Incorrect. Ripple is an owner of XRP. Not a central authority on the decentralised open source ledger. Ownership, albeit a large qty, does not denote authority (ala Satoshi)
GIF
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Conversation
Decentralized userbase sure, but thatβs not the point. Ripple is the only issuer of XRP, unlike BTC, where coins are issued based on PoW. Thatβs why XRP is a security.
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XRP doesnβt have an issuer.
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What do you want to call it? One single company, Ripple, created the entire supply of XRP and gets paid every time it increases the circulating supply.
A playbook definition of a security.
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XRP was created before the company was formed. Ripple didnβt create XRP.
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It's not true that XRP was created before OpenCoin was formed. This is the announcement of the creation, which is months after the company's formation: forum.ripple.com/viewtopic.php?
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The Founders Agreement was dated before that.
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Yes, however the current ledger did not exist until 3 months after that agreement was signed. The ledger referred to in that agreement was abandoned. Arthur anticipated something like that might happen, which is why he demanded a piece of future ledgers too.
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David Schwartz saying it point blank:
Quote Tweet
Of course. That's the role Ripple has chosen for itself -- positioning XRP as a settlement asset to go with its payment system. Ripple didn't create XRP -- Jed, Arthur, and I did.
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Quote Tweet
Ripple didn't originally distribute XRP. Jed, Chris, and Arthur did.
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Technically, you could say that it's never the company that does something and it's always the employees. It is strange that they would do it individually and not the company since the company was created to work on this 3 months prior.
He knows this. Sometimes I think folks argue or debate you with a purpose of shinning a more positive light on xrp :)
