Why the world needs Ripple XRP - Whitepaper

[_nur]

This is a hidden video by Chris Larsen co-founder of Ripple on internet of value

MBA 1991 classmates present TED Talks at their 25th Reunion, September 10, 2016.

Chris Larsen: The Internet of Value
Stanford Graduate School of Business

https://youtu.be/Jb9EeG7oZUI

Technology alone will not change the world

Why don't Elon Musk issue a tesla or spaceX token to raise money?



All cryptocurrency have no real world application currently

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[JoelKatz]

So what I don't get is how does the consensus mechanism for ripple work?

With bitcoin this is easy: If I want to state what transactions I consider valid I would simply mine on the according chain.

But how do I state which transactions I consider valid in Ripple?

You just run rippled.

CAUTION: Oversimplified explanation. -- At all times, rippled has an "open ledger" that is uses kind of like a scratchpad. When your server receives a transaction, it applies it to the open ledger. If the transaction applies successfully, your server relays the transaction to other servers. When the next consensus round starts, your server will propose (just to itself if it's not a validator, to the world if it's a validator) that the transactions in your open ledger be applied to form the next "real" ledger. The network reaches an agreement on that set of candidate transactions, applies it to the last closed ledger, and then builds a new open ledger based on that.

[JoelKatz]

No. Bitcoin has never been centralized not even because gavin put out updates that everyone went with. Nobody was forced to adopt any new code and xrp holders are forced to eat shit when the xrp corp releases millions and millions of new coins.

Gavin could have released bitcoin code that produced new bitcoins, but had no ability to force anyone to run it. It's absurd that he would have done so, but if you go through the thought experiment, very few people run it and Gavin loses credibility. Maybe bitcoin finds a new Gavin, maybe it goes on without a benevolent dictator, maybe it dies. But it's very hard to imagine him successfully forcing everyone else to accept a change like that.

And the same reasoning applies to Ripple and XRP. Sure, we can make any change to the code we want. And we can try to get people to run it. And maybe they will and maybe they won't. In practice, we probably have a lot of power right now. We could probably do some evil at the margins for a short period of time if we wanted to, just as Gavin could have. But if we did something truly crazy, it's hard to imagine people following us.

I mean, either people care about the network or they don't. If nobody cares, then what difference does it make? If people care, why would you expect them to go along with changes that hurt them dramatically when they have a clear alternative?

There is no RCL secret source. The public source code is the source code we run. Our validators run the same code everyone else's validators runs. We hold no power to control the validators other people trust or who runs a validator.

On the other hand, we do hold an awful lot of XRP. We could, for example, crash the market for XRP by selling a huge amount in a short period of time. That would hurt us more than anyone else. And our conduct has demonstrated to date precisely the opposite -- we've worked to lock up XRP and we've discussed our plans for how we'll release XRP to the world. But, of course, we remain free to follow our own interests as we see them. That is a big difference between XRP and many other assets. If you think we will be good stewards and our plans are likely to build demand, then you will tend to expect the price to go up. If you think we will screw it up, abandon XRP, or fail for some reason, then you will tend to expect the price to go down.

[Spoetnik]

Was that meant to be a defense of Ripple dumping 333 million XRP on the markets with no warning or explanation as quoted by the guy before you ?

If so.. you FAILED 

[JoelKatz]

Was that meant to be a defense of Ripple dumping 333 million XRP on the markets with no warning or explanation as quoted by the guy before you ?

If so.. you FAILED  

Ripple, the company, has never dumped XRP on the market. We definitely have had a problem with founders XRP getting sold in large amounts and we've worked extensively to get that locked up, even getting involved in several lawsuits.

It is absolutely fair to criticize how good or bad a job you think we've done in preventing XRP from getting dumped. But it is absolutely baseless and unfair to accuse us (other than Jed himself) of actual dumping.

We don't need XRP sales to fund the company. If XRP will never be worth more than it is now, then XRP doesn't matter, never did matter, and never will matter. If XRP will be worth more in the future than it is now, then why would a well-funded company with lots of XRP want to dump it?

There were actually two cases where there was attempted dumping that you could make a reasonable argument that we had some responsibility for. In both cases, we immediately took that XRP off the market and sought compensation from the parties.

[bleedingedge]

If you think we will be good stewards and our plans are likely to build demand, then you will tend to expect the price to go up.

Somehow it seems to me, based on your business model, that you rather prefer the price to remain stable. The adoption is quite slow and as I understand mostly supported by distribution of XRP.

[JoelKatz]

If you think we will be good stewards and our plans are likely to build demand, then you will tend to expect the price to go up.

Somehow it seems to me, based on your business model, that you rather prefer the price to remain stable. The adoption is quite slow and as I understand mostly supported by distribution of XRP.

Stable is definitely better than volatile, even with some net increase. But a higher price helps us in several important ways:

1) A higher price means we can sell XRP for more money and thus increase our funding.
2) A higher price will be perceived as success. Perceived success helps drive adoption.
3) You can't use XRP to bridge a $1 million transaction today because you'd take huge losses from moving the price. We want XRP to bridge large transactions.

Of course, any kind of manipulation or hype to raise the price in the short term wouldn't help us. The inevitable subsequent crash would both increase the price of holding XRP making it harder to use it as an intermediate asset and it would be perceived as an indication that price growth doesn't reflect a genuine perception of success. Also, if you are worried that the price will drop, that will mean that you can't rely on XRP to bridge large transactions in the future because it might not have enough value and liquidity, so you won't build systems that rely on it (or perhaps even ones that benefit from it).

One of the ways you build consensus and volume is to get early adopters on board. Early adopters have to make investments in technology and infrastructure and take business risks that won't pay off if you fail. It helps a lot if people believe that your success is inevitable.

[SupaDude]

Ripple is the Illuminati/Archon gateway between the old banking cabal and the freaky new world of crypto.
Its very well done though, amazing system, compared to what is in use now.

But to claim its not under centralised control and "the world needs it" is a blatant lie.
So far, "they" sold out each and every rally, either "The Lab" or McCaleb.

I don't see why that would change in the foreseeable future.
Its just too nice a cow to milk, and the value of the token is totally unimportant to the institutional users.
The token isn't meant to be for payment, just for fees, so its in their best interest to keep it in a stable range.

I am really thinking about your words in the context of banking in the US in the 1800s. It was a time with many banks and currencies. Check out this podcast The Bank Wars . Ripple it seems, is meant to be for payments in the short term, but I am sure they would like to issue it to people in the future. They are a crypto banking cartel and would like to kill the other cartels in the old economy if they could I suspect. Once ripple reaches a critical mass in any region there is no longer a reason to allow other banks to join? They could issue liquidity in venezuela for example and by pass the whole diplomacy route. Also, as Fiat currencies and governments have lost the trust of the people they will need to be replaced. Cross border payments is just the gateway drug for ripple, I am sure they have much larger aspirations.

[JoelKatz]

Payments is just the gateway for ripple, I am sure the have much larger aspirations.

As important as knowing what you are is knowing what you aren't. The payments business is *huge* and it's going to take us a very long time and maximal effort to both grow it and take a slice of it. We've definitely talked about other things, but we're already trying to do as much in the payments space as we possibly can.

For example, there are a few people within Ripple who think that we should be doing something big in the identity space. I'm not one of them, and they are definitely in the minority. And the reason is this: Imagine if we had a perfect idea and fully-formed product for that space. We'd still need to market it, support it, and so on. Getting significant enough market traction to make it valuable is a massive undertaking,  comparable in scope to our current and planned efforts in the payments space. If we could double those, we would, we wouldn't build a second, equally large, parallel effort in another space.

That said, we do constantly re-evaluate our strategy and direction. And we do constantly evaluate whether we're trying to do too many things (and spreading ourselves too thin) or too few things (and possibly missing opportunities).

[SupaDude]

Payments is just the gateway for ripple, I am sure the have much larger aspirations.

As important as knowing what you are is knowing what you aren't. The payments business is *huge* and it's going to take us a very long time and maximal effort to both grow it and take a slice of it. We've definitely talked about other things, but we're already trying to do as much in the payments space as we possibly can.

For example, there are a few people within Ripple who think that we should be doing something big in the identity space. I'm not one of them, and they are definitely in the minority. And the reason is this: Imagine if we had a perfect idea and fully-formed product for that space. We'd still need to market it, support it, and so on. Getting significant enough market traction to make it valuable is a massive undertaking,  comparable in scope to our current and planned efforts in the payments space. If we could double those, we would, we wouldn't build a second, equally large, parallel effort in another space.

That said, we do constantly re-evaluate our strategy and direction. And we do constantly evaluate whether we're trying to do too many things (and spreading ourselves too thin) or too few things (and possibly missing opportunities).

I agree and did not add any time frames to my comments. Yes, it will take some time for you guys to BLOCKBUSTER the SWIFT network and hopefully western union as well.

I will keep Ripple on my buy list. I think it has a place in the ecosystem as we transition away from old money to smart money. I think being added to cold storage wallets signals to the community that something is afoot and a TV show like Dash! That might be cheap with a great PR return. Also, the immigrants should be made aware of what a ripple bank is? You should be able to send a ripple cards to your family members back home, maybe up to 10 cards tied to one account in a western nation. I should be able to split up 200 bucks across 10 family members instantaneously.

[Spoetnik]

Was that meant to be a defense of Ripple dumping 333 million XRP on the markets with no warning or explanation as quoted by the guy before you ?

If so.. you FAILED  

Ripple, the company, has never dumped XRP on the market. We definitely have had a problem with founders XRP getting sold in large amounts and we've worked extensively to get that locked up, even getting involved in several lawsuits.

It is absolutely fair to criticize how good or bad a job you think we've done in preventing XRP from getting dumped. But it is absolutely baseless and unfair to accuse us (other than Jed himself) of actual dumping.

We don't need XRP sales to fund the company. If XRP will never be worth more than it is now, then XRP doesn't matter, never did matter, and never will matter. If XRP will be worth more in the future than it is now, then why would a well-funded company with lots of XRP want to dump it?

There were actually two cases where there was attempted dumping that you could make a reasonable argument that we had some responsibility for. In both cases, we immediately took that XRP off the market and sought compensation from the parties.

I suggest you contact Gliss who runs CoinMarketCap to inform him of this error you found then.

Feel free to refer him to pictures i posted showing how the market cap increased.

Hmm such a mysterious coin with much explaining needed huh ?  

Proof ? --> Re: Ripple releases 333 million more Tokens

[JoelKatz]

I interpret "dumping" to mean selling on the open market. Yes, we absolutely do sometimes put large amounts of XRP into circulation. For example, as a result of a partnership deal, a partner might receive several hundred million XRP. There's always some agreement about how they will use that XRP and clauses that prevent them from dumping it.

Obviously, this can have a negative effect on the price of XRP. But we only do it when we believe the value of the partnership justifies the cost. Anyone who holds XRP, particularly those who are contractually prohibited from dumping it, shares our interest in seeing the price appreciate over the long term.

[Hueristic]

I don't know why this con is on the first five most capitalised project on coinmarketcap.com, I report came out last week that it is one of the most on secured blockchain project out there, truly I'm not surprise about the result of the report but what do  surprise me is that people are still buying into it.

Because when you create and own all your coins you can make whatever cap you want.

[BitcoinNational]

_nur still shilling this SHEEEET!

JoelKatz ... i'll give you a pass since I believe you can actually code.

[topesis]

I don't know why this con is on the first five most capitalised project on coinmarketcap.com, I report came out last week that it is one of the most on secured blockchain project out there, truly I'm not surprise about the result of the report but what do  surprise me is that people are still buying into it.

Because when you create and own all your coins you can make whatever cap you want.

But it doesn't make any sense at all, I look at the price movement most time, it seems to me that someone somewhere is playing with the price. Why would I use something that I know the creator can wake up someday and dillute the coin the more

[Spoetnik]

I interpret "dumping" to mean selling on the open market. Yes, we absolutely do sometimes put large amounts of XRP into circulation. For example, as a result of a partnership deal, a partner might receive several hundred million XRP. There's always some agreement about how they will use that XRP and clauses that prevent them from dumping it.

Obviously, this can have a negative effect on the price of XRP. But we only do it when we believe the value of the partnership justifies the cost. Anyone who holds XRP, particularly those who are contractually prohibited from dumping it, shares our interest in seeing the price appreciate over the long term.

You scream lies then flood this place with walls of text giving us the tech mumbo jumbo runaround
then..
You do a 180 and say oh well yeah you are 100% correct Spoetnik and YES we did indeed unleash 333 million coins on the public with no warning or explanation at all.
The fact anyone even notices was simply an accident otherwise you all would have gotten away with it.

Ripple guys got balls !

They print their own money and do what ever the fuck they want.
Such as putting out more coins because of a "partnership deal"
..a bullshit excuse (other wise prove it)

When in fact you unloaded them to jump over Litecoin in the Market Cap standings.
That *IS* deceitful manipulation and bordering on fraud.
AND you are busted caught red-handed with your sleazy shenanigans.
If that guy i quoted earlier is correct and you guys were caught doing this before and were penalized by CoinMarketCap then hell yeah they should totally punish Ripple again.. LIKE FINCEN DID.

Hmm FINCEN Spoetnik says ?
Yeah.. seems of all coins in all of Crypto they decided to previously fine the Ripple guys.
Why ?
Because they were acting scammy.. again.

You Ripple idiots hold the honor of being the only scammy ass shitcoin to fuck up bad enough to have FINCEN punish you.
Quite an honor  

You guys are unreal  

..just gotta have that fucking money huh ?
push push push no matter what eh ?
Not gonna give up are you guys ?


EDIT:

So... think Spoetnik is being dramatic eh guys ?
Well.. guess what ?
When doing a Google search with the keywords "FINCEN violation"
Guess what shows up as the 4th highest ranking web page on the planet earth ?

FinCEN Fines Ripple Labs for Bank Secrecy Act Violations - CoinDesk

The Financial Crimes Enforcement Network (FinCEN) has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA).

Convicted guilty of a Financial Crime ?
No big deal ? Who Cares ? mhhhmmm sure

I guess they have to recover that 450k somehow or another huh ?

[JoelKatz]

I don't know if you particularly care about facts, but "Convicted guilty of a Financial Crime" is completely untrue. There was a criminal investigation and a civil enforcement action. Ripple settled the civil enforcement action by paying FinCen a fine (and agreeing to other terms, basically that we would follow the law as FinCen understood it) and FinCen agreed not to prosecute us.
https://www.justice.gov/sites/default/files/opa/press-releases/attachments/2015/05/05/settlement_agreement.pdf

The agreement is an NPA.
http://us.practicallaw.com/9-608-6205

However, if we breach the agreement, FinCen can bring criminal charges against us. They can use our admissions under the NPA as evidence against us in a future criminal trial. So it's still a very serious matter.

Weirdly, though it was one of the most awful things we went through, it probably strengthened us. There was no actual prosecution, and partners reasoned that we probably would not have been able to get an NPA unless FinCen was convinced that our future conduct would be lawful. Oddly, I think in retrospect it actually helped us!

If you're ever in San Francisco, let me know. I'll buy you a beer and tell you the real story of that action.

[Spoetnik]

WOW really ?
So being accused then settling and handing over a half million dollar penalty is proof of innocence ?

The Ripple media-spin never does stop does it ?

[JoelKatz]

WOW really ?

Yes, these are things called facts.

So being accused then settling and handing over a half million dollar penalty is proof of innocence ?

No, but being accused and settling is not proof of guilt either.

The Ripple media-spin never does stop does it ?

As I said, this was only if you were interested in knowing the facts.

[Spoetnik]

Why the world needs Ripple ? In white paper form ? ooh la la so sounds so official & legit  

I am tremblin with excitement at the ROI'z possibilities.. my wallet is gonna vibrate out of my pocket !

So uhh hows the Big Banks are "using" Ripple News thing posted bi-monthly working out ?
Is THAT why the world needs Ripple ?
You think they enjoy your excuses for FiNCEN coming after Ripple bullshit ?

No worries bro.. shoot 'em a "White paper" ..problem solved !
Or are they not dumb like the rest of these greedy kids in crypto ?

Topic title ? Uhhh why again sorry i missed that part.
Got caught up in the endless stream of Ripple bullshit that all pretty much goes ignored year after year.

Hmm how did Cryptsy get in paid "anonymous" votes ?
How long did they refuse to add it because it was scammy ?

And about that giveaway.. how many of us did you scam out of our personal info with the 400+ page giveaway topic that you guys never paid anyone 1 single coin ?
It said right in the topic "Official"
You made all of us for 400+ pages sign up at Ripple's web site and create a wallet and then come here and post the address and not one fucking guy got a coin and then you simply locked the topic and never mentioned it again.

You want to talk about a group who have a scammy past ..your lookin' at the mother fuckers people  

..this crypto scene is a sleazy little fucking shithole full of corrupt human garbage.

THOSE are the "FACTS" sweety pie