- “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,
1/ This week I decided to look at Ripple and whether XRP could qualify as a security based on what Ripple executives have said publicly in the past.https://t.co/ECrvNKdugH
— Larry Cermak (@lawmaster) December 6, 2018
- 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.
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.
Ripple (XRP/USD) forecast and analysis on December 11, 2018
Cryptocurrency Ripple (XRP/USD) is trading at 0.3054. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Ripple (XRP/USD) forecast and analysis on December 11, 2018
As part of the forecast Ripple course is expected to test the level of 0.3150. Where should we expect an attempt to continue the fall of XRP/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 0.2650. The conservative Ripple sales area is located near the upper border of the Bollinger Bands indicator at 0.3180.
Cancellation of the option to continue the decline in the Ripple rate will be a breakdown of the upper border of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotations of the pair above the 0.3400 area. This will indicate a change in the current trend in favor of the bullish XRP/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.
Ripple (XRP/USD) forecast and analysis on December 11, 2018implies a test level of 0.3150. Further, the continuation of falling to the area below the level of 0.2650 is expected. The conservative area for selling Ripple is located area of 0.3180. Cancellation of the option of falling cryptocurrency will be the breakdown level of 0.3400. In this case, we can expect continued growth.
Ripple Says Industry Needs XRP and Cross-Border Payments Overhaul As New Report Shows Extreme Delays at Swift
Ripple says a new report on extended payment delays and errors on the traditional global payments network Swift paints a stark picture on the importance of crypto, blockchain and digital assets like XRP.
A new exposé from The Guardian tracks four stories of people and charities getting thousands of dollars stuck in cross-border payment flows executed through Swift.
According to the report, the acronym SWIFT (Society of Worldwide InterBank Financial Telecommunications) has often “proved to be a misnomer.”
Charity Payment Snaffu
“Elaine and Malcolm Thompson’s charity, St Paul’s Children’s Project, pays school fees and expenses for 36 orphans in Zambia. In October they made a payment using the Swift system of £11,000 from the charity’s Barclays account to its designated bank in Zambia, but it never arrived…
Family Transfer Lost
“Martin Finnegan* was told the £2,450 sent from his Nationwide account to his mother-in-law in Russia would take an estimated three days. Three months later it was still in transit, location unknown…
Account Transfer Delayed
“In June, Jane Collins* nearly lost the home she was buying after moving to Canada because the £54,000 deposit transferred from her Nationwide account went missing. It eventually arrived six weeks later. Nationwide blamed poor communications along the chain of banks…
Holiday Deposit Refunded
“Laura Fulcher waited five months for a £500 holiday deposit to reach her Ghanaian tour operator. It was eventually refunded after the Observer contacted her bank, TSB. It also repaid associated expenses and added interest and £50 in compensation for the ‘inconvenience’.”
Ripple’s global head of strategic accounts Marcus Treacher tweeted about the new report, saying it reveals the need for a global payments infrastructure upgrade to create an efficient “internet of value.”
— Marcus Treacher (@marcus_treacher) December 9, 2018
The new system is not based on blockchain technology, which Swift has said is not ready for use in the mainstream.
Push to Convince Elon Musk and Tesla to Adopt Bitcoin Triggers Debate on XRP, IOTA and Nano
A push to unite the cryptocurrency community by convincing entrepreneur Elon Musk to adopt Bitcoin quickly sparked a debate on the speed and viability of BTC, IOTA, XRP and Nano.
A post shot to the front page of r/cryptocurrency Sunday, calling on Bitcoin and crypto believers to persuade Elon Musk to add a Bitcoin wallet to each and every Tesla on the road and in production. The post touted Tesla’s power to bring cryptocurrency to the mainstream and give drivers a new way to pay for items directly from the comfort of their futuristic supercars.
The effort follows a similar campaign by the CEO of leading cryptocurrency exchange Binance, who challenged Musk to accept cryptocurrency for the purchase of Tesla vehicles back in October.
The response to the new post on Reddit quickly transformed into a debate on the viability of Bitcoin as a payment platform, especially in comparison to cryptocurrencies such as XRP, IOTA and Nano.
The debate mirrors the complexity of the crypto market as a whole, and the ongoing search for a digital asset that truly finds a way to become a widely adopted payment platform for the mainstream.
Here’s a look at some of the responses.
“Any car might benefit from an IOTA or Nano wallet for instant fuel purchases, but Bitcoin? Nah.” – throwawayLouisa
“Since we already know that crypto is not ready for the masses, then adding this wallet would seem to mean that either 1.) Its a feature that should remain unadvertised and only usable by people looking for it, or 2.) Tesla gets to deal with the backlash when people start loading money on it, thinking it’s a great and secure new form of a Visa gift card, but then can’t figure out where their money went after keeping their private key written down on a sticky note on the dashboard.” – eldroch
“I know of other, however less known coins (yes, looking at you, Nano, XRP and others). They could add other coins as well, but let’s start with the most logical Grandaddy and proceed from there onwards, shall we?”
“It’s not logical at all to use BTC fo this purpose, for it’s self-inflicted ‘store of value’ narrative. Unless each car is going to be on that all-encompasing totally working at scale Lightning Network?” – marxxy94
If this happens it should be IOTA or Nano IMO, fuck probably something out there I don’t even know about that would be perfect. 0conf BCH would even work really well in this case.” – LiamGaughan
“IOTA is especially built for IoT and those kind of usecases. VW will implement iota based systems early 2019 to have a decent audit trail for OTA update. They also already showed a system with a car equipped with IOTA wallet and are planning to start implementing those in the coming years as well.” – lambtho
Meanwhile Musk appeared on 60 Minutes on Sunday to deliver a stern message to the US Securities and Exchange Commission, which recently settled charges against Musk and Tesla, resulting in $40 million in penalties and Musk’s ouster as chairman. The message, that he does not trust the SEC, rang true to some in the world of crypto.
— The Crypto Lark (@TheCryptoLark) December 10, 2018
Source:The Daily Hodl