Hello this is Matt on the moon family Sedan Channel a couple questions for you Right off the bat here are xrp Ledger Developers permanently leaving the United States that's one and then just In a more General sense our xrp uh Developers you know permanently Permanently leaving the xrp ecosystem And by the way what I'm talking about Here is developers who run validators Which are critical to the entire xrp Ecosystem And so here's a headline from the crypto Basic proponents suggest incentives for Xrp Ledger validators Ripple CTO Response and what this article is Covering and I'll go into these Specifics uh they're covering a topic That was uh brought up by my fellow Expert YouTuber jungle Inc and he's just Warning hey you know they're they're he Believes there may very well be a mass Exodus of of validators on The xrp Ledger now if something like that Actually actually happened uh that would Be potentially catastrophic Now um I certainly appreciate you know The Vigor with which he has shared his Message and I I genuinely appreciate the Passion that he clearly has for you know Xrp and The xrp Ledger ecosystem in the Entire Community uh but I will say at The outset Um I don't share the concerns
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Um so I'm just going to kind of push Back against some of the ideas not Against him on a personal level at all Just be super duper clear Um and I'll also note I am absolutely Willing to be persuaded and I could be Wrong I just I'm not seeing it right now And I'll explain why but um You know if what he is saying is Accurate I just want to be persuaded so I could jump on the bandwagon of yeah This is an actual problem if he's right I want to be persuaded so that I can Immediately jump on board that bad way And be like hey look at me waving the Flag here serious problems coming down The road you know catastrophic stuff for Xrp and the xrp letter potentially like I would want to know that that's why for Me I've always been a strong proponent Whether it's good news or bad news let's Just get the facts out there and then People can figure stuff out Uh so before going further though 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 enjoys Making YouTube videos about crypto Related topics but just as a hobby and Just for fun now I'm going to start with This article from the crypto basic
Titled Stuart alderati says Ripple Expanding business in London slams SEC Because it's not just the question of Developers and The xrp Ledger on the Whole uh it's the first question that I Asked at the outside of this video are There going to be any Developers for The Xrp Ledger in the United States because The risk associated with being a Developer if things don't go well from a Legal perspective I mean obviously it's Going to shut it all down as far as that Goes and even Ripple has stated if Things don't go well there's a very real Chance that Ripple just straight up Leaves the United States entirely and we Already know that all their actual Business growth is occurring outside the United States anyway into this article Though Ripple's general counsel Stuart alderati Has highlighted the company's expansion Plans in London alderati made this known In a tweet today while commenting on SEC Chair Gary gunzler's recent Congressional hearing although already Said he missed all the excitement on Ginsler's hearing because he was in London with the Ripple team and here's The actual quote from Stuart alright he Said quote missed all the excitement Yesterday on the ginsler hearing I am in London spending time with our team Focused on growing our business can't
Tell you how inept the SEC looks from This side of the pond and I love that uh Not of not afraid to speak the truth Even while in a very serious legal fight With the SEC he's still saying that they Look rather inept and It's Freaking embarrassing like any other Unbiased individual in any other part of The world will look at this and be like What the hell is wrong with these people In the United States what in the Ever-loving I know that's it looks Stupid as hell and it is it is Absolutely stupid S-t-o-l-p are they stupid now attorney Dean actually retweed that and he said If I'm a UK regulator I'm salivating at The disaster going on in the U.S and Thinking to myself what an opportunity Yep exactly so as terrible as it is for We here in the United States uh The entrepreneurial Endeavors and all The development which will inevitably Unfold in the coming years and decades Specifically it's like it's going to Happen no matter what it's just a Question of From where will it originate It's historical I mean if you look at Major developments especially from a Technological perspective a ton of it Historically has come from the United States
I guess we're just gonna be absent here For a while And then there's also this and just to Be clear like this is something that's You know Certainly not unique to what's happening With xrp and ripple it's just it is an Absolute Onslaught against uh against Ripple in crypto in General look at this headline from the Crypto basic Pro xrp attorney Deaton Weighs in on coinbase's contemplation of The U.S exit yes indeed have you heard About that The United States largest cryptocurrency Exchange coinbase potentially leaving It's a publicly traded company just After all this time I was saying bye bye Felicia bye Felicia Well I hope not that's by the way I have Some real beef with coinbase I think a Lot of us do in the community like for Instance you know stealing our You know our xrp fellow xrp community Members Songbird tokens for example There's that Um but anyway peace reads is false Pro Xrp Attorney John Deaton has reacted to The recent statements from Brian Armstrong CEO of coinbase in which the Business executive disclosed that Coinbase could actually depart from the United States due to the prevailing Regulatory uncertainty Armstrong made
This disclosure while speaking at the Fintech week in London for a Bloomberg Report today the regulatory landscape in The United States has not been favorable To crypto firms and the local crypto Industry with several industry leaders Bemoaning the slew of unfavorable Enforcement actions against this Backdrop Armstrong revealed that Coinbase which presently serves as America's largest exchange could Consider leaving the country if the Regulatory climate does not tilt towards Favorable territories quote anything is On the table including relocating or Whatever is necessary end quote that's a Quote from from Armstrong himself According to Armstrong The potential for the United States to Become a significant market for Cryptocurrencies is limited due to a Lack of regulatory clarity He further indicated that if clear Guidelines for the crypto industry are Not established in the US within a few Years coinbase may have to look for Investment opportunities in other parts Of the world yeah and I know I don't blame anyone for bringing this Up in fact I'm going to do it right now It grinds my gears the the degree to Which you know they were so apathetic When it came to pushing back against the SEC a couple years ago as it pertained
To xrp specifically and now they Suddenly have a backbone apparently and They're happy to just presumably they're Articulate they're happy to just put up A fight And I I guess I don't know I get it it's just this idea that you Need to be attacked to an even greater To Great degree before you stop Capitulating the SEC it can be Frustrating but I still my position that I've held for over two years now like it Literally hasn't changed I first and Foremost I blame the SEC It's just frustrating even though I Firmly believe that to be true And you know the the coinbase is Absolutely a victim of the SEC as much As the next guy it's just frustrating I Get that I think so many of you out There listening you're probably like yep Pretty frustrating that you know we as You know xrp holders here in the xrp Community uh you know just got kicked to The curb And again Is what it is it was just frustrating to See that we were the ones since we were Among the first to get hit by the SEC And now everything else so you could Coinbase seems to just want to push back Against almost everything at this point Now Attorney John Deaton retweeted this
News and he said the following this is a Quote from Attorney John Deaton meantime In the United States the largest Exchange in the United States coinbase Which has done everything it can to be Compliant Is thinking of leaving the U.S although Two years ago it was allowed to go Public by the SEC what's changed in two Years One unelected bureaucrat spot on yep That would be Kim jong-gins everybody What has changed in two years Look at who's in charge look there have Been people and I have no interest in Making this political because it's not a Political Channel it never will be I'll Only address anything political as it Pertains to crypto but it is I gotta Acknowledge it just is true what Everybody politically again I'm not Getting into the Weeds on that stuff Don't care not what this channel is About but it is the case that this Current Administration uh you know and And just Overlooking various agencies of the Federal government has put together a Coordinated attack I've never seen Anything like this and not that I was Thrilled with the previous Administration when it comes to their Approach to crypto either I sure as hell Is not
But this is on a different level This is completely unacceptable It's an outright attack And so coinbase again approved by the SEC Go public they had their initial public Offering fast forward a couple years The only thing that changed really I Mean Is that as a eternity and said one Unelected bureaucrat it's the one guy in Charge that could kind of You know well not just kind of entirely You know direct the overall direction of The approach that the SEC has taken to Crypto That's it it's it's if if it was Somebody else that was put in charge Perhaps things would look a lot Different right now but I'm not even Necessarily convinced that because even If it was a different human in charge And look I'm agreeing with attorney Deaton but I'm just saying Like the administration is so Anti-crypto that whoever they were going To put in charge would have felt the Same or else they wouldn't have put them In charge you know that's So I I just I'm never going to be a One-issue voter but this is one of the Issues that matters tremendously to me Because it has to do With my personal financial future
Like in a major way and for so many of You listening I know I'm preaching the Choir I understand it's gigantic for you As well And so I'm not as worried about the day-to-day Volatility of crypto I don't really care About that you know what I care about Is Kim jong-ginsler and the federal Government coming down ruining my Financial well-being because that is What they're doing they're not helping Anything here It burns my biscuits and to drive the Point home I don't need to read this Article but the headline it certainly Says it all from cointelegraph coinbase Gets Bermuda license offshore exchange Could launch next week it's already here Coinbase and Bermuda The former home of uh FTX Can't make this stuff up man like it Just it is what it is And unfortunately this isn't not to be Too much of a Debbie Downer but I just Had It but Let's get into the final topic proponent This is a headline from the crypto basic Proponents suggest incentives for xrp Ledger validators Ripple CTL response And so this is what I was getting at the Outside of the video with my fellow Expert YouTuber jungle Inc expressing
Very real concerns that perhaps there Could be a mass Exodus of validators in The XP Ledger which would potentially be Truly catastrophic for every xrp holder On the planet and there are millions of Us So uh let's go ahead and just I don't Feel the need to read the article Actually let me just share you exactly What what jungle Inc said here and again I'll say one more time here because I Think it's it's just I want this at the Forefront of your mind here um Definitely not let's be careful because I want to Foster an environment where There's there's healthy conversation and Debate so nothing about this is anything Against jungle Inc personally because I Am going to express that I don't share The same concern but I appreciate where He's coming from it's obviously coming From a good place and I also acknowledge That I could be wrong uh in which case I Want to know that so if you've got if Anybody's got evidence you know pointing To uh you know which should result in Tremendous concern about the long-term Viability of xrp Ledger anything of the Sort of course I want to know that so Please persuade me if you have such I Just haven't really seen anything yet Presented that would make me feel that Way so a jungling started by tagging Monica long
Who is the president of Ripple also Tagged David Schwartz you know who he is And also at Ripple X Dev and so this is The Ripple X Twitter account In Jungle link wrote The Following It seems like we have a significant Issue independent devs are shutting down Their validators I think a flood is Coming in this regard is there a reason Why we don't have funding for necessary Infrastructure Unless Ripple is pivoting away from xrp I do not understand why this is being Allowed to happen We need some relief and quick not just a One-time injection but a clear path to Sustainability who's going to pick up The slack at Ripple Nick and by the way As far as Nicos he's referencing I'm Sure Nick bogales and uh he's no longer With ripple actually but uh I I don't Really know why you know if you're Having concerns about the overall health Of the ecosystem I'm not sure why jump To Ripple first anyway uh Ripple over The years they've intentionally been Turning off validators for greater Decentralization and they made that plan Known you know way in advance of them Actually doing it and so as additional Validators came online that just Impacted the degree to which Ripple had A hand in it that's that's been positive Positive development over time here so I
To me it doesn't make sense like even if There were a mass Exodus or something Terrible is happening here okay convince Me of that and then we can certainly Continue the conversation But but even if that's the case why are We going to Ripple first Ripple pivoting Away from well first of all ripples I Don't think ever going to Pivot away From xrp look at how much they hold okay Look at how much xrp Ripple holds I Don't think they're ever gonna pivot Away from xrp uh that's just my personal Suspicion there uh jungle link also then Wrote we have funding for nfts in random Projects but nothing to ensure the Infrastructure is sound and secure this Seems like a backwards way of doing Things and uh to kind of support his Concern he highlighted that a particular Validator who is known as the elephant Within the xrp community I'm not going To read this it's on your screen if you Want to pause and read this thing but This is written by the elephant Explaining that he's leaving and he's Shutting down his uh validator so There's one right here but my Understanding is that this individual Chose to leave over beef with you know Certain participants within the xrp Community just in general and if that's The case then I just say Okay perhaps That's an outlier instance here because
If you look at xrpscan.com which is now On your screen right here you can see That there are 111 mainnet validators There are 36 default uh unique note list Validators uh one of them happens to be Offline for some reason at this Particular juncture in time but still There's you know it's a 35 online right Now Uh where's the mass Exodus well it Certainly doesn't currently exist But if it's going to exist in the future Why why would I suppose that that might Be the case that's that's my question Here so I see the assertion being made By jungle link I just I'm not seeing uh Additional evidence that would make me Think yeah this is imminent it's Probably going to be happening here now Will always be the case that there will Be some participants of the xrp Ecosystem developer specifically who do Set up validators and they end up Leaving especially if their project Fails wouldn't you expect that though And that's not what happened with the Elephant here but you get the point that I make it right you try something if it Doesn't work then you leave and that Would be one of the things that leaves When you leave as a as a developer that Could make it work within that Particular ecosystem So you know I'm seeing all sorts of
Success though with all sorts of Developers And I just showed you the the the step As I'm recording this right now again It's on your screen right there I'm not Seeing any sort of problem here look at All the validators as I scroll down Uh If I'm to believe that there's going to Be a mass Exodus Why that's that's what I want to know Now now setting that aside as far as This you know bringing up this idea of Hey uh couldn't we be doing more to Ensure the long-term viability that type Of concept That's totally fair to bring up always Whether there's a mass Exodus or not a Mass Exodus that's totally fair for Jungle link debris you know I mean What's fair for him to bring up Everything that he said but I mean Specifically Uh in terms of uh you know hey here's a Concern I'm just saying even if he was Saying yeah Xrp if you were saying that the xrp Ledger and the entire ecosystem was Perfectly healthy but he wanted to have Extra Protections in place is there can We you know as a community maybe come up With something well I'd still support That that such a conversation so I don't Know what the answer might necessarily
Be for there because before that because When it comes to The xrp Ledger it is Fundamentally and thankfully Crucially different than than Bitcoin Which uses proof of work mining It you know we do we don't have that Within the it's a completely different Consensus mechanism within the xrp Ledger and famously as David Schwartz Has articulated one of the creators that The best incentive is no incentive and I'm going to try and remember to link This video which I just popped up on Your screen I'm not going to play this But it's a little over half hour long I've watched it a number of times over The years it's been out since 2020. Um in this video he was speaking Publicly at a Stanford blockchain Conference and he was explaining the the Pitfalls of proof of work and what it Incentivizes and versus having an Ecosystem where there is no monetary Incentive so if you're a validator you Know it costs you money to run the Validator you don't get anything out of It monetarily anyway not directly but if If you are doing something I say you're A developer building on top of the xrp Ledger as it's the case with ripple for Example then you have an incentive to Ensure the health of the system but it's Not monetary so you don't have any sort Of conflict of interest with anybody
Else that's trying to prop up the health Of the xrp Ledger and that ecosystem Just in a general sense so that's why The best incentive is is no incentive And he goes into great detail breaking This down again I'll try and remember to Link this video below But uh I don't think I'll forget but if I do you just literally type in the Title of video that's on your screen Here it will come up you'll see it's From a bank xrp listed this particular Video I'm sure there are multiple copies of it From but but anyway setting aside I'm Just saying That Um that's that's the nature of the System here Now Um Leonidas who formally ran xrprk.com Unfortunately that recently shut down Which was regrettable because it's a Fantastic website Um he responded that's what you get when The best incentive is no incentive and So you can kind of tell from the tone They're here and the way he responded Um he doesn't seem to be as convinced From what I can see here that concept as David Schwartz is but I am convinced of That because again if if you can't have This particular ecosystem Thrive and Again it's been around a freaking decade
Now is the point when we're at the Greatest amount of adoption in the History of the XP Ledger this is the Moment when we're supposed to be afraid This is the moment where everything is Potentially going to fall apart or Something in that effect or we may have A a notable move to the downside in Terms of adoption and you know Validators protecting the system right Now is that it again if that's the case I want to be convinced if that's true I Want to know I really do and it's a fair Conversation regardless but Um but somebody named liquid bear Responded to Leonidas on Twitter and Said each and every time someone Valuable Aleve there are voices that Ripple should do something I felt that before listening to David's Talk mentioned above but do we really Want Ripple to be involved in everything Should it be xrp Ledger Last Resort I Have doubts I remember code tsunami Being mad on this near the end of Legendary toast wallet same Vibes but I Totally understand why Ripple don't want To be supporter at least not publicly to Be honest Bounty programs is all I can Think of to solve this and as far as I Know elephant criticized those too now Leonidas jumped back in here and he said Ripple doesn't have to get involved if a Fraction of transaction fees went to UNL
Validators then there would be incentive To run validators And so he he's from a technical Perspective quite right and then I would Share his perspective that even that's Not even something Ripple has to do I Was making that point several minutes Ago we shouldn't expect Ripple to just Fix everything I don't want that to be The case and uh yeah if you monetarily Incentivize something you're going to Get more of that behavior but I'd rather Have an ecosystem where there isn't that Sort of incentive so that if you are Here it's a virtual certainty it's for The right reasons And David Schwartz actually jumped in Here David Schwartz responded to Leonidas and he said but validators Wouldn't want other people to run Awesome validators because they would be Competing with each other for fees Leonidas responded Since when competition is bad question Mark And David Schwartz wrote back to him and Said when it means that people don't Want more awesome validators on the Network because it harms them Financially even when it benefits the Network And I think he spot on and I responded To him with that little 100 emoji and Put a few of those down and I wrote
Let's Not recreate Bitcoin problems here And I would just encourage you again Check out this video I put it back up on The screen here I'm going to try to Remember to link this below it's a Little over half hour long David breaks Down exactly what the pitfalls are as it Pertains to proof of work and why we Don't have this with The xrp Ledger Which is one of the things that resulted In it when it was designed having Blazing fast speed among other things There's all sorts of so in terms of the Structure if we can't have a an Ecosystem in place where there's genuine Adoption real developers building real Things Um you know without the the you know the Financial incentive coming from being a Validator if we can't have that as far As I'm concerned it doesn't deserve to Exist The xrp Ledger doesn't deserve to Exist if it can't be can't live in that Environment and it won't by the way if If it uh if if the entire concept is Flawed then it won't But I think the concept is right and It's been a freaking decade at this Point so it's not that you won't see a Validators change over the years come And go and there'll be no that's the Point though there will be new ones And another thing that would be a Negative and directionally at least for
The time being is that agree to which The um you know the federal government Coming down on crypto in general Specifically going after Ripple well do You think that might have impacted the Number of validators and nodes in the United States compared to what there Would otherwise be if but not for this Attack specifically against Ripple and Xrp holders or do it right So again I appreciate the conversation It's worth being aware of it's totally Worth talking about Um I I don't at this point you know I Don't find myself to be persuaded by What jungle ink articulated there but uh Like I said at the outset of the video I Certainly appreciate the genuine passion And genuine concern and I am glad that Uh people are talking about this and if There's something that can be done to Help secure you know the the long-term Viability and strength of The xrp Ledger In general even if it just gets things Going in that direction even if there is No Mass Exodus to me that's a net plus If we can you know end up with that so I Don't know what that would look like Because you know the ecosystem's been Performing like it's been performing for Freaking decade at this point with no Incentive structure for validators it's Been just fine Ripple has taken their Validators offline I'm just not seeing
It so you wanna let me know what you Think again totally willing to admit if I'm mistaken on this in fact you'll see Me uh screaming quite loudly if you if You can show me real data that that Indicates yeah no uh Moon families then You need to be way more worried about This yeah I'll jump on board right away But you gotta prove it to me so Articulate your case if you're one of Those people and if not hey at least It's something that we talked about Which as far as I'm concerned still Worth talking about anyway Because it has to do with sustainability Of The xrp Ledger of which we all Obviously have tremendous interest Financially so it is what it is I'm not A financial advisor you should not buy Or sell anything because of anything I Say right that would be a very very very Bad idea until next time to the Moon Family sedan
