Ripple/XRP-TheFed Has Chosen A Winner,Ripple Case Management Details,Gary Gensler,JPM Pymts In Space
Welcome back to the show, we got a good one for you today we're, going to talk about the ripple case management that's, been released and anything important to that. We're going to get into that. We got a class action smackdown going on from ripple.
You're, going to want that. The fed has chosen a winner, and i think you're, going to find that extremely positive and interesting and by the way there's, a knock at the door. It's, the quantum financial system.
Let's. Get into this. Let's, roll that beautiful intro. This is digital perspectives with brad kimes subscribe for new content notifications. Now, here's, brad kinds come on in welcome back to the show everybody you can follow me on twitter at back up bradley above and everything that we're talking about here today, currently coming in at 47 cents for xrp watch.
For falling pianos and xrp prices, we're almost at a blue light special for me, i can tell you that i'm, going to keep a close eye on it. Let's start with this today. This is from brad garlinghouse biden.
Administration priorities are clear: they talk about climate change every day, instead of arguing about exactly how much energy mining uses. Let's, focus on making this industry the leader in sustainability well said props to energy, webex and others who are building solutions, and here it talks about the he's, responding to the tweet here, the energy web put out about recent Chatter, about bitcoin and the energy uh uses, uh misses the point, but it doesn't.
If you just think about what brad garlinghouse said, i think that's, the best perspective to take - and you know what, when you talk about perspectives, look at this one. The most recent version of the xrp ledger reduces memory usage by 50, come on in yeah that's, a big damn deal right there and i think that goes hand in hand with what we're.
Seeing out of the current administration. There's alignment there right and i think we're, going to see that play into our favor as the weeks and months go on this here. It gets interesting. Listen to this ripple versus sec court approves case management plan.
This isn't very long, so let's, go ahead and get into this, and just read this for everybody. So we have it right. The court has approved a schedule for the ripple versus scc lawsuit confirmation hearing date for the new sec chairman gary gensler has been set for march, 2nd 2021.
. Let's just run through this really quick attorney, james fillion, fillin or philon. However, it is shared the tweet and case management scheduling, order document the ripple versus uh u.s securities exchange commission approved the southern district court.
Uh judge annalisa torres shows a road map. The case will follow in the coming months. The court order indicates that the period in which new parties may enter the lawsuit is now closed unless there is a court order for which the parties have 30-day period to apply.
In addition, it is revealed that the initial disclosure should be completed within the next two weeks. Okay, the court has also ordered that the initial discovery phase be completed by july, 2nd 2021.
, that's right. If we don & # 39, t get a deal or a summary judgment, this thing's, going to take a minute right. Look i really don't care as long as they get it right. That's, really all i care about.
I'm here. I'm in this thing. I understand what i hold. I know what i hold. I feel good about it and i'm, not trying to convince anybody out there. I just know, however, this goes whether it's, the short game or the long game.
I think it's. The right way to go. However, it is so the dates were set as a part of the discovery phase and may be changed. However, if there's, an agreement between ripple and the sec, the discovery phase comprises of the initial request for production of documents due march 31st.
And then it says here with the deadline of january 4th for any interrogatories uh to that uh. Submission of discovery right, completion of deposition, set by july, 2nd request for admission set for the same date and the discovery of export expert reports.
Excuse me say that four times fast that may be delivered by august 2nd, but the eyes of the community are likely to be on the beginning of july. After the date of separate discovery phase, the parties will meet again to discuss possible settlement according to the court order, so we will keep an eye on that and in the interim we know we have march 2nd for the confirmation hearing of gary gensler and i think That will bring some real leadership and consistency to the sec, whether we like it or not.
Now, looking at this here from xrp yoyo who's got a patreon. If you want to support him, i think you can go. Do that and join his patreon zackenoff case? This is a class action. Plaintiff zackinoff has requested uh ripple to hand over further sec documents, especially those about settlement negotiations.
Ripple said that's, a hard no from us ripple said uh. You would like that if we gave you the uh the negotiations that we've done with the sec so far, wouldn't. You would you like that and zach and off class actions.
Lawyers said yes, we would like that and then ripple stewart aldaradi and the team said it's not going to happen. Oh my goodness, it just keeps getting better. Well, look. We know that we had an operational.
If you don't know, we had an operational uh error in the federal reserve payment system and it shut down for about an hour or more yeah. They're, calling it operational error from the inside now back in 2016 2017, there was an actual hack over in india from uh hackers getting in from the.
I think it was the indian, a bank in india and and actually tricking the fed to send them 100 million dollars. Oh goodness, you can't make this stuff up uh. I think the bigger notion here is that we're, seeing this narrative become a catalyst.
I think the game stop narrative, and i think this now narrative of operational error of the federal reserve entire system shutting down because someone didn't get enough sleep last night. That is not a solution make going forward into the new system.
So with that being said, uh let's. Keep moving, and this is a reminder here. Uh, the canadian bank is going to launch a digital dollar this year. You know they keep saying it's so far off with all the central banks, but then we keep finding information.
We're like yeah. We're doing something this year, japan doing something this year. You know it's like china. Oh we've been doing some right it. It just keeps unfolding to where we understand that this is much further along, at least, i hope we do than they actually portray publicly, and here we see even more evidence of that.
I covered this in the uh video from this morning as well, but you know just to touch on it. There's, guys uh, you know just to let everyone know. You know there's, not 100 people in this xrp space. Every day i have somewhere around 500 people that are brand new joining this channel, so i do have to overlap and touch some of this content just to make sure everybody gets a piece of it.
So we see to build on the cbdc uh expansion of central banks launching their system. We're, seeing a new test. It's going outside of the respective countries and working now in a coalition. This is china, thailand and the uae.
The united arab emirates and they are working on a test for cross-border payments between one another, and this is exciting because, like i said this goes from in-house to out-of-house, and this now involves other countries working together and in trade and settlement and foreign exchange transactions.
This is extremely positive at my house, i'm gonna tell you that right now, okay, here's, the most positive news right here. As a reminder, this comes from xrp trend group appreciate you uh. Putting this out.
We've covered valente technologies in all of this, but the u.s uses ripple there's, no question about it, and here it is right here the federal reserve chooses valente tech to develop usa's. New real-time growth settlement system, it doesn't, say xrp.
Let's, be full disclosure, but i also want to say too, if, if you think that, along these lines that people want to get the 40 savings or banks want to get 40 savings and sophisticated financial institutions catch that 40 savings, but they don't want the full benefit of using xrp and getting possibly 60 or 70 savings.
You're. You're, really not seeing the big picture here right. You know it's. Um it's. Really a step right: it's, a matter of phase right phasing things in, especially if we're talking about settling things in the fx market, whether we're talking about a domestic payment system or not right.
So, okay, now here this says ripples listed on their website for instant payments and usa's. New real-time gross settlement system valente has been brought in to develop that as well. Here is the illustration that lays it out for you: bing bang boom right here, read it and we yeah ripple connect valente pay.
I mean come on this is this is right here all of us right here. What else do we need to see right? We're in this thing, however, you slice it and ripple's in this thing, and we know ripple, has a great advantage to use the native token xrp from the xrp ledger, from a decentralized exchange to make the markets happen faster.
Smoother and more efficient with the scalability and security that's needed that's bottom line and to add to all of this shout out to digital asset investor, because digital asset investor was the first one.
To really that, i noted that uh picked up on the whole quantum financial system and how quantum computing can be a part of this whole crypto world. Moving forward. Look at this jp morgan's. Blockchain payments test is literally out of this world.
That's right satellite tested baby. They're testing cryptos in outer space and transactions of them. That, to me, is remarkable and look at this good thing. Xrp ledger allows new signing algorithms in the event of quantum computers, become practical enough to break the current ones.
Quantum computers are getting better in time. Your keys could be reverse. Engineered xrp ledger can adapt for this, and there is evidence of that, and here it is right here, ripple cto says quantum computers will be a threat to bitcoin and xrp and coming down here.
And if you check this out, it says uh from the point of view of someone who is building systems based on conventional cryptography. Quantum computing is a risk. We're, not solving problems that need powerful computing, like payments and liquid liquidity.
The work that computers do is not being cr is not incredibly complicated, but because it relies on conventional cryptography, very fast computers present a risk to security model that we use inside the ledger.
Listen to this algorithms like sha-2 and e-c-d-s-a, are sort of esoteric things deep into plumbing, but if they were to fail, the whole system would collapse. The system's, ability to say who owns bitcoin or who owns xrp or whether or not a particular transaction is authorized would be compromised.
It is a big deal with quantum computing. When will quantum computers be a risk for xrp and bitcoin? Uh david schwartz goes on to say, ripple is trying to prepare for emergence of quantum computers. Therefore they are determining when algorithms mentioned will no longer be reliable.
Ripple. Cto estimates that in the next eight to ten years, quantum computers will begin to pose a threat. Okay, now here's, the other part to this that you need to see because david made some comments here back in 2018 and uh.
This is a meg k that said, while we're about two years or a bit more away from practical quantum computers that can break rsa keys, do you think it is a threat for cryptocurrency, specifically xrp on ripple? If not, why and listen to what david's.
Reply is two years earlier. In 2018., it's, definitely a threat. Fortunately, it's, not that difficult to add a new crypto algorithm to the xrp ledger and you can keep your existing receiving addresses as well.
We added ed25519 this way and 2015.. The main reason we haven't added quantum computing resistant algorithms. Yet is that all the existing ones? I know of have limitations that make them sub-optimal for our use case, and anything we add would have to keep more or less forever, since removing it makes some accounts inaccessible.
So basically, what i'm. Getting from that, is it's like look, we're aware of it. We have the xrp ledger designed to be able to handle the addition of algorithms if quantum computing gets to a place sooner rather than later, to become a threat to the xrp ledger.
Does that feel good to know that, and i bet it feels good for the federal reserve and valente technologies too, who have been approved with ripple in the back door there. That is amazing. Look there's really great stuff and everything's moving so fast.
You know what i see is the fed has chosen a winner with volante technologies and ripples smack dab in the back in the middle of it right. I also see, with the ripple case, management. Listen. This thing may take a minute, but i know one thing: when it's solved, we won't ever have to address it again and that to me is worth waiting for whether it's sooner or later now uh.
You know thinking about the quantum uh financial system and satellites and jp morgan making payments in outer space. I think quantum computing has gotten here a lot faster and i'm, not confusing by the way satellite transactions in outer space with quantum computing.
I'm just saying that it appears very clear to me that quantum computing is much further along than 8 or 10 years away, and it seems like david schwartz, thankfully, and ripple have got a handle on the situation.
That's. Going to do it for me, make sure you hit the like and subscribe up up and away everybody. This is where we're, going make sure you check out all the links in the description box and the comment section by the way.
Kryptonear's. The documentary film has been picked up. I can't, wait for each and every one of you to see this film gene simmons is going to be in this film and i'll. Tell you something else too. What i can tell you is, i can't, give you a release date until we find out when the company that picked it up is going to actually release it.
I will keep you abreast of that that information, but what i can tell you is is that each and every one of you will be able to see it for free that's going to do it. For me, i'll catch. All of you on the next one,