Wallet reserve is still 20 XRP

Wallet reserve is still 20 XRP

Postby Kwelstr » Sun May 28, 2017 2:11 am

Hi everybody, I remember the wallet reserve of 20 XRP was supposed to prevent spam on the network and be a small amount dollar wise, now with the price increase of XRP that reserve seems too expensive, and if you add 5 XRP per trustline and another 5 XRP per trade offer those reserves get very expensive fast.

I ask if Ripple Labs are going to lower the reserve price now to a few drops, certainly less than 1 XRP should be enough?
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Re: Wallet reserve is still 20 XRP

Postby Sukrim » Sun May 28, 2017 8:16 pm

That's less than a cup of coffee in many areas on the planet, I am not sure how this would be considered "very expensive"? I personally would be all for increasing the reserve amount to 100 XRP or more to make sure service providers don't abuse the platform by forcing their users to fund wallets that they don't control.

A good target imho would be about 10 USD for an account and about 1 USD per trust line/offer (in XRP of course).

Anyways, I haven't heard of any plans to decrease or increase the current reserve amounts, I'm sure they would be communicated publicly beforehand.
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Re: Wallet reserve is still 20 XRP

Postby Kwelstr » Mon May 29, 2017 1:11 am

Sukrim, I am not sure you are serious about this or if you haven't really give it much thought.

The reserve for the wallet used to be a few cents worth of USD not too long ago, now it is counted in dollars, GateHub even requires a 50 XRP reserve. There is no reason to have a high cost for a Ripple wallet and get your funds stuck when you can trade for free on any of the exchanges, it only makes trading in the Ripple platform expensive and less desirable. Then count on top the reserve for trust lines and trade orders and you can have hundreds of dollars stuck in you wallet that you could otherwise use for trading. I think it brings down liquidity and it is a friction in the system, and an unnecessary friction, easy to solve by lowering the reserve prices.

Just my 2 cents, trying to reach someone at Ripple Labs that can give this some thought.
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Re: Wallet reserve is still 20 XRP

Postby RIX » Tue Jun 06, 2017 1:01 am

It should be a good idea to lower the resreve. It is good that XRP is rising :)
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Re: Wallet reserve is still 20 XRP

Postby CryptoEurope » Fri Nov 17, 2017 9:13 pm

20 xrp for wallet activation quite expensive now.
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Re: Wallet reserve is still 20 XRP

Postby CryptoEurope » Mon Jan 01, 2018 6:01 pm

its got even more expensive. No one from devs reading this forum ?????
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Re: Wallet reserve is still 20 XRP

Postby Sukrim » Tue Jan 02, 2018 12:32 pm

It is still the exact same amount: 20 XRP.
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