jayhusss

The funniest things about the whole narrative around $XRP as a "bridge currency" are: 1. Any token can be a "bridge currency" onchain. 2. Every L1 gas token, across hundreds of L1s, has been a "bridge currency" this entire time on their chains. It simply means being the most liquid, often-used trading pair on that chain. $XRP people think that it's something unique/special property of $XRP. It's not. 3. XRP could hypothetically only be the "bridge currency" on just the XRPL. But, in order to use XRP as a "bridge currency" requires asset issuers to actually issue assets on the XRPL. Yet, XRPL has dismal adoption among asset issuers, which is why it has less than 1% marketshare on RWAs and less than .01% in stablecoins (and 75% of that .01% came from Ripple themselves) 4. This Blockworks research post shows that all of the major L1 gas tokens, such as ETH, SOL, and BNB, have all been displaced as "bridge currencies" on their own respective chains by USDT/USDC. So, if stablecoins have already dethroned L1 gas tokens as "bridge currencies" on chains with 1000X more usage than XRPL (and stablecoin growth will continue), then XRP has ZERO shot of being some special "bridge currency." x.com/SilvioBusonero… 5. Being a "bridge currency" on any single, siloed peer-hosted ledger doesn't solve "liquidity fragmentation." Especially, when 99.999999% of the world's value sits outside of that chain, where XRP can't even reach it. It simply shifts the burden elsewhere on who has to hold a particular asset to supply liquidity. XRP solves literally nothing, as explained in this post by the CIO of an organization owned, operated, governed, and used by 12,000 banks, who presumably were supposed to be using XRP to solve their "nostro/vostro funding" 2016 fever dream fantasy meme as sold by carnival barker Garlinghouse:

x.com/SpadesHQ_/stat… Lmaooo. You're quote tweeting SMQKE, who is such a degenerate liar, that he can't even keep track of his own lies, so his own tweets on Tuesday contradict his tweets on Wednesday. 100% of every word from his account is a lie, but your IQ is too low to figure it out.

Our plans to build a blockchain-based shared ledger have reached a major new milestone. After completing its design phase with a global group of banks, we are now shaping the ledger’s first MVP iteration, which will enable interoperability between banks’ tokenised deposits and facilitate 24/7 cross-border payments. 📅The MVP is planned to go live with real-world transactions this year, as we work in parallel with banks internationally to help accelerate the industry's transition to digital finance. The ledger will allow payments to be executed using tokenised deposits, leverages existing compliance processes and supports multiple settlement options. The result? - Faster payment execution - Better liquidity visibility - Reduced reconciliation efforts - Interoperability across institutions ⚡Learn more about how our progress on the ledger is part of a parallel track strategy to power a best-in-class payments experience, however value moves: swift.com/news-events/ne… #CrossBorderPayments #Ledger

Even more concerning news today on the Bitcoin tax front. We’re going to need the Cyber Hornets for this one. 👇 Today’s new draft **leaves the double taxation on bitcoin mining in place** and only provides relief to staking. So now the proposal is: - De minimis for stablecoins but not Bitcoin - Fixing tax treatment for “passive validation” (I.e. staking) but not Bitcoin mining This contradicts all prior proposals on this issue. This is not tech neutral and picks winners and losers for no reason. Full statement from BPI coming soon about @RepHorsford and @RepMaxMiller’s draft. We need strong community push back to show that this language sets America and Bitcoin back.