kyexz Posted May 23, 2017 Share Posted May 23, 2017 Hi everyone, i would like to said that there are more than 50k new accounts that have been approved in the past month, if you see the total ripple, they are decreasing per second and fast. im pretty sure that in 2 years, with more active users, and more transactions been made every second, there r gonna be burned more than 2 billions ripple. and thats only the beginning, try too see to the future with this. hope for the best. CurrencyGuy 1 Link to comment Share on other sites More sharing options...
CurrencyGuy Posted May 23, 2017 Share Posted May 23, 2017 I was also wondering how many might be burnt per year given various input variables. How many transactions are likely per year moving forward? Link to comment Share on other sites More sharing options...
panmores Posted May 23, 2017 Share Posted May 23, 2017 (edited) They'll last some years... furthermore, burn rate is dynamically adjusted. Edited May 23, 2017 by panmores mjimxrp, PaulKim, Eik and 1 other 4 Link to comment Share on other sites More sharing options...
natethesnake Posted May 23, 2017 Share Posted May 23, 2017 Dear Ripple Engineers, instead of burning up those XRPs, can you donate them my way instead? I could use them zerps. KTHXBYE! Link to comment Share on other sites More sharing options...
zerpian Posted May 23, 2017 Share Posted May 23, 2017 (edited) There is yet another element which is not taken into account: the reserve amount to activate a wallet. There were times 50 xrp was needed but let’s assume for the sake of simplicity the actual reserve 20 xrp multiplied by 344,045 (as of May 23) accounts = 6,880,900 xrp put out of circulation. The accounts cannot be deleted and the reserve amount cannot be freed. Edited May 23, 2017 by zerpian inative, ItsChillBro, UrzasLegacy and 2 others 5 Link to comment Share on other sites More sharing options...
Eik Posted May 23, 2017 Share Posted May 23, 2017 4 hours ago, zerpian said: There is yet another element which is not taken into account: the reserve amount to activate a wallet. There were times 50 xrp was needed but let’s assume for the sake of simplicity the actual reserve 20 xrp multiplied by 344,045 (as of May 23) accounts = 6,880,900 xrp put out of circulation. The accounts cannot be deleted and the reserve amount cannot be freed. Good point. These are also out of current circulation. However, these reserve limits are also dynamic, meaning the required reserve of 20 XRP per account and 5 XRP per open order/trust-line can be reduced. It is all related to spam-protection, and that doesn't need to be a lot. Link to comment Share on other sites More sharing options...
Mr760 Posted May 23, 2017 Share Posted May 23, 2017 7 hours ago, kyexz said: Hi everyone, i would like to said that there are more than 50k new accounts that have been approved in the past month, if you see the total ripple, they are decreasing per second and fast. im pretty sure that in 2 years, with more active users, and more transactions been made every second, there r gonna be burned more than 2 billions ripple. and thats only the beginning, try too see to the future with this. hope for the best. Just wondering why not have more tokens, if we're to handle the world or SWIFT? Sorry it's an early morning question. Link to comment Share on other sites More sharing options...
T8493 Posted May 23, 2017 Share Posted May 23, 2017 2 minutes ago, Mr760 said: Just wondering why not have more tokens, if we're to handle the world or SWIFT? If the number of tokens is too small for you, then you can use drops as your basic accounting unit. Link to comment Share on other sites More sharing options...
Mr760 Posted May 23, 2017 Share Posted May 23, 2017 Dude.... I had already answered the questions to myself. I agree and thank you. Link to comment Share on other sites More sharing options...
Chan_Maddanna Posted May 23, 2017 Share Posted May 23, 2017 2 minutes ago, T8493 said: If the number of tokens is too small for you, then you can use drops as your basic accounting unit. For the true use case, XRP shoudl efficiently meet the characteristics of collateral and at any point in time, a mean demand curve represents total value that XRP has to represent. In other words price will take care of it. this is the most efficient method in my opinion by pure mathematics of it. Link to comment Share on other sites More sharing options...
addgowin Posted May 23, 2017 Share Posted May 23, 2017 8 hours ago, kyexz said: Hi everyone, i would like to said that there are more than 50k new accounts that have been approved in the past month, if you see the total ripple, they are decreasing per second and fast. im pretty sure that in 2 years, with more active users, and more transactions been made every second, there r gonna be burned more than 2 billions ripple. and thats only the beginning, try too see to the future with this. hope for the best. Thank you for the post. Would it be possible to post the link to the webpage where you took this screenshot? 1 hour ago, Eik said: Good point. These are also out of current circulation. However, these reserve limits are also dynamic, meaning the required reserve of 20 XRP per account and 5 XRP per open order/trust-line can be reduced. It is all related to spam-protection, and that doesn't need to be a lot. Can the drop size also be adjusted? I was wondering because if the value of XRP increases dramatically it will become progressively more expensive to use the network (given that 1 drop is destroyed every transaction). Link to comment Share on other sites More sharing options...
Eik Posted May 23, 2017 Share Posted May 23, 2017 6 minutes ago, addgowin said: Can the drop size also be adjusted? I was wondering because if the value of XRP increases dramatically it will become progressively more expensive to use the network (given that 1 drop is destroyed every transaction). I think that will require a 'hard-fork' of the protocol (?). Not sure how that would exactly go. Funny thing is that the protocol itself does not count in XRP's, but rather only in drops. They set 1 XRP to be 1,000,000 drops. This is done so the code only has to handle integers instead of floating point numbers. The charts you can find at https://xrpcharts.ripple.com/#/ Link to comment Share on other sites More sharing options...
addgowin Posted May 23, 2017 Share Posted May 23, 2017 5 minutes ago, Eik said: I think that will require a 'hard-fork' of the protocol (?). Not sure how that would exactly go. Funny thing is that the protocol itself does not count in XRP's, but rather only in drops. They set 1 XRP to be 1,000,000 drops. This is done so the code only has to handle integers instead of floating point numbers. The charts you can find at https://xrpcharts.ripple.com/#/ Thank you very much Eik 1 Link to comment Share on other sites More sharing options...
elnino Posted May 23, 2017 Share Posted May 23, 2017 My guess is that the amount of xrp lost due to system crashes, loss of credentials or accounts simply forgotten about (e.g account owner death...) will far outweigh the amount of xrp burned due to transactions. T8493, Eik and Dennis 3 Link to comment Share on other sites More sharing options...
Alluvial Posted May 23, 2017 Share Posted May 23, 2017 26 minutes ago, addgowin said: Can the drop size also be adjusted? I was wondering because if the value of XRP increases dramatically it will become progressively more expensive to use the network (given that 1 drop is destroyed every transaction). Given the price increase, it seems like it would make sense to reduce the minimum xrp to 10 with trustlines at 2, or even 5 min and 1 for each trustline. Also, does the high minimum and high trustline requirements even slightly discourage use of RCL in favor of exchanges? Ripple probably is not that concerned about the very little fish that might consider this, but I would think that the more fish (of all sizes) on RCL the better. Link to comment Share on other sites More sharing options...
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