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What do you think of Ripple? It seems like it has the potential to be the legit crypto because it’s backed by banks.
by antoniuschan99 9y ago
What do you think of Ripple? It seems like it has the potential to be the legit crypto because it’s backed by banks.
- deweller 9y agoNot backed by banks is Bitcoin's primary value proposition. Ripple will find a use and may do quite well. But it requires more trust in a few centralized parties. It won't replace Bitcoin's primary use case as the highest security value store and world-wide settlement layer.
- acjohnson55 9y agoBitcoin effectively requires trust in a few centralized parties. The parties may not be set by fiat or syndicate, but the extent to which Bitcoin is truly trustless and decentralized in a way that is accessible to normal people is greatly exaggerated.
- habosa 9y agoI hold a small amount of XRP. It's not even a true Cryptocurrency as we commonly think of them but it's a nice piece of tech with good momentum in a space that could sorely use some efficiency gains.
- antoniuschan99 9y agoWhy is that? Isn’t it an ICO? Like it’s just a fork of ETH/BTC/LITE?
- habosa 9y agoNo not at all. XRP is part of the Ripper network which is a centralized payment network run by a single company. It's mostly used by banks. It's going for speed and volume not privacy, decentralization, or growth.
- abecedarius 9y agoAccording to a summary I read a while back, Ripple the company has a fair chance of success, but that doesn't mean it's a good idea for you to bet on the appreciation of XRP. IIRC the company keeps far more of it than they've put on the market. I haven't looked into this myself.
- ActsJuvenile 9y agoWhat remains of Ripple now is awfully similar to a scam: Jed McCaleb has been selling thousands of coins a day, and duped noobs are the only ones buying it. https://themerkle.com/ripple-labs-settles-lawsuit-with-jed-mccaleb/ https://themerkle.com/ripple-labs-settles-lawsuit-with-jed-m...