Why I'm against Ripple...

in #cryptocurrency6 years ago (edited)
I realize that this is exactly the kind of opinion that fellow steemians like @hodgetwins don't appreciate. Meaning, that to them the points I'm trying to make, the evidence I intend to provide makes absolutely no difference. As much as I can understand their views and those who stand with them, I for one feel like ignoring the obvious has too much risk for my taste.
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How is consensus achieved?


This part might be confusing for those who are not too interested in the technical aspects of things. That being said, I think it's extremely important to understand the underpinnings of a technology that is attempting to change the world, specially as early adopters.

As it exists today, blockchain cryptocurrencies usually have two methods implemented to support the network: Proof of Work & POS , being DPOS a further development of POS holding most of it's basic elements. Now, in the case of Ripple or more accurately said XRP, let me ask you. How is consensus achieved?

If you can't answer that question or even worse, if you don't care to answer that question, then in my opinion you are walking blindly into the slaughterhouse.

There are no new coins - Centralization


No miners, no masternodes, nothing of the sort. All the coins and I do mean, all the coins were premined by Ripple and are slowly released into the markets. This alone should be setting of some red flags for everyone, but I'm also aware that to the majority of people who are buying to "make them gains", to quote the twins, this is completely trivial.

You would think it would not take much explaining to point out the risks involved in such a system. In other words, manipulation is just too easy to pull off, without even pointing out that we are effectively imitating the way fiat works, the SWIFT network, adding a logo and calling it a crypto.



With Ripple labs holding 100 billion coins on their vaults, you would also think that the idea of a clean distribution is a pipe dream for the foolish, but at this point I'm just beating a dead horse in an attempt to drive this home.

The Tenants & Lack of desire to learn


I won't bore anyone with preachy stuff here. To be honest, it's up to every single person participating of the cryptosphere to read up on this subject if they choose to. But, the concerns those who are against ripple are bringing up are very valid.

If the idea was to take back our self governance through decentralization of power. Then why, if we are given a new canvas to rewrite our economic systems are we gravitating towards painting the same picture? - This makes very little sense to me and it seems so self defeating, it's frustrating.

A quick way to dismiss a mature conversation on the subject would be to say something along the lines of: "Your hatred for banks is going to make you miss out on all the profits"- To this line, which I heard from a video recently I have a silly replies too: (I apologize for the strawman)

  • My disdain for human trafficking is also making me lose the gains
  • My disdain for selling drugs to children is also making me lose money
  • My disdain for theft is also making me lose money

Granted, I'm being ridiculous, but the point I'm trying to make is that the position some take when it comes to ripple, calling me a "Bank Hater" is not an valid argument at all.

Humanity's future > Gains


There, I said it. So controversial that I might even get flagged. Of course I'm sure that there will be someone calling me dramatic, and to an extent I could see where they are coming from. However, to me this seems to be pretty obvious, this is exactly what we are fighting for, not just "the gains!".

If enough of us took back financial control over the governments, we could achieve the one thing that no politician, as pretty as they might learn to speak could ever accomplish under our current "democracy" ; Peace!

  • How would corrupt organizations keep puppets in power?
  • How would we enter wars?
  • How could they tax us to pay for their administrative blunders?

If we took all that power back. How could they maintain the grip on us? It simply would not be possible. Hence why I can't just think about "The gains" as the only measurement of success.

Nothing against Ripple fans


Not personally that is. I suspect most of you have not given this serious thought, hence why it sits where it does in coinmarketcap. But, I don't think anyone could tell me "It's all good" with a straight face, after learning, and I do mean, really learning what governance is all about and how the system today is manipulated. The fabricated consensus for wars, Banks that are too big to fail saved by the people they screwed over.

If you are a Ripple HODLer I wish you luck. But, I hope that enough people wake up to the fact that the way towards winning our peaceful rebellion is not by becoming best friends with the ones that declared war on us.


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Consensus: https://ripple.com/build/xrp-ledger-consensus-process/ there's still a consensus mechanism, it's just not incentivized. Moreover, Ripple will end up choosing who can be a validating node, but one imagines that it's going to allow many independent parties do it, just not anyone with a computer. I think the "no new coins" part isn't actually all that concerning. Basically someone who validates is eating costs to do so. But they will be benefiting in other ways presumably. Even Ripple probably will incentivize them by distributing their ninjamined stake accordingly.

For the purposes of large institutions that want to establish a trustless layer between them, this sounds like a reasonable model. But a cryptocurrency in the full 'decentralized' sense? Nah. (By the way, STEEM doesn't quite fit this bill either, but I love it anyway)

I actually hold some Ripple, and it's precisely because I am thinking that banks will end up jumping on board. Yes, Ripple has a lot of control now, but they have an incentive not to screw it up. They should dilute the validation, especially, to specific partners, and may end up in an acceptable level of decentralization (trustlessness, really).

In essence, when you invest in XRP, you are investing in Ripple and friends (despite them making the distinction that XRP is not Ripple).

I do wonder though, should I look into Stellar instead? ponders.

I've been to stellar myself, it does have a lot of potential and currently its been doing pretty good.

Hi meno. I know that most of us are against it for the same reasons. I see it the same way but knowing how greedy those organisations are that they will pump it's value at some stage.

I'm sure it will happen, and I'm completely ok with "missing out" on the gains.

I am with you on that.

Ripple has always come across as the exact opposite of what crypto-currency was created for. I never have, nor do I ever in the future see myself purchasing it or supporting it. I love your points!

I'm glad you see things my way! - It's about principle for me.. of course, I'm not going to attack someone who disagrees, but I think some have not thought it through and through

I agree, I don't hold it against those that have bought it, but you would have to force me to do it.

Can't agree more :)
If not a scam, at least no rights to be called an altcoin :)

its an alt-alt-kinda-sorta-coin

@meno ripple is a centralised currency. I will never support it

@meno, either you like it or not, XRP is still 3rd largest cryptocurrency in the market in terms of market capital. I know huge coin supply is still a issue for XRP holders!

Hey Kendra, as much as you might not think it, I appreciate your criticism of my post. In truth, if you read the whole thing, it was never meant to attack anyone. My goal was to express the reasons why I would not be investing in XRP and believe it to not be a real cryptocurrency.

Mind you, your criticism of Bitcoin are very valid, hence why I'm not a maximalist and truthfully share your concerns regarding its centralization.

It's obvious that you know the answer to how consensus is achieved, but my question or more accurately said, my challenge was meant for those who know little to nothing about the tech they claim to love. If you felt it as an attack, then you read something that just was not there.

I also appreciate that after beginning the sentence with a hostile tone, you decided to change your comment. I appreciate it because I suspect that you saw that I had and have no ill intent behind my opinion. But, you must admit that the somewhat gutural reaction my post generated on you comes from "team style" loyalty, that as much as I can understand it, can't be too objective.

Am I saying I have no biases? Of course not, we all do. I may be too much of an idealist and maybe that is my problem. Actually, it might be one reason that will keep me from making amazing gains. But, what I'm trying to convey is that I'm OK with that notion, I'm at peace with that possibility.

That being said Kendra, thanks for stopping by, thanks for voicing your opinion. Believe it or not I value your type of comment 100 times more than I would do a.

"Great post"

So please, let me have it. When you feel I'm wrong, when you think you can teach me something, show me a different perspective. Feel free to tell me, I will never take it personal. I love to debate ideas.

I'll say bye for now... hope your weekend rocks

@meno

...

No digital currency will make people think differently, at least not to the degree that is needed.

You hit a nerve there, because as much as the practical side of me wants to agree with you.. that truth, that little ugly truth poking out of the ground is staring back at me, and i want to change it...

So, in the name of pragmatism I have to agree. But in the name of idealism... I don't want to!!

Hahahah what a conundrum

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Hi @meno, your post is informative. Great research on ripple👍
But i think it is mostly used for bank transaction.
The hike of xrp in 2017 bull run was really shocking compared to others.
And this hike from xrp will definitely attract many crypto HODLers. Now i should think about it!!

You got a 32.13% upvote from @ocdb courtesy of @meno!

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