>What wallet do I use? There is no right answer for this. Mostly personal preference and security vs. convenience. Hot storage (with Spark support) - XUMM or Exodus. Cold storage - Ledger/Trezor or Paper/Metal Wallet
previous thread thread before this one last thread (not current one but the other one in past) remember anons you can use your mind to influence the world around you
and brad garlinghouse's charming ass with snarky techmeister michael arrington youtube.com/watch?v=8px6vexP5Gw and this one, with an incredibly asinine interviewer where Brad shares about a brief interesting encounter with Madonna youtube.com/watch?v=fN0wfZnHDyE
Isaiah Wright
no there are some legit delusional people here. they talk a lot of shit but every time it dips they get real quiet lol.
1/3 XRP lives on the XRP ledger (XRPL). Other currencies also exist on the ledger: USD, JPY, BTC, etc. These are issued by Gateways, who have their own mechanism for actually delivering the real currency (cf. Tether). These issued currencies are effectively IOUs for the real cash. It is possible that a Gateway may not fulfill its IOU, and because of this possibility, before you can hold a Gateway's issued currency, you have to add that Gateway to your Trust Line.
Users can create offers on the XRP ledger via an OfferCreate transaction. These are limit orders in an order book which say you will sell some amount of currency X for some amount of currency Y. If another user comes along with Y, they can buy your X with it at the provided rate. Using this order book, it is possible, for example, to exchange USD for JPY, or vice versa.
But now it sounds like Ripple has created a mechanism for performing forex on the blockchain. But if that's the case, what's the use of XRP? Can't a bank just swap its USD for JPY and send that to the bank in Japan to make the payment? Well, it could, but there is still the problem of liquidity.
Liquidity is how much currency is actually able to be traded. If there are only enough orders to convert 1,000 USD to JPY, then someone who wants to convert 1,000,000,000 USD is out of luck. Liquidity in this case relies on there being the same demand for USD in Japan, as there is for JPY in America. When this is not the case we have a liquidity problem.
Matthew Reed
screencapped
William Jones
The last thread got me blackpilled that I won't be able to have my money because of Coinbase and taxes. What do?
2/3 Let's say someone in Thailand wants to make a large payment to someone in Korea. What can they do if there isn't enough liquidity between the baht and won? One option is to slowly trade baht for won as liquidity arises, but this is too slow. A second option is to use an intermediary currency. Maybe there is enough liquidity between the baht and USD, and between the USD and won. If so, we can trade our baht for USD, and then trade the USD for won.
Alright, now let's imagine a more convoluted scenario. >Canadians want USD, and Americans want CAD (good liquidity) >Americans want baht, but Thais don't want USD (bad liquidity) >Thais want won, but Koreans don't want baht (bad liquidity) >Koreans want yen, and the Japanese want won (good liquidity) If we want to trade baht for won, what can we do? We can turn baht into USD, but we can only turn the USD into CAD, and the CAD back into USD. We can't turn baht into yen, and we can't turn it into won directly, so we're stuck.
Dylan Sanders
13 vertices on the whole pyramid
Aiden Williams
3/3 But what if everybody used a common intermediary in their exchanges? This is what XRP is for. Considering just Canada and America for a moment, the following will happen when they exchange currencies: >Canadians will buy XRP, then sell it for USD >Americans will buy XRP, then sell it for CAD When Canadians buy XRP, they are filling the American sell orders for CAD, and vice versa. So the two fulfill each other.
Now it might seem like we are just adding something unnecessary, but it is actually going to improve things for everyone else.
Americans also want to buy baht, so they are also going to sell some of the XRP they buy for baht. Now the Thais didn't want to buy USD, but they do want to buy XRP because they need it in order to trade for won. So by adding the XRP intermediary we have enabled the Americans to buy baht! and also thereby created an XRP market for the Thais! Now the Korea-Japan setup is the same as Canada-USA, so Korea has demand for XRP, and they are happy to buy the XRP that the Thais are selling (since they don't care where it came from). Voila! we can now trade baht for won!
So you see by having everybody buy XRP first, bad liquidity markets can piggy-back off of good liquidity markets, and routes that couldn't otherwise be spanned, suddenly can be. When somebody somewhere wants to buy your currency, they are providing you with a means to buy XRP; and when you sell your XRP for the currency you want, you are providing someone else with that same means. They'll buy your XRP because they need it to trade for something else, and you'll sell it because you want their currency.
It’s funny, the number of XRP schizos here is high enough that they could all get together to artificially pump the shit out of this coin and make this moon at a much higher rate than it likey will. Now’s the time to do it.
James Campbell
but we're already all in
Kevin Campbell
We just completed the last dip in the $0.40s area. Hope you all got your bags :)
