Discover and read the best of Twitter Threads about #XRP

Most recents (24)


There’s a way for the @Ripple case to end and all parties win. It requires two things: 1) favorable rulings for Ripple on fair notice & on the deliberative process privilege; and,
2) an Altcoin Bull Market 📈 causing #XRP to surpass its all time high (for example, hitting $5 dollars or higher).

Ripple owns over 50 billion #XRP. A $5 XRP equals Ripple being worth $250 billion dollars - significantly more valuable than @MorganStanley or @GoldmanSachs.
If Judge Torres denies the SEC’s motion to strike the Fair Notice Defense and Judge Netburn overrules the SEC’s claim that the #BTC #ETH & #XRP documents are privileged, @GaryGensler and the SEC could be facing a very significant precedent setting loss with huge implications.
Read 10 tweets

For those complaining about 'high' #XRP transaction fees.

@XummWallet does not take the fees. They are burnt.

If XRP was US$1 and the transaction fee permanently set to the 'medium' level of 15 Drops (00.000015 XRP), we can still do 66,666 transactions for a penny.

The base fee of 12 drops (a drop is one one-millionth of an XRP) allows for >83000 transactions for US$00.01.

The fee structure is intended to price out spammers, eventually making it too expensive for them to continue spamming the network.

There is discussion among developers about the effectiveness of that design choice and if it is the best way to achieve that goal (without punishing legitimate users)

Even with higher fees, the XRP Ledger is one of the fastest and least expensive blockchains of any size.
Read 4 tweets
An eye opening reminder about the number of #Crypto Exchange hacks (2011-2021).

A Thread 🧵...
🔶 Mt. Gox (2011-2014)
Assets Stolen - 850,000 #BTC
Losses Recovered: Trial ongoing
Type of Hack: Database breached
🔶 Poloniex - 2014
Assets Stolen: 97 #BTC
Losses Recovered: 100%
Type of Hack: Bug Exploit
Read 19 tweets
Re: Freedom of Information Act Request for Records Relating to the Ether
Determination and Letters Regarding Chinese Control of Cryptocurrencies

Determination that ether was not a security.

Originally conceived by Vitalik Buterin, ether is the native digital asset of ...
From July 22, 2014 to September 2, 2014, Buterin and the Ethereum Foundation conducted a fundraising sale of “premined” ether tokens...instead, purchasers had to wait until the launch of Ethereum on July 30, 2015, in order to use the asset.
In addition to the Ethereum Foundation, ConsenSys is a private company founded in October 2014 by Ethereum co-founder Joseph Lubin…
Read 6 tweets
@joerogan @JamieVernon Jamie this blog kinda tell me you need some NEW topics for Joe to Speak on -- Well, I have 1 that is HUGE, Way bigger than seems straight up, Again MSM, now speaking on it at all -- we have 65,000 INDIVIDUALS signed onto a CLASS ACTION VS. @SECGov - Image
JAMIE, We are the #xrparmy, we are supporters of the #crypto known as #XRP. @Ripple is a Comp. that created the #XRPL (ledger) & its use cases of which, are many. - We have been granted "AMICUS CURIAE" IE. FRIEND OF THE COURT ON THE SIDE of RIPPLE B/C @SECGov DOES NOT PROTECT US
or any investors really. Its the Lynch-pin, so to speak for leveling the playing field to all the people out there & open up our own markets to more people but they fear PPL are stupid & uneducated so they protect US from US. -- We need this out there man, NOW. it's go time
Read 4 tweets
People are following mainstream media and buying $ETH at ATH's

But are missing out on this hidden gem built on the $ETH network.💎

That provides interoperability between blockchain networks for TradFi Banks & Enterprises

-Super Thread on Quant Network-
#QNT 👑 #Quant #Fintech Image
1/ The problem: ❎

Traditional Institutions and Enterprises need an operating system that will allow them to easily interoperate between these new nascent crypto markets

For example, you currently can't send $ETH to a $BTC address or $XRP to a $DAG address

Networks are silo'd Image
2) Quant created Overledger - an operating system that allows anyone to enter 3 lines of code on a computer to interoperate between networks

This allows value to flow between blockchain ledgers flawlessly without having to worry about which network it's on.

#fintech #quant #QNT ImageImage
Read 25 tweets
I have a question for @BrianBrooksUS. As OCC, you stated that there are too many agencies in finance and banking in the U.S. In an interview, you openly questioned: “Do we think it’s best for the Government to build a CBDC or utilize the private sector, which is already built?”
I believe, when you said that, you were referencing, at least in part, #XRP and the #XRPLedger. I say that b/c you stated the technology to build a CBDC was “already built”, but the only issue was with a lack of regulatory clarity. You definitely weren’t referencing #BTC or #ETH.
It wasn’t #BTC or #ETH b/c when you made this statement they enjoyed regulatory clarity by being declared non-securities by the SEC’s leadership plus those two digital assets weren’t associated with payments.
Read 5 tweets
Judge Netburn recognized the SEC’s over-broad and far-reaching theory that all XRP are securities when she recognized, according to the SEC’s own argument, that every person in the world selling #XRP is committing a Section 5 violation.

Read the SEC’s response back to her.👇 Image
The SEC attorney informed the Judge that her understanding wasn’t correct. It was this statement by the SEC attorney that helped fuel the relist #XRP campaign.

But read @bgarlinghouse’s attorney’s response regarding this same issue.👇 Image
“Contrary to what Mr. Tenreiro said, not just Ripple, not just Ripple’s affiliates, but any retail holder or any party IF THERE IS ANY INTENT TO DISTRIBUTE the security further. So it is not correct to say, that there is no potential liability throughout the XRP ecosystem.”
Read 6 tweets
The @SECGov’s argument that all XRP, even XRP traded in the secondary market, are unregistered securities, is simply unconscionable. #XRPHolders’ brief will include statements and admissions made by the SEC itself supporting #XRPHolders’ position.
For example, take the infamous Hinman Speech itself. Read what’s said almost immediately:

“To start, we should frame the question differently and focus not on the digital asset itself, but on the circumstances surrounding the digital asset and the manner in which it is sold.”
To start, he says don’t focus on the Token itself. He goes further:

“Returning to the ICOs I am seeing, strictly speaking, the token – or coin or whatever the digital information packet is called – all by itself is not a security, just as the orange groves in Howey were not.”
Read 8 tweets
@CGasparino @EleanorTerrett

We know for a fact that Hinman met with @ConsenSys’ lawyers & the co-founder of @ethereum and founder of @ConsenSys, @ethereumJoseph, on Dec. 13, 2017.

This meeting took place during the very height of the ICO prosecutions by the SEC.
We know for a fact that Ether held the world’s first ICO in 2014 - 3 years prior to the first Hinman meeting. We know that there were 3-4 more meetings before the Hinman Speech, including on June 8, 2018. We know Ether investors helped write ✍️ the speech (we have the videos).
We know on June 8, 2018, AFTER meeting the SEC, Joe Lubin PREDICTED that some projects were going to receive bad news from the SEC.

We know @Ripple was one of those “projects.” But a year before the SEC sued Ripple, it filed its most successful ICO enforcement action.
Read 18 tweets

Despite @CGasparino being unbiased and giving Clayton the benefit of the doubt, Clayton has refused to speak to Gasparino and @EleanorTerrett regarding his decision to file the most significant enforcement action in recent history 🆚 @Ripple & #XRP - as he walked out the🚪 Image

Instead, Clayton chose to go on air with @andrewrsorkin @BeckyQuick and @JoeSquawk. Andrew offered up a 🥎 question and asked Clayton if he wanted to address the serious conflicts of interests and gross appearances of impropriety that have been alleged against him.

Clayton stated he would not comment on the Ripple case. Regarding the conflicts of interest related to his current employers, Clayton incredibly said:

“I did not know these companies while I was in the government. I was introduced to them after I exited.”
Read 6 tweets
The above language is not John Deaton’s interpretation of the SEC’s Complaint. The above is from Judge Torres herself. She acknowledges that the SEC claims Ripple created the secondary market for #XRP - including all sales - whether between individuals or sold on exchanges.
Judge Torres recognizes the SEC’s claim that b/c Ripple undertook efforts to create a secondary market for XRP, that, therefore, ALL #XRPHolders must have entered into a common enterprise with Ripple - regardless of whether they acquired #XRP directly from Ripple.
Read 5 tweets
95% of people are chasing meme coins

But few are looking at one of the biggest long-term opportunities in crypto...

A deep dive into how $XRP is building a frictionless decentralized liquidity pool for the world 🌍

(Not financial advice)

/THREAD/ Image
1/ The problem:

“With today’s internet of information you can’t store, move, transact value without a powerful intermediary. And that’s what blockchains solve”

Quoted by @dontapscott a leader in the decentralized blockchain revolution Image
@dontapscott 2/ Before blockchain

The internet had a problem with transferring $ value peer to peer

The only 2 options for sending money were:

1. Send $ using a cross border payment via bank transfers
2. Use a 3rd party and trust a stranger with private information

Lets dive into those👇 Image
Read 33 tweets

“The test is whether the scheme involves an investment of money in a common enterprise with profits to come solely from the efforts of others.”

- Supreme Court in SEC 🆚 W.J. Howey (1946).
The SEC repeatedly argues #XRP is a speculative investment. Yet, the very next line in Howey is:

“If that test be satisfied, it is immaterial whether the enter-prise is speculative or non-speculative or whether there is a sale of property with or without intrinsic value.”
Howey was decided in 1946 so one might argue there’s no precedent related to cryptocurrencies. NOT TRUE.

In 2019, the federal court in the SDNY handed down the #Telegram case.
Telegram was a pure ICO and money was raised PRIOR to the blockchain technology being developed.
Read 12 tweets
Read 16 tweets
🚨REMEMBER THIS TWEET I DELETED?🚨Let me explain...on June 15, 2018 address qps0n9g5s8plymztz4rl2sspsjj8ha0s5cxvdjaspd sent the messages below to "Ripple "Hinman did not address the securities status of other cryptocurrencies notably XRP...saved by lawsuit? continued...
The was a message sent from TheWildCard to SherryKochmail via (Bitcoincash) ...continued👇
SherryKochmail and Vitalik have had conversations on Twitter. ...continued 👇
Read 22 tweets
👀James Newsome who was behind Amber Baldet during the 2018 Agricultural Committee hearing works for @DeltaStratGroup. He's also former Chairman CFTC. He's also on ETHZurich Network Security Group. #XRP
@_XRpizza @digitalassetbuy @JohnEDeaton1 @CryptoLawUS @BlackberryXRP
Read 6 tweets
What if this whole time the @SECGov @GaryGensler was setting up case law so he could go after the Ethereum Foundation? There's absolutely no reason they couldn't. Sue @Ripple create jurisdiction over early sales then go after the big one...ETH. We all know Ripple went in...
to talk to the @SECGov. We also know they were meeting with the Ethereum Foundation. Imagine how much info the @SECGov has on the Ethereum Foundation!
The biggest thing of course being the #XRPL and #XRP was fully functional at launch. Ethereum us still be developed. So basically, no security sales of #XRP by @Ripple but the @SECGov could go after Ethereum to present day until they finally have a finished product.
Read 7 tweets
1/ The journey of @iota [MONSTER THREAD] - From the top 5 token to the top 50 token and why it will at least get back into the top 5.
2/ #IOTA was founded in 2015 with the aim and vision of developing a #DLT protocol in which people and machines, can communicate via data & value tx permissionless, feeless, efficient and with the least technical requirements -
With a high level of security, decentralization…
3/ …and Scalability➡️blockchain trilemma.
They also wanted to develop their own #smartcontracts, #oracles, #identity solutions, etc.

At that time they already attracted the attention of the then much smaller #crypto community.

Read 87 tweets
🧵The Fed is caught between a rock and a hard place:…
🧵Meanwhile that 'transitory' #inflation seems to be taking a long time to transition. Seems like it's out of control and Biden is ordering his central planners to fix it. (hint: it's about to get worse)
Read 5 tweets
The @SECGov has sued @Ripple, @bgarlinghouse and @chrislarsensf for $1.3 Billion dollars alleging #XRP is an unregistered security.

The SEC claims that today’s #XRP including the #XRP traded in the secondary market are all investment contracts with Ripple. 👇👇👇
Does the SEC truly believe that all #XRP are securities - even the XRP sold by exchanges independent of Ripple?

If it truly believed all #XRP are securities, why didn’t the SEC order @JedMcCaleb to cease and desist from selling his billions of #XRP?
Why didn’t it seek a preliminary injunction to stop Ripple from selling any of its billions of escrowed #XRP?

If all #XRP are securities - as alleged by the SEC - why didn’t it attempt to stop anyone who was paid millions or billions in XRP from selling once the case was filed?
Read 10 tweets
I accidentally tweeted before I finished: but here’s a few more thoughts to consider:

What about the thousands of #XRPHolders who acquired XRP for non-investment purposes? What does the SEC say about that: 👇👇 Image

What about the thousands of #XRPHolders who acquire the minimal amount of XRP to utilize the #XRPL and the DEX to purchase #CSC or other tokens? Or the thousands that utilize it as a bridge / transfer asset?

For those of you who think I’m making this 💩 up, read for yourself what the SEC alleges: 👇👇👇 Image
Read 5 tweets

Here is proof from the Complaint itself, filed by the SEC👇

#XRPHolders argued that the SEC could not in good faith claim that the #XRP traded in the secondary market, completely independent of Ripple, were securities.

Incredibly, the SEC argues ALL #XRP are investment contracts with Ripple.

“The XRP traded, even in the secondary market, is the embodiment of those facts, circumstances, promises and expectations, and today represent that investment contract.” 👇👇👇
Read 4 tweets
H.R.3684 Infrastructure bill passed.

Digital Assets are now covered securities.

Reporting will be ushered in for all crypto brokers to report to IRS data on activity from 1/1-12/31/23 of all crypto transfers to other non US brokers (private wallets/offshore)

#XRP #SEC #Ripple
Big change. More info to come as I look through more specific language.…
If you haven’t already give @jchervinsky a follow, I’m sure you won’t regret it in the following few days as he likely explains potential impact this could legally have on #DeFi and Crypto as a whole for US based citizens.
Read 10 tweets

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