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So I went to Ripple.com to open my wallet. It seems the account is gone. The un/pw are not recognized and they were written down. The PW was very strong. No major deal. I didn't have much on there. Personally, I would rather have the gateways and wallets physically local so they fall under local jurisdiction since they are not transparent.
Also on your ToS
"Right To Redeem (RTR): means the redeemable electronic representation of an amount of currency or the troy ounce weight of an investment grade precious metal on the Ripple network." (emphasis mine)
"All services are provided without warranty of any kind, either express or implied."
I'm not questioning your integrity. It's just that the customer has little recourse in a dispute.
To answer your question, if it isn't physical gold in your hand, then it's an investment derivative, not actual gold, marketing notwithstanding. Still, I commend you on taking part of a grand experiment.
Cbeast,
Why ship gold when you can store it for free and liquidate into anything on ripple, anytime anywhere?
As soon as there are other gold gateways in other locations you can effectively move it without moving it...
Who independently audits your service that it matches records at your partner's vaults? I'm not saying your record keeping could be wrong, but your partner's may dispute your records and there would need to be independent verification. I have not found that assurance on your website. Why ship gold when you can store it for free and liquidate into anything on ripple, anytime anywhere?
As soon as there are other gold gateways in other locations you can effectively move it without moving it...
Also on your ToS
"Right To Redeem (RTR): means the redeemable electronic representation of an amount of currency or the troy ounce weight of an investment grade precious metal on the Ripple network." (emphasis mine)
"All services are provided without warranty of any kind, either express or implied."
I'm not questioning your integrity. It's just that the customer has little recourse in a dispute.
To answer your question, if it isn't physical gold in your hand, then it's an investment derivative, not actual gold, marketing notwithstanding. Still, I commend you on taking part of a grand experiment.
Cbeast,
You raise some good points. Here is my reply. I welcome further constructive feedback but we best take that off-line.
1. Per the end of this month we will publish a table with links to independently verified documents (signed vault report with gold, silver and platinum holdings, certified true bank statements) Tabel headers will be [Outstanding liabilities],[Reserves],[Reserve ratio] and rows will be the asset classes.
It will be published here: https://www.ripplesingapore.com/Home/IRBA
2. Rights to Redeem relate to the physical bars that can be redeemed at our collection vault.
The electronic alternative is more like a sale of the RTR in exchange for another electronic IOU or XRP.
3. The prices for XAU, XAG and XPT track the physical prices so there is a premium over the leveraged paper varieties.
4. Storage is free...
