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Let's talk about the "use" of XRP


r0bertz
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The use of XRP is that it's a native asset on XRPL and one needs to burn his own XRP if he wants to do anything on XRPL.

So what one can do on XRPL? Check the list of transactions types https://xrpl.org/transaction-types.html

To name a few:

  • You can set properties of an account, including claiming Flare airdrop which is just setting MessageKey.
  • You can send a check on XRPL.
  • You can create an escrow on XRPL.
  • You can buy and sell XRP and IOU on XRPL.
  • You can pay someone on XRPL.
  • You can create payment channel which is used in ILP (Interledger Protocol).

Someone even uses XRPL to store files https://ndm-inf.github.io/ndm/viewPortal

Soon we will be able to run code before and after a transaction https://coil.com/p/XUMM/XRPL-Labs-is-working-on-the-transaction-HOOKS-amendment-for-the-XRP-Ledger-Supporting-business-logic/kEmqhoqMW. Think about the possibility there.

We don't need to look elsewhere. This is the use we are looking for, right here in XRPL.

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You COULD pay for services like VPN from Private Internet Access. 

You COULD have a visa logo'd debit card via Shift funded directly with XRP.  

In addition to what you're saying you CAN do, @r0bertz, I think it's also important to talk about what you COULD do, but no longer can because of the FINCEN fine ... and if the SEC claims were ruled in favor of, it'll be the second time the gov royally screwed Ripple. 

For example: Ripple Trade, the first truly decentralized exchange, was shut down. The phone apps had to be abandoned. The wallet...gone. Gateway support all but ceased. Ditto the wiki. The Ripple Forum, the 'official forum' that ran in parallel to XRPTalk, died out as well. The incubator? unplugged. There were a huge number of projects backed by angel funding that had to be sh@tcanned for FINCEN compliance. FINCEN's requirements left Ripple with little more options than to aim the protocol at banks ... a pivot that chased away Jed McCaleb (Stellar) and his 'sell em all' tantrum....and left Jesse (Kraken) with a bad experience. In fact, most of the crypto sphere came to hate Ripple, labeling it the "Bankers Coin" ...

 

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1 minute ago, RobertHarpool said:

You COULD pay for services like VPN from Private Internet Access. 

You COULD have a visa logo'd debit card via Shift funded directly with XRP.  

In addition to what you're saying you CAN do, @r0bertz, I think it's also important to talk about what you COULD do, but no longer can because of the FINCEN fine ... and if the SEC claims were ruled in favor of, it'll be the second time the gov royally screwed Ripple. 

For example: Ripple Trade, the first truly decentralized exchange, was shut down. The phone apps had to be abandoned. The wallet...gone. Gateway support all but ceased. Ditto the wiki. The Ripple Forum, the 'official forum' that ran in parallel to XRPTalk, died out as well. The incubator? unplugged. There were a huge number of projects backed by angel funding that had to be sh@tcanned for FINCEN compliance. FINCEN's requirements left Ripple with little more options than to aim the protocol at banks ... a pivot that chased away Jed McCaleb (Stellar) and his 'sell em all' tantrum....and left Jesse (Kraken) with a bad experience. In fact, most of the crypto sphere came to hate Ripple, labeling it the "Bankers Coin" ...

 

Exactly. Check out this awesome thread: 

 

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If XRP does find itself a deployed success someday soon, which takes off and shocks the World...
If this DOES happen, like by SBI, or whomever, while the US is mired in a protracted legal battle, we'll be sitting here watching it, locked out.

Right now, we seeing this slow-motion roll-out of blocking our access to trading in XRP.

But NOT, blocking the rest of the World.
Just us.

WTFF

Chit like this going down - affecting BILLIONS of USD valuations - doesn't occur by accident .
Really, like "opps," didn't mean to be so disruptive...
I don't think so.

I think the US Banks want in on the action.
So shaking out our zerps, formerly hodl'd by us do-nothing amateur "investors," and they could slurp it all up on the cheap.

And the Asians, and the Europeans and the rest, will be joining in the great slurp.
But not us. 
we sold them back at a loss.

The banks also want in on the Escrows.
("Qualified investors only")

So, who cooked this all up ?

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16 minutes ago, r0bertz said:

Exactly. Check out this awesome thread: 

 

Here here!! Great thread. (I avoid Twitter almost as much as FB, but that was worth the read.) 

I've kept the Ripple Trade and Ripple Price apps on my phone all these years out of pure nostalgia. 

Trading all the currencies, commodities and crypto like THIS on Ripple Trade back then was fun and stupid useful for someone who traveled all over the world. 

My Account 2014-3-5.jpg

Edited by RobertHarpool
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It's obvious now...Ripple Inc. has to move to a more crypto friendly country...they'll probably do it quietly not to rattle the US gov.

Pretty much all other crypto related business will do the same since anything a new SEC director or any other "hegemonian" dollar politician wants is to show the world what currency is the boss...

Ripple attack is just the easier target but the whole crypto community is on trial...

XRP is already very good...and it shall improve with all the projects...as well as many other cryptos that are either maturing well or bringing new techs and new ideas....the US gov. just can't follow and obviously don't want to....

Let XRP be and schedule the moving trucks for Ripple Inc. and als...too much time wasted already trying to upgrade the old guard.

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1 hour ago, RobertHarpool said:

@JASCoder I'm the last person to subscribe to conspiracies. It's too cynical for me.

I consider stuff like this to be the result of witless contemplation. 

I agree. This is bureaucracy off the leash.  It is out of line with how the rest of the world is working with regulation of crypto and leaves the US isolated.  I hope the new team coming into SEC will review their policies and see the error of what they are doing.  They should find a way to steer this case into the sand before it does even more damage.  @Pablo says now it has gone this far it is going to be very hard to stop the momentum.  

Edited by Julian_Williams
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It will be hard to stop the momentum. I've been around a few lawyers and bureaucratic people in my life. There seems to be an obsession with making a career at any cost no matter the flak. A stern hand with clear direction and deep understanding of a how a system works can create and maintain beauty. 100 Individuals making only moves for themselves will turn a palace into rubble.

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46 minutes ago, peanut56 said:

A stern hand with clear direction and deep understanding of a how a system works can create and maintain beauty. 100 Individuals making only moves for themselves will turn a palace into rubble.

Excellent Point!

 

Here cums the problem!

 

Humans are Individuals with interests! (for themselves)

 

So what we need!?

 

We need Alien Guidance!

 

or God or whatever!? - if 'He/She/IT' has "a Stern hand with clear direction and deep understanding of a how a system works......"

 

Thus, "We", 'can create and maintain' - 'Beauty' !!!

 

Please Forgive ( if anything)  I am an alcoholic!

 

:heart:   :this:

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8 hours ago, r0bertz said:

The use of XRP is that it's a native asset on XRPL and one needs to burn his own XRP if he wants to do anything on XRPL.

[...]

We don't need to look elsewhere. This is the use we are looking for, right here in XRPL.

[cut out some things in the middle, that were in my way - for now... appreciate the layout]

The Q I am considering/pondering/drinking-coffee-over is one of:  "How to design/structure the fuel expenditure, over what time frame, whether a sort of "SRB sep" is truly necessary (I'm not so sure on that one - I can still see it a couple or three ways), what forces have to be overcome to vector, and what can be accomplished along the way?"

I'm thinking, though, that very small course corrections, almost "OMS burns", may work...

(There's actually realworld precedent for lighting up OMS on ascent to achieve insertion!)

I've come up with some... "novel"... ideas/implementations/mechanisms - too early to say.

(Not that most people would have a clue what the hell I'm talking about... but... we'll see!)

 

 

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What I had noted down:

– Distributed or crowdsourced funding (Ripple/SEC issue!)
– Distributed exchange with native token (and all features of the DEX e.g. escrow, paychans, autobridging, synthetic orderbooks, etc)
– Anti-spam mechanism
– Store of value / hedge
– Payments generally (XRP itself is the settlement)
– Collateral (esp. for instant loans)
– Bridge asset (FX, remiitance, ODL, etc)
– Speculative/gambling asset (majority of volume)
– Netting & clearing generally
– Basic messaging/voting "stamp"

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Any character strings can be transferred via the memo field. This means that the area of application for data exchange is very broad. This also makes distributed message-oriented middleware architectures conceivable, for example.

But I put it simple: Every transaction in the ledger requires XRP as a technical use case, regardless of the triggering abstract business use case of the application used.

 

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