WrathofKahneman Profile picture
No investment advice, not professor Kahneman. Tracking XRP/Ripple/Flare developments w/ sources. No conspiracy theories, riddles, prices, giveaways; just work.
29 Jul
The Thinking Crypto interview with Asheesh has some subtle but important comments to break down. (#6 is my favorite...)
A thread
~5:47 Talking about the new SBI Remit corridor, he notes a use progression from not using XRP, to a hybrid, to ODL. What's the hybrid being referred to here? (Would love to see the RippleNet possibilities laid out.)
~9:45 They are focused on giving US customers a combinations of solutions to give them the desired experience without touching crypto (reg's) - what are these combo solutions?
Read 6 tweets
23 Jul
One problem for DeFi in remittances is that it may require additional licensing to comply with more securities regulation. Stablecoins have a use, but hit liquidity problems in sticky corridors. Solution? #xrp & #Ripple for on demand liquidity.
One problem for Ripple seems to be gateways, where $ enters the network. ODL solves it in the specific instance, but generally more gateways are necessitated. There, market makers are incentivized w/ margins, but what new, non-crypto xchange gateways might emerge? (ex., Xago?)🤔
And then there are OTC sales and dark pools to figure out, too, I guess.
Read 4 tweets
20 Jul
Flare is launching Songbird.
It's a "canary network," more than a testnet, it's an early adopter network to test security, apps, fxns, etc., using a token ($SGB) with real value. (SGB will not be replenished like a testnet.) It's a live Flare testing ground w/ real stakes.
It will launch w/ EVM fxn & then FTSO, State Connector & F-asset systems will be enabled on Songbird.
It's intended to be a "network for testing governance led changes to Flare, such as .... new F-Assets, changes to the FTSO, F-Asset systems or any other change."
-The token is limited to 15b distributed once at the same ratio as the initial FLR airdrop
-" The FTSO and F-Asset protocols will be live on Songbird with F-Assets generated from the underlying tokens."
-SGB will intially inflate 10% /yr via FTSO & validator rewards
Read 8 tweets
20 Jul
Under the radar: In April, Ripple hired Sujit "Bob" Chakravorti as their Chief Economist. Before that he was;
- Managing Director & Chief Economist
The Clearing House (!)
- Senior Economist @ The Fed, Chicago
- Senior Economist @ The Fed, Dallas.
As CEO of his consulting firm, Chakra Advisors LLC, (2016-now) one major project was to conduct research as lead consultant on e-payments, part 3 of World Bank project funded by the Gates Foundation on incentivizing digital payments.
So, recap:
Ripple's new Chief Economist worked at The Clearing House, The Federal Reserve in Chicago & Dallas, KPMG, and with the World Bank on a Gates' Foundation project..
Not to mention articles for the ECB, the IMF, Dutch Central Bank & more.
Read 5 tweets
14 Jul
👀This is an SEC public statement about a CoinSchedule case today. The SEC notes their "reluctance to provide additional guidance about how to determine whether a token is being sold as part of a securities offering or which tokens are securities" and notes Howey is not clear.
I am not a lawyer, but it sure seems to serve up some juicy evidence for the current #Ripple case. So much so it does make you wonder what's happening behind the scenes! This could make waves, coming straight from the SEC.
SEC states it is unclear.
SEC states the Howey test is not always clear.
SEC states they are regulating through prosecution.
SEC says Coinschedule offered securities, but they didn't mention which of the 2500 offered were.
Read 5 tweets
13 Jul
RippleX.io website shuts down end of July. Ripple heard feedback it's unclear where to find a unified portal to the XRPL ecosystem. Makes sense to move dev kits/ docs to XRPL.org as they clarify info sources.
The RippleDev stream explored the new xrpl.org site as a place to build on the XRPL (tutorials!) built in concert with the XRPL foundation. It is meant to be a useful XRPL development portal.
But I think there is a further effect - intended or not. It's also a move underscoring the independent life of the XRPL, apart from Ripple. (Am I correct to say this differentiation has seemed in the works since around the time M.Long took over RippleX?)
Read 8 tweets
12 Jul
Watching: Like #Ripple partners Santander and Nium, now Nomu Pay is buying up the remains of Wirecard, with their APAC entities. (Nomu Pay is not known to use Ripple/XRP)
Their purchase of Wirecard Malaysia and Turkey just closed with Philippines, Thailand and Turkey, pending. To Ripple fans, these potential corridors are promising:
None of this is confirmation of anything #Ripple related -"APAC so hot right now"- but given other Ripple partners have snapped up Wirecard subsidiaries, Nomu Pay might be worth watching, even if it's not all remittance related.
Read 4 tweets
8 Jul
Trying to get ahead of it: here is a sneak peak at the FUD about #XRP you will see over the next few months:
1) The new wallet will allow #Ripple to sell into XRP suppressing the price!
3) They won't need XRP!
2) Tokenization on the XRPL means that you can freeze accounts!
First, remember Ripple always has incentive for the price to accrue and it is better in the long run to get XRP on the market. With ODL we've seen that cashing out on the receiving end creates arbitrage. Is it also possible less XRP is on exchanges as it stays in wallets?
Second, yes, you can move tokenized assets on the XRPL -with stablecoins looming, but this might not even happen on ledger; just between wallets. It remains to be seen. On ledger, it would use a slight amount of XRP to move. XRP will always be the most efficient way to move value
Read 6 tweets
7 Jul
👀 "In the future, customers can use their Ripple-enabled wallet to custody XRP, BTC, stablecoins, and anything that’s tokenized. "

Ripple's getting into the custody game.

Some observations:

I mean how could you not think that even if Ripple is working on their own custody solutions. 😆
The real story here is wallets. Offering a wallet is what a lot of big players in payments do. A wallet is a functional account to add services to. Visa does this for Visa Direct.
Read 8 tweets
7 Jul
#Ripple partner Nium has acquired Wirecard Forex India Private Limited. Wirecard Forex is an FX exchange, pre-paid card, & remittance service provider licensed by the RBI as a Money Exchange Dealer (AD II). The aquisition opens up the subcontinent.
Wirecard Forex has 23 branches in major cities with 190 employees. The deal is expected to close in the third quarter of 2021. It's an opening in a huge market with several payment methods.
Wirecard Forex India was a division of Wirecard AG which dissolved after ~$2b "disappeared" and several officials were arrested. FWIW, The CEO of SBI Ripple Asia once wrote about Wirecard and blockchain
Read 4 tweets
3 Jun
KFH making some noise in the press, including mention of Ripple. (Apologies for translations:) The first:
"KFH has also recently launched Live FX Pricing, an instant transfer service to your home Turkey using RippleNet"
These next two are also very recent and seem like they are working from the same underlying copy, perhaps a press release? This one mentions instant transfers with RippleNet in a sidebar.
alraimedia.com/pdf/2021/05/27… Image
This one mentions KFH's services as well, including instant RippleNet transfers. The article is reporting KFH's earnings growth, hence seemingly largely like a duplicate.
pdf.alanba.com.kw/pdf/2021/05/07… Image
Read 4 tweets
24 May
An observation & some amateur musing about the XRPL, a thread: The Ripple, RippleX, discussions about CBDCs and NFTs both discuss "coming federated sidechains". Today's RippleX article mentions it and links to an earlier article.
At 23:15, David Schwartz explains more in the video on this page today's announcement linked to. He also mentions -in passing- DeFi capabilities linked through Federated Sidechains that won't clog basic XRPL payment functions. (good! )
Here's @JoelKatz Quora response about CBDCs as federated sidechains:
Q: Is Ripple's new announcement about a private version of XRPL an example for Federated side chains?
A: Yes.
Read 5 tweets
7 Apr
#Ripple recently announced partners MercuryFX & @Xago_io were admitted to S.Africa's Intergov. sandbox. MercuryFx is known, but Xago, built on the XRPL, trading #XRP, needs some exposure.
A thread, 1/x :
2. Last week Xago partnered with BEQUANT to offer cross border trading facility for institutional investors based in Africa.
"Xago will now be able to access liquidity from Europe that institutional investors have been seeking in Africa"
3. Also last week, they partnered with Paxful, Africa's largest P2P BTC marketplace w/mobile app.
Read 12 tweets
15 Mar
The letter Ripple filed today asking for SEC docs has some big claims that will define this case. They are asking for docs claiming the SEC is "withholding relevant, potentially exculpatory evidence" by not handing over communications.
2) And this is important: "Based on information gleaned to date, it is clear that the SEC was told by sophisticated market participants that XRP was not a security" even after soliciting feedback. They ran with this until Dec '20.
3) They argue directly a consideration of the Howey test should consider that the SEC "shaped the character of XRP & other digital assets in commerce and what market participants could expect."
Read 4 tweets
19 Jan
Perhaps someone can look this up, was posted on XRPChat (thanks Peanut56). "The Delaware Chancery court issued temporary restraining order Friday limiting Ripple's cryptocurrency transactions and stock redemptions until Tetragram can sell back its stock."
"The vice chancellor said she viewed Tetragon's requests for a complete ban on XRP purchases as potentially "heavy-handed." Instead, the court ordered Ripple to maintain a "net zero" position in sales and purchases of XRP, rather than halting acquisitions outright."
Some takeaways:
•Tetragon's argument was they want to get out before the stock depreciates.
•They argue the Wells notice was a trigger for redemption, but Ripple argues it was not; a textbook example even.
Read 6 tweets
21 Jun 20
At the 47min mark of Kristina Corner's interview of Ripple's @JoelKatz , he says three significant things in rapid succession before closing:

1) He dismisses idea that Ripple's escrow is spoken for as "conspiracy theories"

2) Says Ripple is "working on regional clearing partners which are banks that have RippleNet connections to numerous other banks in that region … so you can sign up with RippleNet as an institution and get clearing into an entire region"
3) Ripple is "also looking into offering...things like loans, or ...DeFi services to institutional partners. One of the unique things that Ripple has, is ...our software in the tx flow of all these financial institutions... and can offer it immediately..."
Read 6 tweets
28 Apr 20
1/ Ripple investor SBI's capital tie-up with Sumitomo portends big things, potentially for XRP, even. There are a number of connected events that bear consideration; an SBI/Sumitomo/#XRP megathread. (sorry 😅)

2/ The specific fund Sumitomo invested in, OpenLegacy, is one used to revitalize aging Japanese banking by supporting API integration of core banking platforms.
SBI invested $20m in January specifically noting banks can integrate with MoneyTap.
3/ It's pretty clear Sumitomo is courting a younger online audience by buying 20% of the shares of SBI Neo Mobile Securities sometime in June. Their core clientele is an aging population. Though not announced, MoneyTap would serve them well.
Read 9 tweets