Ripple cofounder is now of of the world's richest people | Hacker News Reader

Ripple cofounder is now of of the world's richest people

markets.businessinsider.com

I'm not an expert but has anyone made a solid argument for why the banks would use XRP as the medium of exchange versus the existing fiat reserve currency (USD) or a general use crypto currency (BTC/ETH/BCH/whatever wins)?

In contrast, I've seen multiple articles like the below which basically say 1) Ripple good, 2) XRP unnecessary. Based on nothing more than one person suddenly becoming one of the world's richest people with next to no market penetration, the hype vapors seem strong.

(I know there are proof of concepts being run but a PoC is no guarantee an implementation. Otherwise all fortune 500 employees would be wearing Google Glass while they ride their Segways.)

[https://www.forbes.com/sites/ksamani/2017/12/20/the-bear-cas...

What are the chances that Ripple just got it's place in internet infamy along with pets.com?

As for the accompanying piece:

https://qz.com/1169000/ripple-was-the-best-performing-crypto...

Here's what I found in a short time:

Ripple - cryptocurrency. Released 2012.

NEM - Smart contracts platform. Announced 2014.

Ardor - Blockchain as service. Annonced 2016

Stellar - "completely decentralized consensus platform". Announced 2016

Dash - Cryptocurrency. Started out as Darkcoin in 2014.

Ethereum - Cryptocurrency and smart contract platform. Relased 2016.

Golem - "The Golem Network is an accessible-to-everyone, distributed, supercomputer that reduces costs (sometimes by over 10x) of scientific research, big data analysis, graphics rendering, machine learning, AI… just about anything that requires heavy computational power. " Announced 2016

Binance Coin - Did not find much info.

Litecoin - Cryptocurrency. Released 2011

OmiseGo - Wallet app. Released 2017

Jed McCaleb co-founded Ripple, was forced out and then created Stellar.

Do you think he could easily liquidated a few billion or would it crash the market?

Don't think a billion $ liquidation would crash the market. It's already been done twice in the last few days, most recently, just this morning.

Source: "1 billion transaction payment just took place! #xrp #Ripple - something BIG is bowling behind scenes!" https://twitter.com/kOsOvA_CryptO/status/948145757944729601

1 BILLION XRP Payment = about 2 BILLION USD $ Link to actual transaction is on Ripple.com

Here's another 700 MILLION XRP sale. https://www.reddit.com/r/Ripple/comments/7nlrbc/another_700m...

Moving a billion XRP from one wallet to another is not liquidating to $USD.

Exactly this. During the dot.com boom and bust when a dot.com wonder bought company X for $YM but it was an all stock transaction and later the stock when converted to $USD was done for about $Y.

When someone converts a billion in Ripple into $2B in cash in a reserve account at UBS or something, then you can be impressed.

I think that any transfer of Ripple in large amounts would be settled off-exchange for fractions of the trading price.

Ripple also has raised $93 million according to CrunchBase: https://www.crunchbase.com/organization/ripple-labs

One random speculation I have - if you approach miners with large pallets of US dollars you can purchase BTC directly for a steep discount on the trading rates on exchanges.

Do miners necessarily have the most coins to sell? 12 BTC every ten minutes isn't a lot compared to the 16 million minuted coins out there

Why the heck would the lose valuable equity by raising money, when their founder is worth billions?

It’s the monthly 1B to the devs, that will happen for 54months.

Not sure about crashing the market, but cashing it out would definitely be a monumental challenge.

I print 1,000,000,000 paper ponzars in my basement. I manage to convince a couple brainless folks to buy 10 @ $100 each, and suddenly I am rich!

Please don't post unsubstantive comments here.

He has a point, he was just snarky about making it.

Of course. But "just being snarky" is what users here are asked not to do. The damage it causes to the culture outweighs the benefit of making a point that way.

https://news.ycombinator.com/newsguidelines.html

There are actually about 61 billion XRP sitting in the 'basement'

Unfortunately, unsubstantive article with clickbait headlines attract unsubstantive comments.

The canonical reply to stories like this is Basecamp's $100B valuation https ://hn.algolia.com/?query=basecamp+valuation

Reply on news.ycombinator.com