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Thread: Ripple (XRP) Will Require Verified User ID to Use its ‘Compliant’ Network

  1. #1

    Ripple (XRP) Will Require Verified User ID to Use its ‘Compliant’ Network

    Yuck...

    ----------------------------------------------

    http://cointelegraph.com/news/113968...pliant-network

    Ripple Will Require Verified User ID to Use its ‘Compliant’ Network



    In a change to its terms and conditions, Ripple has announced that in future users will need to provide personal ID in order to create an account with the service.

    The update, published in an email sent to subscribers Tuesday, states that beginning later this year, “Ripple Labs will enhance identity requirements for Ripple Trade wallets by establishing additional account creation and verification procedures… This will include the collection of additional identifiable information.”

    Ripple states that the changes are designed to be “in support of a compliant Ripple network,” which in turn “builds confidence and encourages new participants to use Ripple and contribute volume to the network.”

    Reactions to the news have nonetheless been mixed, Eric Vorhees commenting on an associated Reddit thread:
    “Any financial technology that is controlled by one company will end up looking like a bank, by law, sadly. Thank goodness Bitcoin exists.”




    It is its criticism of Bitcoin, in addition to issues of user anonymity, which has seen Ripple raise suspicion from commentators in recent months. At a California Assembly Banking & Finance Committee hearing on Bitcoin in March, CEO Chris Larson and Chief Compliance Officer Karen Gifford even suggested that Ripple’s ability to track user accounts made it an improvement on Bitcoin.

    “We actually don't think the world needs a new currency; there’s plenty of currencies,” Larson stated regarding bitcoin, “We think the big problem is moving those currencies around efficiently.”

    Gifford subsequently added that “One of the differences between the Ripple technology and… the Bitcoin technology in terms of transparency just happens to be that the way the Ripple technology tracks information is by account,” going on to explain tools developed by Ripple to track specific transactions more easily.

    The issue of anonymity as cryptocurrency payments become more mainstream is one which has become an inevitable obstacle for major industry players, regardless of currency. Coinbase, which was also present at the California hearing, in January caused a furor when its terms of use were altered to include the ability to examine user credit rating histories.

    “We’ve… been at the forefront of regulation when it comes to Bitcoin,” co-founder Fred Ehrsam told the California hearing, adding that in terms of regulation already extant in the US for the issue of money laundering, there is “already a great set of federal guidelines… ultimately, I think it’s best if that’s left at the federal level.”

    Meanwhile, a conspicuous statistic highlighted by one Reddit respondent demonstrates that around 20% of Ripple’s trade volume is with bitcoin, indicating that the current consumer trend is to deal in both assets.




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  3. #2
    I'm not sure how any BTC/XRP exchange could work once this is in place.
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq

  4. #3
    statists gonna state. F that coin.

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  5. #4
    More info at link...
    https://wiki.ripple.com/Freeze

    The freeze protocol extension gives gateways the ability to 1) globally freeze all their issued funds, or 2) freeze funds issued to a particular user. Frozen funds may only be sent back to the gateway who issued them.

    Gateway Bulletin 2014-02 introduces the feature, which is fully deployed and enforced as of September 15, 2014.

    Looks like they have a situation of false advertising now. They should probably update this...

    https://wiki.ripple.com/Ripple_Benefits

    Anyone can create an account, accounts cannot be closed, and your funds cannot be frozen



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