As long as you run a validator and only validate your own transaction you are not a money transmitter but you also have to keep record for every transaction for 25 years as by law.
The moment you touch anyone else's money (validate ) you come a money transmitter and must have license.
If only Ripple would validate, it's central banking.
Topic: [XRP] Ripple Speculation - page 65. (Read 637272 times)
XRP is a gamble not an investment, never was, never will be (property, stocks, mutual funds, shares ..... are investments)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
Right... I'm sure you Mr. Random Guy on Internet is more knowledgeable than a multinational fintech company which operates since 2012.
Maybe you're more knowledgeable even than the government, why don't you write the government a latter to let them know Ripple is using illegal operators? But I guess they are too busy right now with fighting Huawei so that they can sell more iPhones.
All saved on Bolchchain, 2020 will be an interesting year.
https://bico.media/1f8e0c5f47b470f3df0f06f3d2939adccc1f2b7dafa0b4a32a69663cda2c6760.pdf
SEC ruling that node operators must have money transmitter license (cost 6 figure sum) and comply with AML/KYC and also every user must scan ID.
1) This looks like an explanation of existing rules, not a new law. I spent some time reading it and it just explains to not-crypto-related people many things we're already familiar with.
1st page, 2nd paragraph,
Quote
This guidance does not establish any new regulatory expectations or requirements.
Rather, it consolidates current FinCEN regulations, and related administrative rulings
and guidance issued since 2011, and then applies these rules and interpretations to
other common business models involving CVC engaging in the same underlying
patterns of activity.
2) This is from "Bank Secrecy Act", it's only affecting US. All US based cryptocurrency projects already require KYC from their customers, this is nothing new nor related to XRP only.Rather, it consolidates current FinCEN regulations, and related administrative rulings
and guidance issued since 2011, and then applies these rules and interpretations to
other common business models involving CVC engaging in the same underlying
patterns of activity.
3) You make it sound like it's something terrible, but a company needing a license isn't that big of a deal. You probably didn't realise this, but this document you linked would be more damaging for Bitcoin and it'd probably wouldn't affect XRP at all.
Let me explain (3),
In page 9 of this document, it is stated that FinCEN regulations, specify certain activities are excluded from the definition of “money transmitter.”
Specifically, a person is not a money transmitter if that person only: provides the delivery, communication, or network access services used by a money transmitter to support money transmission services;
From the above quote we understand that XRP nodes wouldn't be affected by this even if it was something new, they do not received a mining/staking reward for their services... even though I believe getting an extra licence and being reviewed by one more agency isn't a catastrophe.
Now read pages 20-21, section 4.5.2 which talks mainly about anonymity-enhanced coins, but the same principal should apply to BTC as well. Quoting paragraph (C), note that CVC = Convertible Virtual Currencies
Quote
a person that develops a decentralized CVC payment system will become a
money transmitter if that person also engages as a business in the acceptance
and transmission of value denominated in the CVC it developed (even if the
CVC value was mined at an earlier date). The person would not be a money
transmitter if that person uses the CVC it mined to pay for goods and services on
his or her own behalf.
From what I understand from the above paragraph and the rest of the document, being a node doesn't qualify you as a "money transmitter". Ripple Labs themselves should still be qualified as "money transmitters" since they're selling XRP to companies, but this is nothing new and it hasn't stopped them from doing their business.money transmitter if that person also engages as a business in the acceptance
and transmission of value denominated in the CVC it developed (even if the
CVC value was mined at an earlier date). The person would not be a money
transmitter if that person uses the CVC it mined to pay for goods and services on
his or her own behalf.
It makes me wonder though, how are Bitcoin miners viewed under this law? The moment they sell their coins to another entity, they are considered "money transmitters" and the obligations mentioned in section 2.1 should apply to them.
I'd like to see how an average person who is mining Bitcoin will operate within the law!
In BTC if everyone shuts down there Raspberry Pi, the core blockchain still functions.
XRP you take away notes its not functioning-period.
How many will fork out the money to get licensed, and how to recoup the money. It is also way more than just the money aspect.
You are right on this point,
ripple labs however has always been quite pro-regulations and quite forward in trying to be compliant, i would be quite surprised if they don't have already a plan for this, which it may be as well pay for the licences since they have quite a lot of funds.
Now i'm curious to see if they ever made any comment on this at all. I'll have a look
Whaaaat, Ripple runs all notes. Full centralization confirmed.
Every note operator must get license. (Currently about 130 active)
On top of that Ripple most likely will be classified a Security (which it is) anyway.
Ripple is only interested to get money for nothing for as long as possible.
LOL your delusion hopium never ends.
It just means that nodes will not run in US, its not a loss for world but it is for US. You can throw SEC BS here, reality is that noone gives a shit about BS SEC.
Yeh, right all nodes move to Iran and North Korea.
You are delusional if you operate a node and transmit money from US citizen to be unaffected by SEC dont matter where you are.
For some time there will be a "gracing" period, enjoy it.
In BTC if everyone shuts down there Raspberry Pi, the core blockchain still functions.
XRP you take away notes its not functioning-period.
How many will fork out the money to get licensed, and how to recoup the money. It is also way more than just the money aspect.
You are right on this point,
ripple labs however has always been quite pro-regulations and quite forward in trying to be compliant, i would be quite surprised if they don't have already a plan for this, which it may be as well pay for the licences since they have quite a lot of funds.
Now i'm curious to see if they ever made any comment on this at all. I'll have a look
Whaaaat, Ripple runs all notes. Full centralization confirmed.
Every note operator must get license. (Currently about 130 active)
On top of that Ripple most likely will be classified a Security (which it is) anyway.
Ripple is only interested to get money for nothing for as long as possible.
LOL your delusion hopium never ends.
It just means that nodes will not run in US, its not a loss for world but it is for US. You can throw SEC BS here, reality is that noone gives a shit about BS SEC.
Whaaaat, Ripple runs all notes. Full centralization confirmed.
Every note operator must get license. (Currently about 130 active)
On top of that Ripple most likely will be classified a Security (which it is) anyway.
Ripple is only interested to get money for nothing for as long as possible.
Every note operator must get license. (Currently about 130 active)
On top of that Ripple most likely will be classified a Security (which it is) anyway.
Ripple is only interested to get money for nothing for as long as possible.
i was trying to have a normal conversation but then you started going off on a tangent.
ripple is not running all the nodes:
https://minivalist.cinn.app/
https://xrpcharts.ripple.com/#/validators
Whaaaat, Ripple runs all notes. Full centralization confirmed.
Every note operator must get license. (Currently about 130 active)
On top of that Ripple most likely will be classified a Security (which it is) anyway.
Ripple is only interested to get money for nothing for as long as possible.
Nodes, not notes
Also, Ripple does NOT run all of them, it just approves all of them, actually less than 20% are run by Ripple
Also, nothing prevents you from running your UNL, as you can see here:
https://developers.ripple.com/technical-faq.html
"If Ripple recommends adoption of its UNL, doesn’t that create a centralized system?
No. The XRP Ledger network is opt-in. Each participant directly or indirectly chooses its UNL. Should Ripple stop operating or should Ripple act maliciously, participants could change their UNLs to continue using the XRP Ledger."
XRP is a gamble not an investment, never was, never will be (property, stocks, mutual funds, shares ..... are investments)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
Right... I'm sure you Mr. Random Guy on Internet is more knowledgeable than a multinational fintech company which operates since 2012.
Maybe you're more knowledgeable even than the government, why don't you write the government a latter to let them know Ripple is using illegal operators? But I guess they are too busy right now with fighting Huawei so that they can sell more iPhones.
I had to laugh at that post.
That user thinks he knows everything there is to know about XRP and Ripple but I give up on him.
That user seems to make ridiculous posts going off the subject even when people express an opinion based on their own experiences about XRP and Ripple network.
The truth is on the surface XRP is no more and no less a gamble that say Bitcoin or any other crypto but dig deeper then you will see XRP has actual usage and purpose whereas most crypto are a gamble that launch with varying levels of fanfare but achieve relatively little.
In BTC if everyone shuts down there Raspberry Pi, the core blockchain still functions.
XRP you take away notes its not functioning-period.
How many will fork out the money to get licensed, and how to recoup the money. It is also way more than just the money aspect.
You are right on this point,
ripple labs however has always been quite pro-regulations and quite forward in trying to be compliant, i would be quite surprised if they don't have already a plan for this, which it may be as well pay for the licences since they have quite a lot of funds.
Now i'm curious to see if they ever made any comment on this at all. I'll have a look
Whaaaat, Ripple runs all notes. Full centralization confirmed.
Every note operator must get license. (Currently about 130 active)
On top of that Ripple most likely will be classified a Security (which it is) anyway.
Ripple is only interested to get money for nothing for as long as possible.
In BTC if everyone shuts down there Raspberry Pi, the core blockchain still functions.
XRP you take away notes its not functioning-period.
How many will fork out the money to get licensed, and how to recoup the money. It is also way more than just the money aspect.
You are right on this point,
ripple labs however has always been quite pro-regulations and quite forward in trying to be compliant, i would be quite surprised if they don't have already a plan for this, which it may be as well pay for the licences since they have quite a lot of funds.
Now i'm curious to see if they ever made any comment on this at all. I'll have a look
................
Fail
Fail
Fail alright, decentralization is not discussed. What is disused is the legal aspects of notes all (master)notes.
It is fair to assume most masternote operators will get license because the earn a lot, LN, xrp..... earn how much?
Countdown the first one gets legal papers served (those things take time).
My point is: if it comes to nodes be expensive, and without full nodes both XRP and BTC can't function,
BTC will die before XRP. Also, even if both XRP and BTC survive because some rich entities decide
to pay big cash to run full nodes, why I would trust (rich) people running BTC nodes more than I shoud
trust (rich) people running XRP nodes?
................
Fail
Fail
Fail alright, decentralization is not discussed. What is disused is the legal aspects of notes all (master)notes.
It is fair to assume most masternote operators will get license because the earn a lot, LN, xrp..... earn how much?
Countdown the first one gets legal papers served (those things take time).
All saved on Bolchchain, 2020 will be an interesting year.
https://bico.media/1f8e0c5f47b470f3df0f06f3d2939adccc1f2b7dafa0b4a32a69663cda2c6760.pdf
SEC ruling that node operators must have money transmitter license (cost 6 figure sum) and comply with AML/KYC and also every user must scan ID.
If so, this will cause problem for all the cryptocurrencies, not just for ripple, if that is what you are implying. Otherwise please elaborate further on this.
It causes problems for all note operators, LN and also masternotes..... but not for blockchains.
Miners are not relaying, just signatures, like in a conventional sense a "Notary". Observing A gave B some money and sign it while not touching the money, money passes through notes, legally complete different.
In BTC if everyone shuts down there Raspberry Pi, the core blockchain still functions.
XRP you take away notes its not functioning-period.
How many will fork out the money to get licensed, and how to recoup the money. It is also way more than just the money aspect.
https://en.bitcoin.it/wiki/Bitcoin_is_not_ruled_by_miners
"If Bitcoin was ruled by miners, then this would currently be quite terrible security-wise. As of 2017, less than 10 individuals command a majority of hashrate. This is probably far more centralized than even most fiat currencies, and completely defeats the main point of Bitcoin, which is to be decentralized money."
"If not much of the economy is running independent full nodes, then Bitcoin is ruled by someone."
Fail (again)
Ripple has still in the position of 3rd according to the market cap in the Coinmarketcap website. This coin is one & only crypto which has got acceptance world wide according to their jurisdiction law for the finance and banking institution. Most of the countries are using this Ripple to make settlement of their cross-border remittances. So, looking at the demand in the market Ripple must surpass the Ethereum from it's second position in future.
All saved on Bolchchain, 2020 will be an interesting year.
https://bico.media/1f8e0c5f47b470f3df0f06f3d2939adccc1f2b7dafa0b4a32a69663cda2c6760.pdf
SEC ruling that node operators must have money transmitter license (cost 6 figure sum) and comply with AML/KYC and also every user must scan ID.
If so, this will cause problem for all the cryptocurrencies, not just for ripple, if that is what you are implying. Otherwise please elaborate further on this.
It causes problems for all note operators, LN and also masternotes..... but not for blockchains.
Miners are not relaying, just signatures, like in a conventional sense a "Notary", observing A gave B some money and sign it while not touching the money. Money passes through notes (touching it, transmitting it from A to B), legally complete different.
In BTC if everyone shuts down there Raspberry Pi, the core blockchain still functions.
XRP you take away notes its not functioning-period.
How many will fork out the money to get licensed, and how to recoup the money. It is also way more than just the money aspect.
All saved on Bolchchain, 2020 will be an interesting year.
https://bico.media/1f8e0c5f47b470f3df0f06f3d2939adccc1f2b7dafa0b4a32a69663cda2c6760.pdf
SEC ruling that node operators must have money transmitter license (cost 6 figure sum) and comply with AML/KYC and also every user must scan ID.
If so, this will cause problem for all the cryptocurrencies, not just for ripple, if that is what you are implying. Otherwise please elaborate further on this.
XRP is a gamble not an investment, never was, never will be (property, stocks, mutual funds, shares ..... are investments)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
Right... I'm sure you Mr. Random Guy on Internet is more knowledgeable than a multinational fintech company which operates since 2012.
Maybe you're more knowledgeable even than the government, why don't you write the government a latter to let them know Ripple is using illegal operators? But I guess they are too busy right now with fighting Huawei so that they can sell more iPhones.
All saved on Bolchchain, 2020 will be an interesting year.
https://bico.media/1f8e0c5f47b470f3df0f06f3d2939adccc1f2b7dafa0b4a32a69663cda2c6760.pdf
SEC ruling that node operators must have money transmitter license (cost 6 figure sum) and comply with AML/KYC and also every user must scan ID.
With all the big companies they are having contact, if even one of them is starting to use xrapid they will all follow right after 
Is one of those project where i don't mind to wait years if necessary, you just need to connect the dots
Is one of those project where i don't mind to wait years if necessary, you just need to connect the dots
XRP is a gamble not an investment, never was, never will be (property, stocks, mutual funds, shares ..... are investments)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
Right... I'm sure you Mr. Random Guy on Internet is more knowledgeable than a multinational fintech company which operates since 2012.
Maybe you're more knowledgeable even than the government, why don't you write the government a latter to let them know Ripple is using illegal operators? But I guess they are too busy right now with fighting Huawei so that they can sell more iPhones.
XRP is a gamble not an investment, never was, never will be (property, stocks, mutual funds, shares ..... are investments)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
XRP is a solid investment. Ripple network has with plenty of scope for expansion and to make in-roads in the fintech industry.
Best investment I ever made.
.....
XRP is a great investment. Low price, great potential.
XRP is a gamble not an investment, never was, never will be (property, stocks, mutual funds, shares ..... are investments)
A gamble is just a other expression of "stupidity tax".
Junk XRP is ridiculous overprice (ever product has base price, whats xrp base price?)
No potential, node operators are illegal unless purchased license and comply with MSB (Liberty Reserve operated 15 years before being shut down)
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