Was on Polo browsing the troll box last night and someone was FALSELY comparing STEEM's inflation rate of 11% to Ripple's 0% "fixed supply". Yet they conveniently left out that Ripple had increased their coin/token supply 3x's over the years... from what I recollect and I'm sure that equates WAY over a 11%/yr inflation.
I've stayed far away from Ripple due to it's centralized nature and MASSIVE dev account holdings!
I don't trust Ripple either. If the bank that back Ripple fails then the system is worthless and these banks are worth less then worthless to start with.
The chief technologist of Ripple has a couple post on Steemit. On is last post I schooled him so hard on money creation he never came back. Okay that is most probably not the reason why he never came back but I love to think it is so...
Here's is propaganda article about money creation and my comments to rectify is misinformation. They both are priceless. I'm glad I was there to leave that comment on his propaganda piece.
I'm glad to finally have some reply. That's so cool.
Aren't entities backing the value of the Ripple tokens mostly corporations in particular financial institution/banks? If you're not a trusted parties on the Ripple network, then won't other Ripple nodes or gates refuse to transact with you? I never fully understood Ripple so I could be totally wrong.
The quote below is an excerpt from the comment I made and linked and that you said you didn't understood. What is it in that that you don't understand exactly?
"In essence, the ex nihilo money creation practiced by the private banks is similar -- I do not hesitate to say this because it is important that people understand what is at stake here -- to the manufacture of currency by counterfeiters, who are justly punished by law. In practice both lead to the same result. The only difference is that those who benefit are not the same." Maurice Allais 1988 winner of the Nobel Prize in Economics
Nobody backs the value of XRP. The value is whatever people agree to buy and sell it for.
Being trusted by other nodes is only necessary to participate in the negotiation of transaction ordering. It's like mining in bitcoin. So long as other people are doing it, you don't have to -- your transactions just work. Ripple servers accept transactions from anyone and include all valid transactions in the consensus process.
As for what I don't understand -- there is no ex nihilo money creation here. We created a token whose value is based on the value of a payment network. If the payment network is worthless, so is the token. As the payment network gains value, so does the token. This is the same thing bitcoin does and it's the same thing companies do when they issue stock. The only value the token represents is new value created by the system. XRP is not an IOU paid in dollars that magnifies the number of effective dollars in the system because its value is free floating and not pegged to anything or backed by anything.
Thank you for answering David. Here's what I read yesterday. It's from ripple.com.
Issuing gateways do not need to accumulate or exchange XRP. They must only hold a small balance of XRP to send transactions through the network. The XRP equivalent of $10 USD should be enough for at least one year of transaction costs for a busy gateway.
Private exchanges and liquidity providers may choose to hold additional XRP for trading. Ripple (the company) does not promote XRP as a speculative investment.
"...we will engage in distribution strategies that we expect will result in a stable and strengthening XRP exchange rate against other currencies."
"...we expect our company to hold approximately 50 billion XRP by the end of 2021. This schedule is indicative and discretionary."
It's a strange read. Is Ripple Inc looking for a stable XRP price or strengthening one? I'm not sure of the meaning of the sentence there.
You're right about Ripple or the Ripple protocol not creating ex nihilo money but aren't the Ripple IOU (which I don't know how they're called) aren't those IOU back by anything and possibly fiat currency? More fundamental than this, who runs the ripple network? Will the ripple network still be running if Ripple Inc goes bankrupt? Can Ripple Inc create more ripple than exist today whether or not they've gone bankrupt?
I have read quite a lot on Ripple yet I was never able to answer to these simple questions. If Ripple Inc is necessary for the network to work or if Ripple Inc can alter the network without anyone being in the capacity to block their actions this is a problem.
Every sovereign individuals thus every Steemians have as their highest interest the dissemination of the most mutually beneficial knowledge. In contrast, all other institutions, companies, governments, armies, etc., have as their highest interest the empowerment of themselves at the expanse of everyone else. Generals, elected leaders and companies always have more empowering knowledge than their subordinates and competitors and their power depends on it.
Synergistic empowerment is a greater ideal than systems of parasitic empowerment or empowerment at the expense of others. Empowerment at the expense of others is what currently rules human society and something we fundamentally strive to do away with.
The ledger XRP trades on supports several different types of assets. XRP is the native token. It has no counterparty and no backer. The token was created out of nothing, but it when it was created, it had no value. Its value was created by years and years of hard work by over a hundred people.
You're right about Ripple or the Ripple protocol not creating ex nihilo money but aren't the Ripple IOU (which I don't know how they're called) aren't those IOU back by anything and possibly fiat currency?
The public ledger XRP trades on does support non-native assets that are effectively IOUs backed by fiat. It has a built-in exchange system to allow these assets to be traded for each other or for XRP and to allow cross-currency payments.
More fundamental than this, who runs the ripple network?
Who runs bitcoin? Whoever wants to run a server runs one. Whoever wants to run a validator runs one. Network governance is by the stakeholders, more or less like it is in bitcoin. Right now, Ripple is the largest stakeholder, but we are working as hard as we can to change that and we expect the recent growth to bring in new stakeholders.
Will the ripple network still be running if Ripple Inc goes bankrupt?
Good question. I don't know. We have no secret sauce. Others could keep running it if they wanted to. But nobody could force them to. I suspect exchanges are making enough money now that they might keep it going without us. It's hard to say. Over time, XRP will become less and less dependent on Ripple. But we're still in the building phase and it's still our baby, at least for a little bit longer.
Can Ripple Inc create more ripple than exist today whether or not they've gone bankrupt?
Not without doing something comparable to what you would have to do for bitcoin miners to raise the block reward. We would have to build broad community support and risk (and probably cause) a hard fork.
No system can prevent a supermajority of people from changing the system. They can, if all else fails, just build a new system and declare the old system dead. The minority can, of course, if they want continue using the old system.
There is, of course, no code in rippled currently to permit the creation of new XRP, just as there is no code in any bitcoin implementation I know of that lets you raise the block reward. If some small group of people introduced such code, everyone else would just ignore them.
The recent price rise still remains pretty incomprehensible in the light of the first 2 quotes I provided in my previous comment.
As I understand and because of your position in Ripple Inc it is understandable that here and now is not the place for you to very seriously discuss this matter.
Thank again for enlightening me on the rest David.
Thank you for saying this. They created 100 billion coins from thin air and distribute them at their discretion. They currently own 62% of the coins and plan to hold 50% for awhile. It says it right in their website. This is the exact opposite of everything cryptocurrency is about. We need to continue informing people.
That's correct. No mining, no staking, no set plan of distribution. Just boom 100 billion coins now exist and are being distributed to their friends however they like. Then they sell those coins to "normal" people.
Nope you can't mine it but most new crypto users don't even know what mining is, or the importance of decentralisation. It's outrageous to even compare it to crypto-currencies. It's more like a fiat currency but without any checks or balances. If you thought the federal reserve was bad...
Wanted to point out some points about ripple that a lot of people probably don't understand. Ripple like every other business wants to make money, even the Steemit business and all of you reading this, we all would like to make more money. Most of us have values and don't take greed to the level of some business people out there, but again everyone would love an extra buck or two or hundreds. ripple was designed to make cross border payments easier and much less expensive and then easily convert it into fiat of there choice. In my opinion they want to be the money gram or western union of the future. Which are two huge corporations to go up against, they dominate along side some other smaller companies. There is a lot of misunderstanding when it comes to ripple. Again I'm not for it or against it, it is what it is. I wanted to point that out. There trying to replace a system that's already in place and make it cheaper and faster, some banks are signing up to experiment with ripple most likely because they probably feel left behind. I know I'll get trolled for this comment, so be it. I'm simply stating a point to clear up some air.
I wouldn't stress over it too much. Yes, it is the bankers coin and as such, it is ultimately doomed along with all their worthless fiat currencies. Anyone who has any of these should immediately either put them into another crypto-currency or better yet, buy physical silver! The more of us who use their worthless paper crap towards tangible silver, the quicker this long overdue inevitable financial collapse will occur. They in turn will either be locked up, hung or otherwise disposed off!
Great input! However, it must be understood that the majority of the people in the crypto community do not care about some of these factors being peddled around and against Ripples. Rightly speaking, the crypto community is being invaded by traders who are pouring in liquid fiat currencies into the cryptomarket and are making a killing by moving the market to their favor. It is a game folks.
The fundamentals of Ripples may not be as stable and decentralized as bitcoin, but guess what "follow the money!" Right now the money is in Ripples. Previously in the last few weeks, it was in bitcoin, Etherium, Litecoin and Dash. Ride it now while it lasts and don't fight the banksters while they make a killing of profits in the same community-except you are here as a preacher for crypto-morality!
On the one hand I think you are fully right about this.
On the other hand I am invested in six crypto currencies - Steem, Bitcoin, Ripple, Dash, Augur and Monero (in that order)
Two I fully believe in and want to stay with - Steem and Dash.
The others I just want to make $ from.
And Ripple - holy crap I've just made 950% in the past month (Dash is the lowest at only 9%)
So like a politician, at the moment I'm going where the money is and ignoring the ethics. This is not my usual behavior, but 950% is not to be sneezed at...
Since I wrote this yesterday it's gone up even more - we're now pulling in over 1000% gains on Ripple - investing in that one was like winning a lottery :)
We will see how it plays out?? Some bank out there may end up giving out Bitcoin loans via the platform. Personally, I like the idea of P2p lines of credit/ and the "Rippling" function.
Exactly! The reason Ripple hasn't been trading much until recently is that everyone involved in crypto, everyone who saw Ripple come to be know exactly what it is.
But with the recent pumps, newcomers who are just looking into crypto for the money will jump into anything they think will make them rich.
Ripple will not make any of you rich, it will take everything from you.
Ripple shouldn't even be considered crypto, they were the first who attempted to sell themselves as a blockchain to profit from the crypto-mania.
Ripple is the coin for those with short vision, people who only care about becoming rich regardless of who they hurt in the process or if the whole world comes down as a result.
I am very happy to see that you are speaking against this, proud actually. It's nice to see people who will use their power for something other than getting more power.
Yea this ripplescam is pretty much everything we as a cryptocommunity don't stand for. It's centralized, they just release more coins when they feel like it. It's only attracting people because there's money to be made with it.
I share your sentiment. A lot of the price rise is being fueled by speculators in Japan and South Korea, I don't necessarily think the Ripple euphoria will last. Guess we will have to wait and see.
I had no idea. I saw that Ripple had increased in value, but had no idea it was not a legitimate crypto.... last thing you want is the banking industry involved.
I think people go blind when they see the possibility of making a stack of money. Then the Banksters turn off the supply and everyone cries foul. "It was Bitcoins Fault!"
If Satoshi is looking to this he probably think"Poor people I gave you the money without banks and ....and now you choose the banks and centralization again"
Bravo Sir! I haven't watched the video yet but good points made and many folk want a quick buck...who doesn't? But we all need to be careful and look into the backgrounds of who is behind the coin as there are a lot of coins out there and come a lot of coins comes a lot of scams.
The unfortunate thing is though, most people do blindly vote, be it crypto or politics, we as humans are sheep unfortunately. I remember at school, a teacher telling the class how to make a change in the world. He drew a circle and put a dot in the middle, then another dot, and another and so on, soon there was dozens of dots and it reminds me of how people can make a change, no matter how insignificant we may find ourselves. ( I know I went off on a tangent there! sorry!)
Thank for sharing! I am interested to find out your thoughts on whether we are in a cryptocurrencies bubble now? Here is the DATA which support this my assumption: it looks that we are entering bubble territory for a vast majority of alt coins (except Bitcoin probably). Just think about and analyze the following facts:
At least several dozens alt coins market caps skyrocketed 300%-4000%(yes, four thousand!) recently just over last 2 months!
The beginning of sharp increase happened around middle of March of 2017 for ALL alt coins!
But for vast majority of other alt coins nothing has changed drastically during the last 2 months! At all! Neither in their technologies development, nor in their business development! But nevertheless, their market cap skyrocketed 300%-4000% in just 2 months!
The only explanation which comes to mind is that huge amount of new capital is coming to cryptocurrencies market. Probably these are the people/investors who have heard about the first wave of Bitcoin and Ethereum successes, and they have a FOMO (fear of missing out) now. They don't have deep understanding of cryptocurrencies space and their differences, but because of FOMO they still invest in all other alt coins hoping to hit jackpot!
Does it remind you anything? Yes, exactly, dot com bubble of 2000 looks very similar!
Therefore, I would expect some kind of significant downside price correction within next several months for the majority of alt coins. Would you agree?
It is quite possible @Alex13 but a bubble usually takes mainstream adoption. We are still a tiny fraction of the worlds reserves. It does remind me of the DotCom bubble but very early on. I think we have a few years to go. We have seen anything yet.
If we think the banking world Lets this new market untouched, think again. Bitcoin is in fact opposite to a bank so they Will put effort and money in this ripple thing to make it in the future the Crypto of preference. Its a sick clone of crypto they can manipulate as they wish. That you can tell by the. Exchange rates... stat awayfrom ripple, my advise
Just because someone puts together a great technical platform based upon a cryptocurrency to sell to banks doesn't mean that they are somehow "evil" or a scam owned by the banks. If you want to really talk about evil industry then choose ones with a real track record of highly disgusting behavior and incredibly dangerous products.. Monsanto (a.k.a. Monsatan), Goldman Sachs (a.k.a. the Vampire Squid), McDonald's (a.k.a. McDeath), pharma and vaccine manufacturers, military industrial complex, etc.
Ripple is just providing a product like any other and a damn effective one at that. So what if they make money on something that works.. they should. And regarding whether people really care what Ripple does, the new investors absolutely do. They legitimately want a real business case.. and they have one. You're painting them as evil, but it's not based on objective facts. Check out my recent article as a rebuttal
I just wrote a comment a moment ago about how I am not happy to see Ripple and Stellar Lumens doing so well. Then I check my feed to see this post.
I'm glad I'm not the only one who is disappointed about this. I have avoided the temptation to buy into ripple even when the prices have been soaring. I don't want to feel that I have been a part of its success, because then I will ultimately be a part of the failure of legitimate digital currencies that seek to free the common man from the shackles of fractual reserve banking.
I've refused to buy into Ripple and have been watching from the sidelines. It is rather disappointing seeing the price go up on a centralized Blockchain currency. IMO, Ripple is just a means for bankers to steal bitcoin. Buyers beware, I don't think this will end well.
I think in the crypto currency, a lot depends on developers and investors. Their design solves a lot. Crypto currency can be raised or raised and lowered. Everything depends on many factors. Everyone wants to earn money, but some people want to immediately, while others see earnings in development. A concrete example of STEEM and SBD.
Some play roulette - others own roulette and a casino.
Thank you for the information and for the post.
I understand the negative sentiment in regard to ripple and share similar concerns but I am not sure how anyone can define what a cryptocurrency should look like and how they should be governed. Although it may not be technically 'mining' I was rewarded with Ripple some years back for running a BOINC client analysing data for cancer research and other endeavor's. I recently turned up my house looking for my wallet PK and am relieved to have found it.
I think all innovation in blockchain technology is a positive for the entire ecosystem and will help opening more eyes to the opportunities that exist in this space.
Why the dissapointment? Crypto market is market. It was only matter of time for banksters to release that they need to keep up with technology. Also, its up to individuals to invest or not. I personally started my crypto journey because I could not stand the way the banks and other "middleman" institutions work , so I'm staying away from Ripple. I'm not speculant and really don't like the way this project is managed (centralized). But as I said, its free market, and as long there will be demand, they can do whatever they want. But without me. Only my 2c.
Yes I agree Ripple is opposite to what decentralization is all about... banks last stand to still be somehow in control of the currencies, fiat or crypto.
Ultimately, I think Ripple is not and should not be called a cryptocurrency. It is trying to fill a different niche. It is an interbank payment protocol that is compatible with cryptocurrency. It has a place, and the reason behind its growth is due to its network with banks, particularly in Japan. Fiat can more easily flow into Ripple than other cryptocurrencies, due to its bank integration. I only hold a small amount of ripple as I don't believe that it is a viable network to store wealth, due to its massive uncirculated supply, and arbitrary distribution mechanism. It is not intended to compete with decentralized cryptocurrencies, it is basically a fiat currency owned by Ripple that uses cryptographic payment methods, but not much else.
Ripple is simply eliminating a huge cost factor for banks. No more costs when exchanging different currencies, no more Swift transaction fees. Thats it. They created enough XRP so that trillions worth of value can one day be moved around the world with XRP.
XRP is also useful for micropayments and very useful for the internet of things. When your fridge orders some milk it can be done with XRP.
Starting at the top, the ripple effect can be very pervasive.
I like your post...and I definitely get where you are coming from...my contention is that truly crypto is ultimately doomed, i hate to say...Smart contracts and blockchain tech will fully integrate, but powerful entities like banks, govts, corps will not allow an open-source, public, p2p currency system last very long....In the end, it will become criminalized to use currency that is not traceable to the parties in the transaction....
Why and how?
Why...because tax fraud, money laundering, illicit transactions...not to mention that those entities will lose money hand over fist....
How, by saying that crypto is enabling blackmail, bad political activities, hackers...they will convince the mass population that it is dangerous...that it is a matter if national security....
Public blockchains will have to be for social media, public records, libraries...
It's going to happen....
With the political powers at large, such as Putin, there is no way they are going to let precious funds go undetected for long....
This is, I think, a reality...not in the forseeable future, but def by 2020....
My prediction....who knows.....
I'm just a simple-minded fool hahah
Following and voted!!
Look forward to more of your great writings!!!
In the first step, we heat the air to about 180 Celsius for about an hour. After baking the air thoroughly, mix baked air and hot air half in half, and let cool for some minutes. And that kids, is how we make cookies.
100% on point
Thank you Brotha!
Was on Polo browsing the troll box last night and someone was FALSELY comparing STEEM's inflation rate of 11% to Ripple's 0% "fixed supply". Yet they conveniently left out that Ripple had increased their coin/token supply 3x's over the years... from what I recollect and I'm sure that equates WAY over a 11%/yr inflation.
I've stayed far away from Ripple due to it's centralized nature and MASSIVE dev account holdings!
They just dumped a bunch more on the market the other day. The supply did not increase but the available supply did. Someone was looking for a payout.
The main issue is the huge influx of "dumb money" into the Crypto space right now.
The Polo Troll box shows this...
The money coming in now is anything but dumb. Have a look at my recent post to get a different perspective
I don't trust Ripple either. If the bank that back Ripple fails then the system is worthless and these banks are worth less then worthless to start with.
The chief technologist of Ripple has a couple post on Steemit. On is last post I schooled him so hard on money creation he never came back. Okay that is most probably not the reason why he never came back but I love to think it is so...
Here's is propaganda article about money creation and my comments to rectify is misinformation. They both are priceless. I'm glad I was there to leave that comment on his propaganda piece.
His name is David Schwartz by the way.
https://steemit.com/policits/@joelkatz/fractional-reserve-banking#@teamsteem/re-joelkatz-fractional-reserve-banking-20161002t195127128z
I still can't figure out what you were trying to say. Also, what do you mean by "the bank that back Ripple"?
I'm glad to finally have some reply. That's so cool.
Aren't entities backing the value of the Ripple tokens mostly corporations in particular financial institution/banks? If you're not a trusted parties on the Ripple network, then won't other Ripple nodes or gates refuse to transact with you? I never fully understood Ripple so I could be totally wrong.
The quote below is an excerpt from the comment I made and linked and that you said you didn't understood. What is it in that that you don't understand exactly?
You're totally wrong on both counts.
Nobody backs the value of XRP. The value is whatever people agree to buy and sell it for.
Being trusted by other nodes is only necessary to participate in the negotiation of transaction ordering. It's like mining in bitcoin. So long as other people are doing it, you don't have to -- your transactions just work. Ripple servers accept transactions from anyone and include all valid transactions in the consensus process.
As for what I don't understand -- there is no ex nihilo money creation here. We created a token whose value is based on the value of a payment network. If the payment network is worthless, so is the token. As the payment network gains value, so does the token. This is the same thing bitcoin does and it's the same thing companies do when they issue stock. The only value the token represents is new value created by the system. XRP is not an IOU paid in dollars that magnifies the number of effective dollars in the system because its value is free floating and not pegged to anything or backed by anything.
Thank you for answering David. Here's what I read yesterday. It's from ripple.com.
It's a strange read. Is Ripple Inc looking for a stable XRP price or strengthening one? I'm not sure of the meaning of the sentence there.
You're right about Ripple or the Ripple protocol not creating ex nihilo money but aren't the Ripple IOU (which I don't know how they're called) aren't those IOU back by anything and possibly fiat currency? More fundamental than this, who runs the ripple network? Will the ripple network still be running if Ripple Inc goes bankrupt? Can Ripple Inc create more ripple than exist today whether or not they've gone bankrupt?
I have read quite a lot on Ripple yet I was never able to answer to these simple questions. If Ripple Inc is necessary for the network to work or if Ripple Inc can alter the network without anyone being in the capacity to block their actions this is a problem.
Excerpt form one of my article.
Thanks again for your interest and time.
Link to the Ripple.com excerpt can be found here.
The ledger XRP trades on supports several different types of assets. XRP is the native token. It has no counterparty and no backer. The token was created out of nothing, but it when it was created, it had no value. Its value was created by years and years of hard work by over a hundred people.
The public ledger XRP trades on does support non-native assets that are effectively IOUs backed by fiat. It has a built-in exchange system to allow these assets to be traded for each other or for XRP and to allow cross-currency payments.
Who runs bitcoin? Whoever wants to run a server runs one. Whoever wants to run a validator runs one. Network governance is by the stakeholders, more or less like it is in bitcoin. Right now, Ripple is the largest stakeholder, but we are working as hard as we can to change that and we expect the recent growth to bring in new stakeholders.
Good question. I don't know. We have no secret sauce. Others could keep running it if they wanted to. But nobody could force them to. I suspect exchanges are making enough money now that they might keep it going without us. It's hard to say. Over time, XRP will become less and less dependent on Ripple. But we're still in the building phase and it's still our baby, at least for a little bit longer.
Not without doing something comparable to what you would have to do for bitcoin miners to raise the block reward. We would have to build broad community support and risk (and probably cause) a hard fork.
No system can prevent a supermajority of people from changing the system. They can, if all else fails, just build a new system and declare the old system dead. The minority can, of course, if they want continue using the old system.
There is, of course, no code in rippled currently to permit the creation of new XRP, just as there is no code in any bitcoin implementation I know of that lets you raise the block reward. If some small group of people introduced such code, everyone else would just ignore them.
This is a very enlightening answer. Thank you.
The recent price rise still remains pretty incomprehensible in the light of the first 2 quotes I provided in my previous comment.
As I understand and because of your position in Ripple Inc it is understandable that here and now is not the place for you to very seriously discuss this matter.
Thank again for enlightening me on the rest David.
Thank you for saying this. They created 100 billion coins from thin air and distribute them at their discretion. They currently own 62% of the coins and plan to hold 50% for awhile. It says it right in their website. This is the exact opposite of everything cryptocurrency is about. We need to continue informing people.
Straight Gangsta!
So Gangsta that no one even complains.
That's shocking! So it isn't even mined? Frickin banksters!
That's correct. No mining, no staking, no set plan of distribution. Just boom 100 billion coins now exist and are being distributed to their friends however they like. Then they sell those coins to "normal" people.
Nope you can't mine it but most new crypto users don't even know what mining is, or the importance of decentralisation. It's outrageous to even compare it to crypto-currencies. It's more like a fiat currency but without any checks or balances. If you thought the federal reserve was bad...
We created 100 billion worthless coins from thin air, just as anyone can. Then over a hundred people spent more than five years creating their value.
Wanted to point out some points about ripple that a lot of people probably don't understand. Ripple like every other business wants to make money, even the Steemit business and all of you reading this, we all would like to make more money. Most of us have values and don't take greed to the level of some business people out there, but again everyone would love an extra buck or two or hundreds. ripple was designed to make cross border payments easier and much less expensive and then easily convert it into fiat of there choice. In my opinion they want to be the money gram or western union of the future. Which are two huge corporations to go up against, they dominate along side some other smaller companies. There is a lot of misunderstanding when it comes to ripple. Again I'm not for it or against it, it is what it is. I wanted to point that out. There trying to replace a system that's already in place and make it cheaper and faster, some banks are signing up to experiment with ripple most likely because they probably feel left behind. I know I'll get trolled for this comment, so be it. I'm simply stating a point to clear up some air.
Edit
http://www.coindesk.com/ripple-pledges-lock-14-billion-xrp-cryptocurrency/8
I have no problem with free market economics. I have a problem with them passing themselves off as something they are not a Crypto Currency.
Check out the post by @Benjojo for further explanation as to why this could be a very dangerous game the crypto currency community is playing. https://steemit.com/ripple/@benjojo/ripple-xrp-central-banking-2-0-or-seriously-misunderstood
Verry interesting post! Will watch the video soon! Thanks for sharing!
I wouldn't stress over it too much. Yes, it is the bankers coin and as such, it is ultimately doomed along with all their worthless fiat currencies. Anyone who has any of these should immediately either put them into another crypto-currency or better yet, buy physical silver! The more of us who use their worthless paper crap towards tangible silver, the quicker this long overdue inevitable financial collapse will occur. They in turn will either be locked up, hung or otherwise disposed off!
agree, silver.com has 1 click BTC to phyizz buying quick ship via usps.. my 3rd buy! MMMM stackit
Great input! However, it must be understood that the majority of the people in the crypto community do not care about some of these factors being peddled around and against Ripples. Rightly speaking, the crypto community is being invaded by traders who are pouring in liquid fiat currencies into the cryptomarket and are making a killing by moving the market to their favor. It is a game folks.
The fundamentals of Ripples may not be as stable and decentralized as bitcoin, but guess what "follow the money!" Right now the money is in Ripples. Previously in the last few weeks, it was in bitcoin, Etherium, Litecoin and Dash. Ride it now while it lasts and don't fight the banksters while they make a killing of profits in the same community-except you are here as a preacher for crypto-morality!
On the one hand I think you are fully right about this.
On the other hand I am invested in six crypto currencies - Steem, Bitcoin, Ripple, Dash, Augur and Monero (in that order)
Two I fully believe in and want to stay with - Steem and Dash.
The others I just want to make $ from.
And Ripple - holy crap I've just made 950% in the past month (Dash is the lowest at only 9%)
So like a politician, at the moment I'm going where the money is and ignoring the ethics. This is not my usual behavior, but 950% is not to be sneezed at...
Since I wrote this yesterday it's gone up even more - we're now pulling in over 1000% gains on Ripple - investing in that one was like winning a lottery :)
@dollarvigilante, shared this yesterday and I didn't know about ripple. @hilarski, thank you for the post. Steem on dude!
Yup, we need to be very very careful if we want this movement to be successful.
didn't know this
We will see how it plays out?? Some bank out there may end up giving out Bitcoin loans via the platform. Personally, I like the idea of P2p lines of credit/ and the "Rippling" function.
Exactly! The reason Ripple hasn't been trading much until recently is that everyone involved in crypto, everyone who saw Ripple come to be know exactly what it is.
But with the recent pumps, newcomers who are just looking into crypto for the money will jump into anything they think will make them rich.
Ripple will not make any of you rich, it will take everything from you.
Ripple shouldn't even be considered crypto, they were the first who attempted to sell themselves as a blockchain to profit from the crypto-mania.
Ripple is the coin for those with short vision, people who only care about becoming rich regardless of who they hurt in the process or if the whole world comes down as a result.
I am very happy to see that you are speaking against this, proud actually. It's nice to see people who will use their power for something other than getting more power.
great post! I've been thinking the exact same thing for a while now and haven't really seen many people talk about it.
Th seduction of making money.
Yea this ripplescam is pretty much everything we as a cryptocommunity don't stand for. It's centralized, they just release more coins when they feel like it. It's only attracting people because there's money to be made with it.
great info Crypto world is really no care.
I share your sentiment. A lot of the price rise is being fueled by speculators in Japan and South Korea, I don't necessarily think the Ripple euphoria will last. Guess we will have to wait and see.
Great post. Watching and learning. Thank you for keeping everyone informed!
No problem.
Good share, thanks for getting the word out for those that don't know.
Many people just buy the coin because its getting up...
They sure do and it is illogical.
I had no idea. I saw that Ripple had increased in value, but had no idea it was not a legitimate crypto.... last thing you want is the banking industry involved.
I think people go blind when they see the possibility of making a stack of money. Then the Banksters turn off the supply and everyone cries foul. "It was Bitcoins Fault!"
If Satoshi is looking to this he probably think"Poor people I gave you the money without banks and ....and now you choose the banks and centralization again"
Seriously, this is insanity.
Bravo Sir! I haven't watched the video yet but good points made and many folk want a quick buck...who doesn't? But we all need to be careful and look into the backgrounds of who is behind the coin as there are a lot of coins out there and come a lot of coins comes a lot of scams.
Exactly, it would be like blindly voting. It amazes me how quickly people will jump on a bandwagon.
The unfortunate thing is though, most people do blindly vote, be it crypto or politics, we as humans are sheep unfortunately. I remember at school, a teacher telling the class how to make a change in the world. He drew a circle and put a dot in the middle, then another dot, and another and so on, soon there was dozens of dots and it reminds me of how people can make a change, no matter how insignificant we may find ourselves. ( I know I went off on a tangent there! sorry!)
Excellent report dear friend @hilarsk, I always liked this criptomoneda. Thank you very much for this information
I am also on the same side,
banker backed currency like ripple are polluting the cryptocurrency world!
Well done for raising this issue hilarski! I did a post along similar lines.
The EVIL coin
Thank for sharing! I am interested to find out your thoughts on whether we are in a cryptocurrencies bubble now? Here is the DATA which support this my assumption: it looks that we are entering bubble territory for a vast majority of alt coins (except Bitcoin probably). Just think about and analyze the following facts:
At least several dozens alt coins market caps skyrocketed 300%-4000%(yes, four thousand!) recently just over last 2 months!
The beginning of sharp increase happened around middle of March of 2017 for ALL alt coins!
Yes, some alt coins sharp increase is logically justifiable. For example, Ripple XRP: http://www.cnbc.com/2017/03/01/japanese-banks-plan-to-adopt-blockchain-for-payments.html . Maybe there are couple other alt coins where this huge growth is also justifiable.
But for vast majority of other alt coins nothing has changed drastically during the last 2 months! At all! Neither in their technologies development, nor in their business development! But nevertheless, their market cap skyrocketed 300%-4000% in just 2 months!
The only explanation which comes to mind is that huge amount of new capital is coming to cryptocurrencies market. Probably these are the people/investors who have heard about the first wave of Bitcoin and Ethereum successes, and they have a FOMO (fear of missing out) now. They don't have deep understanding of cryptocurrencies space and their differences, but because of FOMO they still invest in all other alt coins hoping to hit jackpot!
Does it remind you anything? Yes, exactly, dot com bubble of 2000 looks very similar!
Therefore, I would expect some kind of significant downside price correction within next several months for the majority of alt coins. Would you agree?
It is quite possible @Alex13 but a bubble usually takes mainstream adoption. We are still a tiny fraction of the worlds reserves. It does remind me of the DotCom bubble but very early on. I think we have a few years to go. We have seen anything yet.
If we think the banking world Lets this new market untouched, think again. Bitcoin is in fact opposite to a bank so they Will put effort and money in this ripple thing to make it in the future the Crypto of preference. Its a sick clone of crypto they can manipulate as they wish. That you can tell by the. Exchange rates... stat awayfrom ripple, my advise
Permissioned Blockchains (Private) are the same as No Blockchain.
Exactly what's going to happen
I think people are investing because of the Ripples collaboration with banks and following the trend without any knowledge of what ripple actually is.
It is purely about making money. No one really cares about what Ripple does, they care that they can make a buck.
Just because someone puts together a great technical platform based upon a cryptocurrency to sell to banks doesn't mean that they are somehow "evil" or a scam owned by the banks. If you want to really talk about evil industry then choose ones with a real track record of highly disgusting behavior and incredibly dangerous products.. Monsanto (a.k.a. Monsatan), Goldman Sachs (a.k.a. the Vampire Squid), McDonald's (a.k.a. McDeath), pharma and vaccine manufacturers, military industrial complex, etc.
Ripple is just providing a product like any other and a damn effective one at that. So what if they make money on something that works.. they should. And regarding whether people really care what Ripple does, the new investors absolutely do. They legitimately want a real business case.. and they have one. You're painting them as evil, but it's not based on objective facts. Check out my recent article as a rebuttal
I just wrote a comment a moment ago about how I am not happy to see Ripple and Stellar Lumens doing so well. Then I check my feed to see this post.
I'm glad I'm not the only one who is disappointed about this. I have avoided the temptation to buy into ripple even when the prices have been soaring. I don't want to feel that I have been a part of its success, because then I will ultimately be a part of the failure of legitimate digital currencies that seek to free the common man from the shackles of fractual reserve banking.
Great post, and I have no choice but to resteem.
I've refused to buy into Ripple and have been watching from the sidelines. It is rather disappointing seeing the price go up on a centralized Blockchain currency. IMO, Ripple is just a means for bankers to steal bitcoin. Buyers beware, I don't think this will end well.
nice post..thanks for the information
I think in the crypto currency, a lot depends on developers and investors. Their design solves a lot. Crypto currency can be raised or raised and lowered. Everything depends on many factors. Everyone wants to earn money, but some people want to immediately, while others see earnings in development. A concrete example of STEEM and SBD.
Some play roulette - others own roulette and a casino.
Thank you for the information and for the post.
I understand the negative sentiment in regard to ripple and share similar concerns but I am not sure how anyone can define what a cryptocurrency should look like and how they should be governed. Although it may not be technically 'mining' I was rewarded with Ripple some years back for running a BOINC client analysing data for cancer research and other endeavor's. I recently turned up my house looking for my wallet PK and am relieved to have found it.
I think all innovation in blockchain technology is a positive for the entire ecosystem and will help opening more eyes to the opportunities that exist in this space.
Thanks for the insight. It's a jungle out there...
Why the dissapointment? Crypto market is market. It was only matter of time for banksters to release that they need to keep up with technology. Also, its up to individuals to invest or not. I personally started my crypto journey because I could not stand the way the banks and other "middleman" institutions work , so I'm staying away from Ripple. I'm not speculant and really don't like the way this project is managed (centralized). But as I said, its free market, and as long there will be demand, they can do whatever they want. But without me. Only my 2c.
Yes I agree Ripple is opposite to what decentralization is all about... banks last stand to still be somehow in control of the currencies, fiat or crypto.
Congratulations @hilarski!
Your post was mentioned in my hit parade in the following categories:
Ultimately, I think Ripple is not and should not be called a cryptocurrency. It is trying to fill a different niche. It is an interbank payment protocol that is compatible with cryptocurrency. It has a place, and the reason behind its growth is due to its network with banks, particularly in Japan. Fiat can more easily flow into Ripple than other cryptocurrencies, due to its bank integration. I only hold a small amount of ripple as I don't believe that it is a viable network to store wealth, due to its massive uncirculated supply, and arbitrary distribution mechanism. It is not intended to compete with decentralized cryptocurrencies, it is basically a fiat currency owned by Ripple that uses cryptographic payment methods, but not much else.
Ripple is simply eliminating a huge cost factor for banks. No more costs when exchanging different currencies, no more Swift transaction fees. Thats it. They created enough XRP so that trillions worth of value can one day be moved around the world with XRP.
XRP is also useful for micropayments and very useful for the internet of things. When your fridge orders some milk it can be done with XRP.
Starting at the top, the ripple effect can be very pervasive.
I like your post...and I definitely get where you are coming from...my contention is that truly crypto is ultimately doomed, i hate to say...Smart contracts and blockchain tech will fully integrate, but powerful entities like banks, govts, corps will not allow an open-source, public, p2p currency system last very long....In the end, it will become criminalized to use currency that is not traceable to the parties in the transaction....
Why and how?
Why...because tax fraud, money laundering, illicit transactions...not to mention that those entities will lose money hand over fist....
How, by saying that crypto is enabling blackmail, bad political activities, hackers...they will convince the mass population that it is dangerous...that it is a matter if national security....
Public blockchains will have to be for social media, public records, libraries...
It's going to happen....
With the political powers at large, such as Putin, there is no way they are going to let precious funds go undetected for long....
This is, I think, a reality...not in the forseeable future, but def by 2020....
My prediction....who knows.....
I'm just a simple-minded fool hahah
Following and voted!!
Look forward to more of your great writings!!!
Couldn´t agree more!
In the first step, we heat the air to about 180 Celsius for about an hour. After baking the air thoroughly, mix baked air and hot air half in half, and let cool for some minutes. And that kids, is how we make cookies.
Tweeted
what do you think about this?
https://ripple.com/insights/ripple-to-place-55-billion-xrp-in-escrow-to-ensure-certainty-into-total-xrp-supply/
Do you really trust them?
Oh, hell no, I was just posting it to get your opinion. I swore to not buy XRP no matter what.
For the first time, I looked at Ripple differently. Was that guy the owner of one exchange that went under? Just asking.
The founder of Ripple is also the founder of Mt. Gox. He sold Mt. Gox before the hack.
Thanks for the information.