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Started By
Message
re: Official CryptoTalk Thread
Posted on 12/23/20 at 5:21 am to James11111
Posted on 12/23/20 at 5:21 am to James11111
quote:
XRP is different from Bitcoin and Ethereum in that the latter two currencies are minted in a gradual, ongoing process called mining. By contrast, Larsen and others created 100 billion units of XRP in one fell swoop in 2012 for a company called Ripple Labs. While Ripple continues to own the lion’s share of XRP, the bulk of its treasury is held in reserve, to be sold in scheduled allotments. Garlinghouse and Larsen also each own a significant amount of XRP. This arrangement has led some observers to view XRP as more akin to a company’s stock than a currency.
How is LINK different from this? I'm not shitposting -- I really don't know
1
Posted on 12/23/20 at 5:58 am to jmcwhrter
quote:
How is LINK different from this? I'm not shitposting -- I really don't know
That is the real problem. The SEC complaint is about Ripple selling XRP to fund their business. If the lawsuit goes the way that the SEC wants it then that is bad news for tons of other cryptos including Link, Cardano, Proppy, etc.
The cognitive dissonance of people laughing about the SEC going after Ripple is dumb. This is not good for cryptocurrency as a whole.
Posted on 12/23/20 at 7:03 am to tigermed
Link is actually providing a valuable network (unlike xrp), so i think that should also be taken into account.
The question of whether LINK is a security or not I dont know. Its a token that is used to secure and provide value to the chainlink network.
So not necessarily a company, but a decentralized network.
The question of whether LINK is a security or not I dont know. Its a token that is used to secure and provide value to the chainlink network.
So not necessarily a company, but a decentralized network.
Posted on 12/23/20 at 7:19 am to CE Tiger
Ripplenet provides fast and cheap cross border settlements between different fiats and XRP is the cheapest way to make the system work. Your statement that XRP doesn’t add value is false. You should probably stick to talking about Link and not bring up things about other blockchains that you are ignorant about.
Also XRP has already been deemed a digital currency (ie not a security) by FinCEN in a 2015 case. I guess the SEC will try to prove their case saying XRP was a security prior to 2015 and prosecute based on that. It definitely is not a security now per precedent by the US government.
Edit: Link to press release about the judgement calling XRP a virtual currency.
LINK
Also XRP has already been deemed a digital currency (ie not a security) by FinCEN in a 2015 case. I guess the SEC will try to prove their case saying XRP was a security prior to 2015 and prosecute based on that. It definitely is not a security now per precedent by the US government.
Edit: Link to press release about the judgement calling XRP a virtual currency.
LINK
This post was edited on 12/23/20 at 7:24 am
Posted on 12/23/20 at 8:00 am to tigermed
I just read the complaint. While the tokens may be different, the complaint could easily be made against Link based on my limited knowledge of them selling tokens to fund operations and other developments to support the chain. It does say one of the founders profited $600 million off XRP sales and total XRP sales were $1.3 billion. That $600 million doesn’t even include the amounts converted to the other named individuals “Ripple Agents 1-3” and three others.
That’s doesn’t leave a very proproaitonate amount to fund XRP operations.
I’m thinking about selling half my stack, locking in original investment and then buying back in with the profit when link drops.
I know this is not what a true holder should say but i think enough people will conflate XRP with other coins that raised money the same way.
Edit to add: this was a very short and to the point look at the complaint. It’s over 400 paragraphs. But I think people will do what I did and see the first 30 or so paragraphs and be like wait this is exactly what other coins do..however, a deeper dive reveals XRP is and was shady as frick. I am hoping the SEC targeted them because they were sick of their bullshite and personal profit/flouting of warning.
That’s doesn’t leave a very proproaitonate amount to fund XRP operations.
I’m thinking about selling half my stack, locking in original investment and then buying back in with the profit when link drops.
I know this is not what a true holder should say but i think enough people will conflate XRP with other coins that raised money the same way.
Edit to add: this was a very short and to the point look at the complaint. It’s over 400 paragraphs. But I think people will do what I did and see the first 30 or so paragraphs and be like wait this is exactly what other coins do..however, a deeper dive reveals XRP is and was shady as frick. I am hoping the SEC targeted them because they were sick of their bullshite and personal profit/flouting of warning.
This post was edited on 12/23/20 at 8:17 am
Posted on 12/23/20 at 8:06 am to lighter345
quote:
with other coins that raised money the same way.
Well it definitely gives morons like Zeus Capital some more firepower to drive the price down.. and considering how poorly LINK was doing against BTC anyway, it's hard to imagine where it might be heading
on the other hand, the last time Zeus went all in on this, the price went 5x
Posted on 12/23/20 at 8:12 am to jmcwhrter
Yea I’m happy pulling the trigger about 10 minutes ago...first time i have ever sold. Stings.
Posted on 12/23/20 at 8:41 am to tigermed
quote:
The cognitive dissonance of people laughing about the SEC going after Ripple is dumb. This is not good for cryptocurrency as a whole.
I’ll continue stacking BTC and feeling even better about it
Posted on 12/23/20 at 8:53 am to TigerTatorTots
quote:
I’ll continue stacking BTC and feeling even better about it
am I correct that the only way for Americans to margin trade BTC is on something like FTX.us, and the requirement is a $100k balance there?
Posted on 12/23/20 at 9:16 am to jmcwhrter
quote:No clue, never ever considered margin trading in order to look into it.
am I correct that the only way for Americans to margin trade BTC is on something like FTX.us, and the requirement is a $100k balance there?
Posted on 12/23/20 at 9:50 am to TigerTatorTots
Ok, so XRP is plummeting, glad I moved half my investment over to Link yesterday, which is doing pretty crappy too but no where near XRP status.
So at what price point do we consider getting back into XRP? At some point, it’ll be worth the risk, right? .25 cents a coin?
So at what price point do we consider getting back into XRP? At some point, it’ll be worth the risk, right? .25 cents a coin?
Posted on 12/23/20 at 9:54 am to supadave3
quote:Read the lawsuit, don't get back into it.
So at what price point do we consider getting back into XRP? At some point, it’ll be worth the risk, right? .25 cents a coin?
Posted on 12/23/20 at 9:59 am to TigerTatorTots
quote:
Read the lawsuit, don't get back into it.
Damn, it’s that bad? Ok, will have to read into it.
This sucks for those like TigerMike12344 that just bought into a chunk of it from BTC. As aggravating as he is, I hate to see people lose money.
Posted on 12/23/20 at 11:43 am to supadave3
Honestly Ill look at it again at .25, but its gotta hold there
ETA Just saw a tweet for perspective, I know its all a giant ponzi scheme, but they just want the price action to go up or down in an orderly manner like everything else.
Everything but BTC is bleeding right now
ETA Just saw a tweet for perspective, I know its all a giant ponzi scheme, but they just want the price action to go up or down in an orderly manner like everything else.
Everything but BTC is bleeding right now
This post was edited on 12/23/20 at 11:56 am
Posted on 12/23/20 at 12:12 pm to supadave3
I'll be ok! XRP will go up soon! Or I'll sink in my ship
Posted on 12/23/20 at 1:14 pm to tigermike2004
quote:
I'll be ok! XRP will go up soon! Or I'll sink in my ship
You are insane man. You have Stockholm Syndrome over an investment. You should never be this devoted to a crypto. It’s borderline cultish
Posted on 12/23/20 at 1:22 pm to jmcwhrter
quote:
am I correct that the only way for Americans to margin trade BTC is on something like FTX.us, and the requirement is a $100k balance there?
say that out loud...
"trading cryptocurrency on margin"
Posted on 12/23/20 at 2:09 pm to cgrand
quote:
say that out loud...
"trading cryptocurrency on margin"
I have a few hundred $$ worth of Beaxy I thought about converting and moving over to FTX to see if I can turn it into something..
basically assuming I'll lose it
Posted on 12/23/20 at 3:04 pm to tigermike2004
Exchanges will have to consider taking XRP off completely, won’t happen immediately but they have a problem on their hands with them.
Posted on 12/23/20 at 3:30 pm to tigermike2004
Get out bro...save yourself.
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