On July 1, 2024, a cryptocurrency transaction on the XRP Ledger (XRPL) sparked discussion within the XRP community. A successful escrow termination included a cryptic message within the transaction memo. The message referenced Ripple CEO Brad Garlinghouse and contained notes about XRP and the broader cryptocurrency community.
The memo stated, “Adjusting volume for Mr. B. Is this one of the famous Bradisms?: Laugh now, but one day XRP will power the world. Sorry Brad. I couldn’t help it 😉 Moon lambo, let me know if you got your cheese basket – including some ”cheese wedges” – from the broader crypto community. And NO, this was not written by Ripple. Do your research.”
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Misunderstanding Around Staking
Marty Party (@martypartymusic), a prominent crypto figure on X, shared the memo, stating that it was an XRP whale unstaking their tokens. However, several prominent figures within the XRP community, including XRPL validator Vet (@Vet_X0) and Arbitrum Foundation senior developer Matt Hamilton (@HammerToe), pointed out that the message referred to an escrow termination, not the unstaking of XRP.
Vet pointed out that “anyone can create those memos because escrow finish doesn’t have to be executed by the escrow creator, in this case Ripple.”
Hamilton shared the same points, asking Marty to do his research. The XRPL operates on a consensus mechanism different from Proof-of-Stake (PoS) blockchains, and therefore, staking functionality does not exist on the XRP Ledger.
Potential Meanings of the Memo
Cryptic messages are common in the crypto community. However, the meaning behind this particular message remains unclear. Here are some possible interpretations:
Market Manipulation: The sender might be attempting to influence the price of XRP through a veiled message. The message’s cryptic nature could point to manipulative market orders. However, there is no confirmation of this at press time.
Internal Joke: The message could be an inside joke within the XRP community, referencing a private exchange or shared belief between the sender and Brad Garlinghouse.
Social Commentary: The memo could be a social commentary on the broader cryptocurrency community and its perception of XRP.
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Ripple’s Stance and the Importance of Research
The memo clarifies that it did not come from Ripple. Ripple is the major distributor of XRP and is actively involved in its development. However, the XRP Ledger operates as a decentralized network, and Ripple does not control individual transactions or the content of attached messages.
Regardless of the intended meaning, the message shows the importance of conducting thorough research before interpreting information on the blockchain. As many in the community pointed out, the XRPL is not proof-of-stake, and anyone can include a message within an escrow termination transaction.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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