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Hello this is Matt on the moon Lambo Channel is there a crisis going on Within the xrp Ledger ecosystem well if You've been following what's happening The discussions on social media you'll Know that many people say the answer Firmly is yes now I'm not quite there um I understand and respect the concerns That people have been articulating and I Have a certain level of sympathy for a Lot of the arguments that have been made But is it an actual crisis at this Particular moment in time we'll see it Could in the turn into one but let me Just get you caught up to Fe on what's Going on in case you haven't heard Because it is the case that multiple Validators on The xrp Ledger are calling It quits they're packing up their bags And going home and these are not Fly by Night validators Like These are Participants within the the xrp Ecosystem that have been around for Years many many years and they've Decided it's time to call it quits and Part of the reason is what on your Screen right now although many are you Know touting this as the reason like This is why this is all happening and I I'll show you that's not quite true Though this this was a factor I'm not Going to deny that but there is this Post from a ripple employee named David Fueling and uh he shared this post
Proposal a member governed xrp Ledger Foundation and uh what he was doing is Proposing a change in the way that The Xrp Ledger Foundation which is not for Profit entity would be governed and this Set some people off so I will share with You exactly what's going on but before Going further I do want to be clear I do Not have a financial background of any Kind I am not offering Financial advice And you definitely should not buy or Sell anything because of anything I say Or right I'm just an Enthusiast who Enjoy making YouTube videos about crypto Related topics but just as a hobby and Just for fun all right now this post From David feling Ripple employee was Actually posted three days ago but it Wasn't really until yesterday that this Started circulating around to a degree That it caught everyone's attention and Resulted in Rage in some frankly um some People are legitimately pissed off I'm Not one of those people um but just note Here David's original proposal that's What's on your screen right now it only Has to do with The xrp Ledger foundation And does not call for any changes to the Code of The xrp Ledger itself just to be Clear and and David did propose A paid membership structure for The xrp Ledger which I think is what upset most Of the people I'm not going to go read Through the whole thing but I did
Highlight a part of the portion here I Mean you can see it um if if you want to Pause right here you can take a look Here's the the relevant portion for Having to do with with that um I'll just Read this tiny snippet right here for Individual members any individual can Become an uh I'm sorry any individual Rather can become an individual member Of The xrp Ledger Foundation by a Signing an individual membership Agreement to be defined and B paying a Yearly membership due of 75 xrp and so Some people are basically viewing this As pay to playay um I have a different Perspective than that frankly because Look cons consider this I I meet like Personally Moon Lambo sitting right here I could create a brand new non-profit Organization and I could call it Whatever I want I could call it uh Foundation of the xrp Ledger just Arranging the words in a different order Foundation of The xrp Ledger I could do That and and I could Implement if I so Chose all of what David proposed and um And and people could participate if they Think it's a good idea or they could not If they think it's a bad idea now if David's ideas are actually good maybe People would join my new organization But that wouldn't give us any special Permissions Over The xrp Ledger itself So of course no one would view it as
Some sort of you know attempted takeover Of The xrp Ledger because the concept of Such is silly given that The xrp Ledger Is Decentralized so why then would people Have a problem if the xrp Ledger Foundation which is an existing Nonprofit decide to implement this why Would that be a problem if this in a Decentralized system why would it be a Problem if the xrp Ledger Foundation Existing nonprofit if they chose to Implement this because again people are Free to support it or not but The xrp Ledger is Decentralized and this group won't have Control over the network period they're A participant again period any Organization participating within the Xrp ecosystem is free to do whatever the Hell they want that's the point of The Xrp Ledger being Decentralized but you're not going to Agree with what everybody wants to do But that's the point what the system Will be whatever the whole so to speak Wants it to be right and so and Furthermore Ripple does not want control Over The xrp Ledger Ripple Ripple does Not want control over the XP Ledger you Know other than the minimal amount they Have right now because Ripple only runs I think three or four validators today I'm pretty sure that's that's it's I
Think it is three or four actually you Can fact check me it's almost none they Don't have any special powers Over The Xrp Ledger you know and and over the Years Ripple has voluntarily turned off Their own validators as Network Participation has increased and the Entire ecosystem has become more Decentralized but here because one Ripple employee speaking on his own Behalf which is the case he spoke on his Own behalf here not on the behalf of Ripple proposed changes to The xrp Ledger Foundation that means Ripple is Engaging in a hostile takeover give me a Break that's absurd but that's what some People Believe including at least one of the Validators that's calling it quits and I I will get to that in just a minute I'm Going to share with you actually just Hang with me in this video I'm going to Share with you what uh what these these Three validators that are calling it Quits had to say just some of stuff that They had to say Here um and so Um as a result of the the hubub that Resulted from from this post from this Individual David feling who was a ripple Employee not acting on the behalf of Ripple just sharing some thoughts um he Uh he ended up sharing an updated post Here and he said yesterday I published a
Proposal for updating the government Structure of The xrp Ledger Foundation Many have questioned my intentions and Motivations you can read about here and So I'm not going to read this whole Thing because it would just take too Long it's on your screen but I am going To share with you uh some of the quotes Here just several quotes that are Included in here that I think are Noteworthy the first one is and I quote From David fing Ripple employee to be Clear my proposal is something I Published personally as a community Member it's not a proposal from Ripple End Quote now folks like you know I would I Would say even if it were like even if Ripple wanted to provide suggestions to The xrp Ledger Foundation why the hell Would I have a problem with that and There's no evidence that's the case it's Just one individual employee here Sharing thoughts it's not like he has Power to implement anything but why Would I care if one participant in the Ecosystem wants to make suggestions to Another in a friendly manner why the Hell would I think that's a negative I Think people are looking at this all Twisted here's another quote my primary Motivation for the proposal is that over Many years i' I've observed some people In the xrpl community having strong
Dissatisfaction related to a myriad of Topics that in my mind seem to stem from A perception that their individual voice Isn't heard or they're not able to make An impact in the Affairs of the xrpl Community and The xrp Ledger itself end Quote and so look I'm not here in this Video to debate not not for this video To debate the merits of of the ideas That he's espousing here in a general Sense since this is a decentralized System people can participate in Whatever capacity they want so if he has A perspective that it would result in More individuals or corporations perhaps Whatever it would be if it would result In more participation if there were a Change in struct from The xrp Ledger Foundation I have no I have no problem with him sharing his Opinion on that whether it's a good idea Or a bad idea let people talk that's Healthy that's good to have discussion I Just don't see a problem with that in And of itself and again I'm not here in This video to to debate the merits of This I'm just saying he's talking he's Using mouth wordss it's to me it's not a Problem here's another quote given more PE giving more people in our community Of Voice through the xrp Ledger Foundation simply made sense to me and Still does end quote And so there's Stuff like that throughout this
Post you know it seems to me again Whether he it's a good approach or a bad Approach he's trying to increase Participation um and then there's here's The last quote I'll share from this he Says uh some have asked if I had shared This proposal with others before Publishing it yes absolutely with Multiple leaders at The xrp Ledger Foundation as well as other la longtime Xrp Ledger Developers and so this wasn't out of the Blue you know I admittedly like if it Were a ripple employee who has had no Contact with The xrp Ledger Foundation Which is its own self-sustaining Organization say he had no contact with Them it would be a little peculiar if he Just put this post out there he like I Got a bunch of ideas and here's why You're doing everything wrong you know It's like that would be okay that would Be a little bit rude and a bit of an Overstep he could do it it would just be A little bit rude a little tacky but he Didn't do that he talked to the people At The xrp Ledger Foundation they knew What he was doing they had a Conversation it informed part of what Was stated in in the initial proposal And then he published it on the internet That's what happened is that so does That sound so horrible because it really Pissed some people off does it really
Does it make you get pissed off because I'm just sitting here like why like Seriously why it does not make a damn Bit of sense to me just Saying um there's a post from xrp Community member Miss Rabbit I just Respectfully disagree with what she said Here but she wrote to David and said What you propos was not even legally Feasible the way that you proposed Structuring the board was not only Laughable but would disqualify the Foundation as a nonprofit entity your And Ripple's motivations are clear Should the community vote to restructure Ripples board okay so I can't speak to Whether or not the legal aspect of it Does or does not make sense I don't have Any sort of legal background as you may Or may not be aware you might have heard Me mention that before um but again You're talking about a situation where David fueling spoke with people at The Xrp Ledger Foundation there's a Conversation about how they could make Things better and he shared his thoughts On the internet it would be a little bit Weird so again that that's kind of the Purpose like he's an xrp Community he's A ripple employee but he's also an xrp Community member right and so engaging With other xrp community members that Makes sense that doesn't seem weird to Me it would be weird if somebody from
The xrp Ledger Foundation went to Ripple And or even if they didn't whether they Went to Ripple and had a conversation or Didn't and then just it'd be kind of Weird if they were trying to tell Ripple How to run their business that's Different because Ripple is a for-profit Business that you know they're a ftech Company and they're in the world of Crypto that's very different than a not For-profit whose in whose goal basically Is to you know engage within the xrp Ecosystem including uh people that are Actually in the community that's very Different why why would anybody go to an Actual company that's I just the point Doesn't seem to make sense to me so I Just respectfully disagree on that Particular part but I see a lot of Arguments along those lines and people Are entitled their opinions like I don't Hate or get mad anybody that disagrees With me but I'm entitled to my opinion Too and I don't think that this Particularly makes sense so I'm just Sharing what I Think and here was xrp Community member Leonitis got I'm a huge fan of leonitis Um he holds a position and I Respectfully disagree with too this too He said I disagree with the no incentive Is the best incentive narrative as well As the Ripple should provide incentives Narrative allowing validators to earn a
Fraction of xrp Ledger transaction fees Could be a step in the right direction Incentive wise and so this idea of no Incentive is the best incent best Incentive that goes back to a phrase That David Schwarz has used heavily over The years he had um a presentation Speeech and it's it's on YouTube I've Watched it many many times over the Years and he argues why it makes sense To not have an in incentive structure Like you know bit coin as with proof of Work and to rather just validators There's no incentive uh because then You're going to have the best of Intentions if you're you're there Because it's it's not that you're not There to get fees you're not there to Bog down the system it's along those Lines it's much more sophisticated yet You should watch it uh watch David's Presentation if you haven't seen it but Leonitis disagrees with David Schwarz And he says allowing validators to earn A fraction of xrap Ledger transaction Fees could be a step in the right Direction so I respect his opinion I Just I just I don't I'm not like I could Be persuaded if you have a really Compelling argument I haven't seen a Compelling enough argument for me to go That way yet um here you have xrp Community member Panos responding to Leonitis and dis grainy says allowing
Validators to earn transaction fees is a Horrible idea in my opinion as this will Lead to validators having an incentive To increase fees on purpose to earn more Something we have seen with Bitcoin and Ethereum nobody would like that on xrpl Yeah and so that's my primary concern With this if there's a way to make that Not H happen with certainty uh okay then I'd be curious I haven't seen anybody Propose something in along those lines Though so yes cuz you got to understand Like xrp it's made specifically for Payments let's not ruin the thing that Has resulted in xrp being in the top 10 Coins by market cap for its entire Existence maybe let's not screw that up You know what I'm saying and so to that End I shared this post on social media Platform X just a just a couple hours or So ago and I wrote the following some People today are arguing that xrpl Validators should be financially Incentivized to secure the network happy To see debate on this an Engaged Community is an attribute of a healthy Community but to the people saying that The best incentive is no incentive is a Concept that doesn't work I respectfully Disagree the xrpl has been around for Over a decade now with this very Structure and it is one of the most Successful most used blockchains in History that speaks volumes how can
Anyone say the current structure doesn't Work given the real world proof to the Contrary over a span of more than a Decade you can argue that another Governance structure would be better for The xrp Ledger if you'd like but let's Not deny reality the current governance Is Working and it's in no imminent danger Of falling apart now furthermore The no reward structure for any network Participants is one of the reasons that The xrp Ledger is so fantastic for Payments broadly speaking let's not muck That up and then I Tagg David Schwarz And I wrote David if you have any Thoughts to share I always value your Perspective I've watched your speech SL Presentation the best incentive is no Incentive from years ago multiple times I find your arguments compelling I'm Wondering if your thoughts on the topic Have changed SL evolved to any degree And so folks to be clear I am always Willing to be persuaded I'm just saying At this particular point I haven't seen A solution to enticing more people to Jump on board to become validators that Wouldn't screw up the the what makes xrp Ledger so special and makes xrp so great For payments I haven't seen that yet I'm Willing to be persuaded but bring the Argument to me cuz right now I'm just Seeing a bunch of complaining with no
Real answers right that's the problem And I understand why people are upset Like you if you are frustrated about the The participation level then I respect Where you're coming from I still don't Think we're in imminent danger but I Respect where you're coming from I get It you care and I respect that I I Really Do but here's the thing and so I I Expand in a separate post I shared some Additional thoughts I wrote I have no Qualms with people dissatisfied with the Quantity of entities providing xrp Ledger infrastructure especially if some Participants are heavy users and they're Not doing anything to contribute and so Folks just to be clear there are some Participants who are sapping up the Resources here being provided Effectively to them for free because They're not providing infrastructure Themselves and they're heavy users Providing nothing and again this is the Nature of the system but that's that's What I meant by that and this is what is Upsetting so many people but so hear me Out though so I I said the following I Wrote I think it's reasonable to Encourage such ecosystem participants to Support the network but other than that What solution is there change the code Of The xrp Ledger itself to reward Validator validators with xrp kind of
Like a proof of work system I haven't Heard any suggestions beyond that which Is why I point out the good news is that The xrp Ledger has been functioning for Over a decade and it shouldn't be Surprising there aren't more validators Since there is no direct Financial Reward for It that's simply the system we have and The governance structure has been Publicly known since Inception why is Everyone suddenly surprised in 2024 if anyone has a brilliant idea to Increase infrastructure participation Especially from heavy users I'm all Yours so that's it that's what I Wrote and again I just don't want to Ruin what xrp is if there's a better way Then just put it out there but it Shouldn't be surprising that proof of Work networks and proof of St stake Networks they have more people that have A stake in the system in terms of Infrastructure that shouldn't be the Least bit surprising and so for xrp it's Tiny in comparison but that's because There's no direct Financial reward That's what that's part of what makes Makes xrp so great so if there's a way To have the best of both worlds lay it Out there let's figure it out we'll have A push to implement it we can we can do This as a community we can spread the Message and I'll be happy to be a part
Of that but you got to tell me what that Is otherwise we're just bitching up a Storm for no reason it's just like we're Yeah okay got it we have identified a Potential problem fine but again we say Potential problem again xrp's been Around for over a decade and it's still Chugging forward so if there's some sort Of imminent failure that I'm not seeing Let me know but I don't see it even with These validators packing up and calling It quits and they're doing it for a Variety of reasons here you can see Crypto Arsenal highlighted the three That are leaving it's alloy Network Short the fomo and uh and at off lger Which is actually on Ledger Atnet and let's see what some of them Had to say I think here's the next One all right um somebody named Teddy Wrote I haven't been following lately What happened to on lger could you fill Me in please so he's at off lger but It's on ledger. net that's the vager Somebody responded and said I'm not sure What I'm I'm sorry I'm not sure he did Uh but he said he'll stop all critical Xrp Ledger infra run by him this weekend As far as I know the reason was pushing Proposition of changes to xrp Ledger Foundation by Ripple which in off off Ledger's eyes was step back in further Decentralization and so he did respond And he wrote this is this is the
Validator now all turned off and not Returning to The xrp Ledger they've been Up and running for six years and now Giving the fans a chance to cool down Sometime in the future the validator of Nodes will be repurposed so he's out After six years he's just out and uh it Does seem that that was the uh the final Final straw form in fact I think he said It just like that uh yeah here we go Attorney Bill Morgan wrote is there a Common reason on Ledger responded in all Capital letters Ripple there you go he's Blaming Ripple for this and somebody Responded and wrote why Ripple I see the Reason was due to to no incentive and Worst losing money by continuing Especially when it's mini bull market Now to which he responded the validator Responded this isn't a today problem It's been a long-term festering sore Where from my perspective Ripple screams De centralization from the rooftops but Once total control and will do whatever It takes to get it at any expense and so I don't know what the rest of the Argument is but I do know that Ripple Does not have control over the network So you know if if the problem is Something along the lines if you can't Get amendments that you want approv then Convince the rest of the network I just I don't I don't see how it's ripples Trouble here and um and he did admit
That it was um the post from David Feling about The xrp Ledger Foundation That made him do it so attorney Bill Morgan wrote to on Ledger and said I get That but specifically what is the Immediate act or emission of Ripple that Was a straw that broke the camel's back So to speak and on Ledger wrote for me Personally undermining The xrp Ledger Foundation was the last straw Ripple Wants full control it's as simple as That okay and so that's a bad take Obviously so he's responding in this way But um I perhaps what he didn't know is Is that David fueling actually was Coordinating with people at the Nonprofit xrp Ledger Foundation and and he was doing it on His own that's what he stated unless There's proof that he's lying in which Case bring it to me although like I said Earlier even if it's the case that Ripple was coordinating with them that's Another ecosystem participant and ripple Doesn't have control they're running a Few Validators so I just I I don't know why But for some reason this individual Employee working at Ripple was the straw That broke the camel back so the truth Is that there were more underlying Reasons and maybe they're not all Publicly known but this guy was already Not happy and this is the final St he
Like nope I'm out because this one guy Has a that's fine he's entitled to his Opinion I'm just saying I I'm not seeing The proof that Ripple has any sort of Actual centralized control over The xrp Ledger if that exists bring it to me and I will talk about it I'm not afraid to Talk I will talk about the negatives It's not I don't I do not only report on Rainbows and sunshine Here Um let's move on so we got uh then we Have short the foma another Validator wrote I will be Decommissioning two main net nodes xaps Will be removed My time testing releases will be spent Elsewhere participation on this network Will be phased out without a foundation Or core values driving the network it Has no direction or problem to solve There is no public good left to argue For one can't remove a foundation of a Decentralized network a dent in the Universe now a pebble blocking the sea I'm sorry the eastbound L okay well Everybody's entitled their opinion uh I I just I just I see a Network that has Grown and become increasingly Decentralized over the span of a decade I remember that The xrp Ledger when I Jumped in six years ago was Substantially more centralized than it Is today that's the case but it's it's
Not now and it's provably the case so if People are sour for any reason whatever It is Everyone's entitled to their Opinion you know you wouldn't expect in You know in a ecosystem that's that's Vast to have 100% of participants be Happy you would expect that for various Reasons in any big ecosystem that some Are going to get sour and leave it's Happened with Bitcoin it's happened with Eth it's happened here obviously with The xrp Ledger but we have a healthy and Thriving ecosystem there is I don't see Imminent Doom certainly and it's not you Know there's always the the opportunity For others to pick up the slack it's Becoming more publicly known now right We're all talking about this but he's You know he's in no no hate against any Of these validators I'm just sharing my Thoughts they're entitled to do whatever They want to do and that is fine and I Appreciate what they've done over the Years that they were providing uh at Their own expense no so like you know Let's let's appreciate what they have Done for Sure um and then he also wrote this is Not an attack other operators can be put In place no plug is pulled but getting Phased out you're welcome to spend some Time and money to replace my nodes or Even get stuck into the code and test
And so there you go let's see if who's Going to fill in the gaps here there There's a conversation going on maybe This is going to Spur some interest in That um then we have this alloy networks This is the third guy uh the third Validator that is Calling it Quits here And so there's this post from xrp Community member Yas muar you wrote wow What the hell is going on first alloy Networks and now this is this a Coordinated attack on xrp Ledger by Decommissioning several nodes within Time proximity of each other and that's Not what that was and so Al networks Responded and wrote I'm sure you meant No harm but please choose your words Carefully this is an at will Participation Network I certainly have Not coordinated with anyone additionally I would never just pull infra to Undermine the work I've done for so long It'll be phased this is tiring work and The moon boys the grifters the marketing Nonsense Etc don't make it don't make it Less tiring so it's time for the Ecosystem to step up and do some work Okay and that's fine and by the way so He had made this decision just to be Clear before the post from David feling At Ripple that Ripple Employ this is unrelated to that nothing Horrible happened he he he's still you Know he doesn't wish ill will on The xrp
Ledger he's he just said it right there It's on your screen he's tired he just Doesn't want to do it anymore he says It's time for others to step up and do The work and hopefully others will I Have a feeling the answer will be yes We'll see what what happens but I have a Feeling that those who are technically Inclined and have the interest might be Spurt on to do this uh but why would Anybody have ill will towards alloe Networks he's just tired of and he did All this stuff at cost a cost to him his Time and money you know so I don't have Ill Will but again it's it it doesn't mean There's something like from his Perspective from what I've seen you know Even if he's not thrilled about Everything about The xrp Ledger it's it wasn't the it wasn't the Post from the Employee um and then there was this Somebody wrote xrp XR Portugal wrote hey Loa networks unsure if this question Makes sense uh but would your decision Not be the same if there were actually Some Financial incentive wouldn't that Support projects to at least help them To cover their expensive uh expenses and Then he responded alloy Network said no It's not related to that so he's saying No the money actually is not the issue The fact that there is no Financial
Reward which is how the the system has Been set up from inception he says That's not the reason he says it's Related to the very promise and premise Of The xrp Ledger there should be Enterprise participants who depend on The health of The xrp Ledger for their Business if there aren't other than one Or two then there is a serious issue and So there there are all sorts of entities That are reliant upon it's just a Question of how many are actually Participating in terms of infrastructure That's the Thing but there are plenty of validators The rest of them who do want to keep Participating on The xrp Ledger so let's Not pretend that because three left for Varying reasons that now The xrp Ledger Is about to collapse because some people Are talking as though the sky is falling We got Chicken Little here and and look We again if there's a solution to Anything and make us go in a positive Direction all years all years I'm just Saying some people might be getting a Little little too excited you know Hyperventilating a bit okay the we're in No danger of The xrp Ledger falling Apart because of three look if three Humans could stop running validators and Everything falls Apart okay then maybe we made a bad Choice maybe we had a b Choice jump X
That's not the case though that is not The case my God and so here you have a xrp u xrpl Validator named vet on social media Platform X he's staying and here's what He said my validator is not leaving The Xrp Ledger and will continue to run Reliable and maintained to the best of My abilities all operators have vast Interest in a robust and decentralized Xrp Ledger either for personal or Business related reasons keep in mind Currently the discussions are branching Off in all directions xrp Ledger Foundation proposal xrp Ledger Dow new Or with organization with original Proposal incentives for The xrp Ledger Infra validators they are heated and Passionate held we all care and it shows More than ever before four because after All division is only keeping us away From success if you are not keeping up With this and you're afraid or worried I Understand but please don't you're Witnessing a full-fledged debate going Through the whole community and it's Totally okay to stay out and come back Later yeah he's spot on when he's saying Don't worry yeah I don't think this is a Freak out time and some people I'm not Kidding so like when I saying at the Outside of the video some people are are Thinking insane this is a crisis we're Meltdown mode like I've seen stuff like
That I'm like no that's it's a bit too Far have the discussion I'm I'm talking About it on my channel continue it on And I'm again I'm willing to be Persuaded I'm just telling you what my Mo my perspective is in the moment but I Absolutely I can be persuaded I'll Always keep an open mind here but I I Just well I've said what I said I don't Need to repeat it any further but I Guess this would be a good opportunity For you guys to carry the conversation On in the comment section below and let Me know what you think here but I mean I'm nothing but optimistic for the Future I just I wouldn't expect expect Every validator for to have a like 100% Of them to be thrilled with their Experience and stay Forever but most are staying right that That is the if that's the truth and more Can come online in the future and Undoubtedly will we'll see what happens Here and I'm all for anybody that wants To have a coordinated push to like kind Of nudge Enterprise entities that maybe Aren't uh you know helping with Infrastructure that's fine we can Respectfully encourage them to and now We should be we should be you know Tactful about it but if we want to have A campaign that's you know the community Pushes and kind of nudges those types of Entities and individuals to maybe
Participate in that capacity especially If they're the type that would have the Skill if you're a big organization maybe Perhaps you do have that type of knowhow You got some tech people cool I I could Get down on that I mean I I could get Down on that just is that is that all we Have though because I don't think Anyone's going to disagree with that That's fine but are we is it that or are We talking about changing the code on Layer one of The xrp Ledger like what Are we talking About because that would be Alarming I'm not a financial advisor you Should not buy or sell anything because Of anything I say or right that would be A very very very bad idea until next Time to the Moon Lambo
