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“Ripple attorneys will have their hands full explaining the statements of Ripple executives,” claims Larry Cermak

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  • “Ripple attorneys will have their hands full explaining the statements of Ripple executives,” claims Larry Cermak

Larry Cermak, economy/law analyst and author at theblockcrypto.com, launched an interesting Twitter thread today regarding Ripple, XRP, and the currency’s status as a security.

He first went and determined what actually constitutes a security. The question “Has the promoter raised an amount of funds in excess of what may be needed to establish a functional network?” is one that needs to be answered to determine if the token is a security, according to SEC member Hinman.

Citing this as the burning question hanging above XRP’s head, Cermak dove deep into the statements of Ripple’s top dogs and discovered some worrying trends.

Besides acknowledging that Ripple management said multiple times how XRP Ledger is already functional and decentralized, he noted that Ripple Labs still remains in possession of 55 billion XRP which they intend to sell to generate further revenue. Chris Larsen and David Schwartz gave the “best” quotes describing Ripple’s intention to use their stash of XRP to profit in the future, citing Schwartz and his “After all, the reason we’re doing this is to increase demand for XRP to increase the value we can extract from our stash of XRP” as the most damning piece of evidence that XRP is in fact a security. Cermak concluded his Twitter thread with the following:

“As demonstrated by their own comments, Ripple is clearly incentivized to increase the value of XRP and therefore XRP holders’ investments. The long controversy will likely be decided in federal court down the line. In any case, Ripple’s attorneys will have their hands full in explaining the historical and recent statements of Ripple executives with respect to XRP and Ripple’s relationship to the cryptocurrency.”

You can read the full thread, along with an article that goes deeper into the quotes and issues mentioned,

  • HTC Exodus phone starts shipping

HTC recently announced they’ll be moving into the cryptocurrency waters with their new mobile phone, HTC Exodus (marked as HTC Exodus 1). This blockchain-powered phone lets its owners trade cryptocurrencies, pay for various services with crypto and run dApps on it.

The phone was envisioned and designed by Phil Chen, HTC’s “Decentralized Chief Officer,” a developer who previously worked on the HTC Vive VR headset. This first generation of Exodus immediately impresses with its features:

  • Display: 6-inch IPS LCD display, 1440×3120 resolution
  • Durability: IP68 dustproof and waterproof
  • Chipset: Qualcomm Snapdragon 845
  • OS: Android 8.1
  • Storage and Memory: 6GB RAM, 128GB internal storage (non-expandable)
  • Battery: 3500 mAh battery, USB type-C charging, support for fast charging
  • Camera: 16-MP and 12-MP main camera, dual 8-MP selfie camera
  • Connectivity: 4G LTE, Bluetooth 5.0, Wi-Fi 802.11 a/b/g/n/ac, dual-band, WiFi Direct, hotspot

One of the flagship applications that’ll be pre-installed on the phone is called the Zion wallet. This wallet has a security system detached from the Android software (also called the “TrustZone Secure Enclave”) and lets its owners utilize the so-called Social Key Recovery function in case something happens to their phone. Every Exodus device will serve as a node, and every user will own their identity and their data pushing for a more decentralized system.

Zion will support Bitcoin and Ethereum, as well as Litecoin and several popular ERC-20 tokens on its launch day. Interestingly enough, Exodus can only be purchased using cryptocurrency.

Exodus 1 can currently be purchased for the price of 0.15 BTC/4.78 ETH/19.84 LTC (amounts to just above 500 USD). This device will target developed markets as Chen and HTC plan to release a more affordable phone for underbanked people from poorer countries of the world.

  • Binance lists Republic Protocol (REN)

Popular Chinese/Maltese exchange Binance has added Republic Protocol to its trading platform.

 

Trading for REN/BTC and REN/BNB pairs has been enabled on 6/12/2018, 10:00 AM (UTC). As a part of the listing process, Republic Protocol donated 28,000 BNB to Binance’s Blockchain Charity Foundation.

Republic Protocol operates as an open-source decentralized dark pool exchange. This means that individuals can trade in any size of volume without having details of their transactions revealed. The project looks to focus on larger orders, thus being more suitable to institutional investors.

It facilitates cross-chain atomic trades on a hidden order book over the Ethereum and Bitcoin networks. Miners within the protocol run equation solving nodes to earn REN tokens and match orders without revealing the underlying trade until execution.

As such, the Republic Protocol system is capable of executing large block orders for ERC20, Ethereum and Bitcoin pairs; the orders are executed with minimal price slippage and maximum protection from front-running.

“Republic Protocol delivers mathematically-proven security and privacy until execution to dark pools, providing a system for investors and traders to exchange significant amounts of cryptographic assets,” Binance explains.

  • Factom to be used by a Chinese online video performance verification company

Factom has been one of the hottest cryptocurrencies on the market lately, managing to appreciate from $4 to $16 in the past month or so. This 300% growth has surprised many but some investors knew that this currency has a couple of aces up its sleeve.

With Melinda and Bill Gates Foundation and Draper Associates supporting it, Factom’s latest rise isn’t exactly that surprising. Their latest partnership from China will likely contribute to added growth in the future.

The Board of AIM-traded FastForward Innovations Limited Company announced that its investee company Yooya will be adopting the Factom Harmony platform as their blockchain solution delivered through Wancloud, Factom’s Chinese re-seller.

Yooya is a Chinese company that manages business-to-business online video networks; it manages and tracks video content on over 45 Chinese online video distribution platforms, including Alibaba’s Youku, Baidu’s iQiyi, and Tencent Video.

Yoouya will use the Harmony platform to deliver both public and private blockchain-based online video content experiences to its customers.

Interestingly enough, FastForward owns a stake in both of these companies as they have a 2.06% equity interest in Factom and a 15% one in Yooya.

Source: captainaltcoin

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XRP Price Stable Against Coinmotion Criticism

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On Feb 15, the XRP is moving up slightly, trading at $0.3089.

Over a few weeks, the crypto has been forming a triangle, still without testing either the resistance or the support. The MACD is however moving up, which makes the resistance breakout at 0.3047 more likely; this may then push the price to 0.3230. The overall trend is descending, though, so once the resistance at 0.3047 gets broken out, the price may also be sent to the support at 0.2899 and then break it out, heading towards the midterm support at 0.2804, and the target at $0.2470.

xrp price analysis

Coinmotion, a crypto exchange based on Finland, added the XRP to its portfolio. At the same time, the exchange published an article called XRP Is a Centralized Digital Currency, saying that the altcoin is not really a crypto.

The article author, Pessi Peura, says the investing process shows that Ripple is more like a security than a crypto. Besides, the token is developed by a single company, which is risky: in case Ripple Labs loses its reputation in any way, the XRP will have big problems.

Finally, Peura says Ripple Labs is controlling its tokens, which is totally against the decentralized network principles. This is actually the most curious thing, as Ripple Labs says its token is autonomous, and no monopoly is possible.

Ripple has not commented on the article yet, but is likely to comment soon, as the company is usually quick at reacting at any criticism in the media. Most likely, Ripple Labs will say the usual thing regarding XRP having nothing to do with securities.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Source:nulltx

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Bank-based Cryptocurrencies Not Realistic: Ripple CEO

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ipple Chief Executive Officer (CEO) Brad Garlinghouse recently said that bank-based cryptocurrencies are not realistic and he believes they are “deeply misguided” for the entire industry.

These remarks come in the wake of the news reports that announced that the international bank, JP Morgan was all set to announce its own coin, JPM token. As earlier reported by Crypto-News India, the trials for the cryptocurrency, named as “JPM Coin” will begin in a few months and is designed for instant settlement of payments between clients. With the launch of its new cryptocurrency, the bank is preparing for the future to settle the transactions at lightning speed similar to that of Bitcoin rather than relying on old technology like wire transfers.

At the time, Umar Farooq, J.P. Morgan’s Head of Blockchain projects had said, “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”

This is not the first time Garlinghouse expressed doubts about bank-based cryptocurrencies. In 2016, he had reportedly said, “A bank-issued digital asset can only really efficiently settle between the banks who issued it. Then, two scenarios can play out.”

Detailing those scenarios, the Ripple CEO had stated, “Scenario one: all banks around the world put aside competitive and geopolitical differences, adopt the same digital asset, agree on its rules, and harmoniously govern its usage. Fat chance. Scenario two (the more likely scenario): banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”

Throwing in a good word about XRP, the CEO said, “We strongly believe banks need an independent digital asset to enable truly efficient settlement and we believe XRP is best positioned for that role.”

It remains to be seen, how exactly XRP intends to do what it had set out to do.

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Source.crypto-news.in

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Ripple new version of XRP Ledger 1.2.0 launched

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  • XRP Ledger requested to update the code before February 27.
  • XRP Ledger 1.2.0 is more resistance to censorship.

The San-Francisco-based blockchain company Ripple is reported to have released a new version of its renowned XRP ledger 1.2.0. The new version is designed to improve user experience as well expand the range of services it is offering.

The users of the ledger are requested to update to the latest version before February 27, 2019. The upgrade is vital because without it, the server won’t be able to determine the authenticity of the ledger and in return transactions will not be processed neither will they be submitted.

What has changed?

The new version according to the team at Ripple, is more resistance to censorship. This means that the transaction being processed cannot be determined by any single entity. Moreover, the transaction will remain immutable after entering the ledger. While the previous version was resistance to censorship, the team claims that this version greatly improves the feature. Warnings will be issued if there are attempts to interrupt the working of the ledger.

Furthermore, the upgrade has integrated what is commonly referred to as MultiSignReserve amendment. Ripple has now made it easier who take part in signing transactions while reserving only 5 XRP. Other updates included bug fixing and removal of errors on two transactions.

The company has also launched a bounty program. Developers have been requested to review all the updates in the new version and communicate to the company in the event any vulnerabilities are detected.

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