-market accounting requires that once a long-term contract has been signed, income is estimated as the present value of net future cash flow. Often, the viability of these contracts and their related costs were difficult to estimate. Owing to the large discrepancies between reported profits and cash, investors were typically given false or misleading reports. Under this method, income from projects could be recorded, although the firm might never have received the money, with this income increasing financial earnings on the books. However, because in future years the profits could not be included, new and additional income had to be included from more projects to develop additional growth to appease investors. As one Enron competitor stated, "If you accelerate your income, then you have to keep doing more and more deals to show the same or rising income." Despite potential pitfalls, the U.S. Securities and Exchange Commission (SEC) approved the accounting method for Enron in its trading of natural gas futures contracts on January 30, 1992.

 

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10 minutes ago, Lamberth said:

By no means I am saying all Ripple sales are fake. They could use accounting voodoo to inflate sales in order to impress general public though.

 

If that were the case then the escrow moves (which all are visible) would need to be to new anonymous Ripple-owned accounts in order to match the real movements to the voodoo accounting.  That would be a level of perfidy that placed them at risk of legal sanctions.

I think it’s extremely unlikely that such a knowledgeable crew would skate out onto such thin ice.

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12 minutes ago, Tinyaccount said:

If that were the case then the escrow moves (which all are visible) would need to be to new anonymous Ripple-owned accounts in order to match the real movements to the voodoo accounting.  That would be a level of perfidy that placed them at risk of legal sanctions.

I think it’s extremely unlikely that such a knowledgeable crew would skate out onto such thin ice.

I meant sales did happen but money did not change hands. In other words, future cash flows might be reported as sales.

There is a great joke about Icelandic banks (which is only partially a joke given it did happen in almost the same way): I own a cat and you own a dog. I sell you my cat for a billion dollars and you sell me your dog for a billion dollars. Now we are not just proud owners of pets, we are Icelandic banks with billion dollar assets on our balance sheets. 

Edited by Lamberth
Half-joking

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43 minutes ago, Lamberth said:

I meant sales did happen but money did not change hands. In other words, future cash flows might be reported as sales.

There is a great joke about Icelandic banks (which is only partially a joke given it did happen in almost the same way): I own a cat and you own a dog. I sell you my cat for a billion dollars and you sell me your dog for a billion dollars. Now we are not just proud owners of pets, we are Icelandic banks with billion dollar assets on our balance sheets. 

Ripple could be "selling" it to their friend Chris Larsen at coil and they can just say institution selling!

There is no proof legitimate institutions are actually buying and holding xrp!

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1 minute ago, Cooliozxrp said:

Ripple could be "selling" it to their friend Chris Larsen at coil and they can just say institution selling!

There is no proof legitimate institutions are actually buying and holding xrp!

Could be, yes. I guess you meant Stefan though, not Chris.

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2 minutes ago, Lamberth said:

Could be, yes. I guess you meant Stefan though, not Chris.

Yeah Stefan but they can just "sell" it to any of their useless xspring ventures and call it institutions!

Now they are "donating" 1 billion xrp to coil l..propably gonna call it institution selling and bagholders get to dream a little longer!

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6 minutes ago, Cooliozxrp said:

Yeah Stefan but they can just "sell" it to any of their useless xspring ventures and call it institutions!

Now they are "donating" 1 billion xrp to coil l..propably gonna call it institution selling and bagholders get to dream a little longer!

This is possible. I think the reasons are different though, “bagholders” are not the centre of Ripple’s universe.

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1 hour ago, Lamberth said:

I meant sales did happen but money did not change hands.

I tried to explain why I believe that to be very unlikely but failed to make my point apparently.  

In any case,  apart from those who want to think ill of Ripple at any opportunity,  I think most here accept that what they say is what is actually happening.  I know that is not true for a very vocal minority here on XRPChat,  but it’s pointless for us to try and convince each other so I will bow out now.

Time will ultimately tell I suppose.

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1 hour ago, Tinyaccount said:

In any case,  apart from those who want to think ill of Ripple at any opportunity,  I think most here accept that what they say is what is actually happening.  I know that is not true for a very vocal minority here on XRPChat,  but it’s pointless for us to try and convince each other so I will bow out now.

Time will ultimately tell I suppose.

You misunderstood. I used Enron merely as an example which is (supposedly) known to everybody, not to illustrate that Ripple is evil. There is nothing wrong in my opinion with inflating your sales as long as it is done within the existing legal framework (and not over-done to the point of no return).

Boasting about your successes is not a bad thing and half of your success is how you present your achievements. In the game of business all’s fair. It is a job of a CEO to do whatever it takes to put up a good front and to attract positive attention to the company’s progress. XRP sales is one of the critical measures of Ripple’s success despite what some think. “Fake it until you make it” proved to be a working strategy for many start-ups and it is not unreasonable to assume that this might (just might) be the case with Ripple as well. 

 

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2 hours ago, Tinyaccount said:

I tried to explain why I believe that to be very unlikely but failed to make my point apparently.  

In any case,  apart from those who want to think ill of Ripple at any opportunity,  I think most here accept that what they say is what is actually happening.  I know that is not true for a very vocal minority here on XRPChat,  but it’s pointless for us to try and convince each other so I will bow out now.

Time will ultimately tell I suppose.

"Anything that ripple do or say can't be questioned, people who do are evil fudsters, I want to live in a bubble, ripple will make me rich,Brad is my friend"

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22 minutes ago, Cooliozxrp said:

"Anything that ripple do or say can't be questioned, people who do are evil fudsters, I want to live in a bubble, ripple will make me rich,Brad is my friend"

Everything can be questioned, but you don't question anything. You just shout incoherent sentences with sourceless 'facts' that just happen to be nothing more than your or your masters opinion.

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