At Ripple's Snoop Dogg Party, A Search for XRP
Nothing like this happened, though.
Fo’ shizzle my ripizzle
The other crypto miner, this one at a zcash top, compared bitcoin into the sun and all other coins – presumably including XRP and excluding zcash – to parasites. Then again, he stated he knows and enjoys a few of the Ripple team: Schwartz and CTO Stefan Thomas, both of whom were into bitcoin early on.
As I made my way out onto the New York pavement, I felt like I had not gotten any closer to knowing what creates an XRP addict tick. But that’s okay. The Snoop Dogg show was rather sweet.
At this moment Snoop was wrapping up. More than a few folks had obeyed his injunctions to smoke weed. The men’s toilet line snaked down the hall and onto the staircase (as with many other crypto occasions, there was no line for the women’s toilet).
Along with the internet XRP community appears to have noticed.
“They’re Snoop coins,” someone cried, joyful, however they weren’t.
The event, as the name would suggest, was intended to celebrate XRP, a cryptocurrency most closely connected to the San Francisco startup Ripple.
At this point, it was starting to look like Snoop Dogg might go on shortly, performing for an invite-only crowd of perhaps a few hundred techies and investors – talking of cash flying around. The smoke machines were beginning again, and also what was a faint whiff of weed was becoming truly difficult to ignore.
The chief in blockchain information, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict group of editorial policies.
Stakes were even higher after the 46-year-old rapper praised the trading app provider Robinhood at January for “placing tha Crip at Crypto!” After the firm announced plans to roll bitcoin and ether trading.
“Oh, so that’s why you recognized me,” she said.
The difference isthat, in Ripple’s case it’s $168 million worth of little tokens. In Snoop’s, it’s maybe $20.
Would this be one of those crypto occasions? A star past his prime pumping the taste of the month?
It appears they were few and far between at XRP Community Night.
Snoop Dogg picture by David Floyd to get CoinDesk
That somewhat miffed take about the event gets at the center of the Ripple/XRP identity crisis. A couple years ago, executives at Ripple – the firm – had no problem referring to their own cryptocurrency because lower-case “ripple.” But now, after the XRP rebrand, Ripple is turning itself into rhetorical knots, attempting to place its cryptocurrency at arm’s length.
Given that scenario, it may look strange that there was hardly any attempt to draw a point at the party.
After they appeared, the three of us talked about Codius, Ripple Stefan’s new project Coil and Consensus 2018 (Tiffany was still sporting her badge). That’s if it came up that I perform for CoinDesk.
“Has anybody seen any pics yet of last night’s party of the genuine XRP community rather than Ripple employees?” 1 user posted to XRP Chat, a forum for its cryptocurrency’s enthusiasts. “From what I have seen so far it appears to have been more like a staff Christmas party than a party hosted on your XRP community”
Ripple possesses “a significant amount of XRP” – the majority – Zagone acknowledged, but that has been “gifted to us” from XRP’s open-source programmers.
And a voice behind me said the party was over.
Where would be the XRP true leaders?
Some people build their livelihood by being at the very edge, ” he moved on. Other individuals sue.
Ripple sponsored the case and booked the amusement for XRP Community Night, employees in attendance told me. And roughly a third of the “XRP community” there were Ripple employees, all of whom wore t-shirts with the XRP logo – a disconnected X. The business logo graced the pub’s cocktail menu.
A British banker stated that his employer has been performing remittances from Britain into Mexico using XRP. He had been too drunk to explain, though, and got distracted by a waiter with a plate of candy.
A developer at an insurance business was free to talk, though. He used to be a “decentralization maximalist,” he said, meaning he had no patience for Ripple, however after studying the white paper, he heated to XRP. A person who specializes in business development at a South Korean crypto market said they were trialing xCurrent, which doesn’t necessarily utilize XRP – but certain, he enjoys it.
I moved into the back of the site to better acquaint myself with the XRP community, and seen David Schwartz, Ripple’s main cryptographer, enjoying Super Mario pinball. He appeared busy.
This is the type of opulence which whets litigious palates. Ripple spared no cost on the light show, and Snoop was accompanied for his eponymous set by a drummer, a bassist, a few hype guys – like Nasty Dogg (a guy in a large foam dog head) – and 2 scantily-clad copy manufacturers.
In fact, XRP mania was challenging to discover at the party. Where has been that the #XRPArmy that pervades specific corners of Twitter, cheering any good news about their favorite cryptocurrency and decrying all bad news because “garbage,” “FUD” and also “bogus news?”
All this intermingling of both Ripple and XRP had been difficult to reconcile with scenes out of your UK parliamentary hearing just a few weeks prior, once Ripple’s director of regulatory connections Ryan Zagone insisted, “There is not a direct link between Ripple that the business and XRP.”
The main reason for all these gymnastics is the fact that if judges and regulators find that the Ripple-XRP connection to become tight, sales of XRP – totaling $168 million from the first quarter of this year – may be considered an unregistered securities that. A suit filed earlier this month, with the investor who bought XRP high and sold low, makes that allegation (that the XRPArmy greeted the information on Twitter with cries of FUD! And a couple of unorthodox takes on securities law).
“Snoop’s a talker,” said one attendee at the party, lifting his eyebrows to suggest the rapper could have something to say about XRP – or who knows, possibly even a unique statement of his own SnoopCoin.
Snoop has distanced himself out of this stage of his life today, much like Ripple has distanced itself in XRP. It seemed a fitting metaphor: the two Ripple and Snoop were throwing out little tokens of that half-repudiated identity.
A crypto wunderkind who stated he had been one of the very first folks to mine litecoin – not to mention being into ethereum before the presale – stated he despises XRP. “Never possessed one.” Why was he there? (His tone expressed incredulity, perhaps pity)
A Ripple lawyer at the party echoed some of that criticism, but used less vibrant language.