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Two leading lawyers discuss SEC case and rip Ripples's arguments to shreds


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39 minutes ago, XRPage said:

Jed knows more than you and I and he is selling. He, "contrary to Brad", is short on xrp.

 

Indeed, as well as Brad and Chris knowing more than any of us and all are dumping... that says it all. Some people still choose to hold the bags hoping for moon...:rolleyes: The only trio seeing the moon is Jed, Brad and Chris. 

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Thanks @Pablo, I am glad you have watched because you will know how valid their comments are. 

The video makes uncomfortable watching.  They are very negative about XRP's utility and Ripple's future and prospects in fighting this case, even suggesting that XRP is overvalued at 20 cents which I thought was very harsh, and their expected outcomes sounded very harsh too.  They gave almost zero credit to Ripple's standing in the banking/FI industry, suggesting XRP had got to where they have by clever manipulation of the media and riding a wave of a speculative bubble.  (I am sure this is a view shared by some of our fudders)  

I always think court cases are in the end forums where humans are to be judged by other humans, and the outcomes can only be human responses with a veneer of rationality and legitimacy.  From the way they were reacting I got the impression that they think the court will inevitably feel quite a strong sense of disgust towards BG and CL for using their advantage of "asymmetric information" for personal gain (600 million is a huge sum and proportion of total sales).  This sense of disgust, which is widely felt by many XRP investors on this forum too, casts a dark cloud over how the whole case will be viewed. 

The aspect, against which their personal disgust needs to be balanced, was almost entirely ignored in their comments.  I am referring here for the need for the US to catch up with the rest of the world in acknowledging the importance of blockchain technology.  Killing Ripple's prospects would be an own goal that has to be avoided.   In a way Ripple's case is that they represent an industry that is too important to be crushed by the courts, and the courts need to be lenient.  This is going to be a very hard case to make if the courts are going to asked to give a clean slate to a company under the tarnished management of BG and CL.

I suppose most of this stuff will have to be worked out not in the courts, but behind closed doors, where there will be an opportunity for plain speaking. 

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3 hours ago, XRPage said:

This is the same argument, stupid from by point of view, that Brad always brings up. Centralization in one country (if that is even true) is infinitely better than centralization in one company. Ripple has never been able to (or has never wanted to) address this issue after so many years. Ey, but Brad is long on btc (as well as xrp...) 

The XRPL has been moving steadily towards decentralization these past few years. 

The mining pool centralization issue is real.  If you think that centralization by American company, being subject to the laws of the United States, is going to treat you worse than the communist party of China, I don't think we can ever possibly have any kind of rational discussion. 

 

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52 minutes ago, XRPage said:

Jed knows more than you and I and he is selling. He, "contrary to Brad", is short on xrp.

I don't think owning 3.2 billion XRP can be considered 'being short' by a long stretch. Do you?

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6 minutes ago, lucky said:

I don't think owning 3.2 billion XRP can be considered 'being short' by a long stretch. Do you?

I agree. Jed now has no interest in XRP other than as a competitor and as a cash cow. He would have liquidated everything at less than a cent if he could have done so several years ago, whether maliciously or not. 

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4 hours ago, lucky said:

The big pockets that are buying Jed's daily 9:00 GMT

Lucky, did you see the account that is buying the most from Jed  rfU3YWd1TnYryvryQTQ9xwyCSqzMTbnyW6  aka Wendyluck

it is linked to his Taco stand account, but this account is purchasing the XRP he is selling with the XRP/USD IOU pair.

I see that Jed (taco stand) send his XRP to his other acct rLkMJhSVwhmummLjJPVrwQRZZYiYQhVQ1A , Jed then sells XRP to Wendyluck, then Wendyluck transfers the XRP to Bitstamp tag 75600953, then eventually Wendyluck receives USD IOU from Bitstamp......and then the cycle starts all over....

 

 

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Edited by pucksterpete
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1 hour ago, lucky said:

I don't think owning 3.2 billion XRP can be considered 'being short' by a long stretch. Do you?

He wouldn't be short if he had the opportunity to sell but he decided to hold. However, he keeps selling as much as he can. That is SHORT. 

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7 minutes ago, XRPage said:

He wouldn't be short if he had the opportunity to sell but he decided to hold. However, he keeps selling as much as he can. That is SHORT. 

No it isn't.

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3 minutes ago, pucksterpete said:

Lucky, did you see the account that is buying the most from Jed  rfU3YWd1TnYryvryQTQ9xwyCSqzMTbnyW6  aka Wendyluck

it is linked to his Taco stand account, but this account is purchasing the XRP he is selling with the XRP/USD IOU pair.

I see that Jed (taco stand) send his XRP to his other acct rLkMJhSVwhmummLjJPVrwQRZZYiYQhVQ1A , Jed then sells XRP to Wendyluck, then Wendyluck transfers the XRP to Bitstamp tag 75600953, then eventually Wendyluck receives USD IOU from Bitstamp......and then the cycle starts all over....

Interesting, did not notice that account. I did notice that his drops start at the XRPL ledger, and then gets sold in full on the regular Bitstamp exchange (from my screenshot). Maybe selling on XRPL is a contractual requirement for transparency reasons.

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6 hours ago, XRPage said:

Brad, is that you? Either it is you or someone who gets paid by him. Wtf is wrong with you people??? 

 

5 hours ago, macropolo said:

I'm not sure why you think highlighting that issue is me shilling for Brad.  If you choose to bury your head in the sand on the issues with proof of work blockchains, that's you're choice, but don't call me a shill.  I'll leave you with this quote from another "notorious" XRP shill, Vitalik Buterin:

Do blockchains as they are today manage to protect against common mode failure? Not necessarily. Consider the following scenarios:

All nodes in a blockchain run the same client software, and this client software turns out to have a bug.

All nodes in a blockchain run the same client software, and the development team of this software turns out to be socially corrupted.

The research team that is proposing protocol upgrades turns out to be socially corrupted.

In a proof of work blockchain, 70% of miners are in the same country, and the government of this country decides to seize all mining farms for national security purposes.

The majority of mining hardware is built by the same company, and this company gets bribed or coerced into implementing a backdoor that allows this hardware to be shut down at will.

In a proof of stake blockchain, 70% of the coins at stake are held at one exchange.

 

 

5 hours ago, XRPage said:

This is the same argument, stupid from by point of view, that Brad always brings up. Centralization in one country (if that is even true) is infinitely better than centralization in one company. Ripple has never been able to (or has never wanted to) address this issue after so many years. Ey, but Brad is long on btc (as well as xrp...) 

 

also, xrpage, maybe you`d like to read a bit more on the btc china centralization issue and what could happen with a mining pool attack...

http://galgitron.net/Post/How-China-Can-Kill-Bitcoin

 

 

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1 hour ago, VanHasen said:

also, xrpage, maybe you`d like to read a bit more on the btc china centralization issue and what could happen with a mining pool attack...

http://galgitron.net/Post/How-China-Can-Kill-Bitcoin

related video here.... 

Video is probably a couple years old, but that is along the same lines of the one that he mentions Ripple and XRP... where many here were saying "new SEC chair hates xrp, here's proof...."  At any rate, he seems to have a great grip of the crypto-sphere..... 

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9 hours ago, SquaryBone said:

It means less than you think. Yes he knows what the SEC does and how they do it. He'll defend Ripple for sure. That doesn't mean the court and the SEC itself will think Ripple's way.

I have to say this seem to just confirm that they knew this was an issue already for a long long long time and that's why they hired ex-SEC, ... to try to get out of this mess. All BG can do is say: 'we'll be on the right side of history' and hope and pray it goes his way.

It's a she 

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4 hours ago, Pablo said:

Believe me, I had a big meal before braving this podcast but I know Gabriel personally and while he trolls the living crap out of Ripple and the XRP Army (whoever that is), he actually takes a measured approach to the legal issues at hand. I don't agree at all with his assessment of the XRPL but it's OK to disagree and he's entitled to his opinion. 

Gabe does make some valid points towards the 2nd half of the video, particularly around settlement options. This includes what a future looks like for Ripple and how they might be able to navigate a future involving their ongoing sales of XRP. There are scenarios where circulating XRP isn't deemed as a security but is viewed as a security when sold by Ripple or its execs. That would give the SEC what it wants which is greater transparency and a better price discovery mechanism for all market participants. 

And who doesn't want that?

TBH isn't this what XRP always did complain about? As a small investor you know nothing about deals, plans, whatever... At least you wanna know when and how your investment becomes diluted and/or under price pressure caused by large holders or the premier issuer. NDA's shouldn't be build around funding by XRP....

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