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Hostile takeover effort by Valor of XRP
- hrdwdmrbl 8y agoIf only the cryptocurrency market were even rational enough for this to work. You have projects like ETC and the many Bitcoin forks that are total junk clones but still have value. You have projects like Tron which plagiarizes their whitepaper and clone ETH and still has value. You have Dash which cloned Monero and the founders took all the coin and it still has value.
- RL_Quine 8y agoDash / Darkcoin existed before Monero. Still shitcoins, but get the facts right.
- hrdwdmrbl 8y agoYou might be right but honestly I'm too lazy to verify. We both agree on the fundamentals anyway
- giancarlostoro 8y agoMonero forked Bytecoin, and it's worth much more. Always found that somewhat amusing.
- tmoravec 8y agoBytecoin is a scam, whereas Monero is at least pretending to be a well-behaved open-source project. Also, there was a ton of innovations since the fork.
- hrdwdmrbl 8y agoYes! And not only that, but the initial distribution was fair
- giancarlostoro 8y agoApparently they've been working on forking out the overdistributed initial Bytecoins. My only concern with Bytecoin atm is they've apparently patented their approach, where that would lead Monero is uncertain to me. I was going to try and reimplement Bytecoin (in another language so I could learn more about how Bytecoin works) but I couldnt get an answer from someone from their group as to what the heck it means that they're patenting it.
- nostrademons 8y agoI mean, rationally speaking the value of all cryptocurrencies should tend toward zero. But then again, rationally speaking the value of all currency should tend to zero. Human beings aren't exactly rational - if we were, the modern world would cease to exist, and we'd collapse into a Hobbesian state of nature.
- repomies68 8y agoYour definition of rationality sounds a bit weird. All currencies should be valued at zero, which currently are you pricing those currencies?
- stephen_g 8y agoThat's not true for all currency. Because Governments generally require taxation to be paid on property/transactions/income in particular geographical areas exclusively in a particular currency, there is a baseline demand which means that such a currency has some fundamental value despite not having "intrinsic" value. Beyond that, currencies are (in a way) also backed to some extent by the value of the goods and services available to be purchased with them. So cryptocurrencies can have value of the second type, but if they don't have baseline demand then there's little to stop everybody deciding to switch from one cryptocurrency to another at some point in time, leaving the first worthless - whereas baseline demand makes that extremely unlikely for a currency used in any major country's economy.
- jerguismi 8y agoTaxation does create demand for government currencies, but it doesn't necessarily make it more usable in commerce. You could do all your transactions in other currencies, and only convert to the tax currency when you need to pay taxes.
- AstralStorm 8y agoPresuming you can convert freely and you're not actually paid in it. Soviet states and foreign currencies, does anyone remember that?
- themagician 8y agoA perpetual ponzi scheme will go on forever, because there’s always a endless stream of people who think it’s the person in front of them whose the sucker and not them. That is, even when people KNOW it’s a Ponzi scheme they will still play the game. That’s the crypto market. Each coin is as close to a perpetual ponzi scheme as you can get. The coins won’t be worthless until there is only a single sucker left.
- scalesolved 8y agoDo you consider Bitcoin to be a perpetual ponzi scheme?
- cvrjk 8y agoI am not sure if it isn't. Among other things, transactions are not cheap, as they were supposed to be. The chain supporters are trying to pivot the whole thing as "Store of Value" which it isn't supposed to be. It does not scale. There are better blockchains offering everything bitcoin does and more (Ethereum for one).
- themagician 8y agoThey all are, Bitcoin is just a little bigger so the players are typically companies and institutions instead of individuals.
- arcticbull 8y agoThis is just like the time the USD was hostilely taken over by the GBP and I had to exchange all my dollars for pounds so they wouldn't be worthless. Unless I was a government employee, then I was SOL. Truly the money of the future.
- tmoravec 8y agoUSD taken over by GBP? I'm curious, and I don't know enough of the history. Could you provide some details, please?
- pitaj 8y agoHe's being facetious.
- monochromatic 8y agoI’m just glad I got out of USD early to get a good exchange rate on all these Good Boy Points.
- rebuilder 8y agoWell, the idea Valor is proposing here doesn't sound much more likely to work than your scenario.
- sm4rk0 8y agoCould this title be less clickbaity? By including hints like "Ripple" and "Valor", for example.
- dang 8y agoOk, we've edited the title to try to do that. Though the grammar is not the most un-awkward.
- repomies68 8y agoAlso the idea of the attack in the article sounds stupid. Don't know why this is getting the upvotes.
- wbl 8y agoHow on earth do you short while simultaneously buying at a premium? This not how any of it works.
- hrdwdmrbl 8y agoI also do not fundamentally understand their plan. According to the article they will short XRP, clone XRP, then somehow get people to switch from the now worthless XRP in to their coin which would somehow not be worthless, then they will give people that switch more coins while still keeping the value of their coin high. Sounds crazy expensive and crazy risky.
- sharpneli 8y agoLevels and levels of plotting. What happens if the takeover fails? Well. Valor has the XRP of those dumb enough to exchange their XRP for the Valor tokens. Valor tokens are worthless and then Valor can just sell the XRP for profit. Unless they spend too much in shorting they stand to profit from those who believe their takeover will succeed.