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Can any individual create an account on the Ripple Ledger?


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I am wondering if any individual can create an account on the Ripple ledger. Or is it constrained to Ripple Partners, institutions using xRapid, exchanges/gateways, and RippleLabs?

And by any individual, I mean a random person. I.e, if I wanted to create one. 

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Note that this 20 XRP will need to come from another account, which will then be forever linked  to you account, and visible. If that other account is your exchange, that exchange will have your personal details.

I'm not sure if many people are aware of this. It is quite different from how many people view crypto. It's not anonymous at all. For anonymous transactions, you need banks.

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XRP on XRP Ledger is fully neutral, everyone can use it. Just generate a secret key and deposit XRP to the address that is derived from the key.

The public address is what people see as 'an account' on XRP Ledger.

Putting everyone at equal level is a nice thing, you only have to trust the sourcecode which specifies the same rules for all participants. This allows financial inclusion for anyone with internet access imo. The only hurdle is to actually get some XRP which is often done through exchanges which may be restricted by local laws (often for a good reason like anti moneylaundering / know your customer stuff).

Once you have XRP you can use it whenever you want, no restrictions

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So then for an INDIVIDUAL, what is the benefit of creating an account on the XRP ledger? Why would you do it?

If you could get some XRP from lets say a customer on Bitfinex, what would you do with that XRP on the ledger that you cannot do if you have an account with XRP on Bitfinex?

Kind of in sum, why create an XRP Ledger account when you can trade/hold XRP on exchanges?

Edited by rippleHero
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2 minutes ago, rippleHero said:

Do you not own the XRP on an exchange account?

Not really. You only own a promise by the exchange to transfer them to you in accordance to their contract with you (and local laws that they need to follow). It's the difference between owning cash or having a balance in a PayPal account. In the latter case PayPal can decide to freeze your balance, in the former case you are responsible for your own things.

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Yeah right, that is obvious now. Thanks.

In addition, is it easier to transact with exchanges on the XRP Ledger? For example, if you had an account on Bitfinex, is it easier to transfer XRP to you XRP Ledger account, and then transfer to your other account on Bitstamp? Or could easily do that through your exchange account on Bitfinex? 

I am just trying to understand why keep/use XRP on a Ledger account. It just seems easier to avoid.

Edited by rippleHero
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If you trust exchanges, you can avoid to have a account on XRP ledger,  and you can avoid to have account on BTC,ETH and others too. Let exchanges hold the cryptocurrency for you. 

I don't trust exchanges, they can be hacked or run away,  I only use exchanges when I need,  I don't let them hold cryptocurrency for a long time. 

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  • 1 month later...
On 3/31/2019 at 12:30 PM, dik said:

Note that this 20 XRP will need to come from another account, which will then be forever linked  to you account, and visible. If that other account is your exchange, that exchange will have your personal details.

I'm not sure if many people are aware of this. It is quite different from how many people view crypto. It's not anonymous at all. For anonymous transactions, you need banks.

No because these banks no who u Care so thts not anonymous? ANyway i get the issue LOL that what i have trying to explain to  developers everywhere on xrp..I Men the bank have more privacy than avg consumers which is ridiculous

NOTE XRP ledger is out and open source  anyone with the skills and an idea can create a wallet which can simply act like a  coinjoin mixer where who ever opens this wallet and sends a TX it will cut up your $50 Into UMM lets say 7 odd amounts which equal $50 then chop and mix  in between other people doing the same mix it in between everyone else tx which are happening at that same time you may even have an option to multi-hop where you choose i would like my payments to hop 4-5-6 times before spitting it out into a newly fresh created wallet so your TX would hve to be 20 XRP ontop so you have the ability to have a new wallet for your end game which is NO-link to you. on top of all this happening this wllet would also have a backup TOR connection where it 1st connects onto the TOR network then Depending on how many people are using the wallet there could be levels of privacy example Low level = 30 people to coin join Mix TX with  Medium Level = 50 people  High Level  = 100 people .

This is an idea  i got from bitcoin checkout wasabiwallet.io.. the devs in this xrp world seem to be afraid if what the public will think if someone creates an open source wallet for the XRP ledger BTW not connected to ripple in anyway, i really dont get why they are afraid to even come up with ANY idea instead of Send Here Alice > Bob Thts so simple and visible any average joe with bit of determination can stalk someone.  I wish i was a programmer thats the first thing id do. I love XRP , But this is a HUGE problem, i dont get why people wit for ripple to do something isnt this supposed to be way more decentralised? seems most apps are mde from ripple. If anything building something privacy  wlll prove even more ripple has zero connection, control or oversight with our xrp payments  

 

I also just seen CHris larsen might be the champ that actually moves ahead to actually fix this issue as he has invested into https://boltlabs.tech/ i thnk its gong to be something on ILP where  new built certain wallet will be built that shoots the payments through these channels and shoot the payment out the other end. This is that privte that the only 2 prties know about the TX are the send & receiver no middleman watching, If this is REALLY BTC 2,0 then its missing so mucvh things which i can do on BTC Example HD wallets, Check out Samouri wallet, Mycellium Wallet Both have functions to go on TOR and different TX options MOre & less private THEN you have wasabi wallet which you can litterally have ZEROLINK. HOnestly I hope someone with programming skills wakes up or this new bolt lbs connection would be the key to consumer payment privacy. People who say privacy is only for criminals, open your curtains and doors at home sop everyone can see you clear thought your windows. Privacy is our given right...Sorry for the english errors as im half asleep trying to rush this msg.

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3 hours ago, btemtd said:

No because these banks no who u Care so thts not anonymous? ANyway i get the issue LOL that what i have trying to explain to  developers everywhere on xrp..I Men the bank have more privacy than avg consumers which is ridiculous

NOTE XRP ledger is out and open source  anyone with the skills and an idea can create a wallet which can simply act like a  coinjoin mixer where who ever opens this wallet and sends a TX it will cut up your $50 Into UMM lets say 7 odd amounts which equal $50 then chop and mix  in between other people doing the same mix it in between everyone else tx which are happening at that same time you may even have an option to multi-hop where you choose i would like my payments to hop 4-5-6 times before spitting it out into a newly fresh created wallet so your TX would hve to be 20 XRP ontop so you have the ability to have a new wallet for your end game which is NO-link to you. on top of all this happening this wllet would also have a backup TOR connection where it 1st connects onto the TOR network then Depending on how many people are using the wallet there could be levels of privacy example Low level = 30 people to coin join Mix TX with  Medium Level = 50 people  High Level  = 100 people .

This is an idea  i got from bitcoin checkout wasabiwallet.io.. the devs in this xrp world seem to be afraid if what the public will think if someone creates an open source wallet for the XRP ledger BTW not connected to ripple in anyway, i really dont get why they are afraid to even come up with ANY idea instead of Send Here Alice > Bob Thts so simple and visible any average joe with bit of determination can stalk someone.  I wish i was a programmer thats the first thing id do. I love XRP , But this is a HUGE problem, i dont get why people wit for ripple to do something isnt this supposed to be way more decentralised? seems most apps are mde from ripple. If anything building something privacy  wlll prove even more ripple has zero connection, control or oversight with our xrp payments  

 

I also just seen CHris larsen might be the champ that actually moves ahead to actually fix this issue as he has invested into https://boltlabs.tech/ i thnk its gong to be something on ILP where  new built certain wallet will be built that shoots the payments through these channels and shoot the payment out the other end. This is that privte that the only 2 prties know about the TX are the send & receiver no middleman watching, If this is REALLY BTC 2,0 then its missing so mucvh things which i can do on BTC Example HD wallets, Check out Samouri wallet, Mycellium Wallet Both have functions to go on TOR and different TX options MOre & less private THEN you have wasabi wallet which you can litterally have ZEROLINK. HOnestly I hope someone with programming skills wakes up or this new bolt lbs connection would be the key to consumer payment privacy. People who say privacy is only for criminals, open your curtains and doors at home sop everyone can see you clear thought your windows. Privacy is our given right...Sorry for the english errors as im half asleep trying to rush this msg.

:wacko3:

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4 hours ago, btemtd said:

anyone with the skills and an idea can create a wallet which can simply act like a  coinjoin mixer 

Bitcoin and other coins had those kinds of mixers but it turns out the FBI were able to unmix them and find the felons. Remember Silk Road?

Trying to make XRP a privacy coin is in an opposite direction to Ripples goals.  There are coins for that for those that want to do secret things.  XRP is designed for its job and it does it well...  if it doesn’t fit your use case then there are other coins out there for you to use instead.

 

1 hour ago, dik said:

i really dont get why they are afraid to even come up with ANY idea instead of Send Here Alice > Bob

FINCEN fined Ripple early on for going retail...  there are not in that business now.  They are targeting global remittance and supporting other groups to develop other use cases...  they are on track and doing exactly what they stated and planned.  

Your desires are in a different direction...  doesn’t mean that you or they are wrong...  just having different goals.

 

1 hour ago, dik said:

People who say privacy is only for criminals, open your curtains and doors at home sop everyone can see you clear thought your windows.

Yes that’s true and the permanently visible nature of xrp is something that you need to get your head around if you want to use XRP as part of your private finances.  Longer term I expect the banks will be performing the roll of providing privacy because I believe they will become our wallets.  

Meanwhile we all should understand the nature of the public transactions as you have mentioned, and make what accomodations we each require for our privacy comfort level.

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  • 4 weeks later...
On 5/11/2019 at 8:40 AM, Tinyaccount said:
Quote

 

Bitcoin and other coins had those kinds of mixers but it turns out the FBI were able to unmix them and find the felons. Remember Silk Road?


 

Yes they caught them but have you ever watched How they were caught?  Not by analyzing blockchain, but stupid mistakes they made.. And yes if you are lazy and stupid you can be tracked on blockchain, but if you really want to yo can be private..  Just check out http://wasabiwallet.io .. the main reason people get caught is because to be extremely private takes work and more time to transfer and will cost little more fees. The good thing is the option is there if you choose.

 

Quote

 

Yes that’s true and the permanently visible nature of xrp is something that you need to get your head around if you want to use XRP as part of your private finances.  Longer term I expect the banks will be performing the roll of providing privacy because I believe they will become our wallets.  

Meanwhile we all should understand the nature of the public transactions as you have mentioned, and make what accomodations we each require for our privacy comfort level.

 

I think ILP will solve the consumer privacy issue, you may want to look at what larsen invested in, i keep forgetting he is Pro-privacy , he ivested in these guys i think these plus ILP will solve it, https://boltlabs.tech 

 

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PS: there are ways  you dont link your acc for the 20xrp

 look into atomicwallet.io you'll figure it out

the key is:  the swaps places used for simple txs swaps dnt need kyc ;)

Edited by btemtd
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