I am Highly Disappointed with the Crypto Currency World and the Rise of the Banker Coin Ripple.
Ripple has Exploded to the Upside in 2017.
I have been around the world of Crypto Currency since 2011 and started taking it serious in 2014. Ripple has been around since 2012. In my eyes I see no chance for a coin backed by the bankers in this world filled with people who are anti-establishment. 2017 has proved me wrong, so freaking wrong! We are being co-opted!
This coin is the epitome of what I believe this movement was meant to stop. Do we really want the same people who have showed us that they do not care about our savings in control of our free market money?
Back in 2014 and as late as summer 2016 I owned Ripple. Frankly at the time I was clueless about what it was. Like many of these newbie crypto currency investors I bought it with the hope of a quick profit. Then I went down the rabbit hole a little further and realized Ripple was the one coin that I should not be supporting. If you want to go down the rabbit hole Tone Vays and Peter Todd can show you the way.
Crypto Scam #6 Ripple (Peter Todd)
In depth Ripple talk begins at minute 30. Prior to that Tone and Peter discuss Mt. Gox's founder and the Mt. Gox hack.
History Leaves Breadcrumbs.
I always look at the developers and team behind a crypto currency. I recommend you do the research about Ripple. The video above is a great start. If you are like me you are in this space because of the value of decentralization and Ripple is centralized. Please be careful of what projects you support with your money. When you buy a crypto currency you are essentially voting for its success.
This is How it Looks To Me When the Community Supports Ripple.
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.
https://www.reddit.com/r/CryptoCurrency/comments/6c6a58/the_definitive_list_of_reasons_not_to_invest_in/
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.
I too find the recent price rise nearly incomprehensible. I don't believe everyone's just buying because everyone else is buying because if that were true, the first serious pullback should cause a crash. We've had 12 pullbacks inside this rally.
I do think XRP was severely undervalued for a very long time. The price and volume was low enough that it wasn't worth most people's trouble to even learn about it. Once the price and volume reaches a certain level, people think "what is this XRP thing?" and then they do become more educated.
I think another possibility is that, for almost any coin, we can imagine two possible outcomes: one in which nobody uses the coin because nobody else uses it and one in which everyone uses the coin because everyone else uses it. The rally makes that second outcome more likely for XRP. So, in a sense, the rally can be its own rational justification.
I think we had a perfect storm. Ripple had a lot of good news at the same time there was a huge surge in the entire sector. At the same time, bitcoin is being increasingly perceived as having governance issues and transactions are expensive and take a very long time. So once the value and liquidity was there, people could see XRP as working just like bitcoin, but faster, cheaper, and more reliable.
I don't pretend to know that's what happened though. As I said, I do find it nearly incomprehensible.
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.
I will add, that I don't think that Ripple will survive in the long run. The market knows better and it will die at one point.
There are many shit coins atm at the coinmarketcap list... in my view the best coins are:
Bitcoin
Steem
Bts
Golos
and from next week EOS!
There are many amazing teams.
Thats what I thought would happen, but believe me, the masses act on impulses. The ripple will have much broader recognition than bitcoin. Because they will have the mass medias' backing.
Or maybe it's because ripple has better tech and the value the system creates goes to someone other than electric companies and ASIC manufacturers. Oh, and also because three companies in China don't get paid millions to choose which transactions go in each block.
I always admired your talent and work, you should be defending liberty and peace, not helping banking tools. We all know now that the bankers are the problem not electricity or asics. Nothing personal...
You are missing the point. That's what I am doing. I'm like the guy getting the government to build the Internet, offering the people with money and power a solution to a very real problem they have while building a completely open system underneath that is inherently liberating.
I'm getting the banks to build a system to move money around the world that they cannot control.
If you're ever in the San Francisco area, let's have lunch. This is not an easy question to answer in a public forum.
Thanks for the invitation, same here, if you are ever in Istanbul (Turkey) area, let me buy you a shish-kebab and baklava.
Yum. That sounds awesome. Okay, I think I'll have to raise my offer. I used to smoke rib competitively. Come to Oakland and I'll make a giant pile of smoked ribs.
I've actually always wanted to go to Istanbul. I got close one time, I was on a train that would have continued to Istanbul but my stop was a bit earlier.
Is that why you chose the banks first? You are distriburing the stones to people and building the highway for the banks.
There were a lot of reasons, but I think the core reason was this: If we want a world where people use crypto-currencies for everything, we need a way to get from here to there. The shortest path to that bridge seemed to be to convince banks to hook up to public ledger that could handle arbitrary assets, including bitcoin. There were many easier paths we could have chosen if we just wanted to launch an alt coin -- remember, we were pursuing FIs when they wanted nothing to do with this entire space. But we felt it was the fastest way to get huge growth. To use the same analogy again, the Internet grew to the point where it could host everyone's blog because it got the government and the big information providers onboard.
Bitcoin maximalists who care only about the price of bitcoin are lying about us. They have put their personal stake in the price of bitcoin above the principles bitcoin was founded on. The system Ripple is building will be good for bitcoin too. We're building a level playing field for using assets to bridge large financial transactions.
Let me ask you a question: Is your idea of liberty a system where everybody has to use the same system with the same rules and if you come up with something innovative (like SegWit) you have to fight for years to get everyone to agree on it?
How would you feel like if you learned one day, while you are away not occupying your house, that I sold your house's title to 10 more unsespecting customers who each believe that he/she owns the house. Thats what banks do. They create fake claims on real products and services and they sell it to masses as a recipe for prosperity. And the result is as we see now, the contrary. Bitcoin is not even close to being perfect, but again, I know that I can trust it.
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 :)