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Charting the course of XRP


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4 hours ago, Frisia said:

No doubt about that but we have thieves and judges and obviously both sit on the opposite side of the law. We will always have thieves and judges to correct misbehaving conduct. That's valid for anyone, Consensys, SBF and also Ripple IF (and when) they broke the rules.

However, if regulators become corrupt that's the same as the the judge becoming a thief. Who's correcting who? That's very worrying and undermining the state of democracy and, even worse, becomes the example to follow.

The rest is a you say speculation and - agreed - grey area. I'm sure that any company who's willing to substitute Swift needs to "move mountains" and that cannot be done without entering grey areas. I calculated that in my decision to allocate a part (20%) of my portfolio to XRP.

Crypto is here for decade, regulators are still not here, for them its more important to shout about "need regulation" than make them.

Once regulators will come, crypto will not be the same, it will become same as stock market where only rich will get richer.

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On 12/5/2022 at 6:34 AM, Davy95 said:

Hey Nuky, could you refer me to the person who pays you for spreading FUD? I'm interested in participating

People who complain about FUD, never seem capable of pointing out which part of that FUD is factually incorrect.

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CPI lower than expectations. Market assumes that Fed will raise no more than 50 bps. If that happens, a Santa rally is likely. 

0.398 is the immediate resistance. Breaking the long term trend (sloping down below) is possible but it is unlikely to cross 0.56 IMO, unless something changes with the lawsuit.

Macro is still highly bearish and the worst is yet to come.

1589815189_XRPUSD_Barchart_Interactive_Chart_12_13_2022.thumb.png.b60505eb94f496e9b6b44f499e301253.png

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On 12/12/2022 at 5:57 AM, War said:

People who complain about FUD, never seem capable of pointing out which part of that FUD is factually incorrect.

Who's complaining? When I asked him for someone who maybe paid him to spread FUD I was being serious. I'm poor and I'd surely accept money for spreading FUD for any project. But no one is paying me.

The fact is that we're all here posting in an xrp exclusively related forum and many here do it constantly; I just laugh when I see people like you doing it negatively. I can't help but ask myself what are you doing here? is it really worth your time? You take your time too lightly... maybe sell all your cryptocurrency and travel the world or do things that you value more? If you don't wanna sell your cryptocurrency, maybe go to another crypto forum that has another asset with real value and forget the conspiracy asset forum?

The fact is that we're all here posting in an xrp exclusively related forum and many here do it constantly, you won't sell your xrp and you won't quit complaining in this forum because you ultimately see some kind of value that's higher than the current market price. You can set your own target on which you wanna sell.

Sorry for my bad english.

Kind Regards,

Davy

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Completely off topic - apologies to the mods - but I would like to make a quick note as it might help others. Hopefully that's OK.

I received legal advice regarding FTX (and damn well wished I was quicker on this).

TL/DR.

If you had some crypto or money there, talk to a lawyer. Make a claim ASAP to position yourself high on the priority list and do not wait. You will get more out that way.

Long version.

There is a time window where people can file claims and get some (most?) of the money back outside the liquidation process. You can file the claim yourself if you know what you are doing, or ask a lawyer to do it for you. You might want to use the claim forms on the FTX website if you are in the US. If not, different jurisdictions come with different rules - so talk to a lawyer. It can be rather expensive if you do so through a law firm, so it is only worth doing if you have lost a big chunk of money, like I did. But that will give your case weight, and FTX' liquidators will seek to settle and avoid litigation. Even though regulations are poor, governments (in the UK, the FCA) do offer various degrees of protection - and FTX doesn't want to rub them the wrong way. If the claim is accepted (you'll need to prove they were custodian of your money and were not lending it to FTX through their lending facility at the time they went bankrupt - so hopefully you downloaded transaction history, logs, withdrawal emails, screenshots... before the site was taken down), FTX will make an offer and you will be amongst the minority to get a chunk of the money back. That settlement will be higher than what you'd get through liquidation proceedings. You'll have then the choice to accept the settlement, to negotiate further with the liquidator, or to take FTX to court (either independently - very expensive, assume $250k+ in legal fees, or through a class action lawsuit). If you don't take that 1st step and make a claim now, you will have failed to protect your interests. You may not be able to join later a heavy-weight group of people who did make claims and is equipped with the legal foundation required to make a strong case in court. You might be able to join a class action lawsuit, but it sounds like you'd be in a lesser "category".

Taking this step will make the difference, legally, between "FTX is custodian of your money" and "FTX is your debtor". It sounds the same but apparently, in Legalese, it's not. In one case, FTX breached the contract with you, you threaten to sue them, and FTX will seek to avoid that ; in the other, you are an investor, FTX is your debtor under Chapter 11 protection, and you patiently wait your turn on the waiting list.

Once FTX goes further into the liquidation process, which is likely to happen soon, the window of opportunity to make a claim will close and you will be lumped with all other creditors. FTX will subsequently follow the repayment priorities set by the court, and as retail, you will be at the very bottom of the priority list - after venture capitalists, institutions, etc. And at this point, you will get whatever crumbs are left.

FTX are moving fast, don't wait for that to happen.

 

Disclaimers:

1. YMMV - it all depends on jurisdictions and such. Luckily for me, my case falls under UK jurisdiction - which is, apparently, relatively good for cases like this, even in crypto. Not as good as FCA-regulated and FDIC-insured banks, but still. I hear that the level of protection in the US is much poorer, and that the above might not work very well there. I feel very sorry for the people who had money on FTX US and were led to believe they were safe from FTX' issues.

2. Also, I am not a lawyer - I am paraphrasing what I understood from my discussions with high profiles attorneys and barristers specialized in financial fraud, liquidation and crypto. What I write might be inaccurate or even wrong.

3. Obviously it was in the interest of the law firm(s) to get me as a customer. They are bloody expensive... Seeing their hourly rates makes me rethink my career choices. Convincing me it is a good idea to give them money is an easy way for them to get a nice Christmas bonus. Very clearly, they influenced me and I am biased. They made me hopeful to see a good chunk of my money back. They also gave me a sense a urgency: I might miss the train if I don't pay them now. I am not naive, and I know it was a sales pitch. I fully appreciate I certainly see the situation through rose-coloured glasses right now. But all in all, I (want to?) believe them and it makes logical sense to me. I find comfort in thinking that at least, I tried to do something about the situation, which hopefully will set my case apart from the majority of people. Plus, now that I have done everything I possibly can (going further legally would not make any sense in terms of ROI), I feel I can properly let go and move on. I'll see soon enough whether I just made a donation to a law firm and will end up with nothing to show for it. :D The dice are cast, and time will tell. I will keep you posted as I learn more.

Edited by Troote
Clarification.
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17 hours ago, Davy95 said:

Who's complaining? When I asked him for someone who maybe paid him to spread FUD I was being serious. I'm poor and I'd surely accept money for spreading FUD for any project. But no one is paying me.

The fact is that we're all here posting in an xrp exclusively related forum and many here do it constantly; I just laugh when I see people like you doing it negatively. I can't help but ask myself what are you doing here? is it really worth your time? You take your time too lightly... maybe sell all your cryptocurrency and travel the world or do things that you value more? If you don't wanna sell your cryptocurrency, maybe go to another crypto forum that has another asset with real value and forget the conspiracy asset forum?

The fact is that we're all here posting in an xrp exclusively related forum and many here do it constantly, you won't sell your xrp and you won't quit complaining in this forum because you ultimately see some kind of value that's higher than the current market price. You can set your own target on which you wanna sell.

Sorry for my bad english.

Kind Regards,

Davy

Dear Davy

I feel sorry for your circumstances, but feel free to contact @Ripley for paid FUD, he had some problems with Banks, but pays on time, even had to sell 1% XRP for Tether, to pay me.

Hope that will help you.

Sincerely

Nuky

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56 minutes ago, Ripley said:

Wait until people realize that when a Ponzi is shutdown by (U.S.) authorities for fraud, funds that were distributed from that Ponzi are collected back. It doesn't matter if they have already spent it. It doesn't matter if that money has been donated for good causes. 

That will take years and by than noone will remember and less care and reality and state of things will be so different

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On 12/13/2022 at 8:38 AM, Ripley said:

CPI lower than expectations. Market assumes that Fed will raise no more than 50 bps. If that happens, a Santa rally is likely. 

Fed Char was hawkish and indicated that they will go up to 5.1% FFR and hold it there. Market thinks Fed is intent on tanking the economy (recession). Recession is bad for risk assets. Low liquidity is bad for risk assets. 

Other major central banks also slowly woke up to reality. 

XRP broke the trend line down; so a revisit to 0.33 is possible. Breaking that takes us further down.

Long term still bearish and I don’t see a change in conditions any time soon.

If countries impose cash controls, crypto may benefit due to perception of safe haven (when compared to their national currency). Not applicable for USD. Not likely in the medium term. 


image.thumb.png.0419470f34f1397f96fe688a756bb44f.png

Edited by Ripley
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