Ripple testifies about ledgers and XRP in front of US Congress Commerce Committe

[cmbartley]

https://twitter.com/RyanZagone/status/715211040217243650?s=09

[cmbartley]

Scam coin gonna scam... Centralized system won't change the fact that they even still hold 80% of the coins in their wallet.

65%, they've distributed some.

[tintumon]

Are they planning to distribute some more right? Remember reading about some another 30% or so.
Or is it included in the 65% you mentioned?

[Spoetnik]

Then it means they are in trouble for their scam ? GOOD! 

[pimpjuice]

Then it means they are in trouble for their scam ? GOOD! 

Has nothing to do with that

[pimpjuice]

MIT seems to be running a validator now.  I'm still waiting for MS's validator to be verified.
https://validators.ripple.com/#/validators/n9KvSsyJiheyFnivzFqChZ58pQgjwWWuc7Tp28WPzXbkdwqL6P5y

[cmbartley]

Are they planning to distribute some more right? Remember reading about some another 30% or so.
Or is it included in the 65% you mentioned?

Yeah, they eventually plan to distribute just about all of it. Right now they're distributing about 200 - 350 million/month. In April or May they will likely announce an automated incentive program for programmatic distribution to liquidity providers (market makers) on the network. You can see that here where it says "coming soon" https://ripple.com/xrp-portal/

Programmatic distribution may increase the rate of distribution depending on how many market makers enter the marker.

They will likely need the multi-signature feature to go live before they can initiate the incentive program. That feature will probably take another month or so to go live on the network although the newest releases of the ripple protocol (v0.31.0 and v.0.32.0) are capable of multisig.

[SydorFunk]

I thought they were in trouble before and had to pay a pretty substantial fine?

[cmbartley]

I thought they were in trouble before and had to pay a pretty substantial fine?

They were fined by FinCEN to the tune of $700,000 in May 2015: https://www.fincen.gov/news_room/nr/html/20150505.html

Ripple has responded by shoring up their legal team (https://ripple.com/company/advisors/), hiring regulatory team members (https://ripple.com/company/leadership/), and shutting down Ripple Trade so that they're no longer in the money service business.

Notably bitcoin-based and other crypto companies are and will be subject to the same disciplinary actions: http://www.coindesk.com/connecticut-bill-seeks-additional-requirements-for-bitcoin-msbs/

[Spoetnik]

Are they planning to distribute some more right? Remember reading about some another 30% or so.
Or is it included in the 65% you mentioned?

Yeah, they eventually plan to distribute just about all of it. ......

Oh yeah?
Well when it was launched they had a giveaway topic here..
Everyone had to sign up and create an account using an email.
One that i myself have gotten crypto-related spam and malware sent to (not sure from whom)

It went on for HUNDREDS of pages.. every guy posting his address.
Months and even years past by and no one ever did get any coins.

I love how in Crypto you can pull the most scammy bullshit then
wait a while and create a new account(s) and then pretend shit didn't happen.
And it works too LOL

After that Cryptsy added it & tons of you bough the coin.. 

There really actually is no fucking bounds to the level of scammy shit you can pull.

Ever wondered why these NOOB accounts come here to spam so hard?
And every one of them is some veteran with pro trading advice?

Altcoins & their clowns LOL
HONK HONK!!!! 

[tintumon]

Are they planning to distribute some more right? Remember reading about some another 30% or so.
Or is it included in the 65% you mentioned?

Yeah, they eventually plan to distribute just about all of it. Right now they're distributing about 200 - 350 million/month. In April or May they will likely announce an automated incentive program for programmatic distribution to liquidity providers (market makers) on the network. You can see that here where it says "coming soon" https://ripple.com/xrp-portal/

Programmatic distribution may increase the rate of distribution depending on how many market makers enter the marker.

They will likely need the multi-signature feature to go live before they can initiate the incentive program. That feature will probably take another month or so to go live on the network although the newest releases of the ripple protocol (v0.31.0 and v.0.32.0) are capable of multisig.

Will wait for the full distribution, then.

[cmbartley]

Are they planning to distribute some more right? Remember reading about some another 30% or so.
Or is it included in the 65% you mentioned?

Yeah, they eventually plan to distribute just about all of it. ......

Oh yeah?
Well when it was launched they had a giveaway topic here..
Everyone had to sign up and create an account using an email.
One that i myself have gotten crypto-related spam and malware sent to (not sure from whom)

It went on for HUNDREDS of pages.. every guy posting his address.
Months and even years past by and no one ever did get any coins.

Interesting, can you link to the thread? I'd like to see it

[Sukrim]

Are they planning to distribute some more right? Remember reading about some another 30% or so.
Or is it included in the 65% you mentioned?

Yeah, they eventually plan to distribute just about all of it. ......

Oh yeah?
Well when it was launched they had a giveaway topic here..
Everyone had to sign up and create an account using an email.

I never gave them my email, only a payout address. The only crypto-related spam mail I get is from the (Bitcoin related) MtGox hack...

Interesting, can you link to the thread? I'd like to see it

https://bitcointalk.org/index.php?topic=145506.0 - the red text is sponsored by TradeFortress who went on a personal vendetta and offered people on the first page of that thread a few BTC to edit in that text instead.

[Spoetnik]

Are they planning to distribute some more right? Remember reading about some another 30% or so.
Or is it included in the 65% you mentioned?

Yeah, they eventually plan to distribute just about all of it. ......

Oh yeah?
Well when it was launched they had a giveaway topic here..
Everyone had to sign up and create an account using an email.
One that i myself have gotten crypto-related spam and malware sent to (not sure from whom)

It went on for HUNDREDS of pages.. every guy posting his address.
Months and even years past by and no one ever did get any coins.

Interesting, can you link to the thread? I'd like to see it

Well you might want to see this..
https://bitcointa.lk/threads/not-enough-people-were-buying-ripple-so-they-rebranded-it.351326/
I stumbled onto that link via Google looking for the EXACT comment where i posted my address before.

Also i found the topic i was talking about earlier with 400+ pages.. now locked
And as far as i can tell no one ever did get 1 coin.
Look who launched it.. a guy claiming to be from Ripple Labs. (From back when Giveaway topics were allowed here)
And no i am not sure where i commented on it, but i DID sign up and post my address like all the other guys.

Normally i'd say fuck off & use 'Search' but i am trying to back up my mouth / claims
See? I did not just make that up LOL

PS:
Good luck digging through 400+ pages ROFL

Ripple Giveaway! = https://bitcointalk.org/index.php?topic=145506.0

Posted by = https://bitcointalk.org/index.php?action=profile;u=82177

Name:    Ripple Labs
Posts:    11
Activity:    11
Position:    Newbie
Date Registered:    February 20, 2013, 01:27:56 PM
Last Active:    October 02, 2013, 10:59:37 AM

[pimpjuice]

@Spoetnik that sucks you never received your XRP.  I can send you 1000 if it helps you with your anger towards Ripple.

[cmbartley]

Are they planning to distribute some more right? Remember reading about some another 30% or so.
Or is it included in the 65% you mentioned?

Yeah, they eventually plan to distribute just about all of it. ......

Oh yeah?
Well when it was launched they had a giveaway topic here..
Everyone had to sign up and create an account using an email.
One that i myself have gotten crypto-related spam and malware sent to (not sure from whom)

It went on for HUNDREDS of pages.. every guy posting his address.
Months and even years past by and no one ever did get any coins.

Interesting, can you link to the thread? I'd like to see it

Well you might want to see this..
https://bitcointa.lk/threads/not-enough-people-were-buying-Rapple-so-they-rebranded-it.351326/
I stumbled onto that link via Google looking for the EXACT comment where i posted my address before.

Also i found the topic i was talking about earlier with 400+ pages.. now locked
And as far as i can tell no one ever did get 1 coin.
Look who launched it.. a guy claiming to be from Rapple Labs. (From back when Giveaway topics were allowed here)
And no i am not sure where i commented on it, but i DID sign up and post my address like all the other guys.

Normally i'd say fuck off & use 'Search' but i am trying to back up my mouth / claims
See? I did not just make that up LOL

PS:
Good luck digging through 400+ pages ROFL

Rapple Giveaway! = https://bitcointalk.org/index.php?topic=145506.0

Posted by = https://bitcointalk.org/index.php?action=profile;u=82177

Thanks for digging this up CountdowntoDisappointment. Looks like they tried to explain here but I'm not sure if they ever followed up with a full explanation to the community: https://bitcointalk.org/index.php?topic=145506.msg3291105#msg3291105