And so it continues

Re: And so it continues

Postby yvv » Sun May 25, 2014 8:01 pm

jn_r wrote:I have some problem with what the asset XRP is. The following are characteristichs of XRP:
- They have all been created at one point in time
- They are expected to increase in value
- They have been distributed first to a private group of people and later to public
The only type of asset I can imagine that come close to these characteristics are what we call "Equity".
Hence I don't see much difference in having equity in RL or having a bunch of XRP.


XRP is IOU issued by founders trio. Difference from other IOUs is that they really don't owe you anything. They call this "no counter party risk". This means, if you are fucked up, nobody is responsible for this.
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Re: And so it continues

Postby Asterix18 » Sun May 25, 2014 8:09 pm

yvv wrote:
Tekio wrote:I agree with Jesse that 20 billion xrp should be returned. Not gonna comment on him getting more equity or whatever.

The most fair to Ripple would be if they return it. That would remove a lot of clouds that are over Ripple for long time and why crypto community generally thinks its a Scam, which its not of course.


I don't see any motivation for Jed McCaleb to give his $30M worth of XRP to anybody now, when money is in his personal wallet. Would you do it on his place? I doubt that he will sell everything at 300 XRP/USD either.


From what Jesse says there was never a question of Jed's gifting his XRP back - there were only negotiations about a generous buyout. And this is OK, why would he gift ton of $$$ to company he has left, apparently on not exactly amicable terms?

Selling at the market would definitely not get Jed's best price. I was initially surprise at this, but apparently he is starting another project that he is very exited about. If he believes this new project can generate bitcoinesque returns than selling even at 2000xrps/1USD makes sense to him. Apparently, he also wants to prove his point about Ripple Labs and perhaps tank a potential rival.
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Re: And so it continues

Postby yvv » Sun May 25, 2014 8:15 pm

Asterix18 wrote:
yvv wrote:
Tekio wrote:I agree with Jesse that 20 billion xrp should be returned. Not gonna comment on him getting more equity or whatever.

The most fair to Ripple would be if they return it. That would remove a lot of clouds that are over Ripple for long time and why crypto community generally thinks its a Scam, which its not of course.


I don't see any motivation for Jed McCaleb to give his $30M worth of XRP to anybody now, when money is in his personal wallet. Would you do it on his place? I doubt that he will sell everything at 300 XRP/USD either.


From what Jesse says there was never a question of Jed's gifting his XRP back - there were only negotiations about a generous buyout. And this is OK, why would he gift ton of $$$ to company he has left, apparently on not exactly amicable terms?

Selling at the market would definitely not get Jed's best price. I was initially surprise at this, but apparently he is starting another project that he is very exited about. If he believes this new project can generate bitcoinesque returns than selling even at 2000xrps/1USD makes sense to him. Apparently, he also wants to prove his point about Ripple Labs and perhaps tank a potential rival.

Well, may be you are right. I always judge people based on my own habits. But, you know, people are very diverse animals.
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Re: And so it continues

Postby jn_r » Sun May 25, 2014 9:04 pm

yvv wrote:
jn_r wrote:I have some problem with what the asset XRP is. The following are characteristichs of XRP:
- They have all been created at one point in time
- They are expected to increase in value
- They have been distributed first to a private group of people and later to public
The only type of asset I can imagine that come close to these characteristics are what we call "Equity".
Hence I don't see much difference in having equity in RL or having a bunch of XRP.


XRP is IOU issued by founders trio. Difference from other IOUs is that they really don't owe you anything. They call this "no counter party risk". This means, if you are fucked up, nobody is responsible for this.



that's a nice rippling way of putting it, lol.

so XRP is IOU, but it's value is not tied to anyone's promise or performance
RL-Equity is IOU, but it's value is tied to promisse and performance of RL

In case of RL and XRP I'm not sure which one is the better to have. Will not be much of a difference
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Re: And so it continues

Postby monicalong » Sun May 25, 2014 9:57 pm

Over the past few days, there have been a number of questions, pleas and comments within this forum and others related to Jed McCaleb and Jesse Powell. Unfortunately, there have also been a number of misleading and inaccurate statements that have stoked this ongoing conversation. We stand by the original statement made by Arthur Britto and the facts as presented in the letter to Jesse Powell.

The situation with Jesse has obviously escalated to the level that we have to respond formally and directly to him. However, we do not want that to distract from our pursuit of the larger Ripple vision. To that end, we will not comment on these issues with Jed or Jesse further in these forums. Instead, we will continue to use the forum as a way to engage in productive dialogue about the future of Ripple, Ripple Labs and the larger ecosystem within which we all exist.

Further, co-founder and CEO Chris Larsen has authorized the creation of a foundation to distribute his donation of 7 billion XRP to the underbanked and financially underserved. This plan has previously been in development but is now being accelerated and finalized independent of a formal agreement amongst all the original founders. He believes this is both the right thing to do and the best way to remove further distractions in pursuit of the broader vision of the company. Details of the foundation, its independent directors, and the giveaway will be forthcoming.

Finally, I would personally ask that we all remember that we are striving together to build something meaningful in Ripple. There will always be differences of opinion and we encourage constructive dialogue on those as a community, but it's important that we remain committed to our larger vision for bringing about a more global, open and efficient financial marketplace through Ripple.
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Re: And so it continues

Postby donch » Sun May 25, 2014 10:01 pm

I welcome this wholeheartedly. Thank you for the clear statement and well chosen direction.

Can we all get back to work now :-)
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Re: And so it continues

Postby lucky331 » Sun May 25, 2014 10:03 pm

thanks monica. it's sad the way this all turned out.

best of luck to you guys at RL. hang in there.
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Re: And so it continues

Postby kartoffel » Sun May 25, 2014 10:05 pm

Alright, seems like a positive move assuming it is carried out transparently.
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Re: And so it continues

Postby BeRichLiveFree » Sun May 25, 2014 10:09 pm

monicalong wrote:Further, co-founder and CEO Chris Larsen has authorized the creation of a foundation to distribute his donation of 7 billion XRP to the underbanked and financially underserved. This plan has previously been in development but is now being accelerated and finalized independent of a formal agreement amongst all the original founders. He believes this is both the right thing to do and the best way to remove further distractions in pursuit of the broader vision of the company. Details of the foundation, its independent directors, and the giveaway will be forthcoming.


Great! Fantastic!

Now, I would like Jed to match that donation!

BeRichLiveFree :+1: 8-) :+1:
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Re: And so it continues

Postby xrpninja » Sun May 25, 2014 10:13 pm

Chris & Monica I congratulate you on your move. Even better than giving it to RL. I always though RL was missing such an independent foundation to distribute part of its XRP. Very well done. Chapeau.
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