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Official BGOL Crypto Currency Thread ★★★★★

Spectrum said:
Naw. Multiple people had a relationship with him. That's how the project got handed it over once he mined it and knew it worked.
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I read in Digital Gold that Eric Voorhees and other Bitcoin Core devs communicated with him regularly via email but never met him in person.

Curiously enough his allocated 1M Bitcoins haven't been used.

Some joke that he was a sentient computer program from the future which came back in time for the sole purpose of helping humanity bring the decentralized blockchain protocol to fruition which will fuel its future sentience :lol:
 
Spectrum said:
Banks want something that is a store of value in the most conservative of senses. None of these banks are going to deal with highly volatile crypto that's traded on exchanges. That's not even the business that they're in. That's why they want the tech (ripple) but not the currency (XRP). At some point, you'll see investment banks get into it heavy (like Morgan Stanley).
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Business models change or you find yourself out of business. Oh the bank of abu dhabi just went all in with ripple like two days ago. I am willing to to wait them out then will use this shit, and ripple lying bout the don't care about the price lol miss me with that shit. Everyone want to be the man and BTC is the man right now. I know their eyes are on the prize and where there is a will there is a way.

Plus that's just the thing they don't ever have to use the currency I don't care, prices will go up just because they adopted the system. These crypto coins as a whole are not just a direct reflection of how the coins themselves are being used in the crypto economy but as a view of how we value the company, product or currency.
 
LegalMoney said:
I read in Digital Gold that Eric Voorhees and other Bitcoin Core devs communicated with him regularly via email but never met him in person.

Curiously enough his allocated 1M Bitcoins haven't been used.

Some joke that he was a sentient computer program from the future which came back in time for the sole purpose of helping humanity bring the decentralized blockchain protocol to fruition which will fuel its future sentience :lol:
Click to expand...

I knew about bitcoin shortly after it launched... well several months in. I read the white paper. I think read damn near everything on bitcointalk. He's like Blunt.. a real person but mythical..lol.. but he was in regular communication with people for long periods of time before and after the release of bitcoin..soliticing help and everything.

no movement out of that block is interesting though. He didn't just allot them to himself he actually mined them so test the system.

The original whitepaper is genius though... easily the best technical document I've read. To think that all out was genius. I mean he leaned on other crypto-work but the public ledger aspect of the protocol was genius.
 
Ballhandler said:
Business models change or you find yourself out of business. Oh the bank of abu dhabi just went all in with ripple like two days ago.
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You're confusing RIPPLE with XRP. I tried to explain that to yall before that the two don't have anything to do with each other. Banks love Ripple's technology stack. They have very little interest in XRP and can issue their own coins...which they've been doing.

I'm not telling you XRP doesn't have a future but you're completely missing it if you think it matters when a bank starts using Ripple's tech if you think that presupposes XRP will benefit. XRP was a usecase for ripple and a means to access liquidity for the company Ripple. Beyond that, XRP isn't that important to Ripple's (the company) short or long-term success.
 
LegalMoney said:
I read in Digital Gold that Eric Voorhees and other Bitcoin Core devs communicated with him regularly via email but never met him in person.

Curiously enough his allocated 1M Bitcoins haven't been used.

Some joke that he was a sentient computer program from the future which came back in time for the sole purpose of helping humanity bring the decentralized blockchain protocol to fruition which will fuel its future sentience :lol:
Click to expand...

As much bullshit I have seen in my life and people expect me to believe that this whole shit ain't some super secret CIA operation or some shit. The banking system is a scam, the anit banking system is a scam, wtf. Let's just have knowledge and the smarts to not get totally ran over and we will be good to go. But yall can think that person is real if you want, not the kid.
 
Spectrum said:
So many coins over a 100m market cap that don't even have teams.. like they're completely abandoned and people know it and they're still trading in and out of them for profit. It's nuts.
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I'm not mad at it. Every one is responsible for their own due diligence.
 
Spectrum said:
You're confusing RIPPLE with XRP. I tried to explain that to yall before that the two don't have anything to do with each other. Banks love Ripple's technology stack. They have very little interest in XRP and can issue their own coins...which they've been doing.
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I am not confusing it with XRP. The only reason got into this shit was because I read the first page of this thread and we spent about 10 hours researching ripple the company, xrp the product.

I keep telling you I believe that investors will cash their dollar votes because of ripple the company not xrp and its usage. I also believe that banks will adopt XRP. Look if banks are my main clients, and I told them I have a solution to one of their key problems and its the system. Then I tell them even better than that we can make the system run faster and cheaper if you use XRP. Banks as you say are scared of using crypto, but OVER TIME they slowly see bank after bank adopt xrp and the money is right, they will switch.

If they ain't all in cahoots they are wishing all this crypto stuff fail and they can go back to old days and ways of doing business. But as history keeps showing everything evolves. Shit look how quick paypal transformed the industry now there are a gang of paypal type systems.

I bet you wont sell those XRP's you got lol.
 
Spectrum said:
I knew about bitcoin shortly after it launched... well several months in. I read the white paper. I think read damn near everything on bitcointalk. He's like Blunt.. a real person but mythical..lol.. but he was in regular communication with people for long periods of time before and after the release of bitcoin..soliticing help and everything.

no movement out of that block is interesting though. He didn't just allot them to himself he actually mined them so test the system.

The original whitepaper is genius though... easily the best technical document I've read. To think that all out was genius. I mean he leaned on other crypto-work but the public ledger aspect of the protocol was genius.
Click to expand...

The public ledger and the entire system of trust is fucking brilliant.

IMO the most intriguing aspect is the dichotomy between the miners and the developers.

Satoshi ensured that neither side could unilaterally change the protocol without consensus, a true checks and balance system.

Bitcoin was designed to be immutable and with neither side having the power to unilaterally change the protocol that inspires user confidence that those ledger entries are legit and private.

That's why this scaling issue is horrible because while I agree that Bitmain has a monopoly on the hash power and you don't want miners controlling the protocol, I also don't want a group of developers who are mere people changing the protocol due to whatever societal whims are "in".

I hate the "good" developers vs "bad" miners narrative, we need both to work out what's best for the protocol.
 
Ballhandler said:
I also believe that banks will adopt XRP. .
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That doesn't make any sense. Business is driven by incentives. Banks have zero incentives to use XRP. There's no benefit for them at all. Any imagined benefits can also be gained by generateing their own currency to run on Ripple as an exchange mechanism.
 
LegalMoney said:
The public ledger and the entire system of trust is fucking brilliant.

IMO the most intriguing aspect is the dichotomy between the miners and the developers.

Satoshi ensured that neither side could unilaterally change the protocol without consensus, a true checks and balance system.

Bitcoin was designed to be immutable and with neither side having the power to unilaterally change the protocol that inspires user confidence that those ledger entries are legit and private.

That's why this scaling issue is horrible because while I agree that Bitmain has a monopoly on the hash power and you don't want miners controlling the protocol, I also don't want a group of developers who are mere people changing the protocol due to whatever societal whims are "in".

I hate the "good" developers vs "bad" miners narrative, we need both to work out what's best for the protocol.
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Yeah. I didn't get the big deal until I read the white paper. Then I read an analysis of the public ledger and my mind was blown. The blockchain (well various chains) are going to rewrite many aspects of society. Anything that requires a 3rd party acting as an intermediary or authority could theoretically be replaced by a trustless system now.
 
LegalMoney said:
I hate the "good" developers vs "bad" miners narrative, we need both to work out what's best for the protocol.
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I think the CLEAR move is just to implement segwit and be done with it. The purists don't want to adjust to reality. It's like dealing with the GOP when it comes to healthcare. The clear move is to continue to amend the ACA but they're willing to blow it all up over ideology. Dragging this out is just going to cede the future to Ethereum (at least the short term future).
 
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Spectrum said:
That doesn't make any sense. Business is driven by incentives. Banks have zero incentives to use XRP. There's no benefit for them at all. Any imagined benefits can also be gained by generateing their own currency to run on Ripple as an exchange mechanism.
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They can save up to 60% per transaction. How is that no benefit?
 
kbanna said:
They can save up to 60% per transaction. How is that no benefit?
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They can do the same thing by pushing out their own currency on ripple and it would take very little work to do it. Banks are all about vertical integration. I mean it's happening right now. I'm not speculating. Look at the banks adopting Ripple and report back on the percentage who have deployed XRP at any significant rate.

Technically speaking, you don't need to use XRP after you've deployed Ripple.

Again, I'm not saying the company isn't great. I think Ripple (as a company) has major potential. I do think XRP is decoupled from it and it's obvious they know that too.. despite what they say publicly because those XRP reserves are extremely valuable to the company because they can liquidate to raise funds until of running to Sand Hill Road and begging VCs for more capital.
 
LegalMoney said:
That's why this scaling issue is horrible because while I agree that Bitmain has a monopoly on the hash power and you don't want miners controlling the protocol, I also don't want a group of developers who are mere people changing the protocol due to whatever societal whims are "in".

I hate the "good" developers vs "bad" miners narrative, we need both to work out what's best for the protocol.
Click to expand...

Forget society's whims. Bitcoin transaction fees have gone up to damn near 16%! It is literally cheaper to sell BTC for US currency than it is to use it to buy anything.

If this isn't modified soon it will kill Bitcoin as a currency
 
Spectrum said:
I have a friend setting up a rig right now. I'll let people know how it goes. He thinks his first rig will profit $2k per month. If it does that out of the gate, he's going to set up 5 more next month.
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Shit, let us know his setup if he gets close to that.
One of the fam in here is mining ethereum and dropped a link on how to set it up. I'm gonna go through it and see if i can get my rig to run it.
I have a pretty high end system for video editing.
 
Spectrum said:
They can do the same thing by pushing out their own currency on ripple and it would take very little work to do it. Banks are all about vertical integration. I mean it's happening right now. I'm not speculating. Look at the banks adopting Ripple and report back on the percentage who have deployed XRP at any significant rate.

Technically speaking, you don't need to use XRP after you've deployed Ripple.

Again, I'm not saying the company isn't great. I think Ripple (as a company) has major potential. I do think XRP is decoupled from it and it's obvious they know that too.. despite what they say publicly because those XRP reserves are extremely valuable to the company because they can liquidate to raise funds until of running to Sand Hill Road and begging VCs for more capital.
Click to expand...

The banks are signing up to Ripple but I don't think they are supposed to start using it until Mid 2018. So there are no use cases of the percentages of Banks that are signing up vs how many are using XRP. 2nd of all I believe that perception is reality. Z cash shot up because of a JP Morgan announcement that had nothing to do with their currency, Potcoin shot up because Dennis Rodman wore a Potcoin T Shirt.

Just because you and a lot of crypto investors are well informed about the relationship between Ripple and XRP, doesn't mean the majority of these investors are. XRP will be successful because the more Banks that are announced, the more people will buy it. I read a report around the time that Mitsubishi bank signed on that 100k people in japan bought it, not even knowing what it is.

If your saying XRP wont do well because of Banks signing up, that's left to be seen, but I still believe as a world adopted crypto it will be more then fine.
 
SlimKid07 said:
Shit, let us know his setup if he gets close to that.
One of the fam in here is mining ethereum and dropped a link on how to set it up. I'm gonna go through it and see if i can get my rig to run it.
I have a pretty high end system for video editing.
Click to expand...

HeathCliff is using a web service. My friend is actually setting up the hardware. He said he's getting 1080 ti's. He's getting them for 700 a pop and wants to get 16 of them. Because he's getting them on a hook up he's going to send half on ebay so that part will be free. The mother boards available now go up to 8 pci-e slots so he'll only use 8 anyway (i guess some new ones go up to 14).

I really don't know much about mining. I've read articles about it but I'm a notice on the mining side. I'm learning from him.
 
kbanna said:
The banks are signing up to Ripple but I don't think they are supposed to start using it until Mid 2018. So there are no use cases of the percentages of Banks that are signing up vs how many are using XRP.
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Some are already using it and are on the record saying they have no plans to use XRP because it's not necessary. They want the blockchain payment system.. not XRP.

Some will use it but as you evaluate it, it's going to be important to distinguish Ripple's success from XRP's success. They'll be mutually exclusive. And banks want is more for the distributed financial technology and not really the important blockchain aspects of the public ledger. It's distributed not decentralized.

I still love the idea of Ripple. Don't get me wrong. I'm just saying Ripple and XRP are more loosely coupled that people think.
 
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Spectrum said:
Some are already using it and are on the record saying they have no plans to use XRP because it's not necessary. They want the blockchain payment system.. not XRP.

Some will use it but as you evaluate it, it's going to be important to distinguish Ripple's success from XRP's success. They'll be mutually exclusive. And banks want is more for the distributed financial technology and not really the important blockchain aspects of the public ledger. It's distributed not decentralized.

I still love the idea of Ripple. Don't get me wrong. I'm just saying Ripple and XRP are more loosely coupled that people think.
Click to expand...

Not disagreeing with you but I think that there have been a few demos but not a full on implementation from any particular bank. I remember reading that 2018 will be the earliest that banks will adopt Ripple and it will be fully implemented. (I'll see if I can dig up a link) I am fully aware that they are decoupled, trust me I was shocked when Miguel jumped out the window at Census 2017. But I think it will be a lagging correlation, not necessarily no adoption at all. For example 1 in 5 banks will use it etc. (Don't quote me on that ratio)
 
U think it's still a good buy in now I mean it's been hitting 21-22 then going back down to 17-18 cents. I wanna grab more but wanna see if it dips again

This is HMQ
 
Spectrum said:
Some are already using it and are on the record saying they have no plans to use XRP because it's not necessary. They want the blockchain payment system.. not XRP.

Some will use it but as you evaluate it, it's going to be important to distinguish Ripple's success from XRP's success. They'll be mutually exclusive. And banks want is more for the distributed financial technology and not really the important blockchain aspects of the public ledger. It's distributed not decentralized.

I still love the idea of Ripple. Don't get me wrong. I'm just saying Ripple and XRP are more loosely coupled that people think.
Click to expand...

Why Banks Will Use XRP Inside the Ripple Network and Not Their Own Currency

This is from a banker who's been in the industry for 30+ years. Financial instutions only care about profit and risk. Nothing else matters.


XRP is the native currency of the Ripple network that only exists within the Ripple system. Not dependent on any third party for redemption, XRP is the only currency in the Ripple network that does not entail counterparty risk and it is the only native digital asset on the Ripple network. Any other digital asset (non-XRP) existing on the Ripple network is a debt instrument (a liability) and exists in the form of a balance which entails counterparty risk. Eliminating this risk is why XRP will be adopted over any other digital asset.

A counterparty risk, also known as a default risk, is a risk that a counterparty will not pay as obligated. Financial institutions or other transaction counterparties may hedge, take out credit insurance or, require the posting of collateral. Offsetting counterparty risk is not always possible because of temporary liquidity issues. Counterparty risk increases due to positively correlated risk factors. Accounting for correlation between risk factors and counterparty default in risk management methodology is not trivial. XRP removes both the counterparty risk and the associated costs 100%.

The elimination of counterparty risk IS the reason why XRP will in fact be adopted by everyone who uses the Ripple network. Notice how Ripple (the company) has been focused on implementing their solution globally in the banking sector and not focusing on the promotion of XRP. Why? Because they don't have to. XRP is to the Ripple network as plasma is to the blood in the human body. Focus your attention on Ripple's ability to implement quickly and broadly across the globe and that will translate into XRP strength and growth.
 

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