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Charting the course of XRP


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2 hours ago, WrathofKahneman said:

I'm not as confident USDC is properly backed yet, Circle license withstanding.  USDC hasn't audited their reserves, only "attested" since 2020, leaving open the possibility they are backed by over %60 unnamed commercial paper.  So much of their volume comes from FTX & China, which would be further restricted.  I would anticipate regulation call all that into question, requiring more actual USD backing for USD pegged coins

So to the original question, if stablecoins were regulated next week I think the two primary assets exchanges use would be devastated in the short term, plunging crypto prices.  USDC might recover later and I would expect XRP to do even moreso as a reliable, quick value exchange.  We might see more exchanges like Bitrue using it as a base pair after the initial shock.

Agreed about the attestations. I’m only going by this article (below) where they said they’ll clean up their mess by September 2021.  And it’s also a guess given the opportunity, the other moves Circle is making and how closely tied Circle and Coinbase are, around USDC. My sense is that they are actively lobbying behind the scenes and know what regulations are coming down the pipe.

That said, agree with your overall thinking. There will be pain first but XRP will do rather well in terms of attracting liquidity IMO, and Liquidity Hub will likely be a big part of the story.

https://www.circle.com/blog/evolving-usdc-reserves-to-100-cash-and-short-duration-us-treasuries

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3 hours ago, Troote said:

Sure, but he is still saying that exchanges (and therefore XRP holders) will not receive their FLR if so and so happen. It's people waiting for the airdrop who are held hostage not just by exchanges, but also Flare Network too. It doesn't take much to see who people will get angry at.

I think it is yet another poor judgement call and dreadful management from Hugo. He is just realizing that he has royally screwed his agreement with exchanges. His only recourse to fix this and make exchange stick to their word is to issue threats (which, from my point of view, sound very hollow and unproductive). He is going to alienate partners with this approach and make enemies within the community.

Exchanges which end up not getting FLR will just say that it's not their fault if Flare Networks didn't accomodate their needs and didn't give them the airdrop. Holders will subsequently blame Flare for not honouring their end of the bargain. Bad.

I think Songbird has more than proven its security, scalability, and ability to draw liquidity. Exchanges really only care about that apart from legal aspects.

I clearly remember tweets from almost all exchanges that said they will support the snapshot and the staggered airdrop (Coinbase, Binance, Kraken, etc). They better hold up their part of the deal, especially after signing a written agreement, and their users should pressure them. 

We just saw a couple of tweets. Let’s wait and see.

 

 

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6 hours ago, Ripley said:

I think Songbird has more than proven its security, scalability, and ability to draw liquidity. Exchanges really only care about that apart from legal aspects.

I clearly remember tweets from almost all exchanges that said they will support the snapshot and the staggered airdrop (Coinbase, Binance, Kraken, etc). They better hold up their part of the deal, especially after signing a written agreement, and their users should pressure them. 

We just saw a couple of tweets. Let’s wait and see.

 

 

You blindly just do not see issues around all this story around FLR trying to come up with some low level excuses.

Volume for SGB is manipulated by Bitrue. Bitrue is a main wash machine for all that SOLOgenic and Flare gang, organazing pump & dumps, look at the Bitstamp, there is absolutely no volume, said that, "attracts volumes" sounds too naive.

 

Security and scalability has nothing to do with ugly game Flare plays, they constantly change the rules and make blame on CEX, absolutely terrible strategy.

 

Make it simple, FLR did not happen in Q1 2021, they changed rule of the game with SGB, now they change rule withs of airdrop again.

Their reliability is below the zero showing full power of centralisation.

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9 hours ago, WrathofKahneman said:

USDC might recover later and I would expect XRP to do even moreso as a reliable,

6 hours ago, Ripley said:

XRP will do rather well in terms of attracting liquidity IMO

Not sure I understand "what and how" here in regards of XRP.

Lets say USDT will go away and space will be taken between USDC, PAX etc.

For XRP as arbitrage, nothing changes fundamentally, it just replacement of USDT to USDC.

As of taking share with CBDC, is a long story until it come to play at scale, will take years.

Said that, there are more organised and centralised rivals with same or better speed, offering platform rather DIY and what more important, built incentive e.g. Hedera

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2 hours ago, xrp-nuke said:

You blindly just do not see issues around all this story around FLR trying to come up with some low level excuses.

Volume for SGB is manipulated by Bitrue. Bitrue is a main wash machine for all that SOLOgenic and Flare gang, organazing pump & dumps, look at the Bitstamp, there is absolutely no volume, said that, "attracts volumes" sounds too naive.

 

Security and scalability has nothing to do with ugly game Flare plays, they constantly change the rules and make blame on CEX, absolutely terrible strategy.

 

Make it simple, FLR did not happen in Q1 2021, they changed rule of the game with SGB, now they change rule withs of airdrop again.

Their reliability is below the zero showing full power of centralisation.

I’m not blind to anything. Don’t draw conclusions from two tweets. Let them present their case first. 

Exchanges having signed written contracts to distribute was officially confirmed by them long time back in Telegram channel. And exchanges confirming that they are supporting airdrop and distribution is there on Twitter even today. 

 And stop acting as if exchanges have no fault here. SGB is a simpler one time distribution than FLR, which is monthly. SGB released at the same time that FLR was originally supposed to release. SGB is just a different chain ID than FLR and ETH. And both networks are compatible with ETH, one of the highest “dev supported” network. It is compatible with ETH explorers and ETH wallets. Why did exchanges not support it immediately then ? The exchanges got their SGB in day 1, right ? Why not blame exchanges for stealing users funds and why is it Flare’s fault ? 

SOLO is on XRPL. Why are you bringing that into conversation here? Is that also Flare’s fault ? SGB pump and dump is FTSOs, bots and whales using Flare Finance CAND Illiquidity and ExFi snapshot. I don’t see how that is Flare’s fault. Flare has not dumped anything. If you think Flare dumped SGB, it’s on you to prove that or organised pump and dump. It’s on you to show proof using their wallet addresses (you can get them on songbird explorer) before you allege that. It’s not on others to prove you are wrong and waste their time.

I know you have a fascination with everyone in the world out to cheat others out of your fancy tokenomics (face it, free money). Skepticism is healthy but don’t let it become paranoia. I agreed with you about SOLO. I don’t agree about Flare.

Solana was hailed as super fast and better than Ethereum. What happened ? It had at least two multi-day outages that I know of, in the last six months. I’d rather go slow, use a canary network, iron out the kinks, than go out and fail spectacularly. Market doesn’t have appetite for production failures any more. I don’t care about the mad rush for “tokenomics”. Relying on tokenomics alone for a network is basically saying the functionality, scale, resilience, utility doesn’t matter and that the only thing that matters is rewards. I don’t think rewards as a way to judge the quality of a network, to “compensate” community is a sustainable way to build networks. But you already know how I feel about rewards because I expressed those exact views in conversations around XRPL.

We may not agree about Flare and as I mentioned in the other post below, it’s okay to come to different conclusions for the same set of facts. You presented your view and I presented mine. I got pissed off because you got personal with “you are blind”

Edited by Ripley
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1 hour ago, xrp-nuke said:

Not sure I understand "what and how" here in regards of XRP.

Lets say USDT will go away and space will be taken between USDC, PAX etc.

For XRP as arbitrage, nothing changes fundamentally, it just replacement of USDT to USDC.

As of taking share with CBDC, is a long story until it come to play at scale, will take years.

Said that, there are more organised and centralised rivals with same or better speed, offering platform rather DIY and what more important, built incentive e.g. Hedera

I personally don’t see Hedera in the same market as XRP or that its speed is somehow an advantage over XRP. But it is a valid hypothesis. I don’t agree because XRPL scale is nowhere close to being used today for payments. And it is going to get much more scalable with side chains that are going to be available very soon (mostly within H1 of 2022). Also HBAR had its bull run history his cycle. XRP did not. It’s still very undervalued compared to all other crypto (though all crypto include XRP are highly overvalued).

XRP went through all regulatory agencies (including multiple departments in US Treasury, US Department of Justice, CFTC, etc) in the U.S. except one. The SEC is the last one. No other crypto has that. That is the benefit with XRP. It is a temporary benefit but it is still a big one. XRPL will be the least affected by the upcoming Whitehouse and Treasury driven regulatory changes IMO. I could be wrong. 

Everyone has their own hypothesis and everyone should invest according to that and their personal risk profile.  It is okay to see the same facts and reach different conclusions.

I think both HBAR and XRP will do well. HBAR, XRP, ALGO and TZEROP. I already gave those multiple times in this forum. (Note: I have zero investments into ALGO and HBAR, and only a small amount in TZERO)

 

Edited by Ripley
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1 minute ago, MalluJohn said:

This thread from BCB makes a lot of sense! Do read.

It is absolutely a good thing and one we have been anticipating for a long time. The only concerning thing for me is the bill that Congress tried to sneak in two times, that gives Treasury Secretary power to kill any crypto without public notice.

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12 hours ago, WrathofKahneman said:

So to the original question, if stablecoins were regulated next week I think the two primary assets exchanges use would be devastated in the short term, plunging crypto prices.  USDC might recover later and I would expect XRP to do even moreso as a reliable, quick value exchange.  We might see more exchanges like Bitrue using it as a base pair after the initial shock.

I like the idea that xrp would take over some of the stablecoin market - it would depend on this annoying SEC case to be over and done with, but this plays into the hands of what ripple always wanted, which was the most liquid currency available anywhere. I've always stuck to the mantra that if you could convert your cash into any currency, almost instantly, at almost no cost - then which one would you hold? In my case the decision has been xrp already, with regulation of exchanges/banks and legal clarity around xrp, others would too I'm sure. 

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2 hours ago, Ripley said:

Exchanges having signed written contracts to distribute was officially confirmed by them long time back in Telegram channel. And exchanges confirming that they are supporting airdrop and distribution is there on Twitter even today

Nothing bothers you? Like the thing that the talk was about Q1 2021 and we now in Q1 2022 and still no date? What is the contet of the contract?

2 hours ago, Ripley said:

And stop acting as if exchanges have no fault here. SGB is a simpler one time distribution than FLR, which is monthly. SGB released at the same time that FLR was originally supposed to release. SGB is just a different chain ID than FLR and ETH. And both networks are compatible with ETH, one of the highest “dev supported” network. It is compatible with ETH explorers and ETH wallets. Why did exchanges not support it immediately then ? The exchanges got their SGB in day 1, right ? Why not blame exchanges for stealing users funds and why is it Flare’s fault ?

Are you seriously going into this cheap arguments? Nothing rings you a bells here? Like something that contract did not contain SGB story at all? SGB is basically a breach of commitment. So, on one hand you unhappy that exchanges break contract, on other hand you unhappy that exchanges do not do actions that was not in the contract? Typical double standards. Adding SGB is a work that they did not agree to, that SGB throw at them solely due to their own internal issues. Do not try to put it as it a 1 day job and exchanges must drop everything and add token just because management within Flare is not consistent.

To sumup, SGB it is an solely a Flare fault, yes.

2 hours ago, Ripley said:

SOLO is on XRPL. Why are you bringing that into conversation here? Is that also Flare’s fault ? SGB pump and dump is FTSOs, bots and whales using Flare Finance CAND Illiquidity and ExFi snapshot. I don’t see how that is Flare’s fault. Flare has not dumped anything. If you think Flare dumped SGB, it’s on you to prove that or organised pump and dump. It’s on you to show proof using their wallet addresses (you can get them on songbird explorer) before you allege that. It’s not on others to prove you are wrong and waste their time

What the hell are you talking about, please re read what I wrote. You make no sense, do not put words into my mouth, stop manipulating content.

2 hours ago, Ripley said:

Solana was hailed as super fast and better than Ethereum. What happened ? It had at least two multi-day outages that I know of, in the last six months. I’d rather go slow, use a canary network, iron out the kinks, than go out and fail spectacularly. Market doesn’t have appetite for production failures any more. I don’t care about the mad rush for “tokenomics”. Relying on tokenomics alone for a network is basically saying the functionality, scale, resilience, utility doesn’t matter and that the only thing that matters is rewards. I don’t think rewards as a way to judge the quality of a network, to “compensate” community is a sustainable way to build networks. But you already know how I feel about rewards because I expressed those exact views in conversations around XRPL.

Every network had and will have its issues, canary or marketing will not help to resolve that. Not sure why you brought it at all.

2 hours ago, Ripley said:

We may not agree about Flare and as I mentioned in the other post below, it’s okay to come to different conclusions for the same set of facts. You presented your view and I presented mine. I got pissed off because you got personal with “you are blind”

Because you are, and nothing personal here, you assume that if there is a contract, than cex has to kneel and than there all other posts where you round the corners, bring examples of others and yada yada, but facts stays, Flare acts as unstable entity.

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1 hour ago, Ripley said:

I love this question by Wietse and the conclusion the thread inevitably reaches. Scepticism is very valuable.

 

What conclusion? it such cases there is no conclusions just theories if, else, then.

The real conclusion is: we introduced another yet token to speculate with and buy the love of masses.

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