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Ripple's employees dumping their stash?

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4 hours ago, pvap said:

 

Assuming that's his account AND he's selling, (which I have NO IDEA if it is or if that's what he's doing) it would maybe make sense that it coincides with tax day.

Last January 2018, that account appears to have sold about $10M worth of XRP.  

Its likely that a portion of that $10m would have to go to pay for taxes on XRP that he cashed out in 2017.

Let's look at this year's tax burden of cashing out 10M in 2018...

That 10M is probably taxed at the rate of 10% capital gains.  That would bring the tax he owes this year to $1M.  Unless he has a spare 1M sitting around, he probably needs to cash out enough XRP to pay that $1M tax bill. 

In the last few days, he made 4 transactions on that account totalling 2.8 mil XRP.  At today's rate of .32, that comes to about $900k.

The fact that he waited until the last minute to cash out the XRP.. or better put.. was forced to cash out the XRP for the tax bill shows that he was probably hoping the price would increase in the near term, rather than cashing out at the current prices.

I would say he didn't have much choice.. but hey, he got $10M cash and still has 3 mil XRP.  Oh.. and a great job that probably pays him a good salary.

That's a problem I'd like to have.

 

Or maybe he's just dumping on insider info that XRP is going to be classified as a security and hopes that the SEC doesn't notice.  Nothing like risking jail time to sneak out an extra MIL to go along with your 10M you already have.

Edited by spiras

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4 hours ago, lucky said:

The most likely reason for selling now is paying taxes over 2018 profits. That must hurt a lot. I figure he has waited, just like us, for the bullrun that did not come, and has no other option than to sell now. For every seller, there is a buyer though. His coins are in new hands.

Why would he use XRP to pay taxes if he he had any reason to believe they would be more valuable in the near future...

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6 minutes ago, Zerpple said:

Why would he use XRP to pay taxes if he he had any reason to believe they would be more valuable in the near future...

He could just tell the IRS to wait for their money?   Maybe 9 months, maybe 2 years, maybe 5 years.  

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7 hours ago, pvap said:

Hello all,

As everyone is already aware, SEC published a so called "Framework for Analysis of Digital Assets" document a few days ago.

I've read it diagonally and there were red flags for XRP everywhere. You may have a different interpretation though.

 

Because of this, some speculation came to light in the zerpbox, which I'm now bringing to the masses.

 

This is JoelKatz wallet address: https://bithomp.com/explorer/r3gRpQRDdu7pzPhM9nDmXMgskbJ6vwTDbB

Looks like he's been dumping his funds in coinbase recently.

 

If we look closer into his past, you'll notice this tweet of his promoting Ripple: https://mobile.twitter.com/JoelKatz/status/944292967811919872

Remember the "two household names"? Right around this time he dumped millions of XRP into bitstamp. Take a look into the bithomp transaction history above to confirm this.

 

We had a member of the community confronting him in twitter just today: https://mobile.twitter.com/DariStar2/status/1117634885332688897

I'm not keeping my hopes up that he'll reply though...

 

It was mentioned by another user that Nick Bougalis (working for Ripple, and good friends with Joelkatz) was doing the exact same thing, but no wallet address was posted (maybe someone else in this forum knows it).

 

And last, but not least, Joelkatz himself once stated that most Ripple employees had their bags either in cold storage or in Gatehub.

Well then, check this recent transaction history from one of the whales: https://bithomp.com/explorer/rHBJhToGaESqiV9K1wydyoSPZNn7K2CcM3

 

What conclusions can we make from this information?

Feel free to add anything I may have missed.

 

Regards,

pvap

Fact: Ripple the Co spent some $40mm+ in 2018 on share repurchases based entirely on the fact that they considered their stash of XRP undervalued. Undervalued...Digest that. Management and shareholders are still all in re XRP’s potential. 

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9 hours ago, CryptoKeg said:

nothing to see. Just FUD stirred up by BTC maximalists because they know XRP is a real threat to their #1 spot soon.

Here is why FUD doesn't matter
1. 3 production contracts PER WEEK
2. new corridors for Xrapid/XRP that are being announced very soon.

Not sure why people gobble up this FUD so much. Nothing in crypto is growing at this clip, you have to be crazy to continue to look at price/FUD and not see what is coming in the near future.

Ripple threatens to be number 1 soon?????

Oh dear I thought my hubby’s joke are bad.........lol

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Most tech companies pay their employees with stock plus a salary of some kind.  If the company is public, they sell their stock into fiat to pay bills, buy a Lambo, or whatever, that is really part of their “salary”.  They pay taxes on it etc.

This is different but similar in some ways.  While as far as we know The SEC has not said anything specific about XRP.  But of course employees of Ripple were given XRP in some fashion and they can probably, my guess after a certain period of time, sell that on the open market, and of course pay taxes on the proceeds.

There is so much back and forth about XRP being a security or not etc and no official statements in the US by the SEC in this regard that anything we discuss including what I am typing right now is just speculative.  

But it is worth mentioning that XRP could either see long term appreciation or go to near zero, and it would be wise to at least consider both.  

 

Addendum:  but maybe Ripple employees are not given XRP....???  Maybe that is not what happens...I don’t know.

Edited by Excerpts

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49 minutes ago, Excerpts said:

Addendum:  but maybe Ripple employees are not given XRP....???  Maybe that is not what happens...I don’t know.

I recall a long time ago JKatz mentioning employees had an option to be part paid in XRP.

From my recollection he mentioned he took all his salary as FIAT and bought is own XRP on the market.

Edited by Guest

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5 minutes ago, EcneitapLatnem said:

This is one of the most disgusting things you have said on this forum... and that says a schittload!

You have an agenda.... sir...

I find it more entertaining than disgusting. lol

The whole crypto space is heavily manipulated. Who on earth knows what the truth is, and what is really going on behind the scenes ?

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2 minutes ago, EcneitapLatnem said:

This is one of the most disgusting things you have said on this forum... and that says a schittload!

You have an agenda.... sir...

Thank you @EcneitapLatnem

For those who may be fearing for their investment, in regards to @MemberBerry's post, XRP is getting security clearance as we speak.

So don't fret and do not let your emotions take a toll on you.

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