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Final Settlement with Jed


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7 minutes ago, T8493 said:

You haven't seen the whole contract and your statement that he can easily manipulate the volume is just a speculation.

You have not seen the whole contract either. We both are on the same boat. I make my conclusion based on official announcement from ripple-whatever-they-call-them-now. If you conclusions are based on other sources, put them on the table.

 

 

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https://forum.ripple.com/viewtopic.php?f=1&t=15885   One boogieman less.

This was a business decision. This move doesn't have much to do with controlling the short term price of XRP. The reality is that you can't convince MMs to come into the market when such a large

I agree, Ripple has spent at least a million dollars in this case with Jed. I would imagine they were VERY thorough in making sure the new arrangement was watertight. 

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5 minutes ago, rippleric said:

I'm thinking ripple will and is more than capable of calculating the percentage of trade volume IOU to XRP based on specific gateways... So regardless of what Jed does, ripple is in control of the XRP and is only going to give him the proper amount.

Yes, arresting Jed's funds is definitely advantage for them. They can do their calculations whatever way they want. In worst case, they can stick this agreement into Jed's ass, and do what they want to do with his 5B XRP.

 

Edited by yvv
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2 minutes ago, T8493 said:

Where do you see Rippe Charts?

It doesn't specifically state ripple charts, but I was referring to @yxxyun 's statement that ripple will calculate trade volume off of actual volume from existing gateways, and not external exchanges, unless like the agreement states: volume becomes too low and they need to factor in external exchanges to meet the correct percentage of average trade volume.

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16 minutes ago, yvv said:

By the way, did any local Sherlock spot a transaction of 5+2B XRP from Jed's relatives accounts to ripple and charity accounts?

 

Not yet, somebody would have noticed that volume and they just struck the deal so I imagine we'll see it on RC eventually, won't be hard to spot the payment volume.

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So 0.5 percent of average daily volume over a 7 day period.........does this mean if the average is 1 million per day over that time-frame, they will only be able to sell 5000 usd worth or 35,000 usd worth?   

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1 hour ago, anotherscott said:

What I like about it is he doesn't hold it. Ripple does.

All of Jed and his children's remaining XRP, approximately 5.3 billion XRP, will be placed in a custody account at Ripple

This is good and very interesting news.  This quote is interesting to me because I know that Ripple has not pushed multi-sign into production as of yet, causing this issue with Bitstamp in the first place. If Jed's holdings were secured properly in the beginning, there would have not been a violation in the first place, therefore not taking Ripple Labs' Legal Team and Chris Larsen's time away from the  Ripple and Interledger projects.  It is also great that they have clearly defined the terms of his settlement with minimal legalese within their conclusion.

EDIT:

Also, going back and reading what was posed within the second half of the first page and the second page of this discussion, the issues relating to Jed's impact on the network will be solved as soon as Ripple Labs pushes the multi-sign features onto the network.  Yes, he can still cause some manipulations if he wants to, so what?  We can spot it on the ledgers.  Chill everyone, it's 98% over now, once his holding's at Ripple have to have multiple signatures in the future and this Final Setttlement becomes 100% then the Jed situation will finally be solved.

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12 minutes ago, fatcat said:

None of this makes any difference to the price/value of XRP.  The XRP story was irrevocably damaged in the beginning.  Ripple can still be successful with ILP.  Just not much for the XRP baghodlers.

Now wait for the happy clappy crowd to flame me...

What XRP story? You either like their initial allocation or you don't, the Jed saga was bad for XRP, but now they're in control of his XRP and distribution, so that damage has been fixed. CL also gifted his XRP to rippleworks.org, so what's not to like about it aside from the fact that XRP will be distributed into the market in a constructive manner and at a controlled pace, and that's a given. 

Now the only thing that matters is utilization of XRP and bringing in that volume from ILP and commercial products, and decentralizing the validators... One step closer, we're almost there.

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22 minutes ago, Kaze said:

So 0.5 percent of average daily volume over a 7 day period.........does this mean if the average is 1 million per day over that time-frame, they will only be able to sell 5000 usd worth or 35,000 usd worth?   

As I read it, it is $5K  per day. Oh shit, I would love to have $5K per day selling some crap which did not cost me nothing.

 

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16 minutes ago, fatcat said:

None of this makes any difference to the price/value of XRP.  The XRP story was irrevocably damaged in the beginning.  Ripple can still be successful with ILP.  Just not much for the XRP baghodlers.

Now wait for the happy clappy crowd to flame me...

Flame you! Amen!

:)

 

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