The Truth About Ripple (XRP)
I want to clear a few things up, at least from the way I see it. I have been in the digital currency game for about 5 months. I have my hands currently in Eth, Ripple, Steem, XEM, XLM and Bitcoin. I have looked in to Golam, Lisk and Lite.
Form day one, I have heard plenty of negative things said about Ripple (XRP). There have been a few good things online, but more negative than good.
Here are some of the negative comments I have come across and I will debunk them using the best of my knowledge.
• It’s a Scam
It is not a scam! The structure of the company is solid. The CEO and founder, Brad Garlinghouse and Chris Larsen are experienced, especially when it comes to Silicon Valley technology. They keep hiring the best when it comes to banking, such as hiring SWIFT bank employees and others from across the financial sector. So it can’t be a scam if it has a solid team as such. Unlike many of the coins out there that have shitty tech behind their coins and want to make a quick profit, Ripples intensions and overall views are good ones.
•It is a “Shit” coin
With my experience with digital currencies and blockchain tech so far, Ripple has been the fastest! I mean really fast when it comes to transactions. Send XRP, the transactions are done within a blink of an eye! Bitcoin transactions can last from 15 minutes to 1 hour! Eth and Lite, 5-10 minutes. Ripple’s technology is solid, and have the game pat when it comes to speed.
• It will never make it because it is centralized
The original concept of digital currency is the non- centralized component. Yes, it is a great feature and one main reason the digital currency world exist is because of this. Ripple was the first to make a it a centralized blockchain network, and that can be a major factor when it comes to who is accountable in the long run. The problem with today’s banks is there are too many middlemen when it comes to sending money to one another across the world. With Ripple, there is only one, Ripple Labs themselves!
• It can’t be mined
True, there has been a total of 100 Billion to ever exist, but the concept is to keep it from inflating in the future
• There are to many of them!
Ripple labs just announced a 55 Billion lock up of XRP, the rest is out to the public. Yes, there is many still in the wild, but did you know between every transaction there are certain amounts of XRP that will be destroyed? Yes! The amount of XRP in existence will go down. It might take awhile because it is a very small fraction, but imagine if plenty of institutions start using it so much (It might happen) to the point where the amount of Ripple will go so low, it will go up in value! Let that sink in.
I bought 75,000 XRP for 0.006 and as you know, I have made a very nice profit! Floating around .35-.40, XRP will easily be a $1 by the end of the year, if not, summer. At their rate! It will be a matter of time that Ripple will be taken serious by the whole digital currency community. Advice, DO NOT USE POLONIEX when it comes to trading XRP!!!!!!!
Ripple Labs was named one of the 50 Smartest Companies by MIT Technology Review and was then ranked No. 4 on a list by Fast Company of the World's Top 10 Most Innovative Companies Of 2015 In Money Mag!
Ripple Labs was named one of the 50 Smartest Companies by MIT Technology Review and was then ranked No. 4 on a list by Fast Company of the World's Top 10 Most Innovative Companies Of 2015 In Money Mag!
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If just some of the big banks will regulary use ripple for international transactions, the price will go much much higher for sure. $13bil. market cap could be just a small top of the iceberg.
@coinworld I agree, they WILL catch up and past Bitcoin. Ripple get to $1 sooner then we think. Plenty of banks overseas or all ready using the tech and loving it. More and more banks will adopt the XRP protocol in the following year! Keep investing.
Followed! Cheers
Thanks for this input. As I'm just started, I need to get more understanding for the different coins - this helps. Got my upvote
It's great that so many of the 'true believers' in the crypto-sphere are so ideologically passionate about this, which is the only explanation I can come up with for why Ripple isn't already far higher. But having such a passionate anti-bank stance is self defeating because the ONLY way crypto will go mainstream is if people can buy a loaf of bread with a currency that won't drop in value by $1000 overnight and make it twice the price. At the moment the kind of volatility we're seeing while this is in its infancy is like a hyper-hyper-super-mega-inflation/deflation cycle on steroids that happens extremely quickly. These are opportunities for traders and speculators, but not for every day people to spend.
In fact I even wondered if the very fact that XRP is controlled is allowing them to intentionally keep the price so stable, because stability will be a major selling point, and it's absolutely vital. But I don't think so, I think hype and excitement plays such a big role in the growth of coins that it really is more about this ideological rejection of it.
The cat is out of the bag, this is no less than the internet of money being born, so all the democratisation the idealists (me included) are wanting is going to happen. But it all comes down to the front end. Day to day use will be primarily smartphone based like Apple & Android Pay, and you will use your multi-coin wallet of choice and pay with whichever coin you feel like on the day according to which is highest at the time of purchase. Everyday people will have direct access to the markets and be able to basically profit from their ups and downs on the fly just by paying with the coin that's highest, little and often that could really make a difference.
So it's really irrelevant. Personally I think if people see it as an evil (I don't actually, they just have their heads in the real world), then better to just see it as a necessary evil.
Either way, I'm buying up as much as I can while it's still only around .20c. This rejection is strange, but it makes it a very good opportunity to get in quick before it finally does start rising.