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Attachments: Ripple as a crypto
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Ripple as a crypto

Part of me wonders if the ultimate goal is just to beef up the Ripple technology as much as possible and sell that as a ready-to-deploy blockchain solution, XRP is just the proof of concept / demo running on their tech and gives them the funding in the meantime.

Even if (a big if) banks/institutions used Ripple it does not mean they would use XRP.
Quoting Hasher
Part of me wonders if the ultimate goal is just to beef up the Ripple technology as much as possible and sell that as a ready-to-deploy blockchain solution, XRP is just the proof of concept / demo running on their tech and gives them the funding in the meantime. Even if (a big if) banks/institutions used Ripple it does not mean they would use XRP.
I don't know about that. Their whole banking angle seems like a ruse to me. Everyone knows that banks are the last ones to adopt new technology... the best of them is probably running 20 year old software! They have to be like that, primarily for security, but also for compatibility with other banks, operational issues, compliance, etc.

If you just read the Ripple press releases you'd think half the banking sector was ready to replace SWIFT with Ripple. But if you read the fine print you'll see that they are just running beta tests with the guy at the bank that runs beta tests. It's a whole lot of hype over nothing.

You'll notice something about the barrage of press releases... you never read them on the bank's site. It's always Ripple making the big deal about it, and the bank never shows interest from their end. I bet you can't show me one Ripple-related press release on a bank's website that says they plan to use Ripple in any material way... and that's a big red flag!

Welcome to Ripple Inc.!
Quoting Goat
{quote}What are you getting at with the Ico thing though? Are you interested in the semantics, or trying to understand how Ripple is structured?
Even if Ripple did have an ICO, calling Ripple an ICO is still wrong. No one refers to Ethereum as "an ICO", and no one refers to Filecoin as "an ICO", even though both of them had an ICO.

It's like saying "Pier 1 is a Chapter 11" because you think they are about to file for bankruptcy. First off, saying "[any company] is a Chapter 11" sounds silly, and second, Pier 1 has not filed for bankruptcy.

"Centralized" or mayyybe even "shitcoin" can be used to describe Ripple, but not ICO.
Next 16 cents XRP
Quoting Hasher
Part of me wonders if the ultimate goal is just to beef up the Ripple technology as much as possible and sell that as a ready-to-deploy blockchain solution, XRP is just the proof of concept / demo running on their tech and gives them the funding in the meantime. Even if (a big if) banks/institutions used Ripple it does not mean they would use XRP.
https://www.cryptocraft.com/news/943...sing-ripple-to

As expected, they're using Ripple tech but not XRP. Still a win for them however.
  • Post #126
  • Quote
  • Edited at 12:52am Aug 31, 2019 12:37am | Edited at 12:52am
Quoting cryptocow
{quote} Even if Ripple did have an ICO, calling Ripple an ICO is still wrong. No one refers to Ethereum as "an ICO", and no one refers to Filecoin as "an ICO", even though both of them had an ICO. It's like saying "Pier 1 is a Chapter 11" because you think they are about to file for bankruptcy. First off, saying "[any company] is a Chapter 11" sounds silly, and second, Pier 1 has not filed for bankruptcy. "Centralized" or mayyybe even "shitcoin" can be used to describe Ripple, but not ICO.
If you listen to the crypto youtubers they use the term "ico" to mean any coin that is not mineable. It's not a precise term, and not everyone uses it the same, so debating that is kind of pointless. I've found the crypto industry has weird nomenclature all over the place, like how they call a broker like Binance an "exchange". Exchange my ass!

What is worth debating is the question... what is the nature of XRP? To those of us experienced in corporate governance, it looks and smells exactly like a security, which would mean they are illegally raising money from non-accredited investors. Just like the SEC has been saying. It's in the courts and I don't see how Ripple comes out of it alive. But who knows, wouldn't be the first time I underestimated the power of a sham.
Quoting Hasher
{quote} https://www.cryptocraft.com/news/943...sing-ripple-to As expected, they're using Ripple tech but not XRP. Still a win for them however.
It's not even about the tech vs XRP. Ripple can't even get a bank to use the tech. Not beyond a beta test at least.

I'm waiting for the day I see a press release about Ripple on a bank's website. I thought your link was going to produce it, but it seems like the SBC statement is being pulled out of an obscure youtube video. Typical Ripple trickery.

Unless I'm missing it?
Quoting Goat
{quote} It's not even about the tech vs XRP. Ripple can't even get a bank to use the tech. Not beyond a beta test at least. I'm waiting for the day I see a press release about Ripple on a bank's website. I thought your link was going to produce it, but it seems like the SBC statement is being pulled out of an obscure youtube video. Typical Ripple trickery. Unless I'm missing it?
Here is XRP vs BTC since your post.
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If you like my post :P throw me a Doge: D85YHaQ6nQTp4oT13sHoAZbETn3sADVnF8
Quoting Goat
{quote} If you listen to the crypto youtubers they use the term "ico" to mean any coin that is not mineable.
I'm still waiting for a link to a video...

And even if some 12-year-old YouTuber calls Ripple an ICO that just means that he is an ill-informed idiot.
Quoting Goat
What is worth debating is the question... what is the nature of XRP? To those of us experienced in corporate governance, it looks and smells exactly like a security, which would mean they are illegally raising money from non-accredited investors. Just like the SEC has been saying. It's in the courts and I don't see how Ripple comes out of it alive. But who knows, wouldn't be the...
I got no debate there.

A security is still not an ICO.

Since you're so hung up on the vocabulary Mr. Cow, why don't you give us your definition of an ICO? Then I can explain how you're wrong in a language you can understand.
Quoting Ziko9o8
Next 16 cents XRP
~24 cents now, 8 more to go!
Quoting Goat
Since you're so hung up on the vocabulary Mr. Cow, why don't you give us your definition of an ICO? Then I can explain how you're wrong in a language you can understand.
ICO = Initial Coin Offering

https://www.dictionary.com/e/acronyms/ico/
Quoting cryptocow
{quote} ICO = Initial Coin Offering https://www.dictionary.com/e/acronyms/ico/
You think anybody needs the acronym spelled out?

Let be specific here Mr. Cow. By your definition...

Is an ICO an event that a coin has, or is it a type of coin?

If you define it as a coin: how can you tell precisely if a coin is an ICO or not?

If you define it as an event: how can you tell if a coin has had an ICO or not?
Quoting Goat
{quote} You think anybody needs the acronym spelled out? Let be specific here Mr. Cow. By your definition... Is an ICO an event that a coin has, or is it a type of coin?
An ICO is an event that a coin has.

Quoting Goat
If you define it as an event: how can you tell if a coin has had an ICO or not?
If the developers had a fundraiser before the launch of the coin to sell some premined coins. e.g:

Etherium. 72 million ETH was premined and sold via an ICO in 2014.
Filecoin. Filecoin is premining and selling 10% of all Filecoin tokens via their 2017 ICO.
Telegram Open Network: Telegram is premining and selling 44% of all TON via their 2018 ICO.
Quoting cryptocow
{quote} An ICO is an event that a coin has. {quote} If the developers had a fundraiser before the launch of the coin to sell some premined coins. e.g: Etherium. 72 million ETH was premined and sold via an ICO in 2014. Filecoin. Filecoin is premining and selling 10% of all Filecoin tokens via their 2017 ICO. Telegram Open Network: Telegram is premining and selling 44% of all TON via their 2018 ICO.
Using your framework, an ICO is a sale of coins from the founders to the public, and what makes it special is that the transaction happens "before the launch" of the coin.

That begs the question, how do you define the "launch"?

This is an important point because if we remove the prior-to-launch condition, an ICO is no different than "selling the first coins", which every coin has done.
Quoting Goat
Using your framework, an ICO is a sale of coins from the founders to the public
No. It's a sale of a promise that some time in the future you will receive some coins.

After you invest in an ICO you get nothing in return except for a pinky promise that you will get some coins in the future.

Quoting Goat
and what makes it special is that the transaction happens "before the launch" of the coin.
Since the transaction is before the launch of the coin, you don't get any coins after you participate in an ICO. That's what makes ICOs super sketch.

Quoting Goat
That begs the question, how do you define the "launch"?
Can you get a coin from your wallet and send it to your buddy over the internet? If so, the coin is launched.

PM me your address and I'll send you a book.
  • Post #138
  • Quote
  • Edited at 2:31am Sep 28, 2019 2:19am | Edited at 2:31am
Quoting cryptocow
If the developers had a fundraiser before the launch of the coin to sell some premined coins.
Quoting cryptocow
No. It's a sale of a promise that some time in the future you will receive some coins.
If the founder is only selling a promise, then why do the coins have to be premined?

Anyway.

You are defining an ICO as an event in which a coin's founders pre-sell the coins, already-mined or not.

Under that definition, I agree that Ripple is not an ICO. Ripple is a company, XRP is a coin, and neither is an event. Not sure why it took us 37 posts to hash that out, but it's probably because you're emotionally broken from all the ICOs you invested in.

Btw, the crypto community talks about ICOs as a coin. They blur the lines a lot, and refer to it as an event and a coin in the same breath, but rarely do you see somebody hold your strict definition.

Quoting cryptocow
PM me your address and I'll send you a book.
Thanks but I read that in 1998. I got one for you though that will blow your mind. What's the address of your mom's basement??
Quoting cryptocow
PM me your address and I'll send you a book.
Quoting Goat
Thanks but I read that in 1998. I got one for you though that will blow your mind. What's the address of your mom's basement??
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I'll send you both some DOGE if you keep this up!!
Quoting Goat
Not sure why it took us 37 posts to hash that out
This feels like the argument I had with my grandpa maaaany years ago over me calling both our old Sony Trinitron TV and an old CRT computer monitor "CRTs". My grandpa, bless his gentle and senile heart, refused to believe that both the TV and the computer monitor were CRTs. He was steadfast in his belief that the TV was "a damn TV" and the computer monitor was "the damn Computer".
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