Ripple: The whore of Wall Street?

in #steemit3 years ago (edited)

For the last few days, I have been watching the price of XRP goes up and actually I wonder why.


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Although I have no doubt about Ripple's future, I seriously question the future of XRP as a currency. Because, the idea of XRP becoming a currency that we can use on a daily basis is as today a total fantasy.

Will Ripple really push XRP to become a currency that replaces fiats currencies? I doubt that.

Ripple is exclusively a service company. Their goal is to embed their Blockchain technology/Ripple Transaction Protocol (RTXP) in as many institutions as possible and offer cash transfer solutions to banks. Its founders never expressed the intention that XRP has the function of a store of value. The XRP originally had a utility comparable to "gas" in the case of the Ethereum network.

By the way, banks do not use XRP tokens directly. Ripple uses them as trade-in vehicles.


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When people are asked why they bought XRP, they usually say it's because the big banks are getting involved. Guess what? Banks are cryptocurrencies enemies. They see them as a potential rival, very likely to destroy them soon.

So, why support Ripple?

Actually, there is no reason to support Ripple, except those two:

First, if you are one of the many speculators who are turning a great libertarian idea into a "Stock Exchange 2.0" and are poisoning the crypto space.

Second, if you are one of those blind investors who buy anything just because someone said something on YouTube or Reddit. These people have not done any research ahead of buying some XRP to find out who Ripple is, what it’s mission is and above all who owns the majority of the tokens. Even his unfriendly nickname of: "bank’s crypto" did not ring any bells. They simply follow the trend without knowing what they are actually doing, indirectly supporting the current banking and financial system, which is killing us and exploiting us.


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Those XRP lovers deny the very spirit of cryptography and definitely do not believe in a decentralized financial system, which wouldn’t be controlled by the same mob of banksters, Hedge Fund partners and other crooked political advisors
(See Ripple's Board of Directors).

What's more, for the allocation of Ripple 100 billion, 20 billion have been retained by its founders and the remaining 80 billion are delegated to Ripple Labs.
(See this article)


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In fact, if everyone ever used XRP, it would simply be a "blockchained" replica of the current banking system, where money always goes into the same pockets.

Next time, invest your money in a project like Steemit, which offers a free and totally decentralized space of expression at the service of all and controlled by the people.

This post is an English traduction of this post from natachayacinthe1

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agree with @diezeldiddy

None of the crypto tokens will replace fiat currencies. There is a prediction out there that 2018 will see first digital money issued by a Central Bank with multiple countries working on this.

What's your take on Stellar then (co-founded by Jed McCaleb who was heavily involved in Ripple and also original creator of Mt. Gox)?

@verto0912 Let's make it simple... I don't want to talk much about Stellar because I'm not familiar with the project, but what I can tell you is that as a crypto-die-hard fan I'm not comfortable with any crypto that helps banksters continue to rape us. I'm not comfortable with a fully premined cryptocurrency and when almost all the tokens are still in the possession of the company, which by definition centralizes the control of that crypto.

true that @zmzngrg, Ripple is a centralized token. Here's Charlie Lee saying just that on Twitter.

can't change the world overnight man. If the bankers get rich solving an actual problem for the rest of the world (i.e cheap and fast money transfers - costs a fortune to send money to my folks in Ukraine) then so be it.

@verto0912 Yes, unfortunately you're right about that.

I'm hesitant to say too much about Stellar because I haven't researched it much, but as far as Jeb, I am leary. Now, this is from a third person perspective, but he was part of the problem when Mt.Gox went down and the many problems plaguing it that led to the theft. Now I don't doubt he as extensive crypto knowledge and could be a valuable asset to a team like Ripple, but leading his own project is different. He allowed Mt.Gox to be so vulnerable and instead of putting a halt to it and fixing issues, he plowed ahead as the honeypot of money flowed. Either he was purposefully unethical or irresponsibly ignorant. The leader of a project carries a weight and I like to think he learned from the mistakes, but with Steller taking off.....that's a fuckton of money and dwarfs mt gox. He could make the same mistakes or be consumed by the greed. After all, he still makes a ton no matter what. Granted this is just my take and I don't know Jeb, nor hope that this is true, but it's just my take.

@diezeldiddy you are misinformed. Jeb started Mt. Gox but sold it as soon as he realized the regulatory and legal issues with running the exchange from the US. Mark Karpelès ran it for like 2 years, I believe, before it collapsed.

@diezeldiddy I couldn't agree with you more...

I certainly don't think it can replace currencies, or even restructure or shaping banking structure, but I do agree it has massive potential. Transferring payments between banks and its speed/scale will be massive. But like you said, it's potential and institutional money is always viewed skeptically in this community.

@diezeldiddy Dont get me wrong, I think Ripple's protocol is a great piece of sofware, but it absolutely doesn't fit with Nakamoto's original idea of a decentralized alternative currency out of government control. The community has to be skeptical because of their previous actions.

Wouldn't it be ironic if Bitcoin, the coin that started this space, with a finite supply and decentralized peer to peer protocol is dethroned by what is basically a bank coin with infinite supply.

Good article my friend! I am going to share a link with tomorrow mornings cryptocurrency headlines at https://honeybadgerdaily.com/ I hope that you don't mind. Cheers!

Ironic indeed! I hope not... Thanks a lot @wingo11

I voted even thought I'm invested in Ripple. There's a lot I don't know about Ripple even thought I read about it quite a lot.

I invested mostly looking at the chart and knowing that Ripple is very fast and the network doesn't cost much to be maintained compare to Bitcoin.

I totally don't understand what the relationship of XRP is with the Ripple network but that's because I haven't read enough about it.

I had quite an interesting conversation with Ripple's CTO @joelkatz here on Steemit.

https://steemit.com/ripple/@joelkatz/re-teamsteem-re-joelkatz-re-teamsteem-re-joelkatz-re-teamsteem-re-joelkatz-re-teamsteem-re-hilarski-i-am-highly-disappointed-with-the-crypto-currency-world-and-the-rise-of-the-banker-coin-ripple-20170521t005952568z#@joelkatz/re-teamsteem-re-joelkatz-re-teamsteem-re-joelkatz-re-teamsteem-re-joelkatz-re-teamsteem-re-joelkatz-re-teamsteem-re-hilarski-i-am-highly-disappointed-with-the-crypto-currency-world-and-the-rise-of-the-banker-coin-ripple-20170521t040138805z

Thanks for your upvote, I appreciate! Ripple is a very good investment for an investor or a trader like you and I respect that, but for me cryptocurrency carries the message of a future without banks. Maybe I'm a dreamer, we'll see...

ripple will crazy this week

regards
@azmielbanjary

@keiserreport Check out this post