I have to admit I’m an early adopter of Ripple. I bought a few a few years ago but not enough to get rich. But that is not what I would like to discuss. At the time when I bought my initial Ripples I was very impressed about Ripple’s Vision. I liked the idea to enable banks to send real time international payments across networks with traceability and low cost settlement. To their credit they exactly concentrated on their vision and indeed various banks are trialing or even using it today.
Did it bother me that the coins were pre-mined and owned by a group ? Not really. Some industries don’t like 100% open source or decentralized systems. I believe the bank industry is one of them and approaching them with a system like Ripple was the right thing to do. Also the latest announcement by Ripple to place 55 billion XRP in Escrow to ensure certainty of total XRP supply sends a signal to investors.
The major exchanges support ripple and the ripple network and its software (gatehub etc) is working really well. Only a mobile app is really missing here.
I truly still believe that Ripple is adding value and has much to offer. The price for the coin I find is still very cheap. What I don’t understand why other coins with less features are trading much higher than Ripple. Currently Ripple is around the 25c mark, very stable but not moving much. Banks are supporting it and it has a very active group working and supporting it.
What else is required to go for the next step for Ripple ? Do I miss something here ?
You've mentioned this but the main reason i'm scared to invest in Ripple is that it has been pre-mined and most of the coins are held by the creators.
Ripple was pre-mined and the creators have only release a portion of the coins. They still hold over 50% of the coins in existence, maybe 60%. This alone has scared me off investing despite how good the technology behind Ripple is.
This means that 50% of XRP's market cap ($9,853,675,986) isn't in circulation, if it wasn't being held and was in circulation you could expect the price to approximately half. The reason they're holding onto so much is because they don't want the price to fall, they release a certain amount of coins each year to drip feed the supply and artificially inflate the price.
Agree that 50% of the Ripple coins are not in circulation that does worry me a bit as well and may stop investors to push it along even further. On the positive side the value of ripple coin is very stable. Even when bitcoin and etherum went north ripple stayed solid. That could show some majurity of the coin
Your post has created a good discussion around Ripple but not yet received any upvotes, mine aren't worth much but you deserve it.
I think in the future I may regret not investing in Ripple. But there are so many different coins and I only have a little to invest so I chose to avoid ripple because I simply am suspicious. Anyway good luck to all of you who hold XRP. Any increase in the crypto market is good for all of us :)
Solid blog. Good to see I'm not the only one who thinks like this. It's surprising how much uneducated investors the crypto space has. You still see people invest in this shady and scammy coins. We really need more insights in the market and previous investment results. I really advice people to take a look at: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. For example: https://www.coincheckup.com/coins/Ripple#analysis To check Ripple Detailed report.
From what I understand from ripple, the way they chose to go is in the opposite way of what the current majority of people in cryptocurrency want from cryptocurrency. Could it still be a good idea for the future? Yes. But I expect to see it sleep for a bit longer. Until cryptocurrency becomes more mainstream. It also already has a huge market cap at that price so I believe you will need a big raise of overall cryptocurrency market cap before ripple touches the $.
This is only my opinion and is not investment advises. I have been wrong before. Just how I feel about ripple (I do own some too).
yes agree Ripple is different to other currency but that exactly could open up doors in the banking industry. I guess time will tell :)
I Agree. Ripple is a good way to bring old world money into crypro. It would be nice if it added a layer of transparency over bank transfers. I am in.
Ripple started off as an iou, then it became a psudo-crypto. They gave away 50k xrp for a post on bitcoin talk, i took it. then they announced they were going to require ID for aml/kyc purposes. I cashed 49k xrp out on the announcement before the start date. i have 1000 xrp i likely will not touch again.
you got lucky to get the 50k xrp. I used Boinc to earn some ripple coins for a few months. For me it was a win win situation. I used my ideling cpu to calculate possible cures for cancer and received XRP coins for that. I like that idea
didn't know they did that.
they were a much better group in the beginning, and the greed got them.
Congratulations @coupeborgward! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPHere is another success story which looks promising. SBI Remit, Siam Commercial Bank (SCB) are using ripple to transfer money between thailand and japan in seconds.
https://ripple.com/insights/its-now-faster-and-easier-to-send-money-between-japan-and-thailand/