Interesting article. One of the thing that stood got me was this quote: "Overall, Garlinghouse estimated that Ripple sells XRP at 10 basis points of daily market volume — i.e. 99.9% of XRP volume is not connected to Ripple"
That is simply astonishing because effectively it means people are trading XRP but it is not being used on Ripple (ie for transations).
Have I understood that part correctly?
No
What do you mean "used on Ripple"? Ripple is a company, RippleNet is where transfers of XRP happen...if worker from USA is sending money
to family in Mexico through Moneygram, it utilizes RippleNet, but Ripple as a company has nothing with it
Ripple as a company:
- Controls GitHub of XRPL
- Maintains XRPL and introduces features
- Maintains stable infrastructure to run XRPL reliably
- Maintains default UNL that most validators blindly trust
- has RippleNet that runs on all of the above uses XRP on demand
- Possess most of XRP that either belongs to Ripple, to entities that have contracts with Ripple, where Ripple is acting as VC, or as donator, or as wrv by giving XRP to support venture.
Its naive to say that Ripple has nothing to do with XRP.