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Author Topic: ABN Amro has no interest in Bitcoin  (Read 1011 times)
Eamorr
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January 17, 2015, 07:12:27 PM
 #21

How much of Ripple was pre-mined?
Ripple isn't mined at all, it's entirely been allocated at inception and distributed by giveaway / subsidy / founder share / work-for-equity / cash-for-equity. It works exactly the same way as classic tech companies after they have gone pubilc: their equity has already been allocated but you can trade their shares on exchanges and become a shareholder. Ripple is more of a DAC than a currency. Total supply is 100B XRP.
The answer is: a lot.

Who cares.

They could go out and spend XRP on lambos and yachts. Soon they wouldn't have 20% anymore.

Anyway, it's good that they have a reserve. They can use this to entice large players to become involved.

It's all very fine imagining a perfectly equal world. I don't believe such a world exists (though I do believe in equality of opportunity).

Let's say we were distributist absolutists. Every man, woman and child on earth was given 3 acres and a cow. Within 10 years, there'd be a very rich elite and lots of poor people with nothing. All over again.

That's human nature.

Getting hung up on the "fairness" of this 20% misses the point entirely (especially when you consider that Ripple Labs have a very strong social conscience. Also, have a look at the Chris Larsen Foundation).
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Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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January 17, 2015, 07:13:46 PM
 #22

I have no interest in ABN Amro either !!!

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