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My complaint to the SEC


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11 minutes ago, Julian_Williams said:

Such a positive vision, I would imagine easy to buy into and sell.  I imagine the "XRP army" would regroup around such an idea. 

 

I have touched upon this elsewhere before, many of the core features of the XRPL are under/ unused for ages because they were not a priority for Ripple’s vision of XRP. Which is a shame. Stellar for example, has a perfectly usable GUI for their DEX, which the XRPL still doesn’t have

The XRPL deserves better, and is capable of much more than what it currently does, and my belief is that an independent foundation could help it achieve that potential, at least technically 

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This is the complaint that I submitted. I'm just some nobody, but aren't we all? -- I'm writing to file a complaint against the former SEC Chairman Jay Clayton who has neglected his duty to

If I were controlling Ripple I would Replace Garlinghouse immediately with someone who has unimpeachable honesty Declare the XRP stakes of  all high level managers in Ripple Labs and put

In my opinion, if they cannot win, leaving the USA will not be enough they will also need to, - Change leadership, because the current one would at that point, be guilty of wrongdoing - Down

5 minutes ago, LilBender said:

I have touched upon this elsewhere before, many of the core features of the XRPL are under/ unused for ages because they were not a priority for Ripple’s vision of XRP. Which is a shame. Stellar for example, has a perfectly usable GUI for their DEX, which the XRPL still doesn’t have

The XRPL deserves better, and is capable of much more than what it currently does, and my belief is that an independent foundation could help it achieve that potential, at least technically 

The question only is, is Ripple willing to let go of XRPL, will it stay as usable for them as it is now if they no longer fully control it, and on the other hand is the XRPL community ready to let go of Ripple as the guardians and builders of the XRPL .. I think we still need some solution in the middle

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1 hour ago, Julian_Williams said:

Unlike you I do not understand the technology, I have been in awe of your posts which are way above my head.  All I can apply is my limited capacity to use my common sense, and this narrative we are discussing is the narrative of common sense.

I guess DS, with maybe Weiste, would love to lead and work in such a community you describe?  

I would absolutely be on board. I've just been playing with paystring but I'd love to dig deep into the ledger with some guidance.

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14 hours ago, Julian_Williams said:

This amount of money is more than any private individual needs for their lifestyle, so why were they doing it?

This sentence exposes a canyon of ignorance, or the peak of hypocrisy. Perhaps it is the shallowness of idealism, or worse yet, it is the hate filled words of a fully indoctrinated socialist.

How is it that you have the ability to determine how much is "enough" for everyone else, while simultaneously feeling that you still deserve more?

Please; since you are among the strongest pumpers on this site, and have been hiding your wallet, tell us at what price you feel that XRP would be too high, forcing you to stop selling because "you already have enough money for your lifestyle" -pathetic.

BTW: To answer your elementary question of why they were doing it:

Because they could. Same as you or me.

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2 hours ago, Julian_Williams said:

If I were controlling Ripple I would

  • Replace Garlinghouse immediately with someone who has unimpeachable honesty
  • Declare the XRP stakes of  all high level managers in Ripple Labs and put them all under the custody of an arm length third party organisation 
  • announce an intention to meet up in round table meetings with the new team at SEC at the first possible moment to work out a way forward for ODL and XRP

I think the market would respond very positively and absorb the bad publicity

This would be the typically approach for most companies. The problem is with Ripple, the incompetence and greed is beyond just Brad.  Chris and the Ripple board of directors are also actively enabling these actions over the year. Chris was mass selling as well, signed off on all major decisions, and I assume pushed to hire Brad in the first place.

A key responsibility for board of directors is to provide governance to the CEO and organization, including following legal practices like the SEC. A check and balance type of system for the CEO and other executive leadership. The board of directors knew what was going on, but never stepped in. Showing how incapable they are fulfilling one of their key responsibilities.

A true change would require replacing all of the above. Which all of the roles would not constructively participate, having their roles and powers taken from them. Even if they cooperated, Ripple would effectively be a different organization afterwards.

Another factor to consider, is if XRP is ruled as being a security. This means ripple and board of directors were lying (or giving them benefit of doubt misinformed) on XRP holder investor rights to the company. The SEC may or may not still allow majority ownership of the security to Chris, Brad, and Ripple. If XRP holders get any voting rights, typically investors in this situation would vote to clean up leadership and board of directors. Alot of ifs would have to occur, for this last paragraph to occur.

Edited by wogojump
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 I am NOT a US citizen, I am not university educated, and I am not technically proficient, and I definitely am not CEO material. But I have been around here since 2013.

Yes I was surprised and a little bewildered about the way this suit came about.

I expected, for the sake of the xrp community and xrp system, putting Ripple and its founders/agents asside; (they each have their own cases to answer for)

I expected that there would be a lot more support for the overall xrp ecosystem and the Hodlers of the xrp itself, not to mention budding businesses building on top of the xrpl. 

what I mean by this is, after following this forum for as long as it has been in existence I now see that the SEC has very little work to do in succeeding with its case,

THIS forum has acted as judge jury and executioner, case closed. you are cutting off you own nose to spite Brads face.

As I said I am not US citizen, I can still trade xrp if i wish,

Why is their no action being setup by us citizens & the XRP community as a class action to-

site-

1/  THE SEC for not being fit for purpose,

2/ THE SEC for being negligent in its duty to protect the public investor.

3/ THE SEC for manipulating the overall market and the future financial infrastructure by not initially issuing seace & decist notice accompanied by its intended regulatory actions many years before the XRP ecosystem became a conflict to their other obvious interests constituting a conflict of interest.

I think this forum has done as much damage as the SEC;

 Can it now support its role as an XRP support forum instead of a Ripple inquisition and proving the SECs case for them.

Yes I know the questions need answering, but not necessarily here, I know WE want to know the answers, but now let the courts decide,

My thinking, is now lets put the benefits of an XRP community to good use, and show the regulators that it has grossly misbehaved in its recent and historic!! activities.

I know I am not a community influencer, but I have been perturbed by much of the responses here, maybe someone more popular than I could setup a poll for starters to help determine whether

1/ speculators have acted at their own risk using their own due diligence,

2/ they have been misled all along by the XRP community Ripple or/and its founders

3/ they feel let down by THE SEC !!!

4/ would they consider entering a class action against the SEC

 

as an aside, I don't think forking the xrpl is a realistic option, Jed already done that.

Flare is already streets ahead with an alternative, ripple or no ripple the xrpl will still function for Flares purpose,

just my 2cents

 

 

 

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7 minutes ago, paym8 said:

 I am NOT a US citizen, I am not university educated, and I am not technically proficient, and I definitely am not CEO material. But I have been around here since 2013.

Yes I was surprised and a little bewildered about the way this suit came about.

I expected, for the sake of the xrp community and xrp system, putting Ripple and its founders/agents asside; (they each have their own cases to answer for)

I expected that there would be a lot more support for the overall xrp ecosystem and the Hodlers of the xrp itself, not to mention budding businesses building on top of the xrpl. 

what I mean by this is, after following this forum for as long as it has been in existence I now see that the SEC has very little work to do in succeeding with its case,

THIS forum has acted as judge jury and executioner, case closed. you are cutting off you own nose to spite Brads face.

As I said I am not US citizen, I can still trade xrp if i wish,

Why is their no action being setup by us citizens & the XRP community as a class action to-

site-

1/  THE SEC for not being fit for purpose,

2/ THE SEC for being negligent in its duty to protect the public investor.

3/ THE SEC for manipulating the overall market and the future financial infrastructure by not initially issuing seace & decist notice accompanied by its intended regulatory actions many years before the XRP ecosystem became a conflict to their other obvious interests constituting a conflict of interest.

I think this forum has done as much damage as the SEC;

 Can it now support its role as an XRP support forum instead of a Ripple inquisition and proving the SECs case for them.

Yes I know the questions need answering, but not necessarily here, I know WE want to know the answers, but now let the courts decide,

My thinking, is now lets put the benefits of an XRP community to good use, and show the regulators that it has grossly misbehaved in its recent and historic!! activities.

I know I am not a community influencer, but I have been perturbed by much of the responses here, maybe someone more popular than I could setup a poll for starters to help determine whether

1/ speculators have acted at their own risk using their own due diligence,

2/ they have been misled all along by the XRP community Ripple or/and its founders

3/ they feel let down by THE SEC !!!

4/ would they consider entering a class action against the SEC

 

as an aside, I don't think forking the xrpl is a realistic option, Jed already done that.

Flare is already streets ahead with an alternative, ripple or no ripple the xrpl will still function for Flares purpose,

just my 2cents

 

 

 

A lot of your analysis is over my head.

My intuition tells me your last para about Flare is the ray of light in all this.   I do not understand Flare or who they are, or their motives, but it seems they have changed the landscape and opened a big door for the community to go through.  I do not have the technical understanding to imagine how their work can be expanded, but my intuition tells me they are unlocking a vast new landscape of possibilities for XRP and XFL.

About XRPchat - this forum is an ad hoc group which by preference does not have a leadership with policies.  Are we guilty of misleading the public with our blind enthusiasm?  Then I am guilty, but only in so far as I am someone off the street sharing my enthusiasm and understanding with other enthusiasts.  Almost all of us came to this forum with a purpose of learning and getting a wider perspective to our limited fields of knowledge.

Should we blame SEC for not stopping the abuse?  Honestly I do not have the energy to go down that road, others maybe would find that idea tempting.  I do not want to blame others for my own failures to see Ripple's faults earlier.

Some of us saw this coming earlier than others.  Some are still not seeing the gravity of the personal charges against BG and CL, or maybe I am overstating them.

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9 minutes ago, Julian_Williams said:

A lot of your analysis is over my head.

My intuition tells me your last para about Flare is the ray of light in all this.   I do not understand Flare or who they are, or their motives, but it seems they have changed the landscape and opened a big door for the community to go through.  I do not have the technical understanding to imagine how their work can be expanded, but my intuition tells me they are unlocking a vast new landscape of possibilities for XRP and XFL.

About XRPchat - this forum is an ad hoc group which by preference does not have a leadership with policies.  Are we guilty of misleading the public with our blind enthusiasm?  Then I am guilty, but only in so far as I am someone off the street sharing my enthusiasm and understanding with other enthusiasts.  Almost all of us came to this forum with a purpose of learning and getting a wider perspective to our limited fields of knowledge.

Should we blame SEC for not stopping the abuse?  Honestly I do not have the energy to go down that road, others maybe would find that idea tempting.  I do not want to blame others for my own failures to see Ripple's faults earlier.

Some of us saw this coming earlier than others.  Some are still not seeing the gravity of the personal charges against BG and CL, or maybe I am overstating them.

Cmon Julian man be a realist you been on this forum for a long time now and so have I we both knew that CL had a huge stash of XRP and so did Brad and we both knew that they were selling them. It would be extremely naïve to think that BG and CL and all the Ripple team would go out of their way take all this risks and effort to build this technology out of the kindness of their heart and not to make money.

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5 minutes ago, solid102 said:

Cmon Julian man be a realist you been on this forum for a long time now and so have I we both knew that CL had a huge stash of XRP and so did Brad and we both knew that they were selling them. It would be extremely naïve to think that BG and CL and all the Ripple team would go out of their way take all this risks and effort to build this technology out of the kindness of their heart and not to make money.

Were you aware of Ripple selling XRP at 4% to 30% discount to customer and investors? 

Probably this was the only way to make them use XRP.

Disruptive technology speaks for itself, it just happens. Take the Internet for example, no one had to constantly shove it down your throat for its revolutionary properties to shine.

Edited by Dario_o
typo
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7 minutes ago, Dario_o said:

Were you aware of Ripple selling XRP at 4% to 30% discount to customer and investors? 

Probably this was the only way to make them use XRP.

Disruptive technology speaks for itself, it just happens. Take the Internet for example, no one had to constantly shove it down your throat for its revolutionary properties to shine.

Yes I was well aware about the discounted OTC sales and I was aware that there were limitations put on the sales of those OTC tokens which the SEC claim glances over or tries to paint it as not effective. The real question you should be asking is who are the people who bought OTC and what was the purpose and did that purpose come fruition and if yes what was the percentage of people who bought OTC who achieved that purpose. One case I recall clear as yesterday was Coinbase relentless objection to list XRP even though it was the 3rd crypto by MC. We all know the rest of the story.

 

Disruptive technology for every day use vs disruptive technology in a very specific field of financial market. You are comparing apples to shrimps if you compare the internet to XRP. XRP has to navigate the world of finance which is very well known to be super rigid, slow moving and bureaucratic.

 

 

 

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Julian thanks for the reply,

Flare, I received my share, I have tried to read & learn. That's as much as I have in flare.but I see the turn in the road. it's above my head too.

xrpchat, I am not accusing the forum or forum members of misleading the readers,

rather, that it appears the posts are doing the the sec a great service in providing the evidence of the "poor misguided investor SENTIMENT" that they are basing their case on, thus only harming the "poor misguided invester" further by driving the case in the favour of the sec.

Thus crashing the monetary value the holders can redeem or use.

Blaming the SEC,  If the price was not affected by the filing, the the sentiment would be different,

if the SEC felt so strongly about protecting the public and the financial industry,

then it most certainly should have filed or instructed much earlier than it has, thus implying there is an ulterior motive this far along the line,

why is it ok to file now  but not when they had this information more than a couple of years ago. 

investors acting under financial advice will surely raise questions from their registered advisors and take action there, the advisors who in turn will ask questions of the SEC wouldn't they? 

Some of us saw this coming, but surely we saw it coming in another guise, maybe disguised as a decision to classify XRP one way or the other. t

The main thing I see is if XRP is not yet deemed a security how can you break security regulation, however; if you as a company package something up in xrp or fiat in such a particular way that then, that package becomes a security, and that should be dealt with between the entities dealing with that package. both buying and selling coming under regulations.

what remains is founders personal usage, now thats an ethics question.

 

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How many investors wrote letters to the SEC for clarity on this? You know Ripple did. I recall seeing community member posts doing such as well.  I believe this will turn to our favor one way or another, but we're in for short term pain and could miss a crypto wide bull run because of this.

This is the saddest part. We asked for help and help never came. The SEC has absolutely failed all parties involved up to this point. All parties should've never been in this situation to begin with since at least 2015 or so.

Edited by mrhat75
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11 minutes ago, mrhat75 said:

How many investors wrote letters to the SEC for clarity on this? You know Ripple did. I recall seeing community member posts doing such as well.  I believe this will turn to our favor one way or another, but we're in for short term pain and could miss a crypto wide bull run because of this.

This is the saddest part. We asked for help and help never came. The SEC has absolutely failed all parties involved up to this point. All parties should've never been in this situation to begin with since at least 2015 or so.

Sadly, it's the way the SEC works: Too little too late, and when they do act it is at a time when it causes great harm to the investors they are "supposed" to protect. 

I'm not sure what to think about Brad and Chris yet. Why didn't the SEC also sue XLM?

I think this is all about getting control of the large xrp trust, politics as usual. I don't intend to sell because this is still a world-wide endeavor. The USA is either gaming to get control of the largest stake of xrp or they are going to lose control of reserve currency status. The former could potentially cure the other.

Good luck all!

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