Ripple / XRP - Central Banking 2.0 or seriously misunderstood?
I don't know for sure if ripple is the latest and scariest in a long line of banking scams that ensure power remains in the hands of the bankers, or simply an opportunistic caretaker for the dying economic paradigm of central banking debt slavery. There is still plenty of money to be made out of the legacy system, perhaps that's all ripple is interested in?
From what I have read in the past about ripple and from what I've recently read on their website, I fear it is more likely the former.
ripple sits on the Federal Reserve's Faster Payments Task Force Steering Committee and co-chairs the W3C's Web Payments Working Group.
ripple website
They want to use blockchain technology to connect all the banks together, with ripple acting as the intermediary. Ok and what happens if they are successful? Who controls the network?
At present, around 25 validator nodes form the backbone of the ripple network, selected by ripple having demonstrated adherence to their criteria (some of which is perfectly legitimate.)
Stefan Thomas, CTO of ripple writes...
In order to maintain future network reliability and mitigate the risk of a single point of failure, RCL needs to be able to securely run without depending on any one entity. Today, RCL has 25 validator nodes running, but continuing to grow and diversify this list of recommended validator operators is a priority for us. Diversification means a variety of identities, geographic locations and software platforms, all of which will further mitigate the risk of a single point of failure.
ripple validators are chosen based on their merit as validators. That is to say, the most reliable, reputable, stable and secure validators will tend to appear on most people's UNLs.
So ripple "recommends" and someone "chooses" the validators....interesting. Who chooses? Who controls the criteria? How long before expediency or outright corruption interferes with this process? All banking scams begin by building confidence. Ripple and every ripple employee may be completely honourable and doing their best, but if the gaps are there, they will be exploited eventually.
Ultimately, the network has, from my point of view, a very dubious governance model in which, ripple has far too much influence. It would appear that every layer of protection we expect from blockchain based networks could be compromised. The software, the protocols, the validators....ushering in a new era of total banking control the banks can only dream about presently.
Most banks won't go near any blockchain network they can't control, yet they appear to be all over ripple.
15 of the top 50 banks work with ripple
30 active integrations
9 countries with banks implementing ripple in production
I would really appreciate it if someone with technical knowledge could post here or do their own post on ripple and explain if my concerns have merit. I am not into FUD, I've been concerned about ripple for a very long time. I think it is important for people to be aware of potential harm if networks without the right governance model is adopted. No freedom loving person wants to contribute unknowingly to the further enslavement of humanity on the very edge of freedom!
Happy Steeming
I do not like ripple mostly because I love the de-centralized aspect of crypto-currencies. But it is tough to sit and watch the value of the ripple continue to increase and not do anything about it. Apparently they are putting a lock on the network in June so the only coins in circulation will be the only coins available. Some believe this will drive the value even higher. We shall see.
I know what you mean. I think choices like that matter. Maybe not in the short term.....so load up if you want to make some gains! But in the end, we will need to choose the networks that are best for us in the long term and without leaving it too late! :)
Agreed. 'Stellar Lumens' blockchain network recently partnered with Deloitte and now they are seeing massive gains too... The centralized blockchains are growing rapidly.
Good point. Stellar has very similar issues.
To fight against global poverty and inequality we should be using tools that empower individuals. Ripple is empowering banks – those same institutions that have caused a lot of poverty and inequality to the world. Obviously I'm not a big fan.
You said it bud. Absolutely.
this is a great write up, i am unsure about XRP and the bank backing it. There is some profit to be made with it in the short term tho i think.
Thank you. Yes i think you are right. Having read the article busser provided the link for, it would seem that continued price rises may depend on further Japanese over-excitement or perhaps another nation coming on line in a big way.
Images say a million words here. Creepy!
i'm still shuddering myself!
good post I own ripple. But sometimes I feel I have a deal with the devil.
So im also curious what technical experts has to say
I also owned ripple several years ago. I don't begrudge anyone any gains they've made and I don't think the people at ripple are all out to get us. However, If i'm right about faux decentralisation, then we all need to be aware that there will come a time when we need to make a choice. The banks or us. Freedom or debt slavery.
I really hope someone technically savvy will comment!
I think ripple won't be that big. It is just one of the first to grow up and so looks big compared comparatively to the others. Ripple value will be $1-10.
2018 will see it rolled out with lots of people using it and we are already begining to feel the effects of its current use, much of this driven by strong investor confidence and big backing. I think it will just occupy banking and act as the new Western Union money transfer among other things.
Other coins will have much higher market cap and usage.
I have invested in ripple, but I have also invested in other coins. The ripple rocket is launching today and the other rockets are launching tomorrow.
Ripple is a small player.
Thank you for your insight, I hope you are right.
I think it is good blockchain networks become part of the 'normal' world for the reason that this is required to get blockchain and de-centralised solutions more accepted by the mass. We can hope for a revolution, ie replace old systems and models by new systems and models in one go, but we all know that that is only theory and can never work in the world we live today with so much power to some of the companies and so much technology powering all the services we enjoy each day. Therefore we will have to go through a transition phase bring crypto from its invention stage to a mass market adoption stage through many in between stages. We are just at the beginning of the whole journey. Whether Ripple is a to be trusted independent party and coin for the future, that is up for debate. If you do not trust it? Don't buy the coin. But that doesn't mean someone can still continue to support running Ripples network, this will prevent the control of Ripples network to fall into a single power.
Thank you very much for the comment edje. It is my view that the transition you talk of could happen very rapidly and that it is more about education and knowledge. Once a critical mass is reached.....3% of a population....I think the figure is, then acceptance or lack thereof can happen very quickly. What is important is that these issues are out there and are discussed.
If Ripple are able to control the validators / the criteria for selection / the software etc.....then they ultimately control everything on the network.
When that happens, then Ripple becomes part of the future past so to speak. When that happens, no issues at all We have a gazillion other coins that can do whatever Ripple did yesterday. I would not be worried.
It can only go rapidily when the cryptos are made as simple as Euro/US$ or whatever fiat currency in stability and simplicity to handle these digitally. We are very very far from such situation, therefore I do not believe cryptos wil become mainstream in the next 3 years, probably it'll take more like 10 years or even more.
nothing takes ten years anymore, try 10 months.
LOL.... I think you are disconnected from reality! After 8 years only 1 BTC ATM in the city of Amsterdam, already here for some time with commission over 10%. VIVA with plans to roll out 1.000 ATMs worldwide, but takes at least 12 months for this. Several webshops supporting BTC already for years, but the number of webshops not really increasing. That are the facts, and they will be turned around in 10 months time.
Future telling is not easy. If you think you know anything in particular you are most likely foolish. My point is things are happening faster and faster every day. AI could speed up things even faster. The future is coming on fast.10 years isn't what it used to be.
I know, and that is why I'm not saying 20 years from now :)
Agree, and I'm one of the believers of AI singularity in 30-50 years.
That is a very bold statement! History tells us this. IP required decades, Internet required decades, mobile telephone required decades (my father had his first 'mobile' phone in 1982). Crypto will require at least 20 years, started 8 years ago. 8 years and only we are were we are...so at least 8 years before mass adoption, maybe longer, that is why I stated 10 years. But lets see, time will tell, but I can be a dreamer, but generally I'm a realist. Lets check back with each other in 10 months, and then each year to see where we are. Lets bookmark this conversation :)
Absolutely, my dad got his in92' and it was a useless brick that cost 500$. Yes let us check back. I do not think the past timelines will apply. fun
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Interesting point of view is here: https://medium.com/@coin_and_peace/new-wave-of-japanese-investors-are-fueling-the-great-altcoin-bubble-a504383172ff
I rather agree with it
Just read it. A very interesting perspective. It was a very convincing read actually. Thank you busser.
excellent writing about XRP
thank you bud!