Ripple is down another 30% today following a mass delisting, starting with Coinbase, Bitstamp, OKEx, sell off at any stock traded XRP product, and a panic global evacuation of a sinking ship.
Their dreams shattered just as when they thought the bull had come. No conference given for the wiping out of tens of billions. Our questions to SEC remain unanswered. No one is watching, while all are seeing what is unfolding.
XRP was always the non-crypto crypto, the one all loved to hate. Plenty are probably happy this finally gets off that number three, but arms length or not, XRP was always part of this space.
It was the normies crypto, the ones who go through the charts without having a clue what any of them mean, so pick doge just cus it sounds cool, or in this case picked XRP.
In their way thus they participated in this new thing. They learned hopefully what the measurer of value is and what effect its qualities have on value creation and distribution. They hopefully learned what an index is, or a derivative, or nowadays maybe even what are options, how you hedge, and they certainly learned what is an ETF (maybe, because there’s ETPs and ETNs and the differences are still not very clear).
Some of them presumably learned what is a blockchain just to try and claim they have one. Some would have wanted smart contracts and maybe they learned why XRP can’t have them. Here it is probably few that learned what is a line of code, but that few is still better than the none it would have been.
Their party ruined, destroyed, without a court judgment, without a Congressional vote, without a journalists questions and answers session. And thus they are learning just how we are governed, just how little say the public has, and just how much power the government can claim, destructive power.
It is because of the latter that many loved to hate XRP. The coin could not withstand what in the grand scheme is still a small attack by that SEC due to its centralization. And so it sinks while we watch with mixed feelings as an intruder enters our space and confronts the coders.
XRP has none of the latter, or nearly none. So their battle is… well, it’s not clear they are fighting at all, but if they are it’s presumably in courts (some years down the line) or on social media. They’re defenseless and they have no means of attack so SEC picked this softest of target to ruin the lives of many across the globe.
The Bitcoin Way
XRPers however have not been fully left in the cold. Since 2017 a full infrastructure has been layered to withstand even a full on government assault, because the Chinese government has assaulted.
As a different sort of crypto, it’s not clear just how much XRP can take advantage of this infrastructure by the bitcoin and ethereum coders. It has however developed to the point where it can be pretty much fully outside of the system with no gateway, a truly decentralized entry and exit.
The entry can be through potentially an OTC platform running on ethereum, although currently they’re mainly in centralized platforms with some decentralized ones.
Then the exchange of fiat is peer to peer. Here, the Chinese government has tried to take action, but it has been more symbolic because the sheer volumes makes enforcement impossible to a meaningful extent.
Once the fiat has moved, then the rest is all digital code which can talk with the whole world computer and its semi centralized exchanges, centralized in all but name, decentralized ones, and nowdays even smart contract based stock market trading through algorithmic pegging.
SEC did its best to prevent or delay some of this innovation, but failed because it faced both very skilled coders, some of them Nakamotos in not being known who they are, as well as a very big profit motive.
On the latter SEC stands to get out a very big fat check from Ripple as ‘penalty’ to boost its meager budget of some $250 million for its 4,000 employees, making it barely enough to pay them let alone experiment with innovation.
Thus SEC has a perverse profit motive to go after any project they can get away with so as to grab the penalty extortion.
While in the mind of coders that profit motive is boosted with aspirations of liberating the market, and thus the people, from the choke of monetary devaluation and discriminatory investment prohibitions. So when it comes to any project that has coders, the battle probably wouldn’t be fought in court or on their systems, but with code and thus on our systems.
The Securities and Exchanges Commission (SEC) was hacked last year of very sensitive pre-IPO documents that must have given those hackers an incredible amount of insider information which they could have and probably did use to make a lot of money.
And money of course was probably their chief aim, but their illustration by action of just how much information SEC and their friends demand in ‘confidence’ prior to the public being aware of it in the IPO, and just how much money SEC and their friends could and probably do make from this, is an illustration of a certain level of injustice ingrained in the law itself.
XRP perhaps couldn’t withstand this injustice, but few can commend the way SEC went about enforcing it, even if they do agree. Where coders are concerned, this is just another round they don’t even care about in a long running battle. The question is: will SEC be destroyed in the end?
You can not just wipe out tens of billions without courting hate, especially when the institution was already hated due to its investment prohibitions injustice inscribed in its very foundations.
This agency can not possibly continue to exist in its current form, with the currently unknown being whether it will just be made irrelevant or whether it will be reformed. It is too scandal ridden, too corrupt, and demands ‘in confidence’ too much extremely important information which can be abused, in addition to its investment prohibitions amounting to a theft of opportunity that chains the meritocratic ones.
If millennials achieve one thing therefore it must be the end of this institution which whether it wants to innovate or not, must be forced to become a 21st century agency or be no more.
So let those fleeing XRP know there are coders in bitcoin and eth that can and have fought against SEC and have won and will keep winning by launching Nakamoto code.