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itcdominic

How can we revive XRP Chat?

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1 hour ago, Flintstone said:
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The Travel Rule is designed to restrict money laundering and terrorist financing by adopting an approach that requires all exchanges and digital asset providers to share customer information in order to create a more transparent ecosystem.

The Travel Rule Information Sharing Alliance (TRISA) is a decentralised company designed to help firms be compliant with the upcoming rules.

The TRISA model enables a global interoperable infrastructure for VASPs (Virtual Asset Providers) to determine which Bitcoin, Ethereum or other cryptocurrencies are associated with which VASPs, and where to send the required customer and beneficiary information.

Yerra, Sr. Director, BSA & Sanctions at Ripple, said: “TRISA’s integration with the newly launched PayID enables regulated virtual currency companies to comply with Travel Rule requirements and to extract the information needed to meet other Financial Crime Compliance requirements such as AML transaction monitoring and sanctions screening.

 

 

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3 hours ago, Flintstone said:

https://uk.news.yahoo.com/ripple-other-crypto-firms-respond-130018016.html
 

You’ll be delighted that they’re working on it 😉

So in the meantime they have been breaking the law for the past seven years and the very nature of their crummy tech does not allow them to properly deal with the Travel Rule.  Garbage tech and garbage security scam run by a bunch of losers and Trump suck ups. Covfefe company.Go home to Wilma, Fred.

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2 hours ago, KarmaCoverage said:

The Financial Action Task Force (FATF) is expected to update its Recommendation 16 with a seemingly strict Travel Rule during a hearing on Wednesday.

Cryptocurrency firms and companies including Ripple have started to respond to the upcoming change, which is being considered as a move forwards for the industry as it attempts to steer itself away from financial crime.

The Travel Rule is designed to restrict money laundering and terrorist financing by adopting an approach that requires all exchanges and digital asset providers to share customer information in order to create a more transparent ecosystem.

Ripple XRP has been used for crime like all the other garbage and illegal cryptos.  It is really time to dump this entire racketeering and terrorism model for something with actual societal utility.  There is no way Ripple and XRP can comply with the present model. They will need an escrow or to be able to reverse transactions which is the chief reason cited by Nakamoto in his insipidly simpleton legal analysis found in his  whitepaper.  

 

Bitcoin WP

. Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party. What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.

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On 6/25/2020 at 10:11 AM, itcdominic said:

I always looks at XRPChat.com as a decent source to come to and find the results of others research.  Often I would come here and see a great topic that posted a great informative link that I could then go and check out.

Now it seams that these researchers are either disappeared or fallen into the social monetized sites to use.  Sadly this turns into posting for the sake of "Likes" or "followers" and often yields useless searches.

I personally would like to see this site come alive again with good content ( and yes the occasional rant or FUD'ster).

Any IDEAS? 

TipBot? Make available to COIL subscribers only?...

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Posted (edited)

TLDR  Got past your first sentence and knew I should have done back then when most people did....... you got it ...... Ignore feature is a dream, good bye sporty gladiator 

Edited by Trentsteel

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Posted (edited)

 

19 hours ago, Sporticus said:

...dump this entire racketeering and terrorism model for something with actual societal utility. 

I'm curious, what do you think Ripple Inc has been stewarding?

19 hours ago, Sporticus said:

There is no way Ripple and XRP can comply with the present model. They will need an escrow or to be able to reverse transactions

They literally have 55 billion locked up in escrow. Right?

RippleNet as a network has legally agreed to terms by each member, which enforce transaction reversibility.

There is a lot more things XRPL needs to be able to do to accomplish societal utility,  from acct freeze for IOUs, to MofN, and Payment Channels, to checks... just look at the known amendments https://xrpl.org/known-amendments.html

In addition to the technical issues, there are some other practical issues...

  • KYC/AML > PayID
  • Interoperability > ILP
  • Custody  > PolySign + others
  • New biz model > Web Monetization
  • Legal framework > RippleNet ToS
  • Digital/fast domestic settlement rails > RTGS

Ripple Inc has either spearheaded all of these, and more. At a minimum they been a founding member or an actively participating member.

Edited by KarmaCoverage

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1 hour ago, KarmaCoverage said:

 

I'm curious, what do you think Ripple Inc has been stewarding?

They literally have 55 billion locked up in escrow. Right?

RippleNet as a network has legally agreed to terms by each member, which enforce transaction reversibility.

There is a lot more things XRPL needs to be able to do to accomplish societal utility,  from acct freeze for IOUs, to MofN, and Payment Channels, to checks... just look at the known amendments https://xrpl.org/known-amendments.html

In addition to the technical issues, there are some other practical issues...

- KYC/AML > PayID

- Interoperability > ILP

- Custody  > PolySign + others

- New biz model > Web Monetization

- Legal framework > RippleNet ToS

- Digital/fast domestic settlement rails > RTGS

Ripple Inc has either spearheaded all of these, and more. At a minimum they been a founding member or an actively participating member.

You are that simple aren't you?

 

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3 hours ago, Dogowner5 said:

You do not seem to be a nice person.  Any chance you could drop your vomitus elsewhere?

Lol.. Yeah, we are all disappointing here. But, chill up man. It's not end of the world. No matter how good your word or how bad your word cannot change the situation.

I propose we use nice language to others, and a bit of humor is acceptable.

Go go go Brad, and go go go David

:clapping::clapping::clapping:

We're all here ready to donate..

lol

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6 minutes ago, FreedomGundam said:

Lol.. Yeah, we are all disappointing here. But, chill up man. It's not end of the world.

I do not think you understand...  my objection is not to his thoughts or opinions,   it’s to the way he is attacking people with nasty snide remarks.

I don’t understand why you would think that’s ok.

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2 minutes ago, Dogowner5 said:

I do not think you understand...  my objection is not to his thoughts or opinions,   it’s to the way he is attacking people with nasty snide remarks.

I don’t understand why you would think that’s ok.

Sorry, I just need to clarify. That I also disagree with what he did.

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