SEC sue Ripple. Price tanked

VSYNC said:

Yeah it was a good long term investment until the SEC investigation started a few days ago.. now it's probably one of the worst investments in the market.

How the fuck did you even get 7 thumbs ups?

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SO what happend to the all 50 lergets financial bla bla bla that was better than a random youtube shill and more trustworthy`? and all other BS mentioend for XRP...oh yeah it didnt matter cause its a pure shit coin and so many ppl got wrekd. At least u are a good crypto-kid, u shilled and got out at the snapshot, u forgot to mention this to everyone u shilled it to or? Cause SEC was not mentioned when snapshot came hahahha....

And the 7 thumbs up i guess came from ppl that saw me call you out on your nonsenses earlier. You seem a bit salty buddy.

I have been telling people to study difference between coins and tokens ,tokens are mostly shitty you wont make any profit out of it.

milkmaster7 said:

SO what happend to the all 50 lergets financial bla bla bla that was better than a random youtube shill and more trustworthy`? and all other BS mentioend for XRP...oh yeah it didnt matter cause its a pure shit coin and so many ppl got wrekd. At least u are a good crypto-kid, u shilled and got out at the snapshot, u forgot to mention this to everyone u shilled it to or? Cause SEC was not mentioned when snapshot came hahahha....

And the 7 thumbs up i guess came from ppl that saw me call you out on your nonsenses earlier. You seem a bit salty buddy.

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The 3rd largest cryptocurrency in the world, and one that has partnerships with more than 50 of the largest banks and financial institutions in the world is not a "pure shitcoin". Saying that shows me that you either no nothing about cryptocurrencies, or you have extensive brain damage. (I know, I know... it's obviously a liberal serving of both).

The SEC case came out of the blue, and it will no doubt have much larger implications than for just Ripple, and as I said originally - glad I dumped XRP the second the snapshot was complete for the Spark airdrop.

You are truly the epitome of the scum in the crypto space that I can't wait to be flushed away by irrelevance. You **** don't know a fucking thing about the technology, about the industry itself, or about anything important.. but you spend all day running around saying cute little catchphrases, sharing memes, and calling every crypto besides BTC shitcoins.

If crypto was never invented you'd be lurking around a dungeons and dragons forum instead and packing boxes at your local supermarket - where you and all the other window lickers that cling to the edges of the crypto space fucking belong.

VSYNC said:

The 3rd largest cryptocurrency in the world, and one that has partnerships with more than 50 of the largest banks and financial institutions in the world is not a "pure shitcoin". Saying that shows me that you either no nothing about cryptocurrencies, or you have extensive brain damage. (I know, I know... it's obviously a liberal serving of both).

The SEC case came out of the blue, and it will no doubt have much larger implications than for just Ripple.

You are truly the epitome of the scum in the crypto space that I can't wait to be flushed away by irrelevance. You spastics don't know a fucking thing about the technology, about the industry itself, about anything important.. but you spend all day running around saying cute little catchphrases and calling every crypto besides BTC shitcoins.

If crypto was never invented you'd be lurking around a dungeons and dragons forum instead and packing boxes at a local supermarket - where you and all the other window lickers that cling to the edges of the crypto space fucking belong.

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OKey brah lel,but why u so salty? so far everything u said is just shit so i dunno why uthink i got braind damage or im the one thatss the lol person here.....Check yoruself

And yes ofc ripple getting delisted as it most likely will be soon from major exchange will give horrible effect cause plebs like u freak out and sell when shit coins disappear.

milkmaster7 said:

OKey brah lel,but why u so salty? so far everything u said is just shit so i dunno why uthink i got braind damage or im the one thatss the lol person here.....Check yoruself

And yes ofc ripple getting delisted as it most likely will be soon from major exchange will give horrible effect cause plebs like u freak out and sell when shit coins disappear.

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"lel", "kek", "salty".. can you communicate without gay little catchphrases? Probably asking too much

VSYNC said:

"lel", "kek", "salty".. can you communicate without gay little catchphrases? Probably asking too much

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But SIR why u sell XRP at snapshot when say its good long term? me no uderstand why u say good long term and sell and naow u say SEC is the reason why its shit...can not understand SER, pls explain SER

milkmaster7 said:

But SIR why u sell XRP at snapshot when say its good long term? me no uderstand why u say good long term and sell and naow u say SEC is the reason why its shit...can not understand SER, pls explain SER

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1) I don't owe you an explanation of how and why I do or don't buy crypto. Who the fuck do you think you are? Did I give a shit when you invested your life savings into Bitconnect? No.. I don't care about you or what you invest in.

2) With that taken into account, I had holdings in about a dozen cryptos which I liquidated to maximise the amount of XRP I had at the time of the Spark airdrop snapshop, which once I knew the snapshot was completed I liquidated the XRP and rebought the previous holdings. That's why I wasn't left holding a huge bag of XRP, and I got out at around 0.6 from memory so there you go.

3) numnuts - there are plenty of cryptos I consider to be good investments, it doesn't mean I have to invest into all of them.

4) Thank you for finally putting a sentence together that didn't sound like it was written by someone that is heavily inbred.

VSYNC said:

1) I don't owe you an explanation of how and why I do or don't buy crypto. Who the fuck do you think you are? Did I give a shit when you invested your life savings into Bitconnect? No.. I don't care about you or what you invest in.

2) With that taken into account, I had holdings in about a dozen cryptos which I liquidated to maximise the amount of XRP I had at the time of the Spark airdrop snapshop, which once I knew the snapshot was completed I liquidated the XRP and rebought the previous holdings. That's why I wasn't left holding a huge bag of XRP, and I got out around 0.55 - 0.6 from memory so there you go.

3) numnuts - there are plenty of cryptos I consider to be good investments, it doesn't mean I have to invest into all of them.

4) Thank you for finally putting a sentence together that didn't sound like it was written by someone that is heavily inbred.

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Thank you for not answering WHY it stopped being a good long term investment before SEC. Anyways enjoy our bags of whatever u might have now, imma go shitcoin together 2-3 eth and call it a day.


Also really dude u need to learn how to argue, calling me foul names and assuming things about me is just extremly childish. If u rly wanna know my bags (since u assume im idiot enough and fall for bitconnect, when u in reality fell for XRP but got out in time which saved u some pride.) i never held anything els than ETH ever, i only trade in ETH with shitcoins and build my stack.

When ETH falls u can come and laugh at me but most likely im alrdy tethered up by then.

milkmaster7 said:

Thank you for not answering WHY it stopped being a good long term investment before SEC. Anyways enjoy our bags of whatever u might have now, imma go shitcoin together 2-3 eth and call it a day.


Also really dude u need to learn how to argue, calling me foul names and assuming things about me is just extremly childish. If u rly wanna know my bags (since u assume im idiot enough and fall for bitconnect, when u in reality fell for XRP but got out in time which saved u some pride.) i never held anything els than ETH ever, i only trade in ETH with shitcoins and build my stack.

When ETH falls u can come and laugh at me but most likely im alrdy tethered up by then.

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I don't need to do anything.

I've spent 7 or 8 years listening to the same stupid shit coming out of the same kind of people's mouths (/keyboards).

If you've only ever invested in ETH then it just proves my point that you don't really know anything about crypto or crypto investing, I'd bet my left nut you couldn't properly explain what blockchain is, and you're really just tagging along for the ride and being a loud mouth who parrots "shill".. "shitcoin" like the ocean of other meme-swapping downers that make up the dregs of the crypto space.

You can be 150% sure that if ETH tanks I won't be coming to find you to laugh at you because I won't remember this convo mate. All the best.

VSYNC said:

I don't need to do anything.

I've spent 7 or 8 years listening to the same stupid shit coming out of the same kind of people's mouths (/keyboards).

If you've only ever invested in ETH then it just proves my point that you don't really know anything about crypto or crypto investing, I'd bet my left nut you couldn't properly explain what blockchain is, and you're really just tagging along for the ride and being a loud mouth who parrots "shill".. "shitcoin" like the ocean of other meme-swapping downers that make up the dregs of the crypto space.

You can be 150% sure that if ETH tanks I won't be coming to find you to laugh at you because I won't remember this convo mate. All the best.

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I dont shill tokens, dont need to. I only comment on ppl who shill retarded shit.

milkmaster7 said:

I dont shill tokens, dont need to. I only comment on ppl who shill retarded shit.

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No one asked.

VSYNC said:

The 3rd largest cryptocurrency in the world, and one that has partnerships with more than 50 of the largest banks and financial institutions in the world is not a "pure shitcoin". Saying that shows me that you either no nothing about cryptocurrencies, or you have extensive brain damage. (I know, I know... it's obviously a liberal serving of both).

The SEC case came out of the blue, and it will no doubt have much larger implications than for just Ripple, and as I said originally - glad I dumped XRP the second the snapshot was complete for the Spark airdrop.

You are truly the epitome of the scum in the crypto space that I can't wait to be flushed away by irrelevance. You spastics don't know a fucking thing about the technology, about the industry itself, or about anything important.. but you spend all day running around saying cute little catchphrases, sharing memes, and calling every crypto besides BTC shitcoins.

If crypto was never invented you'd be lurking around a dungeons and dragons forum instead and packing boxes at your local supermarket - where you and all the other window lickers that cling to the edges of the crypto space fucking belong.

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You're wrong. According to the SEC, it's not a cryptocurrency it's a security: https://www.sec.gov/litigation/complaints/2020/comp-pr2020-338.pdf

An illegal one at that. Also it's not decentralized, the founders hold most of it and have been dumping on holders for profit. And they paid exchanges just to list it. So yeah, I'd call it a scam or a "pure shitcoin".

magicjones said:

You're wrong. According to the SEC, it's not a cryptocurrency it's a security: https://www.sec.gov/litigation/complaints/2020/comp-pr2020-338.pdf

An illegal one at that. Also it's not decentralized, the founders hold most of it and have been dumping on holders for profit. And they paid exchanges just to list it. So yeah, I'd call it a scam or a "pure shitcoin".

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I don't need the SEC to tell me what is and isn't a cryptocurrency, and fyi, the terms "cryptocurrency" and "security" aren't mutually-exclusive.

You can call XRP/Ripple whatever you want, but it doesn't make it true. It's not a scam and it is decentralised, which btw is of course a sliding scale and not binary - ie. you can have cryptocurrencies that are more and less decentralized than each other, because nothing (not even Bitcoin) is purely decentralized.

It's interesting that you clearly place a lot of respect in the opinions of the SEC but don't respect the opinions of the core of the world's financial industry that have partnered with Ripple to use RippleNet and integrate it. Regulators have no business being involved with crypto imo anyway, and the SEC is just being used to allow the mainstream financial sector to build roots in the crypto industry anyway - as if you'd trust or respect what the SEC has to say.

Ripple's modus operandi has been the same for years, the SEC could have picked any time to bring this case. There are plenty of other crypto projects that have far more egregious structures than Ripple and are much less legitimate at their core, but Ripple was chosen. It's a strategic move, both the project targeted and the timing, and if you don't realise that and think this is happening because the SEC has just gotten around to it now then of course you wouldn't get the significance of Ripple in relation to the ability for there to be institutional/governmental control over digital assets in the future.

Ripple isn't a great project, they're not overly innovative at all, and they really got to the place they got to because of early-mover advantage. If they launched in 2016 they would be somewhere between 50 and 100th largest crypto if they were lucky.

But saying that they are a "scam" is patently false and silly. I've interacted with hundreds of scam cryptocurrencies, there's a big difference. Just because you don't like a project and the owners got rich from hoarding/selling large amounts of their asset doesn't make it a scam. Welcome to the real world.

VSYNC said:

I don't need the SEC to tell me what is and isn't a cryptocurrency, and fyi, the two terms "cryptocurrency" and "security" aren't mutually-exclusive. (Of course you didn't realise that).

You can call XRP/Ripple whatever you want, but it doesn't make it true. It's not a scam and it is decentralised, which btw is of course a sliding scale and not binary - ie. you can have cryptocurrencies that are more and less decentralized than each other, because nothing (not even Bitcoin) is purely decentralized.

It's interesting that you clearly place a lot of respect in the opinions of the SEC but don't respect the opinions of the core of the world's financial industry that have partnered with Ripple to use RippleNet and integrate it. Regulators have no business being involved with crypto imo anyway, and the SEC is just being used to allow the mainstream financial sector to build roots in the crypto industry anyway - as if you'd trust or respect what the SEC has to say.

Ripple isn't a great project, they're not overly innovative at all, and they really got to the place they got to because of early-mover advantage. If they launched in 2016 they would be somewhere between 50 and 100th largest crypto if they were lucky.

But saying that they are a "scam" is patently false and silly. I've interacted with hundreds of scam cryptocurrencies, there's a big difference. Just because you don't like a project and the owners got rich from hoarding/selling large amounts of their asset doesn't make it a scam. Welcome to the real world.

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Wrong again lol. XRP is NOT decentralized - Ripple, the company, hand picks the Unique Node List for it's RPCA (Ripple Protocol Consensus Algorithm).

So let's use a dictionary if you don't believe the SEC. Define cryptocurrency:
"a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority."

Not decentralized
Not a cryptocurrency

magicjones said:

Wrong again lol. XRP is NOT decentralized - Ripple, the company, hand picks the Unique Node List for it's RPCA (Ripple Protocol Consensus Algorithm).

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Which means it's less decentralized than some other cryptocurrencies. It doesn't mean that it's centralized.

magicjones said:

So let's use a dictionary if you don't believe the SEC. Define cryptocurrency:
"a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority."

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So let's use a dictionary if you think that the Ripple ecosystem is "centralized":



So with ~7% of the validators on XRP ledger being run by Ripple themselves, and the others being selected by Ripple as being validators they deem trustworthy but not directly controlled by Ripple, then I think we can agree that Ripple fits within the definition of "the transfer of control of an activity" to "several local authorities rather than one single one".

You can disagree with that, but that doesn't mean that Ripple is purely centralized by this definition, which means it at least has an element of decentralization, and therefore is decentralized.

Here's the list of XRP validators - do Ripple directly control all of these validators or even a majority of them? https://xrpcharts.ripple.com/#/validators

About 60% of BTC mining is conducted by 4 mining pools and about 60% of ETH mining is conducted by 3 mining pools. Yet both BTC and ETH are legally considered to be decentralized.

Do I think Ripple is the pinnacle of the cryptocurrency space and the kind of project that Nakamoto envisioned when they created crypto? No fucking way. Ripple is precisely the kind of project that needs to be stamped out of the crypto industry because it's provided huge backdoors for mainstream finance to use.

Does that make Ripple not a cryptocurrency and centralized - no it doesn't. You're welcome to your opinion, but remember it's just that.

VSYNC said:

Which means it's less decentralized than some other cryptocurrencies. It doesn't mean that it's centralized.


So let's use a dictionary if you think that the Ripple ecosystem is "centralized":



So with 7% of the validators on XRP ledger being run by Ripple themselves, and the others being selected by Ripple as being validators they deem trustworthy but not directly controlled by Ripple, then I think we can agree that Ripple fits within the definition of "the transfer of control of an activity" to "several local authorities rather than one single one".

You can disagree with that, but that doesn't mean that Ripple is purely centralized by this definition, which means it at least has an element of decentralization, and therefore is decentralized.

About 60% of BTC mining is conducted by 4 mining pools and about 60% of ETH mining is conducted by 3 mining pools. Yet both BTC and ETH are legally considered to be decentralized.

Do I think Ripple is the pinnacle of the cryptocurrency space and the kind of project that Nakamoto envisioned when they created crypto? No fucking way. Ripple is precisely the kind of project that needs to be stamped out of the cryptocurrency space because it's provided huge backdoors for mainstream finance to use.

Does that make Ripple non a cryptocurrency and centralized - no it doesn't. You're welcome to your opinion, but remember it's just that.

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XRP is centralized because Ripple, the company, acts as centralized authority. Ex. "validators they deem trustworthy" means that they control the network. Not to mention creating billions of coins out of thin air and selling them for profit.

Who's SEC gonna go after for BTC? Chinese mining pools? Yeah right lol. There's no centralized authority.

magicjones said:

XRP is centralized because Ripple, the company, acts as centralized authority. Ex. "validators they deem trustworthy" means that they control the network. Not to mention creating billions of coins out of thin air and selling them for profit.

Who's SEC gonna go after for BTC? Chinese mining pools? Yeah right lol. There's no centralized authority.

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Do you know for sure that Ripple exerts direct control over all of the validators in order for them to act as proxies for Ripple?

If you were being honest, you would say "no, how could I possibly know that". Therefore, at best you can guess that the Ripple ecosystem is more centralized than it seems on face value.

None of that equates to you knowing that Ripple is centralized, so you can keep saying it all you want but it's impossible for you to prove. Maybe the SEC will come to the same conclusion as you, maybe they won't. We'll find out.

magicjones said:

Not to mention creating billions of coins out of thin air and selling them for profit.

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No offence, but what planet are you on? What do you think every single cryptocurrency project is all about? Altruism and helping the world?

Every single project created tokens/coins from thin air and sold them for profit.

Join an NGO and save starving Africans if you don't like people making profit from cryptocurrencies - you might be in the wrong place.

Why do you have such a beef with Ripple anyway - I mean, you seem pretty passionate about wanting them to get fisted by the SEC and disgusted by how centralized they are. Guessing you're holding your life savings in XRP right now and venting?

VSYNC said:

Do you know for sure that Ripple exerts direct control over all of the validators in order for them to act as proxies for Ripple?

If you were being honest, you would say "no, how could I possibly know that". Therefore, at best you can guess that the Ripple ecosystem is more centralized than it seems on face value.


No offence, but what planet are you on? What do you think every single cryptocurrency project is all about? Altruism and helping the world?

Every single project created tokens/coins from thin air and sold them for profit. Join an NGO and save starving Africans if you don't like people making profit from cryptocurrencies - you might be in the wrong place.

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I know for sure that XRP is overseen by a private company and the UNL of validators is centralized.

The reason SEC doesn't go after BTC or ETH is because there's nobody managing those - they're not securities.

The fact that Ripple, the company, has a central role means that it's a security. And I'd argue it's not a cryptocurrency either.

Hope this shitcoin dies

magicjones said:

I know for sure that XRP is overseen by a private company

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So does everyone else on the planet.

magicjones said:

the UNL of validators is centralized.

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Validators selected by Ripple but made up of many different groups that are all autonomous (at least they are meant to be).

magicjones said:

The reason SEC doesn't go after BTC or ETH is because there's nobody managing those

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There's nobody managing BTC and ETH?! SEC could go after the Bitcoin Foundation, you could go after Vitalik Buterin.

The reason the SEC doesn't "go after" BTC and Ethereum is because they aren't doing anything the SEC deems illegal, not because there's no human beings that have direct input into the way that they operate.

The reason they're attempting to prosecute Ripple is more than likely strategic, as I already said.

magicjones said:

The fact that Ripple, the company, has a central role means that it's a security.

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I never knew the criteria for an asset to be classed as a security was having a company that takes a central role? I bet the SEC didn't either.

Well, you seem to really know what you're talking about

magicjones said:

And I'd argue it's not a cryptocurrency either.

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Sure, I get that you'd argue that it's not a cryptocurrency. That means literally zero though.