Here it comes... Toronto Dominion Bank (one of Canada's largest) is going mandatory CBDC by end of April. If you don't consent you lose access to your cards and online banking.
🤑 CURRENCY CONTROL 🤡
Right on time after Turdy gov passes a law saying they can freeze your bank account for any reason they see fit.
Cardano's code is 100% open source and Charles (CEO of IOG) has said repeatedly he does not support the WEF. The ones going to the WEF event is the Cardano Foundation since it's usually hosted in their country.
https://www.youtube.com/watch?v=rafYyWeSeG0
Nodes processing payments are also decentralized small businesses (currently about 3000 of them)
XRP is not open source
Most of XRPs payment processing nodes are controlled by Ripple.
Also Cardano is not building a CBDC platform but XRP is.
Cardano has smart contracts and dapps up and running, XRP doesnt. In fact XRP scrapped their Smart Contracts project back in 2014 and Vitalik Buterin who was a summer intern at the time got the idea of smart contracts from XRP.
The programming language Cardano is built on is Haskell which is a functional language built for safety and security of software that cannot fail like software in aircraft and financial institutions.
XRP uses C++ which is good for embedding hardware and speed but it is not good for safety and security like a functional programming language. Most common bugs you would get in Solidity or C++ won't even compile on Haskell just because of the way it is built.
There is a big difference in XRP and Cardano. XRP is a trap and it's god awful. It doesnt make the banking industry obsolete, it gets in bed with the bankers. It doesnt push the needle forward in anyway currently.
You need running Dapps and a large developer community making smart contracts that automate the financial industry. Cardano is doing that, XRP isn't.
Ha, you believe Charles? People say anything when it comes to money.
XRP and Ripple want to get regulated. After they get regulated they can open things up a bit.
Sure it is, it started as OpenCoin. Banks wouldn’t want to use it if it were closed source and owned by an existing financial entity.
XRP and Ripple want to get regulated. After they get regulated they can open things up a bit.
Are you aware of Flare?
How close are they to legal clarity?
Is it more compatible with the banks?
Have you heard of XDC?
I do believe him, I've been watching him red pill for over a year now and his actions speak louder than anything. What you said applies just as much to Ripple as well btw.
Have you read the 2023 Economic Report to the President? It doesnt look good for any crypto at all.
Here is Hoskinson reading a few points from the bill
https://www.youtube.com/watch?v=BC0ACe72dG8
Here is a link to the bill
https://www.whitehouse.gov/wp-content/uploads/2023/03/ERP-2023.pdf
So even if the judge sets a precedence with XRP, Biden will just use an Executive Order to overrule that precedence.
Have you seen the Patriot Act 2.0 RESTRICT Act that is being pushed through Congress? It is much more far reaching than just TikTok and allows the government to outlaw all crypto and anything on the internet that they do not like.
The RESTRICT Act is not limited to just TikTok. It gives the government authority over all forms of communication domestic or abroad and grants powers to “enforce any mitigation measure to address any risk” to national security now and in any “potential future transaction”
https://nitter.nl/LPMisesCaucus/status/1639934790026555394
Federal Congressional Law overrules a judges precedence as well.
Could you please share some open source XRP code? Could you show that the majority distribution of payment processors isn't controlled by
XRPRipple?I'm looking at it right now
https://github.com/flare-lang/flare
It appears to be a C# library. It is dynamic and not static. It is not a functional programming language like Haskell so it carries all the possibilities for bugs that imperative programming languages do.
There are several ways to look at this. You could look at the deals they are making with Nations around the world like Ethiopia for example.
You could also look at the ongoing debates over CIP 1694 which takes control away from Emurgo, IOG, and Cardano Foundation for pushing protocol changes to Cardano and gives the power to Cardano token holders (part of Voltaire). This would put it in the same legal realm as Bitcoin in terms of a Security.
You can follow summaries of the Cardano governance debates by following @Hornan7 on twitter
https://twitter.com/Hornan7
It doesn't need to be. This is the whole problem with your losing mindset. Crypto is more efficient, cheaper, less energy intensive, and potentially safer than the banking system. Crypto Dapps trumps banking competitively in every way.
Your idea is it's a pie in the sky the banks could ever become obsolete. This is why you hold on so tightly to XRP which in the end won't give you any more power back, won't automate banking, won't change the system for the better in any way. That's where you are wrong. Just like Blockbuster and Taxis, the banking system and its irresponsible over leveraging is on the chopping block and it won't be back in any meaningful way. The better product will win even if the US govt throws a fit about it.
But to answer your question, yes Haskell is compatible with financial institutions, several use Haskell Programming language right now for code that's designed to not fail. Haskell was originally built in C and it can be used in embedded hardware as well (though not as common).
11 Companies That Use Haskell in Production
https://serokell.io/blog/top-software-written-in-haskell
Haskell in industry
https://wiki.haskell.org/Haskell_in_industry
List of companies that use Haskell
https://www.teddit.net/r/haskell/comments/6p2x0p/list_of_companies_that_use_haskell/
Why Fintech Companies Use Haskell
https://serokell.io/blog/functional-programming-in-fintech
Looking at it right now
https://xdc.org/
"2000+ TPS"
Cardano just launched Hydra on mainnet this week. It allows each individual stake to individually process up to 1000 TPS. Currently there are about 3000 stake pool operators so imagine if they all adopted Hydra, that would be (3000 Stake Pools) * 1000 TPS = 3,000,000 TPS for the whole network.
Visa and MasterCard at highest estimates can process payments at about 70,000 TPS.
Hydra Road Map
https://github.com/orgs/input-output-hk/projects/21
Hydra Head is live on Mainnet & Fast Lane adoption on its way with Ledger Enterprise
https://nitter.nl/InputOutputHK/status/1639340912386998272
If you want to try out the Hydra Demo App go to:Â https://hydraw.ncoding.at/
IOG is already collaborating with MLabs to create a reference implementation of an auction using Hydra protocols. This partnership aims to develop further and optimize the functionality of Hydra, allowing it to be leveraged in real-world scenarios. https://mlabs.city/
https://iohk.io/en/blog/posts/2023/01/20/implementing-auction-projects-using-hydra-1/
Additionally, IOG is working with Obsidian Systems to drive the development of use cases based on the Hydra Head protocol, such as Hydra for Payments. This collaboration aims to bring Hydra's scalability solutions to payment systems, which slow transaction speeds and high costs have traditionally hampered.
https://iohk.io/en/blog/posts/2022/11/10/hydra-for-payments-introducing-developer-tooling-to-unlock-micropayments-on-cardano/
Yeah, I guess Ripple fighting the SEC and uncovering the fact that people in the SEC are making sweetheart deals with the Ethereum Foundation isn't action in your eyes.
I don't think Biden is in charge at all. I think Trump is and I think Trump will make out well when the SEC vs. Ripple case ends.
https://hardwaresfera.com/en/noticias/ripple-gasto-170-mil-en-el-personal-de-trump-para-influir-en-cripto-regulacion/
https://github.com/ripple https://github.com/XRPLF/rippled
https://www.thecoinrepublic.com/2022/10/28/ripples-now-owns-less-than-50-of-xrp-crypto-and-operates-just-4-of-the-130-validator-nodes/
Yeah but you can probably find a developer who knows C. How many devs know Haskell? I remember Ruby on Rails came in to town and everyone thought PHP was dead. Now Rust and Go are the awesome ones. I think crypto has less to do with the language it's written in and more about the laws written for it.
Oh yeah, Ethiopia, where all the money is.
No worries that the SEC seems to be turning around and calling Ethereum a secuirty and that any ICOs under it can also be in trouble?
https://www.coindesk.com/policy/2023/03/09/what-happens-if-ethereum-is-a-security/
I mean Cardano may find itself in XRP/Ripple's shoes soon.
Visa and MasterCard at highest estimates can process payments at about 70,000 TPS.
Yeah but can it convert Ethereum projects out of the ethereum network and on to the XRPL where all the legal clairity will be?
Cool, everything you're referencing isn't as old as XRP. Governments will be going with tried and true tech that's been around for 10 years. Not these projects that came out 4-7 years ago.
Thanks for being civil by the way. These conversations tend to get nasty and usually wind up with me getting reported but I think these discussions are important as fuck.
Your sliding over a few points, I'm not sure if you're done with your answer yet but I'm gonna start.
I agree but I also read somewhere that former Ripple employees are also a part of the government involved in finance regulation so that seems to be a conflict of interest as well.
Also just making sure we're clear that Hoskinson hasn't been involved with Ethereum Foundation since 2015-2016, right? I am not a big fan of Ethereum at all.
You're brushing over the RESTRICT bill as well which AFAIK right now is making it's way through Congress as a way to "ban TikTok". This bill is a highly probable vehicle the government will use to force CBDC on the public. The government is running out of time to enact CBDCs before the banks collapse so expect more shenanigans with this bill.
Also you may not know but the Cardano community has also voted several times on Project Catalyst to fund lobbying for US Crypto Regulations as well.
Cool, I'll check that out.
Why aren't the nodes public for viewing? Does XRP have sometime like https://pooltool.io or https://pool.pm for seeing validators?
The language is important to make sure there are no bugs in the code. The laws written are useless if there are loopholes to circumvent the smart contract, right? That is what Haskell is for. If you look at the rise of Scala and Typescript developers which were directly inspired by Haskell, you can see that the industry is moving more in that direction. Last time I looked, Haskell was the #19 or #20 most used programming language, Solidity was somewhere #25-30. Solidity is currently the most used programming language for dApps and smart contracts
The type class system and separation of side effects in the program makes it easier and less resource intensive to fully audit for security as well since the only doors open are those from side effects allowed compared to another languages where all the side effect doors are already there and you have to specifically close them and not miss one.
Cardano Network actually has some of the code written in Rust as well.
They've added Python and JavaScript smart contract capability as well though the decrease in security quality with these languages makes it inferior to IMO. Plans are underway for C/C++ as we
Let's write a Cardano smart contract in Python | Cexplorer.io
https://cexplorer.io/article/let-s-write-a-cardano-smart-contract-in-python
How to talk to Cardano blockchain using Javascript
https://cardano.stackexchange.com/questions/3671/how-to-talk-to-cardano-blockchain-using-javascript
Are there #javascript delelopers interested in writing #Cardano Smart Contracts?
Please check this 🧵out https://nitter.nl/CryptoJoe101/status/1633579944490967049
Cardano Smart Contracts
https://developers.cardano.org/docs/smart-contracts/
Cardano has 5 stages of its initial roadmap and right now they are on that 5th stage called Voltaire.
https://roadmap.cardano.org/
Voltaire is all about the Governance of Cardano and the end result will be IOG, Emurgo, and Cardano Foundation taking their hands off of control over Cardano Network Protocol changes and giving it back to the community.
The Cardano Improvement Proposal known as CIP 1694 is focused on this. Considering all the documentation so far cited on how the SEC argues as everything other than Bitcoin being a security, the implementation of CIP 1694 will put Cardano in the same regulatory space as Bitcoin because there won't be any one or three or 10 organizations that control Cardano but it'll be governed by the community.
I can reference articles the SEC has cited reasons for favoring Bitcoon over other altcoins but it'll take time for me to gather these up.
There are also other countries I've been seeing Cardano projects make deals with like in Nigeria, Ghana, Zanzibar, I remember seeing IOG also in some European Union digital currency regulatory talks as well.
You have World Mobile going live as well that is running on the Cardano network that is providing wireless internet to rural places in the world and using a vending machine like transaction to pay for the internet usage. Big towers connected to cables from 100+ miles away are wirelessly sending internet to smaller local towers owned by the community (costs $5000) that can give local villages & rural areas internet access bypassing traditional cable companies. People using internet pay World Mobile tokens for internet access which goes back to the owners of the local towers, payment processors, and World Mobile running the big cable connected towers.
Actually Cardano can take Ethereum smart contracts dapps and convert them over to the Cardano network without having to change their core code and design. Blockchain developers in Solidity in Ethereum Accounting transaction models will be able to use the IOG ERC-20 Converter without having to change their code and be able to add on extra capabilities that EUTXO model grants them. Ethereums Account Transaction Model is a smaller set of EUTXO transaction model.
The AGIX ERC-20 Converter Bridge is Live!
https://scribe.rip/m/global-identity-2?redirectUrl=https%3A%2F%2Fblog.singularitynet.io%2Fthe-agix-erc-20-converter-bridge-is-live-fa90ccba061a
Introducing the Cardano EVM sidechain - IOHK Blog
https://iohk.io/en/blog/posts/2022/07/06/introducing-the-cardano-evm-sidechain/
IOG launches a toolkit for developing custom sidechains on Cardano
https://iohk.io/en/blog/posts/2023/01/12/iog-launches-a-toolkit-for-developing-custom-sidechains-on-cardano/
Actually some governments are already starting to use Cardano in their regulatory laws and business. Ethiopia, Zanzibar, and Tanzania may not have much money but they are sovereign nations adopting Cardano. What sovereign nation has adopted XRP yet for securing valuable information? I'm sure there's some good deals bit I haven't heard yet from the XRP side.
Even if the US bans Cardano and uses something else, eventually the better tech always wins. The countries that adopt the better tech first will grow in power and wealth. Smaller countries like in Africa and South America have an incentive to jump on the ball before USA as they stand to make the most from these changes while the US govt stands to lose the most from people who switch to a different system.