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DiSoRiEnT

Forget about the price - Here's the secret to XRP and the individual investor . . .

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I currently use Ripple exactly how it was intended - as a unique tool for the transfer of value. At the moment, Ripple can be used as a low volatility, safe haven currency that facilitates reinvestment into other cryptocurrencies.

For example, if I feel Bitcoin and Ethereum are in an overbought bubble and about to undergo price correction, I convert my ETH and BTC to XRP (instantly and it feels so good), hold my XRP position through the price correction, then reinvest into ETH and BTC at a lower price. 

For guys like me, who are trying to get a DAPP development team together and push crypto into mainstream utilization, investment tools such as XRP only serve to help bolster funding that can and will be reinvested into cryptocurrency. 

Right now I own a Ledger Nano S (not a shill, but I highly recommend it for $70) and would love to see support for an XRP wallet on the Ledger - it would enhance XRP's position as a safe haven currency. I believe in the instantaneous nature and capacity of Ripple - not every cryptocurrency has to be an earth shattering anarchist's dream. 

Enough about me - if you have a hardware wallet that you want to support XRP,  I'll happily support the cause and send the dev team an email. And if you're interested, you can vote here to make Ledger support happen -- XRP support for Ledger

Good luck in the cryptosphere!

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Guest Vinnie

How is that better than simply converting your overbought cryptocurrency holdings into USDT? That's Tether https://tether.to/ it is a somewhat centralized cryptocurrency whose coins sit on the bitcoin blockchain and are always worth exactly $1. Several exchanges allow trading (Poloniex and Bitfinex for example). Check it out:
http://coinmarketcap.com/assets/tether/#charts

You can hold USDT the same way you hold bitcoins, in a wallet (or cold storage) and you can move USDT between exchanges that support it, or send it to your friends, etc... There is also EURT I believe.

In a way, Tether is very much the same as a gateway that issues USD IOUs on the Ripple ledger, you can redeem your USDT for actual dollars through Tether.to since they keep all of the dollar deposits on full reserve and audited.

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If I want to hedge against ETH or BTC exploding upwards and never crashing (unlikely), I'd rather be stuck in a currency like Ripple that I actually believe has potential for future growth. In other words, I'm not looking to cash out in USD anytime soon. 

Edited by DiSoRiEnT

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Guest Vinnie
2 hours ago, zerpdigger said:

aren't the market for tethered USD a bit restricted?

On Poloniex right now there is over three million dollars worth of USDT (2063 BTC) so if you wanted to move a large amount of another crypto into or out of Tether, you can do so without significantly affecting the price.

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40 minutes ago, Vinnie said:

On Poloniex right now there is over three million dollars worth of USDT (2063 BTC) so if you wanted to move a large amount of another crypto into or out of Tether, you can do so without significantly affecting the price.

hmm, makes me think that digital fiat but issued privately like that is the future

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Guest

@Vinnie It seems like there are some nice things about USDT, but as a Ripple employee, why not encourage use of XRP, RCL gateway IOUs, and exchange via RCL instead of USDT and using exchanges like Poloniex?

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6 hours ago, Vinnie said:

How is that better than simply converting your overbought cryptocurrency holdings into USDT? That's Tether https://tether.to/ it is a somewhat centralized cryptocurrency whose coins sit on the bitcoin blockchain and are always worth exactly $1. Several exchanges allow trading (Poloniex and Bitfinex for example). Check it out:
http://coinmarketcap.com/assets/tether/#charts

It is better because XRP is native to the same blockchain as several USDT-equivalent "cryptocurrencies" (actually: fiat denominated IOUs) are and it is even including a trading mechanism, a sane API and it is still actively being developed.

USDT is less than a gateway IOU, since to trade you HAVE to go to a different exchange, which is often not very transparent or risky and demands creating USDT IOUs by depositing funds there.

I don't see the appeal to convert to XRP either, but I find it very strange to see someone from Ripple Inc promoting something that got created as a direct response to the Ripple gateway model just making sure not to actually use Ripple which (in times of the ripplescam website) was definitely not something you wanted to be associated with.

RCL itself and USD denominated IOUs/balances of a trustworthy gateway serve the same function and more of USDT, yet even after years most "adoption" of Ripple in the cryptocurrency space only consists of half-assed (and sometimes completely inefficient and using plain wrong concepts) acceptance of XRP tokens instead of evolving into gateways.

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23 minutes ago, tomxcs said:

@Vinnie It seems like there are some nice things about USDT, but as a Ripple employee, why not encourage use of XRP, RCL gateway IOUs, and exchange via RCL instead of USDT and using exchanges like Poloniex?

Because he's not satisfied by the direction Ripple takes for RCL/XRP?

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If IMF embraces ILP, perhaps they (IMF) are interested to lend out their currency SDR to the countries through the (any) ledger / blockchain, in this way they monitor that the loans are spent according to the loan agreements and also can squeeze out any revenues out of the borrowing countries when repayment due dates come.

 

It will not matter that XRP can provide quicker/cheaper money flow, this would be a totally different scope.

 

I hope I am wrong.

 

 

Sent from my iPhone using Tapatalk Pro

 

 

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I think Vinnie was just being honest - to store profits taken from volatile cryptocurrency, fixing in USD through Tether makes sense. Why not XRP? Because it changes in value vis-a-vis the USD and it has been in steady decline for years?

I think XRP needs the soft-sell - which includes situations like this where Vinnie is frank rather than trying to hype XRP. Go and look at DASH discussion threads sometime, they are masters of the soft-sell. Monero threads are full of hype of their own coin, and vitriol towards DASH. Dash threads tend to soft-sell, avoid criticising other cryptos where possible - I think this plays much better over the longer term.

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Guest Vinnie
16 hours ago, playingpoodles said:

Why not XRP?

Well like I said because there is much more liquidity in USDT. If you try to move $1m of BTC into XRP you are going to move the price much more than if you move $1m of BTC into USDT.

Presumably you are trying to convert out of BTC as quickly as possible to be able to react to the market, you don't want to have to spread your trades out over 100 smaller trades over the course of a week. You want to do it relatively fast. You need bigger market depth (i.e. liquidity) for that.

Edited by Vinnie

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Regarding USDT just one not of caution - I haven't at present the inclination to spend the time ascertaining the veracity of this, but Reddit posts suggest Tether is controlled by the people behind Bitfinex. If this is true there is a concern about counterparty risk with Tether, because Bitfinex was hacked for a lot of Bitcoin. In fact, a number of Bitfinex traders who posted on Reddit believe that Bitfinex was not in fact hacked, but just suffered massive losses on trades it could not cover, and used the hack as an excuse as to why it could not give customers' Bitcoin back.

I'm not saying any of this is true - I am saying that anyone diverting substantial amounts of money to USDT would be advised to investigate it further. Personally, I think I'd rather have most money that I wanted out of cryptos to get right out of cryptos and into cold hard greenbacks in my bank account.

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