Ripple CEO: Don't call it cryptocurrency

in #cryptocurrency3 years ago


Photo: finance.yahoo.com

Ripple is anchored in both. The company has two blockchain products that enable faster cross-border payments and faster liquidity for banks, and one of these products uses XRP, a digital token. XRP increased in value more than any other cryptocurrency (32,000%) in 2017.

But Ripple CEO Brad Garlinghouse does not consider XRP, bitcoin or any of the other major tokens to be cryptocurrency.

“I don’t call this cryptocurrency,” he said. “It’s not currency. I can’t go to Starbucks or Amazon and use—and you know, somebody inevitably will be like, Well, I have one example where I bought something with a bitcoin.’ And then I usually say, ‘Well, did you do a second transaction?’ It’s not actually a currency. These are digital assets. If the asset solves a real problem for a real customer, then there’ll be value in the asset.”
Read more: finance.yahoo.com

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he is absolutely right ...indian government also called it cryptoassests....ripple listed in india's major exchange (zebpay) yesterday.

Actually that's better and more reasonable.

I think you can call it whatever you want , but yeah crypto assets are better. And about ripple is growing by some serious numbers and the growing rate is awesome.

yes crypto assets termed by indian government is welcomed...lets see further how is goes on

I do not like XRP but if it can make me some money I will take it..

Very interesting to hear him talk about the "assets" that way. As it stands right now he is right. Even though you may be able to find some places where your crypto will be accepted as pay,met, for the most part the coins are used to facilitate money movement or the complete some function within a block chain that gives value. The reason for my surprise is that in many cases there seems to be a push for people to want to use these currencies on a daily basis. There are projects popping up all the time where "digital assets" are being given the ability to function as a currency through the use of various smart cards. Companies are starting to shift to pay,net systems that allow for the use of crypto currencies. The big issue I see with this right now and possibly a big roadblock is the volatility of the market. The amount of crypto an item may cost each day is still always going to be tied to the USD. The value compared to real cash will mean you don't know how much crypto you will need until checkout.

i read this one earlier i thought about posting, im glad you did tho brother!

Recently in the budget announcement for the country, the Indian Finance Minister also suggested the same thing - these are not 'currency' and not legal tender (what currency actually is). Anyway what's in a name.

Cryptos are a speculative high volatility asset class, as simple as that. They could also function as a currency however, provided in good time, they have better adoption and stability.

Thanks for this valuable piece of information you provided us your steemian friends and loyalties. Its really very informative. I love reading such kind of post that is reavelling and educative. I am tuned in for more of such on your blog

It’s true and it’s one of the reasons XRP gets so much hate as people say it’s not a “true cryptocurrency”. You could argue none of the major coins are either as they are not primarily being used for their intended use case but rather as a store of value/speculative asset.

what there in the name, it a good asset irrespective of what name you give it

That's why i hold all my xrp , because there's a potential to solve a problem trillions of dollar worth of transaction a day.

If it's not cryptocurrency then shouldn't it be removed from crypto exchanges?

LTC will be huge with LitePay...
XRP is a banker coin... not cryptocurrency anyway :p

Ripple future is bright. It will be good for every Ripple traders.

32000%. Not a bad year, eh?

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Gracias por la información, son muy buenos tus posts con mucha información del momento.

Extremely intriguing method for taking a gander at digital currency!

Thanks for this post and crypto ..vote me plz

Stop spamming. If you can make good content you'll get upvote sure.

People knowing about Ripple by reading this post.creative writing about ripple blockchain . Go ahead.Good luck.thanks

Thanks for share this post.

Very interesting way of looking at cryptocurrency!

thanks for information on ripple coin.

The top was when he became the richest man in the world. Ripple is the gateway for all newcomers to alt coins. Having said that - long live bitcoin.

Yup ...actually same should happen to all crytocurrencies.....they should be able to use in any asset.....people should be able to use it easily.....the best thing RIPPLE has done.......waiting for steemit to do the same.....😁

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well yesterday I sold something on Steemit to another person so as long as the method of payment is transactional its a form of currency.

this is a great article on the topic

http://www.telegraph.co.uk/finance/businessclub/money/11174013/The-history-of-money-from-barter-to-bitcoin.html

If you look into the history of forms of currency it has always been this way. does it really matter if it is tangible or not. just because it is held in a digital wallet does it make it any less of a currency.
I can go into starbucks and use my apple watch to pay for a coffee through apply pay or use my starbucks app with money on it does it matter where the source of funds came from its all backed by fiat anyway at some point

Ripple.... ughh... I still dont get why the company has so many fans out there.

will go for Ripple trade, Ripple currency is good and you are absolutely right Ripple is not a cryptocurrency...

You can call them crytpassets, because right now they're more used as a store of value asset, or a speculation asset. But then you have to know if more fiat currencies are being held to store value, or to make trades, because if more are being held for value then they're an asset just like cryptos.

Salt, and beer were once used as currencies, but we call them food because they're larger use right now is for eating.

I do understand where he is coming from. Yes it technically does not have any actual value since its not backed up by fiat. However, it is a tool that people can utilize as a source of payment and solves real life problems. To me asset/ cryptocurrency they both work. As long as the technology is advancing real world problems I don't care what they call it.

Its banking coin and most imp things its centralize ..we are using crypto to be decentralize to get rid from gvt etc so its true riple is aint crypto

The blockchain technology will go more and more private in the years to come. Just think about Kodak ICO. It may be decentralized from govt, but a lot of project will be around blockchain and be used by those kind of org. It's just that it is less appealing for the mass and the foundation statement of the bitcoin and other alt.

The United States Government views cryptocurrency as property (similar to a gold ETF where you never take custody of the gold) that can increase or decrease in value and taxes it accordingly. The rest of the world should do the same.

So XRP gained 32,000% in 2017 and it lost nearly half of it's value since I got it?