Ripple’s XRP Market Cap Issues: New York DFS Denies Messari Access to Requested Data

[lawalkhalid]

https://todaysgazette.com/ripples-xrp-market-cap-issues-new-york-dfs-denies-messari-access-to-requested-data/

[Dario_o]

The New York State Department of Financial Services (DFS) has denied Messari, a platform offering crypto “metrics and live data, access to some requested clarity over Ripple’s XRP market cap that created ruckus in the cryptocurrency space late January.

Answering Messari on his request to know the average sales price XRP 11 was offered to Ripple’s enterprise customers from 2016 to 2019, the implied discount to spot rate, and the total XRP sold via XRP II, NYDFS responded, saying disclosing such information would result in a “substantial competitive injury to the subject enterprise”.

While claiming that it has spreadsheets that are partially responsive to Messari’s request, NYDFS says released information can be used to gain unauthorised access, or engage in fraud or other criminal acts as it contains transactional information on Ripple.

What Lead to the Enquiry

Late January, Messari’s research hints that the real circulating supply and market capitalization of Ripple’s digital asset XRP are overstated, pointing that XRP has lesser market cap and circulating supply than quoted on all exchanges, Indices, and CoinMarketCap.

From the report, Messari surmises that XRP’s liquid “circulating supply” and “market cap” could be increased by 48%.

The research points that the overstated value as at then, puts the total XRP “market cap” at $6.9 billion as against the widely represented $13.0 billion, making the digital asset exceedingly high by market cap.

During the period, Messari enjoined all major indices to revise their circulating supply for Ripple’s XRP “downward” to show the exchange’s real network liquidity. Messari, which sought input from Ripple with got no response, urged indices to desist from using Ripple’s XRP API for calculating actual supply.

Before the research, Ripple in its released 2018 Q4 report, stated that the average daily XRP volume was $585.7 million.  As stated in the report, Ripple sold around $88.88 million worth of XRP, a value higher that the Q1 XRP sales.

[whiteout]

Haters boi

[Kpuff]

People like Ryan need to mind their own business 

[Phintech]

He’s about as maxi-hater as they come.  His motivation is absolute fear of what he knows is coming.

[Finesse]

49 minutes ago, Phintech said:

He’s about as maxi-hater as they come.  His motivation is absolute fear of what he knows is coming.

Who is?

[Phintech]

10 minutes ago, Finesse said:

Who is?

Ryan Selkis aka twobitidiot

[JTxrPP]

2bitIdiot aka Ryan Selkis

 

[Guest]

This was bound to fail. Ryan Selkis fails to grasp that Ripple is a legitimate company with legitimate customers. Which is exactly why XRP is a legitimate digital asset able to solve a legitimate problem. DFS was right in not disclosing the information.

Additionally, I think Selkis would be humiliated if the list of buyers, including companies and financial institutions, we're to be disclosed. I expect some of the names of respected and well connected individuals from around the world would serve as a validation of how well Ripple is positioned and who really believes in Ripple's vision of IoV.

Could you imagine if the CEO of corporations,  well-known investors or directors of banks names were on the list? That would be tremendous news. 

A part of me wishes they had identified the folks who are on board, but that's not how the world works. Selkis and many BTC maximalists fail to accept the world we live in and that is what angers them. Poor guys. 

Edited May 21, 2019 by Guest

[Phintech]

I tend to think he is ...

1.  Well aware of Ripple’s legitimacy 

2.  Well aware of bitcoin’s failure on all fronts.  

[Guest]

1 hour ago, Phintech said:

I tend to think he is ...

1.  Well aware of Ripple’s legitimacy 

2.  Well aware of bitcoin’s failure on all fronts.  

Absolutely, and his next trick is to spin this into "they're hiding the prices". When in fact, it's DFS doing they're job, protecting the privacy of private citizens and buyers' decisions which may be an edge over others interested in blockchain. 

I just want to point out DFS's response means as some other might not fully understand or fall victim to Selkis FUD. 

If ABC Co. buys XRP, they did so because they see some advantage to owning it. ABC Co. invested time, energy and money to gain this advantage. ABC Co. diligence identified something that they believe gives them an advantage over another company. If DFS publicly identified ABC Co. as a buyer, they have undermined all the efforts of ABC Co. to find superior partners.

Selkis fails to understand he isn't entitled to trade secrets from a private individual or company because it gives insight into their activities which are private. The irony is that this is a guy who believes privacy and fairness will be bestowed to humanity through BTC. 

PS. I don't use Twitter, so anyone is free to use my post to explain this to him and others.

Edited May 21, 2019 by Guest