加密研究员Smqke发布了一条后续推文，进一步阐述了他的断言，即XRP持有人“拥有Ripple的未来现金流”。

在这篇最新文章中，SMQKE提供了一个结构化的类比，将XRP及其在波纹生态系统中的效用与药品初创公司和药物专利的动力学进行了比较。

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.”

加密研究员Smqke分享了一条后续推文，进一步阐述了他的断言，即XRP持有人“拥有Ripple的未来现金流”。

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.

在这篇最新文章中，SMQKE提供了一个结构化的类比，将XRP及其在波纹生态系统中的效用与药品初创公司和药物专利的动力学进行了比较。该解释提供了一个概念框架，可以理解XRP的价值主张，而无需将令牌与权益或安全工具混为一谈。

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.”

本周早些时候，SMQKE引发了讨论，推文突出了2025年学术文本的摘录，即加密监管的未来。该文档指出：“ XRP授权持有人的权利是令牌本身，这对于在波纹结构网络上执行交易是不可或缺的，”进一步解释说，“ XRP应该增加价值，因为系统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.

归根结底，XRP购买者有效地购买了Ripple将从其交易结算系统许可中获得的未来现金流。

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.”

当然，这是有趣的 - 他们继续说：“ XRP购买者购买的未来现金流的说法并不十分准确。”

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.”

但是他们继续：“ XRP是一个用于促进波纹网络交易的令牌，其价值取决于网络的成功。”

The Drug Patent Analogy

毒品专利类比

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的新推文以这种基础逻辑为基础，强调XRP的价值与Ripplenet的成功和持续开发息息相关。

“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.

他说：“购买XRP就像购买毒品专利的股份一样。它背后的专利和技术都不是安全性，但两者都具有取决于公司成功和推广该药物的成功的价值，在这种情况下，这就像在开发Blockchain技术的公司中购买股份一样。”

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.

在这种类比中，Ripple是药品启动，XRP是药品专利，Ripplenet软件是药物本身或其应用。他补充说，XRP持有人与那些投资于专利的人相似，而不是希望获得股息，而是因为他们的投资价值取决于更广泛的制度。他解释说，区块链技术是允许持有和交换这些利益的基础设施。

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

我们在Twitter上，关注我们与我们联系： - @timestabloid1

— Times Tabloid (@TimesTabloid1) July 15, 2023

- 时代小报（@timestabloid1）2023年7月15日

Supporting Documentation from Legal Scholarship

法律奖学金的支持文件

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学术文章的摘录为他的类比提供了进一步的背景。它明确地提到XRP是“在波纹结算网络上执行交易不可或缺的一部分”，其价值可能与系统的采用成比例地上升。

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令牌实际上体现了为波纹交易系统的许可权。”这种解释将XRP定位为运营必要性，而不是与实用程序断开的投机资产。

Clarifying XRP’s Distinction from Traditional Securities

澄清XRP与传统证券的区别

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澄清说XRP不代表波纹的股权，也不代表公司在公司中的股息或所有权的权利。但是，其在交易系统中的实用性使其成为Ripple业务模型的关键组成部分。从本质上讲，令牌的价值本质上与IT权力的网络的运营成功有关。

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.

该记录的类比为那些寻求XRP经济结构的人提供了一种解释性工具。尽管XRP不是传统的安全性，但它对波纹生态系统的功能必要性及其在加密景观中的独特数字资产，因此它具有欣赏的潜力。