加密研究員Smqke發布了一條後續推文，進一步闡述了他的斷言，即XRP持有人“擁有Ripple的未來現金流”。

在這篇最新文章中，SMQKE提供了一個結構化的類比，將XRP及其在波紋生態系統中的效用與藥品初創公司和藥物專利的動力學進行了比較。

Crypto researcher SMQKE has shared a follow-up tweet further elaborating on his assertion that XRP holders “own a slice of Ripple’s future cashflows.”

加密研究員Smqke分享了一條後續推文，進一步闡述了他的斷言，即XRP持有人“擁有Ripple的未來現金流”。

In this latest post, SMQKE provides a structured analogy comparing XRP and its utility within the Ripple ecosystem to the dynamics of a pharmaceutical startup and a drug patent. The explanation offers a conceptual framework for understanding XRP’s value proposition without conflating the token with equity or security instruments.

在這篇最新文章中，SMQKE提供了一個結構化的類比，將XRP及其在波紋生態系統中的效用與藥品初創公司和藥物專利的動力學進行了比較。該解釋提供了一個概念框架，可以理解XRP的價值主張，而無需將令牌與權益或安全工具混為一談。

Earlier this week, SMQKE sparked discussion with a tweet highlighting an excerpt from a 2025 academic text, The Future of Crypto Regulation. The document states, “What XRP entitles the holder to is the token itself, which is integral to executing transactions on the Ripple settlement network,” and further explains that “XRP should increase in value, as the full functionality of the system requires the token.”

本週早些時候，SMQKE引發了討論，推文突出了2025年學術文本的摘錄，即加密監管的未來。該文檔指出：“ XRP授權持有人的權利是令牌本身，這對於在波紋結構網絡上執行交易是不可或缺的，”進一步解釋說，“ XRP應該增加價值，因為系統的完整功能需要令牌。”

At the end of the day, XRP purchasers have bought, effectively, a SLICE OF THE FUTURE CASHFLOWS that Ripple would make from the licensing of its transaction settlement system.

歸根結底，XRP購買者有效地購買了Ripple將從其交易結算系統許可中獲得的未來現金流。

Of course it’s PHrased interestingly- they go on to say “the claim that XRP purchasers are buying a slice of future cashflows is not quite accurate.”

當然，這是有趣的 - 他們繼續說：“ XRP購買者購買的未來現金流的說法並不十分準確。”

But they continue: “XRP is a token that is used to facilitate transactions on the Ripple network, and its value is dependent on the success of the network.”

但是他們繼續：“ XRP是一個用於促進波紋網絡交易的令牌，其價值取決於網絡的成功。”

The Drug Patent Analogy

毒品專利類比

Building on this foundational logic, SMQKE’s new tweet emphasizes that XRP’s value is intrinsically tied to the success and continued development of Ripple’s software layer, Ripplenet.

SMQKE的新推文以這種基礎邏輯為基礎，強調XRP的價值與Ripplenet的成功和持續開發息息相關。

“Buying XRP is like buying a share in a drug patent. Neither the patent nor the technology behind it is a security, but both have value that depends on the success of the company that makes and promotes the drug, which in this case is like buying a share in the company that developed the blockchain technology,” he says.

他說：“購買XRP就像購買毒品專利的股份一樣。它背後的專利和技術都不是安全性，但兩者都具有取決於公司成功和推廣該藥物的成功的價值，在這種情況下，這就像在開發Blockchain技術的公司中購買股份一樣。”

In this analogy, Ripple is the pharmaceutical startup, XRP is the drug patent, and Ripplenet software is the drug itself or its applications. XRP holders, he adds, are similar to those who invest in the patent, not in the hope of receiving dividends but because the value of their investment is contingent upon the broader system gaining traction. Blockchain technology, he explains, is the infrastructure that allows these interests to be held and exchanged.

在這種類比中，Ripple是藥品啟動，XRP是藥品專利，Ripplenet軟件是藥物本身或其應用。他補充說，XRP持有人與那些投資於專利的人相似，而不是希望獲得股息，而是因為他們的投資價值取決於更廣泛的製度。他解釋說，區塊鏈技術是允許持有和交換這些利益的基礎設施。

We are on twitter, follow us to connect with us :- @TimesTabloid1

我們在Twitter上，關注我們與我們聯繫： - @timestabloid1

— Times Tabloid (@TimesTabloid1) July 15, 2023

- 時代小報（@timestabloid1）2023年7月15日

Supporting Documentation from Legal Scholarship

法律獎學金的支持文件

The excerpt from the legal academic article that SMQKE references in his post provides further context for his analogy. It explicitly mentions that XRP is “integral to executing transactions on the Ripple settlement network” and its value may rise proportionally with the system’s adoption.

SMQKE在他的帖子中引用的法律學術文章的摘錄為他的類比提供了進一步的背景。它明確地提到XRP是“在波紋結算網絡上執行交易不可或缺的一部分”，其價值可能與系統的採用成比例地上升。

Moreover, the text states that “the XRP token embodies, in effect, a licensing right for the Ripple transactional system.” This interpretation positions XRP as an operational necessity rather than a speculative asset disconnected from utility.

此外，文本指出：“ XRP令牌實際上體現了為波紋交易系統的許可權。”這種解釋將XRP定位為運營必要性，而不是與實用程序斷開的投機資產。

Clarifying XRP’s Distinction from Traditional Securities

澄清XRP與傳統證券的區別

In a previous post, SMQKE clarifies that XRP does not represent an equity stake in Ripple, nor does it provide entitlement to dividends or ownership in the company. However, its utility within the transaction system makes it a critical component of Ripple’s business model. In essence, the token’s worth is inherently linked to the operational success of the network it powers.

在上一篇文章中，SMQKE澄清說XRP不代表波紋的股權，也不代表公司在公司中的股息或所有權的權利。但是，其在交易系統中的實用性使其成為Ripple業務模型的關鍵組成部分。從本質上講，令牌的價值本質上與IT權力的網絡的運營成功有關。

This documented analogy provides an interpretive tool for those seeking clarity on XRP’s economic structure. While XRP is not a traditional security, its functional necessity to the Ripple ecosystem and its potential to appreciate due to that necessity position it as a unique digital asset within the crypto landscape.

該記錄的類比為那些尋求XRP經濟結構的人提供了一種解釋性工具。儘管XRP不是傳統的安全性，但它對波紋生態系統的功能必要性及其在加密景觀中的獨特數字資產，因此它具有欣賞的潛力。