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SEC case getting interesting, personal finance...


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35 minutes ago, RikkiTikki_is_Back said:

Man I am from the old skool world of coding where every coder or group of coders puts a fail safe in somewhere you just have too, and also if Ripple refused to do anything I am sure the government has a way to get what they want just ask Apple. I am pretty sure there is a way to circumvent the rules built around the escrow programmatically. 

I thot all the code running on the network nodes is open source ?
Kinna hard to slip in backdoors in that case, I'd think.

AFAIK the only way to circumvent the rules of the validators is a pushed code change agreed to by all the custodians of the nodes listed on the UNL.

Someone please correct me if I'm mistaken. 

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6 hours ago, JASCoder said:

For the remote case where RL feels forced to revisit their decision to stay in the USA...

I recall Jungle Inc speculating that the U.S. could construe the token stockpile as unrealized capital, and extract a heavy tax on its "exportation." I have not hence seen this notion neither confirmed, nor dispelled...

Hopefully, Ripple will have no cause to change their commitment to stay.

Sure the USA could impose a huge exit tax on Ripple and indirectly the escrow, I guess. Kind of like California's idea for an exit tax for billionaires, forcing them to pay back taxes for 10 years even after they've left California.

The tax would have to be insanely huge, like at least 50% or more like 75-90% to crush the value of the escrow; even 25 billion XRP is still a lot (like if the value was somehow cut in 1/2). I don't think the SEC can do that, it would probably have to come from Congress in the form of a law.

Exit tax is an extremely unpopular idea even for liberal-leaning people.  The idea that you owe forever is so un-American, I don't know that they could really pull it off in Congress.  Then again they just passed $1,900,000,000,000 of money for themselves so what do I know?

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28 minutes ago, JASCoder said:

I thot all the code running on the network nodes is open source ?
AFAIK the only way to circumvent the rules of the validators is a pushed code change agreed to by all the custodians of the nodes listed on the UNL.

Someone please correct me if I'm mistaken. 

Would have to ask Ripple how they've set up their escrow but if they were smart and there's no way to change the programmed release dates, then they can just say "hey we can't do anything until the bank vault opens on the next billion" And it would take years for it all to come out they way they have it set now.

It's really a question for @JoelKatz, he'd know if you could cancel all the escrows Ripple holds, like with the stroke of a pen.

My gut says probably not, otherwise you could just reneg on your escrow which defeats the purpose in the first place, to guarantee release upon meeting the specified terms, either the time-lock, combination escrow, etc.

Regulation/punishment would more likely be the SEC or whoever standing at the door the minute the next escrow opens and saying " Thank you, this billion XRP is ours now, see y'all next month." Not saying that would happen but that makes more sense than just destroying all 55 escrows or however many they have.

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5 hours ago, jetbrzzz said:

Kind of like California's idea for an exit tax for billionaires, forcing them to pay back taxes for 10 years even after they've left California.

Exit tax is an extremely unpopular idea even for liberal-leaning people.  The idea that you owe forever is so un-American, I don't know that they could really pull it off in Congress.  Then again they just passed $1,900,000,000,000 of money for themselves so what do I know?

On CA billionaire exit-tax, yeah, wow, if I'd been paying attention to that, I could have cleaned up on PI in all the Newsom recall markets...

On $1.9T spend, I don't think GOP did a great job messaging "you're billing yourself $6000 so that you can send yourself a $1400 check."

:crazy:

Edited by NightJanitor
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