Not a U.S. lawyer, not your lawyer, and the below is a blog, not legal advice. There has been a meme propagated in recent months by the folks over at Ripple Labs. That meme is that the token XRP has absolutely nothing to do with Ripple Labs the company and that the protocol that runs…
@isTruStory (1) I'll be using XRP and Ripple interchangeably here. XRP was created by Ripple Labs (see Preston’s argument here: https://t.co/EOFVtY7jJE).
The intent, from day 1, was never to create a “better Bitcoin” but to create a “bridge currency” for use with the Ripple network.
"I was there in 2013; I remember the days when Ripple owned the fact that it had built the Ripple… excuse me, XRP… protocol"
"The documents say it all. In my opinion the answer is “yes, Ripple created XRP, they own most of it and it was issued after company formation.”" https://t.co/7Qqjm2LB7U
#ripple owns the #xrp trademark..."completely decentralized, xrp is totally separate from Ripple"
Also, xrp used to be called "Ripple credits". I wonder why they changed the name? https://t.co/nyplPmi9GS
As I told you before, you spread misinformation not criticism.
kegman83198745 karma | Karma CC: 593 BTC: 8426 months ago
Where in this is disinformation?
* The Official Ledger did not exist on 17 September 2012.
* The Official Ledger probably did not exist until 1 January 2013.
* On 1 January 2013, Ripple Labs very likely owned all right, title and interest in the software on which the Official Ledger was being run that had been generated by its founding team. If they covered their bases Ripple Labs will also have owned all the IP contributed by any other team members, e.g. David Schwartz.
* On the launch date, Ripple Labs owned 80% of the tokens on the network, being 80 billion tokens.
* The tokens were called “Ripple Credits.” As in Ripple Labs, the company.
* To the extent any Ripple Credits tokens owned at one point by Ripple Labs are now being traded by third parties, it is because those tokens were first sold into the public markets by Ripple Labs or otherwise found their way there by some volitional act of Ripple Labs.
* To the extent any Ripple Credits tokens are being traded at all, these will have at one point been part of contractual arrangements to which Ripple Labs was a party.
* Any Ripple Credit token on the network was created pursuant to a pre-incorporation agreement, which Ripple Labs appears to have adopted, in relation to which Ripple Labs appears to have been an intended beneficiary and which assigned Ripple Labs the rights in the software with which that Official Ledger was, and any Ripple Credits in it were, to be instantiated.
Its easier to just say its wrong than to actually do the research, which this person has. But I'm open to it being called wrong. Its really hard to argue points where there are clear concrete documents recorded.