My short rant on Ripple....
I am not going to tear Ripple a new one here, I bought a few several months ago and it has shown good value. Just a few problems that I see. I have a “stuck” wallet that I created to get the Ripple through Shapeshift. If something new hits Shapeshift, I buy a few bucks worth as an investment strategy. I do not have every single coin they support, but it is an older industry player and a brilliant platform. The hot wallet I made is holding 20 XRP, as I sent the coins to a hardware wallet as soon as I could. No biggie at the time as it was only a few cents. Now the 20 XPR are worth more and I would like to flip them into something else. I have the other wallet also, guess it will be hodling 20 XRP forever, or at least until the amount needed is changed by the bank-like company…
Ish number 2, the “founders” are holding back 60% of the coins. SIXTY. PERCENT. That seems high by any measure. The coin was “pre-mined” so holding some back is probably okay, but I remember when they locked them down and it was slightly controversial then.
Last point, and I had this in mind when I first heard about Ripple. Why would banks use it? Obviously I hedged against this by buying some, but it seems like even with the ridiculous growth in the cryptocurrency market the banks still have way more “money.” Why would they not just hire their own folks to build private blockchain distros. Seems like common sense to me. Then again, making you keep money in an account and hoarding most of the money for themselves, maybe Ripple is a Bank. They sure are acting like typical banksters.
"Why would they not just hire their own folks to build private blockchain distros"
I've said this for awhile to. These big institutions will simply create their own, not use ones that are truly decentralized.
Like Facebook, Zuckerberg saying he's looking into crypto and people are asking "I wonder what one he will use" and it's price will sky rocket. The sad fact is they won't use any. If they did go that way they would simply make their own.
Really tempted to unload my "8 bucks" worth of bitbean.....for 2,400.🤔🤔🤔
Haha I remember seeing BitBean awhile back and thinking what a name, I can't invest in that. If only I had of known that like 99% of these alts would get you some profit.
It was marketed for kids, family, fun....My oldest , @walky123 , is into LTC instead!
I am starting to follow industry people, like Lee Vorhees, and Larimer. Whatever Zuck buys I will dump.....just like I did facistbook.
It's mad how a tweet from anyone big in crypto has the power to pump a coin so much. John McAfee being one.
Some banks are probably considering building something on their own while also testing Ripple. The question is - which would be cheaper, as it is all about reducing transaction costs.
Their freezing of Jed McCaleb’s account was straight up a big bank move, very undecentraluzed of them to be certain.
I had not even heard about that. You have a link?
https://news.bitcoin.com/ripple-gateways-can-freeze-users-funds-time
sorry here’s one
Wow. I have my few XRP in a Ledger. Was thinking to only use it for that one thing. Now I definitely will segregate the ripple, since it is pretty much a cancer. I occasionally drop a few bucks on some $h1Tcoin, but I had no idea. This actually defines that term....Thanx!