Hi Profitable Team! Here Yann Darwin, on the personal finance channel and investment. Today, we are in the crypto playlist. And we are going to wonder if XRP is going to go to the moon. Is Ripple XRP? Is XRP Ripple? What is the story behind this box, this crypto? We do not know. Is it promising? Is this the biggest scam in history? I will try to put on my Father Beaver costume to tell you the story of XRP and Ripple from A to Z. And you will see that it takes time because we are talking about years, we're talking about years, it's very old, evolutions, changes, twists and turns, etc. So there, my point in this video, that's good … That you are extremely aware that this [ __ ] thumb, he does not care about our face to play smart, to look askance at us, sometimes I'm there, I sleep at night, I open my eyes, the thumb is there. We explode it! Already, to start, we explode it. Once it's done, my goal, in this video, it is not to take sides.
I will make sure to be as objective as possible, i will make sure to help you understand why XRP is the ugly duckling of crypto. Is it justified or not? We will make sure to understand why this blockchain, this crypto, this technology, even this company if we talk about Ripple, has great potential for the crypto ecosystem. We will try to understand why the biggest investors in the world have invested in the Ripple business. We will try to understand the risks, the timing, and we will be interested in where we are now. Because it's a mess the SEC, there you go, legal action, twists and turns. If you don't mind, before we talk about XRP, we need to talk about Ripple. What you will understand as you go through this video if you are new to this project, this company, is that Ripple is a commercial enterprise, who seeks to make money, who has clients, which develops technologies, and XRP, it is a cryptocurrency based on a blockchain, a decentralized system or more or less, we'll see later. And so we are talking about 2 different entities, but these 2 different entities are still often married and have been married very often in the past, and this is what we will discover in this video.
I already suggest that we go and discover our friend Ryan. Since my story begins with Ryan. And my story begins in 2004 in Vancouver with this gentleman, so this very dear Ryan, who has a rather good head overall, who is the instigator, the real person who is at the start of the Ripple project. We're not even talking about XRP but about the company Ripple, which was founded in 2004 by this guy, Ryan Fugger … which was called RipplePay at the time, in one word, all attached. The goal behind this company, it was ultimately the same as Bitcoin before Bitcoin, since we are in 2009. I remind you that Bitcoin was created in January 2009. We are in 2004, sorry, and Bitcoin was created in 2009, well after. But the idea of dearest Ryan, well, it's basically the same, it's to create a system able to secure monetary transactions in peer-to-peer.
We will talk again after peer-to-peer, but overall, it is between 2 people directly, without going through a bank. Since in 2004, there are not 50,000 solutions to send transactions apart from banks. And to build a network that would replace the banks. So his vision is really the same vision later than Satoshi and many other crypto, for that matter, in the middle. So for that, he imagines the principle of the IOU, "I owe you", in English, who is that one, So it means, "I owe", so "I owe you", "I owe you". So IOU. I owe you. And basically he says to himself: "If we could create a network … "able to take into account transactions" … For example, he owes him money, who owes him money, who owes him money, who owes her money. Sorry, I put him and her in the middle.
So overall, it comes down to saying that he maybe could pay off the debt to her and we could write it down in a register and follow who owes what and pass either directly between people, or via intermediaries. So what he said to himself, that brave Ryan at the time, is that to do without banks, well, we must necessarily create a system, a network … Computer system which allows to have many actors … who would agree to make transactions between themselves and to have shortcuts between transactions, a bit like a bank since a bank, it looks at what you owe it, what she owes you, the different accounts, and basically it's negative, positive, and in the end, it's just a balance between the 2 and between all its customers.
Of course it's a mess and it's complicated, but overall, that's the principle. So… It was, of course, at the time, super advanced in terms of technology, but not yet very secure, since it was the beginning of the ledger system. There, we were not yet talking about blockchain. Finally, we could talk about it, but the technology was not the same since he did not start from the principle of the block system, we will also see it a little later. On the blockchain, that's why it's called a blockchain, we have blocks, and in blocks, we come to list the transactions in one direction or another, etc., and each block is added to the previous chain from the information of the previous block which are coded in the following block and just put new information.
This fact of having blocks that follow each other with a computer code at the genesis of the next block secures the entire chain, since if there, the information is not good compared to the front block, we realize it right away. There, it's a bit the same idea, except that instead of the blocks of a blockchain, he is more of a digital ledger, so that's really what would happen in a bank, it's a register, inputs, outputs, who owes what to whom? And all of this is digitized and the ledgers follow each other.
Not in the form of a blockchain, but rather a stack of ledgers one above the other. But overall, we are on the same idea. But here it is, it is the beginning, it stammers, it's not at all secure, he finds it hard to do something with it, it may be too early stage in relation to the needs of the world. Too visionary about what is going on. So it stammers, not much is happening. In 2011, we have the arrival of our friend Jed. Jed McCaleb. So he, on the other hand, I'm going to show you his face, he too has a good head. Here he is, our friend Jed. He's a [ __ ] genius. He's a [ __ ] visionary, this guy. What is this guy, his background? It is that already, he founded eDonkey. If you remember back then music was illegally downloaded from the Internet, at the start of MP3s, and then we started making films, etc. There was Napster who was very well known, which was the first somewhat pirate software to do that.
But the problem was, it was very long, we had some crappy connections. And this guy created eDonkey, and the principle was the same, but for large files. And instead of sending it to me or sending it to me, the basic principle of downloading, he said: we're going to split the files. And instead of you sending it to me, I need this movie, there are 10,000 people in the world who have it and I will simultaneously download songs and the software will cut them automatically and send them to me. So when he's connected, I take a piece from him, when it is disconnected, I connect elsewhere, etc., simultaneously, on eDonkey, I could do that. So already, you can see the guy's level of geekness … which bodes well for tech. From there, Jed … So eDonkey, I'll quickly tell you the story. Likewise, we are in the 2000s, before 2010. From memory, mid-2000. eDonkey, of course, the authorities, like Napster, don't like it at all. So trial all over the place, he is forced to close. So he closes this box and he's like, "What do I do now?" He smells a little bit of a fashion who was, I think you remember, I played this when I was a kid, Magic cards.
Magic, The Gathering. We were there, we played that, we enjoyed it well. There you have it, these were playing cards, to be collected. It looked like Pokémon cards before Pokémon cards. So he said to himself: "Hey, it's a geek thing, I like it, "I feel there is a market." So he bought a domain name, called Magic, The Gathering Exchange. Exchange, in English. So the name of the Magic, Exchange, therefore a market place, quite simply. So when you look at the … Big letters make MT.GOX, Magic, The Gathering Online Exchange. And he's like, "I'm going to make some money with this." And then he moves on, he forgets this project, he leaves it aside, he does not especially advance it. And some time later, Bitcoin arrives, around the beginning of 2009, he found it super cool, he says to himself: "Damn, this is really the future, "this is my area of expertise, "so what I'm going to do is have my MT.GOX there, "instead of making it a Magic, The Gathering online exchange, well, I'm going to make it an exchange for crypto, and Bitcoin, since there was only that overall.
And he created Mt. Gox, which would later be called Mt. Gox, which is the super famous mega big exchange of Bitcoins, which was also sadly known since it ended up being hacked and by close. But he had sold it before that. Along the way he sold it to another guy and he left. Precisely when he sold this super famous exchange in the cryptosphere. He sold it and what did he do? He joined Ripple. He joined the 1st guy, Ryan Fugger, in 2011. So a lot of time went by where, in the end, not much has happened. He joined our friend Ryan Fugger in 2011, after selling Mt. Gox, and … At that point, they really have a vision. I found you a video from the time … We're not going to see it in full because it's 2 minutes long, I also put it in the notes of the episode. Every time I make this kind of video for you and that there are resources to share, you have them in the notes of the episode.
But … well, we're in … We are, at the time of the release of this video, in 2011. So you see, it's ugly. But… We have the first foundations … You see … of what is a blockchain and what is a system … -Everyone can make transactions through their social networks. -A decentralized money exchange system which would replace the banks. There, Bitcoin already exists, so they will capitalize on other things, but still is it that this small presentation where people exchange money, today, 2021, we are used to fintechs, etc.
But here we are talking about 2011, built on a box from 2004. And … At the time, it was revolutionary. They have serious vision. Micropayments, instant, cheap stuff, etc., It does not exist. Bitcoin is stammering, it's geeks who are mining. But they immediately have this vision of getting bigger. And that interests us for the future and it is also the foundations of what tries to become, since we are far from interplanetary success for Ripple … But anyway, they got this vision of getting fat and really change the financial system in depth. And from then on they're going to make decisions that will … Bah, who will … That we may not understand when we are in crypto lover mode, but we understand a little better when you are interested in finance in the broad sense or in the future or to fintechs, who are really in these niches. In 2012, so about a year later, McCaleb, our genius friend … ends up buying the box, so to Fugger, the original designer, who is leaving.
He bought it with Arthur Britto and David Schwartz, who are also 2 people really at the base what will become of Ripple later and which are still there today. And so all 3 of them are launching this digital currency network, they rename the company Open Coin … She has changed her name several times. So there, they say to themselves: "Ripple, blah, we'll call it Open Coin." They begin… XRP still doesn't exist, eh. But they start, in their heads, thinking about creating a digital currency, but which did not exist at the time. They are really on the concepts, the operation of a decentralized ledger, so really the blockchain, and that's when that they start coding their own blockchain, but … We are on a decentralized ledger. We are not yet on a crypto or on XRP. And that's when they start to create, therefore based on the code of Ripple, their payment network. And instead … If you want, they will change what we saw at the beginning, that is to say that instead of having a super basic thing as we saw at the beginning, they say to themselves: "OK, what makes success "of the baby Bitcoin that exists? "What makes the 1st baby other crypto so successful? "which begin, we will see, "to arrive slowly on the market?" Well, it's the fact of being able to exchange value, etc.
But they say to themselves: "What does finance need? "What do banks need?" They don't agree too much on the fact of being in opposition, that Bitcoin will collapse the banks, that everything will stop. They are rather in the delirium of being a service provider, a business, and say, "Hi, we're Open Coin, "and what we want is to revolutionize the thing "and therefore give the means to banks, institutions, "financial or otherwise, to do better, to go further." So they say to themselves: "We have to develop our technology.
And there, they make game changing choices. That is to say, they will evolve … their ledger in that sense. Which means… it will become currency agnostic. That is to say, they really take the lead, the decision that, ultimately, the Ripple network will allow, finally, to have a ledger, therefore a decentralized register which will list transactions, the blockchain, but around all that, there are going to be people globally who will want to make an input, therefore bring money, make transactions in the middle, and on the other side, there are people, it must be the output, that is, people who are going to get the money. And on the diagram, it's people, but it might be more banks. On the one hand, there would be a bank that wants dollars and we would trade in a decentralized ledger and arrive on the other side with the euro. So very simplified, that's their idea. But their idea is that in the middle, it would be nice to be able to do whatever you want. And so in the middle, here, at the level of the ledger …
what they fit into the code, is that it is not only with XRP, exchanges, since in the meantime they create the XRP, but ultimately, that we can use any medium of exchange. So we can very well use Bitcoin or any medium of exchange. And they code the scalable ledger so that in the future, we can use, at the intermediate stage, here … what we want. What we want. That is to say and XRP, because they are in the process, we will talk about it right after, to finally create it, to bring out XRP, to create XRP. So they see it with XRP and they catch a glimpse speed problems, Bitcoin fees, so they will try to sort it out with XRP afterwards, but they say to themselves: "If we want to go further, "target banks, perhaps central banks", we can't know what they were thinking at the time, but in any case, their way to code this ledger, this blockchain, shows that they have this vision, and they have the will, they have understood that ultimately no one will win.
It's not such and such a currency, such a currency, such system, such system, it would be nice to have something open which can evolve over time. So this is the 1st game changer decision, and the 2nd is that they return their source code open source, precisely. There are two big ways when you're a tech company, either your code is private, protected, secured by patents, no one can use it, it's good for many uses, but not for others. Or either it's open source, everyone has access to the code, anyone can read it, well, those who understand it, you still have to know how to code, and we can make it evolve, everyone can make it evolve.
So they say to themselves: "Bitcoin is, "let's do the same, we will attract new developers." So that was also a move game changer. And from then on so we are still more on technology than on XRP, even if behind, behind the scene, it is in the process of being created. They are going to fundraise. Because these guys are more entrepreneurs they are more traditional entrepreneurs in the start-up version, "we are going to raise funds, get bigger, "release a product, etc.", that, I take the example of Bitcoin, one developer, or several, we don't know if Satoshi Nakamoto is a person or a group, in their corner, in mode "we are geeks and we want to revolutionize." It is quite a different philosophy.
They are entrepreneurs and they follow the classic path and go through fundraising. From 2013, they raise funds from business angels and VC, therefore venture capitalists, and they do several rounds of funding, that can be found here … Same, I'll give you the resources. And when you look at the people who have invested over time and over the years, we still see some very big names. Andreessen Horowitz … Vast Ventures … We have Google somewhere, I don't know where a little further. Seagate Technology, CME … Digital Currency Group … You see, all this is groups or VCs who are either known to be in tech, be known to be in the blockchain and which are relatively strong. We also have Google Ventures which invested in them, Acenture, etc., and then as the rounds progress, we have banks that have arrived, SBI, etc., etc.
So… Already, you see, externally, they don't play the same rules of the game. And it's neither good nor bad. We are not able to say, at this stage, is it good to do that or is it better to be Staoshi and aim for collapse. Because you have to understand that when Bitcoin is launched in early 2009, we are in the midst of a global financial crisis, the banks collapsed, it started in 2007, it spread to the economy in 2008. Summer 2008, late 2008, we're at the worst time and in what we see in the news and the effects on the ground, and in particular in the United States, it was terrible, the subprime crisis. So when Bitcoin was launched in early 2009 … it attracts a lot of people who are a bit revolutionary and say: "We saw what finance, banks, "It sucks, we want to revolutionize with Bitcoin." I'm not saying it's good or bad, it's their vision.
Ripple, and with, there, for once, OneCoin, where we are in history and in all evolution … Finally, Open Coin, sorry, and all the evolution that we will see … They are completely on the other side. They are entrepreneurs, they understood … Finally, they understood the game of the entrepreneur, the VC, fundraising, etc. Still in 2013, in the midst of fundraising, the XRP token is finally launched. They're gonna create the crypto, well, it's been a while that they work on it in parallel with the ledger. They create the crypto, they give it consistency, it is launched, Their vision, therefore of this crypto, I have already explained it to you a little, it's to give liquidity here and to have, finally, a means of exchange that everyone can connect to.
Which is optional, sure, but they make sure … It is optional, but they make it better than the others. So they watch the competition, at the time, we'll see, it's not much. We have the Bitcoin which is there, the Litecoin which is there, Namecoin, Peercoin, Dogecoin, Gridcoin, Primecoin, and then XRP. So they look at this competition a little bit, protocols … We are on proof of work, we will see later how it works. But overall it is a system which requires a lot of IT resources, so a lot of electricity, a lot of calculations, with a difficulty that increases over time, who makes the strongest, the most powerful win, so we will try to make you fat, finally, this mining capacity, so it is very expensive, it weighs on the transaction costs and on speed, especially for the bitcoin blockchain, which is quite greedy and not super fast. So what they say to each other is that, competitive study, XRP, we're going to make it faster and cheaper. This is what they do. We will see the stats, etc., overall, XRP is faster and cheaper.
As of that moment, it is the 8th crypto to exist, so it is still among the pioneers. And there, maybe we have the first problems who appear and which give birth to what we know today, in any case, that's what I identify in my analysis … It starts to flow from there, the ugly duckling, the haters, etc. Problem number 1, which is not necessarily a problem, but the point of concern number 1, is that they donate the supply to Ripple. So they create XRP, okay? They create 100 billion. We will come back later to why they created 100 billion. They choose that there will be 100 billion units. Obviously, the price is very low. They donate these XRP to the company.
So Ripple, even though it's not called Ripple yet. We're going to simplify things. At the time, we were still on Open Coin, but let's simplify. So they donate it to Ripple, and by the way … like any good entrepreneur who starts a business, they put it aside a little bit. They put about 20% that they will distribute for the founders. So… I understand that a lot of people are saying: "Sure, they gave themselves 20% at the start, "this is a bit of a scam, etc." What to understand, just to get the overall context, it's that …
Yes, they created 100 billion XRP overnight, it's true, yes, they affected 20%, it's true, but the rest went to XRP, to Ripple, sorry, is blocked in the company, no longer belongs to them, etc. And at the time, the value was ridiculous. But finally… When we look, when we create a box, what are we doing ? When you create a start-up … The founders, very often, have shares. On fundraising, there are dilutions, capital increases that come, ultimately, artificially … Well, not really, but which increase the value of the company, increase the share of founders, who may have taken more risks and are being rewarded, but their wealth increases at the expense … Not really at the expense, but let's say in function of what others are willing to pay to return. It's easy to understand. I bought a 100 stock market share, you arrive 5 years later, you buy it 500, I sell it to you 500, well here it is … I made a profit but I took the risks at the beginning and it is the play of supply and demand. But still is your purchase at 500, it gives, from the moment it is the last …
The last exchange that was made, it gives value to this action. The value 500. If you had agreed to buy only 300, the value would be 300. So… Me, that does not shock me especially compared to that. We also see it, as we have seen, on all the ICOs that there have been and that there is still today, it is very common that the team behind the crypto, the ICO … keep part of the supply for herself, to enrich herself, because she created it, and possibly also for the company or for the project behind, for the foundation, often, behind the crypto to pay for marketing costs, etc.
So it does not shock the masses. What I would also like to say, maybe more to Bitcoin lovers, is that, and I love Bitcoin, I'm not saying it's a bad place, we are not in opposition, we try to see where we stand. Satoshi, who created Bitcoin, at the beginning, was the 1st miner. Nobody believed it apart from 2-3 of his geek friends, etc. We don't know if he's alone or not, but it's the same idea. At first there were no minors, there was almost only him. So he mined a lot of boulders, and this is normal because if it does not mine, the blockchain was not working, so there had to be a guy who was there at the start, who takes care of the transactions with his computer, etc.
So he put his electricity at the service of the network, his processor, his computer, his time, whatever you want. And he undermined a lot. And in addition at the beginning, there had not been all the halvings, so we got a lot of bitcoins when we mined a block and the difficulty was very simple, there were hardly any since there were few minors, few transactions, etc. So he undermined a lot. When we look at the different studies that could be done on this … It is estimated… Full of studies estimate that Satoshi would own 1 million Bitcoins. There are others who are a little calmer, who tell us about 600,000 … 1 million … Take that gap. Satoshi has between 600,000 and 1 million Bitcoins. Okay ? He still owns most or all of them, we are relatively sure since we know certain addresses of the wallets where he holds these bitcoins, and the transactions being public, we can go back to find out whether or not it sold. So we see that he did not sell. So if Satoshi or the group that is Satoshi has between 600,000 and 1 million Bitcoins on the supply of Bitcoins, which is much lower, today, how many Bitcoins do we have in circulation? Just over 18 million, 18.6 million, About 89% of Bitcoins are in circulation.
So if he has 1 million, that means 5% That means 5.37% of the supply immediately on the market. And if he has 600,000, we are at 3.22. So overall Satoshi has between 3.20 and 5.37 of all Bitcoins in circulation. It gives a bit of perspective. Vitalik, for Ethereum … Vitalik is something else again, it was not the 1st minor. Ethereum, they premined part of the supply for, on the day of the launch, of the ICO, when people wanted to buy, sell, have stuff to sell and be able to run the machine. Same, Vitalik, the Ethereum foundation, he in a private and personal capacity, holds ETH. We don't know how much, it's a little more obscure. He made a tweet from 2018, because he was criticized, where he explains that he has never held more than 0.9% of all ETH in circulation personally. Voila. True, not true … But if he already admits to having climbed to 0.9% ETH in circulation means the same thing. So overall, when we are told … I want to hear, no problem, we are objective, that 20% of the supply is a lot, and I agree, but when we say that they are the only ones to do that, this is not the case, on all ICOs, we do that.
On a lot of pre-eminent crypto, we do this. On crypto in proof of work, the 1st miners, who are there at the beginning because no one knows him, it comes back to the same thing and that's what Satoshi did. So there you have it. But it is indeed a problem … and this is one of the things that drives XRP to be the ugly duckling. I resume my story. XRP therefore operates on the XRPL blockchain, who is the XRP Ledger, okay? So the XRP Ledger, we understood what it is, XRP operates on it, and other things can operate on it. So it's also a blockchain, it is secure, like the others, even if the protocol is not the same, and it is independent from Ripple the company. It works with validators, we will see it later, who validate transactions like miners on the bitcoin blockchain, and no one can stop it. Unless all the miners in the world say: "we stop everything, we unplug", but there is very little chance. There is always one who will want to succeed. It's the same with XRP, no one can stop it. There will always be an online validator, the blockchain cannot stop.
And Ripple, the company, admittedly, has validators and validates transactions, but she can't make the decision, she alone, to stop this blockchain and validations because the other validators are there to also secure transactions and make sure no one is trying to do that. Afterwards, so I pick up the thread of the story. We are in 2013. So Jed, our friend Jed, there you have it, he quarrels with the other founders, he decides to leave the company in 2013, and he founded Stellar. Stellar, which we all know, XLM, the cryptocurrency, which is basically a copy of Ripple. He said: "Ah, the project was still pretty good, "so I'll do the same, it will be XLM, "I'm going to put this in a foundation", but overall, it is a copy of XRP. It works basically the same, it targets roughly the same type of transactions, on the other hand, they do not target the same type of customers. They are not on banks, institutions, but the technology behind is very similar. We understand very well, it is a founder who left. He leaves with a lot of XRP since they had shared 20%, all the friends from the beginning.
So that is the second point which makes XRP, I think, the ugly duckling since we have Jed who is gone, threatening to sell all of its XRP, so we say to ourselves: "The price must go down, it's dangerous, blah blah." It could have been absolutely true, but it is not since they did a memorandum of understanding at Jed's departure, like in many companies when a founder leaves, and they imposed rules on him, and in particular, at the time, the rule was not to be able to sell … It's cryptographically sealed in the blockchain via smart contracts, etc., so he does not have the means to physically sell more than 1% of the daily volume. And so every day, he must log in and sell the maximum XRP if he wants to sell some, and the protocol, the blockchain, it's coded inside, in his wallet, refuses to sell more than that. There were trials a little later, he had the authorization a little later, a few years later, to give part of the XRP to associations, so he gave 2 billion, or he plans to give, we don't know, in any case, he announced to give 2 billion XRP to associations, so that's cool.
And his resale right has increased a little, at 1.5% of the daily volume, given that between the time he left, 2013, and 2019-2020 … when that happened … the volume is much higher, really higher, so we say to ourselves that he will not … He's not going to influence the prices. So he still has the right to sell 1.5% the maximum daily volume, and we estimate, according to learned calculations geeks around all this, that if he does that, it will take 20 years to sell the whole of what he holds. So yeah he's making money so much the better, genius, entrepreneur, whatever you want, we can't deny it, on the other hand, does it have a real nuisance power on XRP? I do not think so.
In 2013, with the departure of Jed, Open Coin is renamed Ripple Labs. Finally, that's it, we come to the real name, Ripple Labs, in 2013, and it will become Ripple in 2015. They kidnapped Labs in 2015. But Ripple Labs, if you sometimes see it on the internet, that was the old name of Ripple, which changed to Ripple in 2015. So they keep going, they put everything we know in place, there are bullruns, XRP goes up, down, finally here, it becomes a full-fledged crypto. Ripple finds more and more customers, go canvass, find banks, They target banks and institutions.
They say : "Thanks to us, you will be able to make transactions "faster and cheaper." This is what they say. And basically they target Swift in particular, which is a somewhat archaic system at the time, to send money between banks. And they say: "We do the same faster and cheaper." So a classic disruption. More details will be seen later. In 2017, the company officially separated from XRP. That is to say that until 2017, we often said: "Ripple-XRP, XRP-Ripple", XRP, we called it Ripple, besides, there are still plenty of people calling XRP Ripple while it's not the same, but in 2017, they make official releases, they change their site, they say, "We are the Ripple company, "we use the XRP Ledger, which is the technology, "we use XRP as an asset in the middle of this, "but we also use others.
"And this blockchain operates without us, "she can operate without us, there are audits, etc." They make sure to really prove that we can't contesting that the company and the blockchain are 2 things, and even if the company owns a lot, since I remind you that we made them a donation, finally, of … Of all the stock of XRP, so the company has a lot of it, but blockchain, technology, it's not Ripple.
And we will see a little further, in 2017, that to go even further, because there is still point 3 which causes this crypto to be frowned upon and is the ugly duckling, we reach point 3, is that … Well yes, they have too much. That is to say that when we explain to you that they hold 80% of the supply less, of course, what was sold, round trip with people, etc., let's admit, big lad, they have 60% left, you say to yourself: "I have an entity that owns 60% of the supply, "it's a lot." They defend themselves by saying: "Yes, we own 60%, but our goal, "it's not to sell, to go to the Bahamas, "we could have done it 100 times already, "that's not our goal.
"Our goal is to use these 60% "to funder projects, funder the network, "bring liquidity, and over "the arrival of customers, and in particular banks, "they're going to want to buy XRP, and we're going to sell them, "maybe even with a discount, "for the incentives to come. "So we are not here to do anything." So there's still that …
This war that is waged between "us, we are serious", and all people, and in particular the cryptosphere, who say: "You are centralized, "you hold the majority." So they say, "We will find a solution." So from that point on they set up the Escrow Account. So that may have been the 3rd revolution after the 2 we saw before. Quite simply, it's an escrow account. Escrow means escrow. So they say: "OK, indeed, there is a risk, we understand that you … "We understand the concern. "We're going to take 55 billion … "Almost all of what we have available. "And we're going to block them cryptographically "in the blockchain", so I remind you that like the other blockchains, for once, there has never been this controversy to say "they can manipulate, etc.", since the code is open source and that everyone can check that there is no backdoor and what is blocked is blocked and that it is a smart contract like on the blockchain for example Ethereum or many others.
So there is an escrow account that says: "55 billion XRP is blocked", but there are rules. It is very simple. What happens is that … 55 accounts are created at 1 billion, so 1 billion … 1 billion, 1 billion, so we make 55 like that. And we say … "Ripple, the company, yes that's still your XRP, "but you no longer have the right to use them, "They are there, but they are blocked. "But since we know you need, "to sell it to banks, funder the network, etc., "you will be allowed to unlock some "one account every month." That is to say that there are 55 accounts, there is one per month which unlocks, so for example, January, there is an account of 1 billion which is unlocked, with this account, they recover 1 billion, Ripple the company recovers 1 billion XRP from the crypto, and they make their sale, or not.
And you will have fun if you go to their site, since it's a business, so it still differentiates from a crypto, finally … Since it's a business, they publish quarterly and semi-annual reports, annual, etc. So we have a lot more info, and we know their sales, we know who their customers are. And we realize that, every month, they are not selling all of what is unlocked. So we're going to talk about 50 million, 100 million, sometimes 200 million. And anything that is not used goes back to the escrow account. And in fact, every month we do a shift, which means that we have an account … We have 55 accounts of 1 billion who come back to the line. So we have a 55-month turnover, and we come to chain cycles of 55 months, 55 months, 55 months. In fact, there you have it, when … What remains is cryptographically reblocked in the escrow account, it comes back to the following.
And when it comes back, we'll unlock it again. So that, we can very well find it, I also put it in the notes of the episode, on many sites since we are talking about a public blockchain, a public source code, with public transactions, so they are easily found. There, we have the history of this escrow account, so overall, they were going back, they put back, they blocked the majority of them, since we are talking about 900,800, 700 million. They made a few more sales here. There, they re-blocked everything, etc. So we have all the history, and almost every month, we just reblock almost all of these XRP.
So that, there you go, reassured a lot of people, moreover, when it is … It came into effect and there were communications around it all. We saw that there were a lot of … There was a pump, a lot of buyers, people interested. Perhaps that was the big problem that remained. We understood that the founders, they can make sales, but the most likely to piss off, the one who crossed out, he is blocked. We understood that we did pretty much the same as the other blockchains.
There are plenty of advantages and there was still this unknown. She was lifted, so it really helped. Now… OK, we understood the context … Before talking about where we are right now, do you have to invest? What is scary? And where we are with the SEC, let's talk about added values to really understand what differentiates the XRP Ledger, the crypto XRP and Ripple the company, and all this ecosystem, finally, competition, and especially when you zoom between XRP the crypto and the other crypto of the market, What is the difference ? Apart from the fact that it is frowned upon, etc. Let's peel it all. I identify 6 major added values.
We will rate them VA, and we will start with the 1st. The first, for me, which is the most complex, so I will explain it simply and vulgarly, because again, I'm not a crypto expert, cryptographer, crypto, geek, coder, whatever you want, i am an investor. I'm going to explain it to you simply. If you want to go deeper, you'll have plenty of other channels and online resources. We have 3 main styles of transactions. There are many more than that, but we have 3 big ones that interest us right now. We have the proof of work, so that is typically bitcoin, okay? Why is Bitcoin very secure? As we have seen, the blocks are all linked to each other, and then we have transactions inside, and we have, between the blocks, to be able to add a new block, we have a whole bunch of miners, which are millions, thousands …
computers to do calculations. Basically, we will solve computer calculations to determine who is the fastest, who solves it best, and whoever solves the best can add the block, which is distributed to everyone, since everyone communicates, the whole network communicates. The network is distributed. So we distribute the information, we add the new block, and everyone goes from there. Everyone has the same information at the same time or almost, on what is happening and what is the real block of the moment, the real information, the real transactions. So if, among all these operators, these minors, there is one who wants to put a fraudulent operation, which means: "I don't have 10 bitcoins, I have 1000", everyone will see it since everyone is leaving previous information, to settle current transactions via a computer algorithm, and the best, the fastest, comes to add the block, distribute it, and everyone knows it.
Overall that's pretty much how it works. The advantage is that it is extremely secure because computer algo in every way, calculations in all directions, everything is distributed, many minors … It is very secure. On the other hand, big problem, it is extremely demanding in terms of resources, and in particular in terms of electricity, the number one resource, and in terms of cooling, which also goes through electricity, to cool the whole mess. And you have already seen on the Internet, surely, reports or photos on mining farms, etc., where we stack dozens and dozens of miners, which are basically graphics cards.
Computer chips. Who cares about the real term. It is computers that do calculations. It heats up, it requires electricity and it is expensive. From there, we also have proof of stake. Proof of stake is what brought us staking, that you need to know if you are staking, and in particular all that is DeFi and Ethereum network, where there, the person who validates the transactions, and who therefore, of course, gets a commission. These minors are commissioned, they do not do it for free. It will be the person who puts the most of the underlying, so there, for example, Ethereum for my example. So Ethereum is not yet in proof of stake, we have already talked about it, they are heading there, they are still there, they are migrating. But we could take any crypto already in proof of stake. Basically, you need to be a crypto staker, and the one who has the most stakes has more weight in the validation. It is the richest who decides. In the 1st case, it is the most powerful at the level of the computer network who decides, in terms of computing power, in the second case, it is the richest.
And we come down, like that, in the ranking, with more chances of obtaining transactions and therefore get commissions. Basically that's how it goes, okay? The problem with that is that you have to block corners and that it will generate such significant costs. They are important here and also there, and a not very fast speed since there, you have to do a lot of calculations, and again, it is quite greedy in terms of calculations and you have to pay lots of intermediaries in the middle. Then we have XRP, it's proof of consensus. It is based on the confidence of the actors. Same, we have validators, who are not minors, they are called validators, but it's the same idea.
So it's people, entities or companies, as before, which own servers, as before, but which are 100 times less powerful 1000 times, 1 million times less, since they do not do computer calculations super complicated to validate transactions. We're not going to ask them to have either more and more corners, stakes tokens to validate transactions, we will simply put them all in relation … We will base this relationship on trust … so they are all interconnected, all points are interconnected, I'm not going to draw them all. Okay, all the points are interconnected, and we are going to say: "There, "we will simply do a vote, a voting system, "and from the moment when a percentage X "of all the actors of the network agree, "that means it's OK." So it's basically the same function as mining, except that we do not do complicated calculations, we assume that the validators are incentivized to be part of the network.
So there is a part of costs, there are very low costs, and it's that people who are part of the network and who use it, in particular for transactions, and in the list of XRP validators, we see banks, faculties, administrations, so it's boxes that accept to have a validator at home, a validator, it's just a computer, you plug, it consumes almost nothing since he doesn't do complicated calculations, he just votes cryptographically, all this is organized at the ledger level and he just comes to vote for transactions if they look OK. And as soon as a sufficient percentage come to vote and validate the transaction, it's OK. No more validators in the network and there is less risk that we will be wrong that there is one who comes and tries to manipulate things, since we will realize it right away because there is always a majority of people incentivized so that the network continues to move forward as they use it on a daily basis. This is the idea. So the advantage of that, the big advantage that it has, is that it consumes extremely less electricity, cooling, and that it is extremely faster, since much less complicated, and that it is extremely cheaper since much less people incentivized in such a way …
with remuneration, quite simply monetary, but people incentivized because they are part of the network. Quickly, we can see the difference there is a funny little calculator that I put for you in the episode notes. What they had fun doing, is that they looked at the transactions between Bitcoin, Ethereum and XRP … the number of transactions. We're going to start with 20 million … Whether you make them in crypto, credit card or cash. We will stay in crypto. And they compared it electricity consumption in Portugal, because it had to fit into the calculations, it is an average country. So when we make 20 million transactions, in Bitcoins, it costs us 19 billion kilowatt hours electricity, almost the consumption of Portugal, in Ethereum, it is much cheaper, but it still costs us 857 million. And with XRP, it just costs us 158,000 kilowatt-hours of electricity. So there, well, there is already a real difference. But when we increase transactions, since the networks are congested when there are a lot of transactions, with everything we know, increased confirmation times, costs, electricity consumption.
It gets more complicated. And if I go up to 60 million transactions, I arrive at the threshold where Bitcoin equal the electricity consumption of Portugal. Uh … good. Here. A crypto equals the electricity consumption of a country just to be secure and exist, 57 billion kilowatt-hours, Ethereum 2.57 and XRP is only 474,000 kilowatt hours. And if I go up to 100 billion, 100 million, it's even crazier, so you'll have fun. On transactions with credit cards … we are a little more demanding with XRP on Visa and Mastercard, on the other hand, on lower transactions, the difference is smaller.
But indeed, we will consume a little more because credit cards are a centralized system, and for the cash, they took into account what it costs to put it into circulation, to create it, etc., and we are much cheaper, with a crypto, in particular XRP, which consumes much less. You can have fun with this calculator, but I want to understand that the carbon footprint, electrical footprint, demand is still super less important. In addition, it is faster and cheaper, so at present, me, I really agree with everything that can be said … "Yes, the supply, they have too much, "yes, it looked centralized whereas … "It isn't, but it looked. "Yes, the founders have a lot", but still, today, we allow, and we are all responsible, that Bitcoin, Ethereum and many of these crypto in proof of work consume like countries everyday. While we are pissed off to have the sticker, things, stuff …
Finally, it's not going with the times, there is a problem. I have the impression that we write with a typewriter whereas we have computers and Microsoft Word. So I don't understand. On transaction speed, too, XRP, 3 to 5 seconds, Bitcoin, 500 seconds, and we saw it on other videos, 500 seconds is theoretical because when the network is saturated, it increases. Transaction costs. 0.0002 … There are 3 zeros after the decimal point, 2 cents. It's complicated, eh. It's not 0.2 cents, it's 0.0002 cents transaction cost. Bitcoin, on average 50 cents. They were extremely nice because you and I also know what happens when the network is saturated on Bitcoin, we are at 30, 40, 50 dollars in transaction costs. And in terms of transactions per second, 1,500 for XRP against 3 maximum for Bitcoin. Yes, I will be told, I know, in the comments: "Lightning Network, for Bitcoin, that will change everything", absolutely. I'm not saying Bitcoin is bad and XRP is good, I compare things, and we ask ourselves the question, there, there may be evolutions, differences.
It is clear all the same, and this is also one of my points, that since … Ripple the business still has a real interest in XRP be used, since they have plenty of them and that they sold it to all their customers, that the XRP Ledger be used because they are at the origin, even if today, it has passed them, but they use it daily so they have an interest in making it work. And it's guys in a company. Entrepreneurs. Won't they have more impact that, on many other networks, Bitcoin, Ethereum, where it's also people who must agree, it's a set of developers, but which are really less structured, who use a voting system and who, suddenly, never agree.
We can see the time it takes to migrate from Ethereum 1 to Ethereum 2, from proof of work to proof of stake … We think it will last … a year and a half, 2 years minimum, and it's not even sure to succeed. Lightning Network, with Bitcoin, we've been talking about it for … I don't know since when, maybe 2 years. It still hasn't progressed. And when people don't agree, it makes forks. So does this centralized side to have decision-making power in a company, it's not also interesting? I do not know. Open question. So the 1st added value. Now, the 2nd, for me … I will rate it VA2. It's international transfers. The really founding principle of this crypto is to allow institutions, to the big ones, those who have plenty of money, and who ultimately govern finance quite a bit, to make international transfers between them and in particular to eliminate prefunding, that is, if I want to send you dollars, Because me, I'm in dollars, and you want euros, i'm going to need to prefund a euro account so it's going to cost me more money.
So they, their added value, is to say: "There will be no more prefunding". What will happen is that the bank is there, she's going to throw her dollars into the XRP Ledger … Inside, transactions will be done in XRP or something else, and it's important to understand that, either in XRP, or in something else, and we will talk about it again. And at the exit … we will re-exchange the XRP against what the bank, on arrival, wants. So there, the bank exchanges its USD for XRP, and she trades XRP for euros. The advantage being that everyone, instead of holding a few euros, a little XRP, a little rupees, a little yen, whatever you want, because it's currencies that they handle on a daily basis, these banks, with FX transactions, etc. They have more than one currency to hold, it's XRP. So this is the big usecase of this blockchain, but, as we have seen, inside, you don't have to use XRP. We can do transactions with USD, euro, another crypto, with a stablecoin, anything is possible.
There are several products, etc., but I won't go into detail, otherwise there will be too many details for little. So added value 2 is that. Added value 3 … which is, likewise, super important to me, it's micropayments. That's what they call, and that, maybe … It was not too much, at the beginning, their vision … It's a thing that came when they adjusted, because it's a business and they adapt to their market, etc.
This is what they call the Internet of value … And that… It can really make a difference. There was a story they posted on their site, I was inspired by that that I'm going to tell you, I changed some details, but it's just so that you realize of what the Internet of value may be tomorrow. It's not in 1,000 years, not in 20 years, it's tomorrow. You are there, you are in your bed … you wake up, your connected watch vibrates, you wake up, you open your eyes, and you have to go, you're in a hurry, you have to go to the airport to go to the United States to do business. And you go in your shower, and then you have … connected shower, devices, bluetooth speaker, so you ask your watch to play you something or Siri or Google, whoever you want, your connected speaker, "put me some music", and instead of listening to commercials, to have a subscription to Deezer or all music providers, you are directly connected to copyright and you no longer pay a monthly subscription, but per second of listening, even per millisecond.
During your shower, you will listen to 6 minutes 38 of music, well, instead of paying 19 euros per month as usual, we'll charge you 6 minutes 38 of music. That is to say a few cents, even a few fractions of cents. It will be done on the blockchain and it will be sent directly, without intermediaries, directly to the creator, to the person who sang, by eliminating intermediaries, so that can lower prices. We can do this because we have a blockchain extremely fast, inexpensive protocols with a huge number of transactions per second.
So we can afford to do that. We can afford to send … I can afford to send you 0.1 cent because transaction costs are low, and I can put several transactions of the same type together and pass them off as one. So that further lowers transaction costs. And after, you get out of your shower, you will have your breakfast, there are no more cereals, you ask your connected fridge to order cereal. Same, no need to make a whole list of groceries to order at once since there is little cost. It's immediate, your fridge will order cereals for you, you will receive them afterwards and you paid them immediately and the grain seller does not wait 2, 3, 4 days, to receive the money, he receives your money in 3 or 4 seconds.
And then you are going to leave since you have to go to the airport. You will support your thumb as you pass because you have to bang her in the face. You get in the Uber, the Lift or the company that you want. You get in, and then this car is … We are a bit in the future so it is automatic. She drives alone, the driver does nothing because it's a Tesla. And on the road, there are traffic jams, but all the cars are connected.
Well, you take your connected watch and you decide to pay a premium via your application, Uber, Lift or even directly interconnected cars, and you say: "I am ready to pay "so that you let me pass", and you send directly … micro-transactions to other cars, who will step aside and let you pass. You will pay for the service directly, immediately, and the others will program their car to let it pass or not. You arrive at the airport, you have no internet connection, "Damn it, the Wifi, the thing … "No Wifi, complicated, I don't have the code." You find a friend, next to you, a stranger, you say: "Can't you make me a connection share? "Yes, of course, I have the app." Bim, bim, connection sharing, and you pay it by the second …
The level of connection sharing you are using. Same, boom, it's going on his wallet, per second, micro-transactions. And when you leave, it stops automatically. And all of this is extremely transparent and fast. You get on your plane, you go, Here you are, you arrive on the other side of the Atlantic, you're happy, well, maybe you will take yourself, just before landing, a little YouTube video. Well, you're going to go connect, see if there is not a new video of Yann Darwin before landing in the plane, and then, well, instead of eating you pubs on YouTube, to see banners, etc.
maybe you have a function that you will activate where, same, the creators of content that you like, you will be able to send them micro-transactions depending on the minutes of video you watch. Maybe 1, 2 or 5 cents every hour, but since there will be thousands of people who will do that, it will be another means of monetization, extremely fast, free of charge and without intermediaries. And maybe once you're on the street in the United States, same, "[ __ ], no wifi yet, "no connection sharing, I did not take a sim card", you will trigger another application which will connect to all the hot spots available to individuals that you can pick up from the street, a Starbucks or where you want, and these people will activate connection sharing in exchange for micro transactions.
And you will pay them per second and jump from Wifi to Wifi and from hotspot to hotspot. You understand the idea, it's endless, of micro-transactions. Being able to do micro-transactions defined by the component it's immediate, 1, 2, 3 seconds, and it can be cut to infinity, that is to say that we can … Transactions cost so little and are so fast that you can do anything, cut them out and pay on demand. And it could be the same for insurance where is a little tracker in your car and you pay not by the kilometer, as some do at the end, where you have to take the photo, but you pay per kilometer, instantly, and it debits your account. It's not "I'm making an advance", it charges every day. You drove 2 km today, you pay 1.48 euros. Well, 30 km, I don't know. Got the idea. So this micropayment side, it is one of the only blockchains to allow it, and above all, it is the company behind, Ripple, which is growing, via lots of sub-subsidiaries, they make lots of investments and they create lots of stuff, I will put the links to you, so that it goes forward.
So that is game changer. Then we have the added value 4, which, for me, is all that is very current of microcredits, we talk about it a lot today, give access, already, 1, immediately to credits, that is to say, the same, not the bank, not the millions of papers, etc. I collateralize, thing, I have an app, it's easy, I ask for microcredits, and it can be 10, 20, 30, 1000 euros, 5000 euros, and the response is immediate, all of this is blockchain, ledgerized, with a credit history, etc.
So that is, 1, the super fast and immediate side, and 2, the side allow people who are debanked to have access to that. And here, we are talking about a very large market, and in particular, to imagine this added value 4, there are plenty of apps that do that, it's really the current thing fintech, we have MoneyTap, which is an interesting company because it is the first to do this on the Indian market. Why am I telling you about the Indian market? You know how many there are in India, you get it, and above all, Ripple has invested in this box. And when I tell you that what I like about all this, is that it's run like a business, they are smart, they do chess moves. Ripple has invested in this box. The income, there, is important. So hey, it's in rupees, but wait, i had fun converting of their income … Here. We are still talking about nearly $ 34 million, so good, it's not disgusting, income, with a level of loans distributed of 300 million, since it is globally 10 times more, therefore 330 million loans distributed.
So it's not the little box which comes from 3 Indians coming out of nowhere. It's starting to get big, and there is huge potential in India, I'll let you read the article. I am taking this example from you because they are clever. There, we have the investment completion notice of Ripple in there. They still took 33% of that box. 33% of a box that types microcredits in a country where not many people have cards.
That is to say that there, we give access to people, who are not even banked, finance and loans and decentralized banking. And some of the clients of those companies … who… Who will use the services, will not even be passed by the box, only once in their life, "I have a credit card", "I have a bank". They will have gone from nothing, "I have cash and it's complicated", to "I have an app, a smartphone, and the equivalent of a bank "blockchain, with microcredits." So it's crazy, it's a revolution.
Look, I found you the stuff. 3% of Indians have a credit card. There are 3 cards for 100 people in India. Imagine the market penetration that this box can have. Imagine Ripple has 30% and that behind, they sell the services which allow you to set up all this, to have liquidity around that, and these people, once they are banked, what are they going to want? Send or receive money internationally or make international purchases. And then, of course, increase in the social ladder and increase in their quality of life, and that's normal, developing countries. This is exactly what will happen, and there, I find that, like, there is a conjunction of planets and we are still rather in the right place or the right time, when I see it, I see it like that.
The added value number 5, same, that I identify, what is important to me is the central bank side. If you are interested in XRP, you must say to yourself: "When is he talking about central banks?" Since we're coming to targeter, I'll call you back, banks, institutions in the broad sense, so we come to targeter investment banks, commercial banks, large funds, hedge funds, pension funds … Everyone in finance, globally, and everyone who needs to make transactions, so all that is fintech. And financial transactions around the world, it is rather important at the time of the globalized economy. And one player is missing, central banks. He is perhaps the most important, influential actor. So me, I see studies, like that, pass, so I share them.
So the study The Future of CBDCs. So hey, OK, what are CBDCs? Well, that's the Central Bank Digital Currencies. So it's basically the crypto of the banks. It's talked about more and more in crypto, central banks all want or study all how to make their own crypto. And in particular here, we explain to you that 80% of central banks explore the famous CBDCs, so to create their own crypto for reasons we understand. They don't want to be late they know it's a good way to exchange money, even not to mention XRP.
It's fast, it's secure, it's more fashionable than old-fashioned transfers. So 80% of central banks is not anything. Me, what I like is that I see statements of people that I like … There, I have the vice-president of central bank commitments, so already, there is a post in this box which is called "vice-president of Central Bank Engagements "and CBDC's." I say to myself: Damn, to have this kind of job with this kind of guy who is extremely expensive, you still have to have a little vision, be a little advanced on the thing, he wasn't the guy I hired in 2004 at the time.
I am hiring him now because there may be a momentum. And this guy, in the interview that's there, the podcast, that I will put in notes, he declares: "Yes, we work with several central banks." He does not say: "Central banks will use XRP", beware, it's Ripple, the company. Ripple explains working with central banks. And why ? I come back to my calculation. Finally, on my diagram. 2 institutions want to exchange money. It could very well be the FED … and the European Central Bank. The FED will send money to the European Central Bank, but tomorrow, the FED, it has its CBDC. OKAY ? So she has a stablecoin, I don't know, the "FED dollar". The FED dollar, she'll call it. It will be a stablecoin.
And then the ECB, the same, it created its CBDC. And then she called it the euro ECB, BCEE, you see, like that. And how does the FED exchange the FED dollar for the BCEE? It does not work. We need a means of exchange. Do we do it the old fashioned way and me, I buy FED dollar here and currencies of other central banks and vice versa? Or do we come to change them in the middle, with a system … So XRP lovers would like it to be XRP, but not necessarily since the XRP Ledger can work to trade any underlying or crypto, whatever you want. So you see … We understand, in fact … It's kind of Lord of the Rings, Ripple. It is "a ring to rule them all, "bring them all together." And that's it, the idea that is emerging little by little around this box. It is to say to oneself: "OK, even if tomorrow, "everyone has their stablecoin" … The stablecoins will not be able to talk to each other.
There was a lot of news, JPMorgan wants to make its stablecoin, etc., but it's still the same, actually. How … do we go through another crypto? Do we do it live? You always have to do prefunding … So to have an agnostic blockchain, where we can put anything and make the exchange, even go through XRP to be faster, it really makes sense. And it's something that works very hard, with the jobs we see opening up … There, this post of central bank relations manager, I remember talking about it with the partners, in particular, and other people a few months ago. We saw on the site of Ripple the open position. I said, I remember, with Guillaume: "They're hiring a central bank relations director!" Something is happening. And this guy was finally hired. So there you go, me … All these reasons speak to me. Added value 6. This is the last. Added value 6, for me, I've already talked about it a bit, is that it is a real box. And this real box side makes it unfold, it advances, stuff is happening.
When you go to the official website, you see that we are talking about 500 employees, 9 offices around the world. What are you saying to yourself? 500 employees in a company that … Of course, there are bad sides because, whatever you want, it's not decentralized, but it's the business, not XRP. Don't decisions go faster than with developers who … Yeah, they wanna do their thing, they come together in conventions, etc., but we still do not have a central authority who wants it to move forward strong and fast. And the reality is that in the field, yes … They'll screw me up in the comments. There's a lot going on on a lot of other blockchains, and I'm not saying, "XRP is better." I'm just trying to tell the story from A to Z. Here, me, that speaks to me. There's a second thing I'm watching, it's their recruitment section. Each time, I see posts that speak to me.
Being an entrepreneur, I realize than the game you play when you hire these positions, I see what level of development they are in. And their level of development is not gross, you see. We have business development, customer success, design, it's pretty classic. We have a bunch of software engineers, etc., which makes sense when doing blockchain, but there's a hell of a lot of openings. Above all, we have, and there, it speaks to me, it's the same delirium as when I saw the central bank relations manager … We are hiring more and more institutional relations managers. Institutional markets. I talk to you often enough about institutions to understand that the more we talk to institutions, the more chances of making deals. Deals in the FX where we will say: "Hey, don't we put Forex … "We could do a decentralized exchange, forex." "Or rather than using this or that asset class "or such and such …
"Such or such centralized exchange with a broker, "we could decentralize, "do something faster, cheaper, "create funds …" This is institutional relations. It's about taking the big guys, working with them, to … They want to make more profit, to go faster, [ __ ] the competition. So it speaks to me. It speaks to me. Lots of legal, marketing, HR thoroughly … Where is the HR? See her. Here. We have 3 people who will manage the recruitment. There you go, so all that speaks to me a lot for this point 6. Now… Next part.
Why do fanboys hate XRP? We started to see it, we talked about it … We spoke on the side … The founders … We talked about the supply which was initially not blocked and therefore really controlled by Ripple, that's right. We talked about non-decentralization, where we didn't really know which way to dance, but we understood that between the escrow account and the fact that the blockchain is unstoppable, with validators who are now completely independent, well, overall, there you have it … the thesis of non-decentralization not hold today. On the other hand, the thesis that comes up all the time it is that of: XRP is the crypto of banks, Ripple is the crypto of banks. We're not going to say Ripple anymore, we get it. XRP is the crypto of banks. So I want to tell you: yes, so what? I do not understand this thesis.
For me, it's still a football fan to say: "The goal of Bitcoin is to disrupt", well not even, "is to destroy world finance, "that we no longer need the banks, "let's do everything peer-to-peer." It may be the vision at the start, exit from the terrible global financial crisis, Bitcoin, but today, in the macroeconomic context, does that make sense? I do not think so. It is really limited as a reasoning to say: "Crypto will allow us to [ __ ] the banks." I can't believe that. And then, let there be one, a ledger, a blockchain, a crypto and a company, which is thoroughly on institutions, banks, interbank movements, etc., me, I … Finally, me, my first thought and what prompted me to invest relatively early, although it was late compared to others, but from 2015-2016, in XRP, and especially 2016, that's it, is to tell me: "It's the only crypto with vision "on global finance, where all the exchanges take place." We're talking about thousands, billions of daily trades. We are talking about huge transactions, central banks, money printing …
Tomorrow, the central bank, what will it do? If she can really create CBDC, finally CBDCs and a crypto, a central bank stablecoin, dollar FED or whatever you want, it will inject more into the economy and less dollars, and we might see a rotation between the old coins that we will end up forgetting, and that will suit us, maybe, in terms of debt repayment. And maybe there it is, the big shift everyone's talking about collapse, etc.
Paradigm shift. Maybe he's there. I don't believe in the collapse thesis and everyone will die and the asteroids. But maybe to shifter on digital currency, to make arrangements to deal with the debts, etc., it can work. So in short, that's another debate. But the crypto of banks, institutions, for me, that is a non-problem. It is even a good criterion for me. Maybe it's not the crypto spirit, I agree. Decentralization, freezing … Oh yes! The price freeze. There was, and that, I must answer … There were rumors at the time, but as always, rumors, and especially in crypto, where there is a lot of fun, where everyone is supportive behind his crypto, so we enter the slightest open door to infiltrate and break the other. So at the time … XRP … The XRPL, therefore the XRP Ledger, has frequent updates, as on any blockchain, where the developers are improving stuff, okay? Some time ago developers added a function which is called the freeze feature, so the freezing function, therefore asset freeze. So there all the other football fanboys said: "Ah, my God, Ripple can block, freeze XRP, "the blockchain can stop, we can steal your money!" What to understand, and you will have all the documentation if you want to have fun reading it, you can read it.
It is that this freezing function only works on issued currencies, ie the currencies issued, OK? And not at all on XRP. And besides, you have the code at the bottom, you can have fun if you want to go to the geek store. What does that mean, the currencies issued? Institutions, when they will use the XRP ledger to talk to each other, when they use XRP because today it is a reality, there are customers, lists as long as the arm that we will see later of banks that use either all or part of all products, by-products of the XRP ledger. Some of these institutions may use the XRP Ledger to issue a currency, issue a currency. That is to say: "I open a line of credit, "for example 100,000 USD", OK? All of this is cryptographically managed, entered in a forgery-proof register, as usual, blockchain. Freezing … The freezing function, the freezing function, allows to freeze that. If the bank that is there detects a fault, a hacking of his system, that his client is a terrorist, that the person who applied for the loan will go to the Bahamas or whatever you want, that there is something that stinks, she can, and still happy, and it is the institutions that requested this function, as they can do: "We close your account, "the tax authorities asked us to freeze everything "You are wanted by Interpol." There, they can do the same, press the button, and freezing the currencies they have issued, all the lines of credit, etc., that they have issued.
So the freeze feature does not apply only on financial flows issued and not on XRP. So that went up in snow by lots of crypto fanboys anti XRP, and even today, we can see it. So there you have it, the resources are there, you can mark them, read them in detail and you will see for yourself. And if you're a developer, it's all open source. Then there is a thesis, the same, and that I understand very well, which is to say … Indeed, the supply of XRP is 100 billion. That's a lot of units. That's a lot of units. When we are interested in other crypto, that we look at the other supplies, it is much more. There, right now, right now, we have about 18.6 million of Bitcoins in circulation. So already … Okay, that's a lot, but in real life there are not 100 in circulation. In truth, today, and we can see it on different sites, we are at 45 billion XRP in circulation, because I remind you that the vast majority is in escrow account, and the rest is the floating that you and I have, the founders and whatever you want.
So we only have 45 billion. Besides, you and I are in those 45.404 billion. So yes, it's still a lot. But there is also a reason, as we have seen, XRP is low, it is weak, it is today at 0.46. And then when he gets angry, he could go up to 2, 3, and even 10 dollars. It's still not extremely crazy, finally, when we compare the market caps, since making the market caps say anything, I'm not too much for, on the other hand, to compare 2 crypto between them, yes, that makes sense. So yes, there are a lot of tokens, coins in circulation, yes, mechanically, the price is lower, in any case initially. Now, and even at creation, and you will see, we will look in the past, he was still much weaker. So what ? Doesn't that mean … Finally, I don't understand the simplistic thing to say to yourself: "I'd rather buy something expensive than cheap." If you buy cheap, you will have more units. But why did they put so much? Is that from the start they had vision, and in particular their way of coding the ledger, they immediately targeted the institutions, the banks and global finance.
If tomorrow you have more and more customers who come to this ledger, from this network … You have hundreds of banks, customers, institutions, you start to do forex, and who, more and more, decide to use XRP … There, they have the choice, and they will always have it, "Am I using XRP or something else?" But since XRP has quite a few inherent qualities, speed, inexpensive, extremely low costs, well, it is still very likely that over time, in any case, that's what Ripple is betting on, more and more people are using XRP. So I'm going to have a growing, growing demand. This is also why I will be able to each time take out a little escrow account every month. Either I use them or I put them back in escrow. So the bet is to say to yourself: "If tomorrow, global finance uses XRP, "if we are on a paradigm shift, "if we are the next Amazon", because that's how they planned it, if we really are going to revolutionize global finance and that we put 10, 20, 100 million, 1 billion, we are going to be short.
We're going to be broke, we're going to have a problem. Price inflation, etc. And given that we are interested in banks, in institutions, we still want … Already, we want to be sure not to run out, so we put a lot of it. And we want relative price stability and not that it makes moves like Bitcoin which are scary, even if the institutions, ultimately, are not so afraid, but that was the reasoning. Well, the more we put in, the less, overall, we are likely to be very volatile. 'Cause before someone moves the course with 100 billion, it will be complicated. So that was the idea. The fact that there is a lot of supply, that does not shock me extremely, and there it is. So the main arguments are this: institutions, banks, non-decentralization, the price freeze, the important supply and Jed who's going to sell, we've already talked about it, he is entitled to only 1.5% per day.
Now let's talk about the latest advancements and gently branch off to the side. What's going on now with the SEC etc. ? Is it a good time to buy? Do you have to sell? Is XRP dead, where is it going to go tomorrow? What are the risks around all of this? I remind you that there is no advice. I won't tell you whether to buy or sell, but you will have the weapons to make your decision or take the start of a decision, since it's also good to continue, to dig, to know what you want to do. The SEC, here, it rhymes, last December, sent us a complaint in the face, finally, sent them a complaint in the face. So there you go, so it's ugly. So basically what they're saying is … I will not read it to you in full, you will have the link. The main points are that we say as Ripple, the company, as well as Brad, So who is the CEO, and Chris Larsen, who is on the board, which is one of the main …
One of the main people in there. Well… Have illegally distributed a security. So the notion of security, in the United States, you have to understand it, it's relatively simple. What the SEC is saying is that … XRP … is a security. What is a security? I will quote you others, like that, you will tell me if you think it's a security. Action. Actions are a security because they secure … Rights. When you own shares, you own a share of the company who gives you rights, in particular rights to profits, via dividends, distribution of profits, and in particular voting rights.
When you have 10% of a box, it depends on the share class, but theoretically, you have 10% of the voting rights. Then there are differential actions, etc. So stocks are a class of security. The obligations… are securities. Because when I issue a bond I say to you "Here, buy so much my bond", so you lend me money, and this money, I undertake to return it to you within a time frame, for example 10 years, with an interest rate for example of 2.5%. And then there you go, and at the end of it, I'll give you back your money, and during the life of the obligation, I pay you an interest rate, often biannually. So OK, alright … Another class of assets which are securities, all derivatives. OKAY ? So for example the options. We have already talked about what it does, an option. For example bonds. Quickly, to popularize, I buy a bond with for example a call on Air France … Air France, with a strike at, I don't know how much the Air France share is, I'm not interested in it, at 45 euros.
Bah, I buy the right to buy the Air France share at 45 euros. So for that I'm paying a price, what if tomorrow Air France share is at 60, I have the right to buy it at 45. So I make a capital gain between the 2, and if tomorrow the action is at 40, I lost what I paid since it is under the strike. I can still buy it at 45, but it's stupid. So I'd rather not buy it and lose what I paid for to pay for this option. So the same, it gives me rights … It gives me rights. So I still don't understand. Here. Why did I say bonds? I was talking about the options in my example with Air France. And futures, sorry. Maybe I misspoke. My brain went too fast. So in the derivatives, the options are Air France, and futures, we already talked about it in a previous video, so I don't do it again, but it gives you rights, and in particular to buy at a price planned in advance.
We have other things in the securities, certificates of deposit, where, overall, I will lend money … All that is monetary certificates, where i will lend money to a company or even to a State, or even to a country, so all that is bonds, treasury bills, federal funds, certificates of deposit, negotiable certificates, commercial paper, anything that is money market. And who gives me the right to a refund and sometimes at interest rates, the 2. Well, even the 2 most often. So… you're telling me, the SEC, that XRP looks like one of those asset classes. You tell me that if I hold XRP, I will receive dividends from Ripple. You tell me that if I hold XRP, I have voting rights in Ripple. You tell me that if I hold XRP, I will receive an interest rate and at the end, they will reimburse me. You tell me that if I hold XRP, I have the right to legal action if ever, for example, in the case of an obligation where there would be a pledge, a collateral, I can trigger my collateral and recover an underlying X or Y who comes to guarantee me the thing.
You tell me when I buy XRP I buy all these rights and these obligations and these … Okay, that's what the SEC says. Why is the SEC saying that? Overall for two main reasons. The first is that XRP was created out of nowhere. This is what she puts forward as an argument. Yes, indeed, when we came to create crypto, that we plugged it into the blockchain, it was created out of nowhere, but if I go that way, all the premines, all the ICOs, well some, well, the same, it comes out of nowhere. Well… Good or bad, I'm neither a lawyer nor a judge, but that's their arguments. The second main argument, is that these are statements from Brad, So Brad Garlinghouse, he is the CEO of the Ripple company. And Brad, it's true that between 2015 and 2017, in some interviews, on Twitter, etc., he announces, I quote: "I am long XRP", so that is to say "I believe in the rise of XRP, "I am buying XRP." And he says, I quote: "XRP is the best crypto." So he repeated it, he said it, etc.
So from there the SEC believes he is trying to manipulate the price and that leads to believe that he has an interest, blah, blah, and indeed, given that he owns it, blah blah … So we are there, when the complaint is filed. Now what's super interesting it was last Tuesday, there was the 1st hearing, that is to say, there was the 1st … The 1st agreement from the judge, the 1st hearing, I was looking for my word. The 1st hearing of the different parties and their lawyers. And that happened by phone since corona, thing, videoconference, teleconference. And it was public, so there are lots of people who attended, in particular lawyers whose profession it is, some journalists, etc., so you can find the recordings on the internet quite easily, that I will not pass you because it was …
explicitly explained that it should not be recorded and that you expose yourself to prosecution, so I won't pass the recording to you, but I'll tell you what happened in that meeting. The SEC attorney explained what I just told you, and overall, it focused only on the side "in 2013, in 2015, Brad said it was long, "that XRP was the best crypto, "so it's not good, blah blah", and there it is, he turned around it all and around everything I just explained to you. Ripple's lawyer, he explained, is that XRP was a digital asset which had been fully functional for 8 years, that it was maybe a little late to wake up, well, he didn't say it like that, but overall it's a bit late to wake up, that 66 billion transactions last month were made, 66 billion last month, via XRP and the XRP Ledger blockchain, and that the majority of them did not involve the Ripple company nor the 2 people in question.
So from then on, it's really hard to say: "It's a security, it's you who manages, etc." I'm extrapolating, but he said that. The majority of transactions do not involve Ripple, 66 billion is a lot. Then he explained that in 2015, FinCEN has determined that XRP is a currency. And I had fun finding the story. It is true that in 2015, FinCEN struck, finally, threw a fine in the face of Ripple. Ripple Labs, at the time, who was fined for many reasons, and in particular the fact that they did not sufficiently verify the origin of their customers, and then they did not apply the standards of KYC, AML, so we told them: "Watch out, we're slapping you on the fingers, "boom, a fine, and you have to change things", everything is explained in this letter.
That is, basically they have 60 days to make changes, sometimes 180 days, etc., and give justifications on all that is so AML is Anti-Money Laundering, so basically it's money laundering. Often, it is necessary to justify the source of funds, they hadn't done enough. They have big customers, but still is it that they were not clean enough with the regulation, so they were fined and make changes, what they did, etc. We're talking about something from 2015. But what's interesting, it is that on the occasion of this conviction, there is a little word, finally a sentence, which is interesting.
And that sentence is there. She says: "Ripple, blah blah …" And it talks about the wallet, OK? And she says the Ripple Wallet … which allows end users interact with the Ripple protocol and view and manage their XRP "and fiat transactions" and "currency balances". So their transactions and their currency, their balances, therefore their funds, in XRP and "fiat currency balances". It is extremely important. There, in the same sentence, you are told that XRP and fiat are both currencies. What are fiat? It is the classic currencies. What we call fiat is the euro, the USD, etc. So we tell you there that people, blah blah, can interact and manage their currency balances, and their currency balances, it's XRP and it's fiat.
Well, we shot ourselves in the foot. So what did Ripple's lawyer do? He said: "Wait, FinCEN, which is still not …" Huh, in the United States, all the same, it causes, what. "Told us that we were a currency, "fined us, updated, etc., "it was quite legitimate, "and you say that we are no longer a currency but a security." So that was point 2. Point 3. He explained that all the countries of the world, in any case the biggest, and with whom Ripple worked, have determined, and in particular the counterparts of the SEC, that XRP was not a security at all. In particular the FSA, which is the equivalent of the SEC in Japan, said: "No, you guys have cracked, "XRP is not a security." So here is. Good point. He also said that … these same actors who said that XRP was not a security determined that XRP was ultimately a currency similar to Bitcoin and Ethereum in operation. There is a consensus, we explain that it is a currency and it works like Bitcoin and Ethereum even if it's not the same protocol.
But it fits in the same box. And the lawyer bounced back, he said, "But wait … "The SEC, there, you did not tell us a year, 2 years ago, "That Bitcoin and Ethereum, weren't they securities?" And if. So the former chairman, who is gone, of the SEC, explicitly and publicly said … There, the article dates from June 2019, so just before, that Bitcoin was not a security and that Ethereum was not a security either. So you tell me everyone says that XRP is like Bitcoin and Ethereum, Did you say they weren't securities and you tell me that Bitcoin is a security. And last argument from Ripple's lawyer … He explained, and there, I have no document to show because it didn't leak, so it's the lawyer’s word, but if he puts that on paper, then he can prove it.
He explains that in 2019, the SEC has been approached very officially by an exchange in the United States that got scared because it spoke … It's been talking about this story for a long time, that the SEC tries to titillate Ripple via XRP security, etc. And so in 2019, there is an exchange that got scared who contacted the SEC officially and said: "Me, I have XRP on my exchange, "I list it, XRP USD. "Do I have the right? I hear rumors. "Is that a security? Do I have to stop? "I'm ready to stop, tell me what to do." I come to contact the SEC myself.
And the SEC didn't explicitly say no. And apparently Ripple's lawyer has plenty to prove it. And so all these points would make us say that it smells pretty good. I also looked … Well, then, be careful … Me, I estimate, I interpret, with the information that I find, that it smells good. If it is, the judge, he will say: "No, you are cute." But it's true that there … Good. You will make up your own mind. You can find the recording on the internet or debriefings. I also saw some lawyers who debriefed on this recording and this 1st … confrontation, finally. And some also speak of a problem of jurisdiction. In the United States, in France, anywhere, there are specific jurisdictions, and the SEC has the right to work on a specific jurisdiction, and she can't get out of arguments which would go out of its jurisdiction, and some lawyers say that there would also be a flaw there.
I am not at all a specialist in law, let alone American law, so I'll leave you get your idea. Still, there are also important supports in the real world. And in particular, there have been in the past, I explained to you that this story had been going on for a while. So in 2018 … a former FED official explained, similarly, publicly, that XRP was not a security, because it was starting to talk about it already in 2018. So good, same, there you go. It… It means what it means. In 2020, the former chairman of the CFTC, therefore the Commodity Futures Trading Commission, So wait, parenthesis, there, Commodity Futures Trading Commission, so it is they who manage what I explained to you before, options, futures, etc. So really the stuff that manages securities, you know. He knows what security is, this guy.
He said, "No, no, XRP is not a security at all." So I don't understand where the SEC is going. Besides, no one understands. Come what may. What I can say is that there is still a risk … If my intimate personal conviction, it's not going to do much, I don't see how they can prove that a crypto is a security, even with their arguments in relation to counter-arguments … But the risk is that it can last 2 pellets, Justice. And will we come to an agreement in 2 months or in a week, and there, explosion … Likely. Possible. Or will it take 2 years and we will miss the current bullrun, and so all the newbies, the warm-up, capital flows, and therefore we would miss the explosion? That scares me a little.
So you see, where I'm on eggshells. The future will tell. Now the big advantages for the future that I see, since there, we are going from … We made the past, we made the present … let's go a little bit in the future. The big advantage I see is the list of partners absolutely crazy, and especially banking, that Ripple throws us, which, for some, use only technology … Don't make me say what I didn't say not all of them use XRP, but still is it that there, we have the list which is a bit old, this is the 2019 list. So the banks are in order … Finally, it is the 100 1st largest banks in the world in assets under management in 2019. The order may have changed, but the important thing is that all those who have the little Ripple, there, are partners.
When I see the number of partners in the 100 largest banks in the world using XRP or not … And maybe some, and many, even, only use technology and not yet currency because it's scary, because regulation, etc., since I remind you that we can use both. Still, it does mean something. What blockchain, what crypto has such adoption at the institutional level? There are plenty who walk in full … We see super hot partnerships all the time … Besides, there is something that shocks me, is that there are some crypto that have 1 or 2 partnerships … When he arrives, everyone says: "Look, VeChain, they signed with them! "Them, they signed with them, the crazy thing!" They have a partner.
2 big partners. There, Ripple leaves us without stopping partnerships based on American Express … Mitsubishi, HSBC, Bank of America, Agricultural credit… I'm telling you the ones we know. Banco Santander, Barclays, Royal Bank of Canada … Well … and all the time. It's all the time. And so I do not understand that there is not more enthusiasm. So that's the ugly duckling side again. We got the MoneyTap story I told you about, I remind you that 30% … One third of the shares in MoneyTap, we have central banks, which I told you about, where we are told publicly, explicitly that we work with, but we do not yet know who and we don't know how it's advanced, but we work with it. We have DeFi. DeFi, I love it. Same, I think this is too vertical in terms of investment, on the other hand, I love the principle, I love everything around DeFi and all that it allows in terms of technology. But we have a problem with DeFi, is that most of the mess is on Ethereum …
The Ethereum blockchain, we know the costs, the slowness. Yes, it's okay … Yeah, OK, proof of stake, thing, Ethereum 2.0, but not for a year or 2 years, so there you go … And it is long. It's expensive. And there, all you can do in DeFi is arriving on the blockchain and on the XRP Ledger thanks to Flare, another project, if you are interested, tell me, we will make a video on the Flare network because, already, it's not yet, it's …
It's happening. There is still development and if I have to explain to you, it will take 2 pellets, and you can find better specialists than me. If you're interested, Flare network on the Internet. But the same, we will be able to do everything we do with DeFi with the Flare network, therefore with the XRP Ledger, so with XRP or ersatz XRP, you will see if it interests you, which will allow intense liquidity that we know today with XRP, the intense speed we know with XRP and the ridiculous fees we know with XRP.
For me, there you go. And if I have to finish, let's finish with the graphic configuration … The graphic configuration we saw … So already, there is something, just, that I would like to put back … Let us give back to Caesar what belongs to Caesar. Let's look at the 2017 bullrun on XRP, and just one thing … So 2016-2017, we were in a range between 0.3 centime and overall 0 … The median was 0.06, we stayed at 0.06 for a long time. 0.06, eh. And the top of the range was at 0.9, we peaked at 0.12, 0.14.
The bullrun is coming, you know the story, depending on the exchanges, we go up between 2.8, 3, 3.20, 3.50 … There, Poloniex, 3.50, it is perhaps one of the highest, but always is it that one explodes. When we look … I'm not even going to take the bottom of the range. I'll take the clean breakout, with the volumes where you could have gone. You can go in there, 0.12. Moreover, a lot of people from the community there for a long time, Business in a car, etc., entered around 0.12. Well, the bullrun, afterwards, must be able to get out. But how many percent did the bullrun give us there? How many percent has he made to us? This is the biggest progression of 2017.
14,000%. Even if I don't take the top because it was going high on Poloniex … we are still at 10,700%. If I look at Bitcoin … 2017, same, where do you go? I'll be nice, we'll go downstairs. You know what, we're going into summer 2016. Summer 2016, end of the bullrun, 4,200%. So that doesn't mean anything. The performances of the past do not prejudge the future, thing, but it's still a point that I don't understand to say to yourself: "We have the crypto that performs the most "on the last bullrun", in terms of percentages, have fun looking at them, looking at the comparisons, and it's still the ugly duckling. Me, what I like about this crypto … You got it, it's the business side, etc., and this is also the volatile side. A crypto that farts and is super volatile, I find that pretty cool. So here is. And the current configuration, we talked about it, as I shoot this video … it's very simple, eh, we are always in this same …
This same [ __ ] of that fart because the beginning of bullrun and everyone is happy, and like the others, it follows. Then it goes the other way because SEC, everyone is afraid, and help, it will go bankrupt, it will close, it will be banned, everyone will go to jail, and finally, more and more people like me are talking about it, and more and more advancements, investors, wonder what we're doing.
And we are in this range, there, and as long as we are not out, we don't know what's going to happen. If you have to put alerts, you can bring them to the level where I put them, so you take the weekly candles and then you look at this 1st level of … If we come to break it, it is quite significant. The top of that candle and that one, but the strongest level is the top of this range, therefore around 0.78.
If we come to spend this, we have already seen it, there is a way it flies. Now we're not on investment advice I'm not telling you to buy XRP at all. You do what you want. It is quite possible that we will come back downstairs and that we come for a walk around 0.20 to maybe break after, I have no idea, or maybe to go to the cellar afterwards, Once again I have no idea. The goal was just to do a global overview on XRP. We have the whole story, we have the strengths, we also have the points that raise questions. We have the current configuration, with the big stranger to say to herself: "How long is this mess going to last?" Graphically, we have already seen many times that it was … We feel that the thong is super tight, we feel that the elastic … We feel that the prices and volumes are doing weird stuff. We come back to the levels that are really key. We feel that she is behind the others.
She showed us in the past that she knew how to fall behind and explode very stupidly on the rise because the spring is compressing, you know, and it explodes. So I think the thong is really tight. Afterwards, in which direction will it go? I will let you answer that yourself. You can tell me in the comments what you think of all this. I would like the comments to be constructive and not in football team mode behind its crypto. And I tell you very soon. The future is us. Ciao!.