Founder of Ripple is announcing he is dumping his XRP. Ripple crashes 35% and st

[Sukrim]

Anyone want to buy my 30,000 xrp?

Sure, what's your asking price?

[DeathAndTaxes]

It's stupid that I am the first to bring that up but here it is.

JED probably cares enough about his own money that he won't exhaust the order-book with his sales but essentially do it automated based on liquidity. Essentially, in his case prolonging the process of cashing out over his whole expected lifetime.

If he cared solely about his own money, the way to make the most would be to not tell people in advance.

Yes, exactly.  There is more going on here than we are privy to. 

And, no, this isn't FUD to get the price to drop to buy "cheap coins."  Approximately 80% of the coins are owned by Ripple Labs, and another 9% or so by Jed.  The entire premise that XRPs were a store of value was flawed, even if you believe the ripple concept is useful as a global hawala network. 

Of course there are things like this:
https://bitcointalk.org/index.php?topic=174854.msg2352658#msg2352658

Yes the ledger (equivalent of the blockchain) and all transaction history is unknown prior to ledger 32,570.

[Peter R]

It's stupid that I am the first to bring that up but here it is.

JED probably cares enough about his own money that he won't exhaust the order-book with his sales but essentially do it automated based on liquidity. Essentially, in his case prolonging the process of cashing out over his whole expected lifetime.

If he cared solely about his own money, the way to make the most would be to not tell people in advance.

Yes, exactly.  There is more going on here than we are privy to.  

And, no, this isn't FUD to get the price to drop to buy "cheap coins."  Approximately 80% of the coins are owned by Ripple Labs, and another 9% or so by Jed.  The entire premise that XRPs were a store of value was flawed, even if you believe the ripple concept is useful as a global hawala network.  

Of course there are things like this:
https://bitcointalk.org/index.php?topic=174854.msg2352658#msg2352658

Yes the ledger (equivalent of the blockchain) and all transaction history is unknown prior to ledger 32,570.

Wow, I didn't know that Ripple had a "server bug" and lost all the early history.  It sounds like Ripple uses balances rather than spent/unspent outputs like bitcoin, which I guess is why it can even function with a gapping hole in its blockchain.  

[yayayo]

Ripple is dying. Nobody needs a second paypal anyway.

Investors are screwed. Hopefully they will learn that it's not wise to invest in a coin where a tiny circle controls almost the whole supply.

ya.ya.yo!

[Sukrim]

Yes the ledger (equivalent of the blockchain) and all transaction history is unknown prior to ledger 32,570.

Yes and no, about half of the transactions are still referenced in ledger 32570 and it is not that hard to guess what they contained. Currently it seems like this history is really being lost though, as some recently released old database dumps that could have contained this data most likely didn't.

@Peter R:
Yes, Ripple operates on balances, so for the system itself 1 week of transactions missing is not that big of a deal.

@yayayo:
Ripple != XRP

[bluemeanie1]

XRP: get em while they're hot!   lol!

did anyone ever actually use Ripple for anything?

-bm

[yayayo]

@yayayo:
Ripple != XRP

Ah, c'mon. Who will care about the Ripple network  when XRP is worthless? The founder exiting is a perfect sign that he sees no future. The last bit of trust is eroded.

Ripple is a stillborn. It can't compete against bitcoin. With a few founders controlling almost all the Ripples it is not trustworthy. Even less trustworthy than fiat from the FED.

Nobody needs that.

ya.ya.yo!

[oakpacific]

It's stupid that I am the first to bring that up but here it is.

JED probably cares enough about his own money that he won't exhaust the order-book with his sales but essentially do it automated based on liquidity. Essentially, in his case prolonging the process of cashing out over his whole expected lifetime.

If he cared solely about his own money, the way to make the most would be to not tell people in advance.

Yes, exactly.  There is more going on here than we are privy to. 

And, no, this isn't FUD to get the price to drop to buy "cheap coins."  Approximately 80% of the coins are owned by Ripple Labs, and another 9% or so by Jed.  The entire premise that XRPs were a store of value was flawed, even if you believe the ripple concept is useful as a global hawala network. 

You need them to worth something to be able to move any amount of money, unless you buy into the whole IOU stuff of course.

[Peter R]

I'm just reading through the comments at the Ripple forum: https://xrptalk.org/topic/2629-selling-my-xrp/page-14

denverlost, on 22 May 2014 - 4:31 PM, said:
Just got to say thank you Jed for ruining my savings. I'm hard working man in my 30s with two kids, It took me few years to save up $7000 and used it to purchase 1M ripples.
Today after hard sweat work I came home to realize my savings were cut by 60% thanks to Jed.
If you were so caring person about others you would realize that giving two weeks of time frame will create a lot of fear around community.
Why didn't you just make a deal with RL and sell your ripples directly to them or just dump it the day you announced it, but giving two weeks time frame just explains you have no heart or care for community.
And who gives announcements at 2AM EST? Someone that's pretty lonely I guess.
What am I suppose to do right now and how to even bring the news to my wife. I strongly believed in ripple future and it's success.
Sounds like it's a game for you sir. For some people it's life and hard earned money they lost!
 
Sam
rUQwWJBVPBbEQ6CoaoJKeGH8HDWDwysERb

Sam,
 
I feel you brother.
 
One thing we all have in common is that this day has been madness.
 
I am assuming you are like me, and invested in XRP because of the future potential.
 
I have been kicking myself all day for some trades I was proud of yesterday, that should I have waited a few hours, would have been 50x more profitable.
 
My trading wallet would have been worth 3x as much as my cold storage vault if I had just held that BTC for another day.
 
As it stands right now, all of our investments are bordering worthless.
 
At the least, they are worth significantly less than when we went to sleep last night.
 
That being said.
 
The only way you guarantee a loss is by selling.  I'm not saying hold onto all of your XRP forever, there are probably some really smart people here who sold everything between .003-.005 and will have an opportunity to buy back in at lower levels.
 
I am not one of them, but I'm sure several have made that move.
 
You have a responsibility to your family first and foremost.  As I do.
 
I am also a family man.  I have 4 children ranging in age from 9 to 2 years old.  
 
Make the choice you think is right, but at the end of the day, I don't think either of us expected XRP to be worth selling today (positive or negative).
 
Think about this - today marks the 4th anniversary of Laszlo Hanyecz buying a pizza for 10,000 bitcoins.  At that time the trade was worth about $25.  Today that would be over 5 million dollars worth of pizza.
 
Ironically, today 10,000 XRP is worth about the same.
 
What will it be worth 4 years from now?
 
How do you want to feel when you find out?
 
There will always be drama, separate yourself from it, or live in it, but don't let it make bad choices for you.
 
An old friend once told me that life is about managing CrapBoats.
 
He used to say "At any given moment, you are either dealing with a boatload of crap, watching one sail away, or watching one sail towards you."
 
It's when you forget that, that they catch you by surprise.
 
 
Stay strong Brother, This too shall pass.
 
 
-D

These kind of comments are sad to read, especially if the value proposition was never there to begin with.    

But am I missing something?  Is there actually some value proposition to XRP itself that I just can't see?  To me it seems that XRP is a token to facilitate an IOU swap (sort of like a 6 bit colored coin) and that it just needs to have a small but non-zero value to function.  (I'm not debating the argument that a global hawala system might be useful in certain situations but that seems orthogonal to value of XRP).

[bigasic]

Granted, this was a chicken shit move by the guy that dumped, but just like most everything, it should recover.. I would consider this a bump in the road. It may take a while to recover, but it most likely will. Like the op said, the only way you lose is if you sell. You can only make that decision, but do your homework and make the best one you can. IMHO, I would weather the storm and in a year or so you wont even remember this, (hopefully)..

[🏰 TradeFortress 🏰]

Granted, this was a chicken shit move by the guy that dumped, but just like most everything, it should recover.. I would consider this a bump in the road. It may take a while to recover, but it most likely will. Like the op said, the only way you lose is if you sell. You can only make that decision, but do your homework and make the best one you can. IMHO, I would weather the storm and in a year or so you wont even remember this, (hopefully)..

No it won't. Ripple is inherently flawed. It isn't decentralized, even with the source code available.

Do your homework, read up on ripplescam.org (with archive.org).

[jonald_fyookball]

These kind of comments are sad to read, especially if the value proposition was never there to begin with.    

But am I missing something?  Is there actually some value proposition to XRP itself that I just can't see?  To me it seems that XRP is a token to facilitate an IOU swap (sort of like a 6 bit colored coin) and that it just needs to have a small but non-zero value to function.  (I'm not debating the argument that a global hawala system might be useful in certain situations but that seems orthogonal to value of XRP).

I don't think this was a case of "calculated-risk
just didn't work out".

I think this was a case of "people invested large amounts
relative to their net worth in very speculative investment,
without even really understanding that investment".

So, yes it is sad for some people.... as well as foolish.

 

[Peter R]

Granted, this was a chicken shit move by the guy that dumped, but just like most everything, it should recover..

Apparently Jed hasn't sold yet.  He just telegraphed to the market that he would begin selling in two weeks.  If this is true, then the market reaction today was in anticipation of the sales and not a result of the sales.  This all seems very strange to me...  

[🏰 TradeFortress 🏰]

I think this was a case of "people motivated by greed invested large amounts
relative to their net worth into a clear pump and dump 100% premined scam without understanding
the investment".

So, yes it is sad for some people.... as well as foolish.

 

Fixed.

Apparently Jed hasn't sold yet.  He just telegraphed to the market that he would begin selling in two weeks.  If this is true, then the market reaction today was in anticipation of the sales and not a result of the sales.  This all seems very strange to me... 

How so? This occurs all the time in markets.

[Sukrim]

This is xrptalk, not the ripple forums...

As the name implies, a lot of people there are the ones who bought XRP because they believe(d) that they have significant value. Kinda ironic that Jed, their big hero, announced his sell-off there in advance.

On the other hand, he just said that in 2 weeks he'll start selling - not how much, not where and not at which price. It might very well be that he will just put in a huge ceiling order and keep the price of XRP below a certain level for the forseeable future. He did not say where this level might be, even if he is stupid brave non-smart enough to announce a sell early, I doubt he'd sell via a market order.

Granted, this was a chicken shit move by the guy that dumped, but just like most everything, it should recover..

Apparently Jed hasn't sold yet.  He just telegraphed to the market that he would begin selling in two weeks.  If this is true, then the market reaction today was in anticipation of the sales and not a result of the sales.  This all seems very strange to me...  

Satoshi provably announcing that he'd sell all his BTC (which are about 1 million+) in 2 weeks would also have significant influences on the BTCUSD rate, even though he holds only a bit less than 10% of all currently distributed BTC - Jed holds >100% of all currently distributed XRP in comparison!

[🏰 TradeFortress 🏰]

On the other hand, he just said that in 2 weeks he'll start selling - not how much, not where and not at which price. It might very well be that he will just put in a huge ceiling order and keep the price of XRP below a certain level for the forseeable future. He did not say where this level might be, even if he is stupid brave non-smart enough to announce a sell early, I doubt he'd sell via a market order.

'I plan to start selling all of my remaining XRP beginning in two weeks'

Because Ripple encourages using single addresses, I'm sure people have his xrp address to see how many coins he currently holds.

[jonald_fyookball]

I think this was a case of "people motivated by greed invested large amounts
relative to their net worth into a clear pump and dump 100% premined scam without understanding
the investment".

So, yes it is sad for some people.... as well as foolish.

 

Fixed.

Apparently Jed hasn't sold yet.  He just telegraphed to the market that he would begin selling in two weeks.  If this is true, then the market reaction today was in anticipation of the sales and not a result of the sales.  This all seems very strange to me... 

How so? This occurs all the time in markets.

Peter are you feeling ok ?  I sense great confusion in you today. lol...

[yayayo]

These kind of comments are sad to read, especially if the value proposition was never there to begin with.   

But am I missing something?  Is there actually some value proposition to XRP itself that I just can't see?  To me it seems that XRP is a token to facilitate an IOU swap (sort of like a 6 bit colored coin) and that it just needs to have a small but non-zero value to function.  (I'm not debating the argument that a global hawala system might be useful in certain situations but that seems orthogonal to value of XRP).

I don't think this was a case of "calculated-risk
just didn't work out".

I think this was a case of "people invested large amounts
relative to their net worth in very speculative investment,
without even really understanding that investment".

So, yes it is sad for some people.... as well as foolish.

 

Exactly. Now they are trying to comfort each other emotionally in their shared misery. But that will not bring their money back.

It's very sad to hear that families might suffer, because of the father sinking money into this scamcoin.

ya.ya.yo!

[Peter R]

Apparently Jed hasn't sold yet.  He just telegraphed to the market that he would begin selling in two weeks.  If this is true, then the market reaction today was in anticipation of the sales and not a result of the sales.  This all seems very strange to me... 

How so? This occurs all the time in markets.

Sorry, that was confusing.  The market reaction seems normal.  What seems strange is the entire ripple/XRP saga...

[Peter R]

Peter are you feeling ok ?  I sense great confusion in you today. lol...

Yes, I've been making mistakes all day.  Think I need to put down the computer and slowly walk away lol.