8 ms·

Ripple Slides After Coinbase Says Not Adding New Crypto Coins

68 points by mcone 9y ago

pat2man 9y ago
This article lacks any context whatsoever. XRP is still up from yesterday. Up 100% since last week. Also Coinbase has not said that it will not add XRP, just that they haven't made any decisions yet.
- anonova 9y ago
  Given XRP goes against their current "Digital Asset Framework" for adding new tokens/coins, I don't see it being added anytime soon without revision: https://www.gdax.com/static/digital-asset-framework-2017-11.pdf https://www.gdax.com/static/digital-asset-framework-2017-11....
  - iMuzz 9y ago
    What about Ripple goes against their current Framework? Don't know much about Ripple...
    - anonova 9y ago
      To name a few: * "1.1.4 Decentralization" Ripple controls what nodes are used on their network (validators). Can you run a validator? Sure, but note that Ripple, and thus the network, aren't going to use it anyway [validator]: > At present, Ripple (the company) cannot recommend any validators aside from the 5 core validators run by Ripple As I mentioned in another comment tree, this is a distributed network, not a decentralized one. [validator]: https://ripple.com/build/rippled-setup/ https://ripple.com/build/rippled-setup/ [registry]: https://ripple.com/dev-blog/validator-registry/ https://ripple.com/dev-blog/validator-registry/ * "6.1.2 Token Utility" XRP current has no useful use cases. Institutions experimenting with Ripple are not using the public network but their own private RippleNet, which does not use XRP tokens [ripplenet]. [ripplenet]: https://ripple.com/files/ripplenet_brochure.pdf https://ripple.com/files/ripplenet_brochure.pdf * "6.2.3 Team Ownership: The team stake retained by the team is a minority scale." Currently, 38 of the 100 billion total XRP is in circulation [marketcap]. The developers were "gifted" 80% of all XRP upon its creation [distribution]. Ripple and its owners still hold the majority of all XRP. [marketcap]: https://coinmarketcap.com/currencies/ripple/ https://coinmarketcap.com/currencies/ripple/ [distribution]: https://web.archive.org/web/20150806120942/https://www.ripplelabs.com/xrp-distribution/ https://web.archive.org/web/20150806120942/https://www.rippl...
      - rmwaite 9y ago
        Token Utility: It's really, really fast and the transaction fees are really, really low.
      - edzorg 9y ago
        hi, do you have an email or twitter I can reach you at?
gkoberger 9y ago
There's two ways to read what Coinbase said: 1/ "We have no plans to add Ripple" 2/ "Maybe we'll add it, but we haven't officially decided yet, so don't blame what the market does on us"
0x4f3759df 9y ago
Here is the crazy ripple chart https://coinmarketcap.com/currencies/ripple/#charts https://coinmarketcap.com/currencies/ripple/#charts
- jgh 9y ago
  Isn't Ripple supposed to be for moving money around instead of wire transfers? How is this volatility remotely good for that use-case?
  - csomar 9y ago
    It does. The ripple currency is just for paying the fees.
    - jgh 9y ago
      oh i see, i assumed they were doing a local -> xrp -> local conversion
  - deleted 9y ago
    [deleted]
selectout 9y ago
The key here is that they linked to their requirements for adding Cryptos, which strongly suggest that XRP will not be added for not being decentralized. This doesn't directly say it has to be fully decentralized though, so it's a bit of interpretation.
jerkstate 9y ago
fake news?
- simlevesque 9y ago
  Pretty much. There was no slide at all. The chart is fake. You can say fake news, I say market manipulation.
DickingAround 9y ago
Why exactly did Ripple start going up in the first place?
- cgore 9y ago
  Some banks might use it. It's kind of like if there was a Napster clone in 1995 endorsed by a few record companies.
- pat2man 9y ago
  BTC and ETH both had major scaling issues and transaction fees skyrocketed. Since the semi-centralized nature of Ripple means that transactions are relatively cheap speculators started buying. There are other similar coins that also saw a boost.
- base698 9y ago
  People bought and sold at increasing prices. There was a "demand".
- EGreg 9y ago
  Bitcoin stopped going up so people started looking where to park their value. Ripple was next, followed by Lumens. And followed by smaller cap ICOs like TXR. I would say that the best strategy is lookfor smaller market cap ICOs run by a team that is WELL CONNECTED. The better connected the tram the more chance the coin will explode several times as articles come out about new initiatives.
  - beefield 9y ago
    > I would say that the best strategy is Apologies, can't help myself being a cynical bastard. I would say that the best strategy in long term is to invest in assets that actually produce cash flow to the investors.
    - wmf 9y ago
      Unfortunately for grownups, making 100X in one year and then retiring probably does beat value investing over the long term.
ahofer 9y ago
After waiting for over a month now on my Coinbase purchase being stuck in Pending status, with absolutely no response from their Support, I'm getting tired of seeing Coinbase being seen as a leader in the Cryptoverse.
- joshuamcginnis 9y ago
  What did you buy? I've now bought and sold many k's worth of Eth. It usually takes about a week for a purchase to settle and less when selling.
  - ahofer 9y ago
    LTC. I have had 3 other buys/sells that went through normally, but one buy for approx $1k LTC @ ~$100 is stuck and my support request is sitting with no response. They don't respond to requests and so far haven't even acknowledged a backlog of pending buys, despite daily messages of various delays and outages. Could they be tying up customer funds on purpose?
    - joshuamcginnis 9y ago
      https://www.reddit.com/r/CoinBase https://www.reddit.com/r/CoinBase appears to be riddled with similar issues. Good luck. At least you're not the guy whose $800K withdrawal has been pending since 12/22, also with no response from support.
- Zaheer 9y ago
  Some alternatives: Binance, Bittrex, Gemini
  - ionwake 9y ago
    I started using Binance a couple of weeks ago. My login suddenly stopped working last week. I do not recommend them unfortunately =[
    - 9y ago
omegbule 9y ago
I did not have relations with that token
andreygrehov 9y ago
Why is this on the front page at all? Coinbase has made zero claims about Ripple. The price cannot go up all the time, so a tiny correction is not only normal, but expected.
drinchev 9y ago
Coinbase shouldn't dictate the market. It is the other way around. And sooner or later I hope they will be forced to add it. Having an argument "Our mission is to create an open financial system for the world" and accepting >only< decentralised cryptos sounds like an oxymoron to me.
- nefitty 9y ago
  In the same way that I'm not forced to invest in XRP or support Ripple, Coinbase has the right to support whatever projects it wants to support. Ripple's project is dangerous to the fundamental mission initiated by Satoshi Nakamoto. They didn't need to elbow into this space and poison the well if all they wanted to do was compete with SWIFT.
  - beebmam 9y ago
    Why is ripple dangerous to the fundamental mission of Satoshi Nakamoto, and why should we care if it does undermine it (which I disagree with)?
- Zarath 9y ago
  They don't. This article is inaccurate. Ripple has gained along with the rest of the altcoin market. Has little or nothing to do with Coinbase.
drdrey 9y ago
The crazy part is how much XRP is concentrated in the company and its founders: > XRP, being issued by a company, is less decentralized than many other cryptocurrencies. For instance, Ripple itself holds 61.3 billion XRP, including 55 billion that it keeps in escrow. Only 38.7 billion XRP tokens have been distributed. > Cofounder and former CEO Chris Larsen, who stepped down in November 2016 and now serves as executive chairman of Ripple, has 5.19 billion XRP in his personal holdings and a 17% stake in the company, according to sources at Ripple. That gives him a net worth of $37.3 billion, using Monday’s exchange rate.
- drdrey 9y ago
  https://www.forbes.com/sites/laurashin/2018/01/02/meet-the-crypto-billionaires-getting-rich-from-ripples-xrp/#26b9df963289 https://www.forbes.com/sites/laurashin/2018/01/02/meet-the-c...
- elmar 9y ago
  The crazy part is that Ripple is really a total nonsense cryptocurrency it's centralized it as counterparty risk and if any time in the future Banks decide to use it, they will use the tech, not the coin, it's pure madness a lot of people will lose their investment, Ripple it's the "Pet.com" of the cryptocurrency bubble. And btw the founder that as 17% stake is really a con artist.
  - EGreg 9y ago
    I am always wondering about people saying this. XRP is counterparty-free I have studied their consensus protocol and it is indeed decentralized. We are planning to use some of the ideas from it in our network. As for founders having 20% of a startup company, that's common. Look at Mark Zuckerberg for instance. Why does that make them con artists? Bitcoin whales and Satoshi control 40% of bitcoins while over 99% of the MONEY contributed its market cap came from regular buyerd who came just recently.
    - elmar 9y ago
      From someone with more authority than myself :) https://youtu.be/t66HFQDnezk?t=980 https://youtu.be/t66HFQDnezk?t=980
shepardrtc 9y ago
Coinbase is covering their ass because of the Bitcoin Cash fiasco. They're basically saying, "We're not adding anything until we add something. And when we do, it will be officially announced." i.e. they're not just going to suddenly add it and then tell everyone like with BCH.
- deleted 9y ago
  [deleted]
- joshschreuder 9y ago
  Will that really make a difference? Some amount of people is still going to know about the announcement in advance. The only difference is that Coinbase might actually have the resources to scale the release this time if they track how big of a deal their announcement is.
solotronics 9y ago
is ripple even a blockchain? I thought it was controlled entirely by a private entity? edit: it looks to be a 100% premined cryptocurrency with a blockchain
beausy 9y ago
Meanwhile Coinbase CEO Brian Armstrong said there are many more that will be added to the platform in 2018, not even a month ago. https://youtu.be/lKviUIeGlgw?t=1m11s https://youtu.be/lKviUIeGlgw?t=1m11s
tgarma1234 9y ago
The idea that Coinbase would do anything at all to increase the number of people trying to use their system to buy or sell anything is laughable. I have been locked out of my coinbase account pending id verification, which I have submitted numerous times incidentally, since December 12 without even a peep of support follow up from Coinbase. So, for me, seeing stories like this are basically just rage inducing. Coinbase should not offer anything new until they can invest in support infrastructure to close out all of the tickets that have been submitted by a great many people who have been essentially ripped off. I have given up on the idea that I will ever hear back from Coinbase support at this point. I put money into the system in good faith expecting that, because they were US based, there would be some customer support. I see now it is a swindle. You can play this same trick with just about any valued product: take thousands of orders, collect everyone's money, and then just tell everyone that you are so swamped that technically it will be a very very long time before anyone can get refunds or deliveries. Oldest trick in the book. And stories like this where the mainstream Silicon Valley hype machine continues to play along with this ludicrous narrative are absurd and upsetting. The fact is: Coinbase cannot support transactions or customer issues in a timely way and is making no effort to resolve any of the issues in a timely way after having taken everyone's money.
Zarath 9y ago
Nobody actually thought they would actually add Ripple. And Ripple dipped with the rest of the altcoin market and has recovered along with it. Once again, bloomberg publishing clickbait in regards to crypto.
colinhmit 9y ago
Ripple is a great litmus test for people who are FOMO buying. In this market, when the median top 200 coin under $0.1 went 100x [1], there are easier and "safer"[2] ways to generate returns. It doesn't even do its job the best. Stellar Lumens (xlm) is a fork and doesn't have the centralized aspect or the 60% supply overhang. Raiblocks (XRB) will eat its lunch in terms of tx speed/fees if the tech doesn't blow up first. [1] https://www.reddit.com/r/Bitcoin/comments/7o4nkm/last_week_was_the_week_of_the_dumb_money_i_did_an/ https://www.reddit.com/r/Bitcoin/comments/7o4nkm/last_week_w... [2] "safer" in quotation marks because its all a game of when the music stops.
- perseusprime11 9y ago
  What about TRX (Tron)? It is based on an actual use case around digital content.
tehlike 9y ago
"as of this statement" is a big corporate speech.
perseusprime11 9y ago
Ripple seems like a pump and dump scheme to me that will hurt people in 3-6 months. I am actually more excited about Tron/Trx.
jonjonBoy 9y ago
I'll join sausage eating contest on japanese live national tv if XRP is not sliding from #2 in 6 months.

68 points by mcone 9y ago

This article lacks any context whatsoever. XRP is still up from yesterday. Up 100% since last week. Also Coinbase has not said that it will not add XRP, just that they haven't made any decisions yet.

anonova 9y ago
Given XRP goes against their current "Digital Asset Framework" for adding new tokens/coins, I don't see it being added anytime soon without revision: https://www.gdax.com/static/digital-asset-framework-2017-11.pdf https://www.gdax.com/static/digital-asset-framework-2017-11....
- iMuzz 9y ago
  What about Ripple goes against their current Framework? Don't know much about Ripple...
  - anonova 9y ago
    To name a few: * "1.1.4 Decentralization" Ripple controls what nodes are used on their network (validators). Can you run a validator? Sure, but note that Ripple, and thus the network, aren't going to use it anyway [validator]: > At present, Ripple (the company) cannot recommend any validators aside from the 5 core validators run by Ripple As I mentioned in another comment tree, this is a distributed network, not a decentralized one. [validator]: https://ripple.com/build/rippled-setup/ https://ripple.com/build/rippled-setup/ [registry]: https://ripple.com/dev-blog/validator-registry/ https://ripple.com/dev-blog/validator-registry/ * "6.1.2 Token Utility" XRP current has no useful use cases. Institutions experimenting with Ripple are not using the public network but their own private RippleNet, which does not use XRP tokens [ripplenet]. [ripplenet]: https://ripple.com/files/ripplenet_brochure.pdf https://ripple.com/files/ripplenet_brochure.pdf * "6.2.3 Team Ownership: The team stake retained by the team is a minority scale." Currently, 38 of the 100 billion total XRP is in circulation [marketcap]. The developers were "gifted" 80% of all XRP upon its creation [distribution]. Ripple and its owners still hold the majority of all XRP. [marketcap]: https://coinmarketcap.com/currencies/ripple/ https://coinmarketcap.com/currencies/ripple/ [distribution]: https://web.archive.org/web/20150806120942/https://www.ripplelabs.com/xrp-distribution/ https://web.archive.org/web/20150806120942/https://www.rippl...
    - rmwaite 9y ago
      Token Utility: It's really, really fast and the transaction fees are really, really low.
    - edzorg 9y ago
      hi, do you have an email or twitter I can reach you at?

gkoberger 9y ago

There's two ways to read what Coinbase said: 1/ "We have no plans to add Ripple" 2/ "Maybe we'll add it, but we haven't officially decided yet, so don't blame what the market does on us"

0x4f3759df 9y ago

Here is the crazy ripple chart https://coinmarketcap.com/currencies/ripple/#charts https://coinmarketcap.com/currencies/ripple/#charts

jgh 9y ago
Isn't Ripple supposed to be for moving money around instead of wire transfers? How is this volatility remotely good for that use-case?
- csomar 9y ago
  It does. The ripple currency is just for paying the fees.
  - jgh 9y ago
    oh i see, i assumed they were doing a local -> xrp -> local conversion
- deleted 9y ago
  [deleted]

selectout 9y ago

The key here is that they linked to their requirements for adding Cryptos, which strongly suggest that XRP will not be added for not being decentralized. This doesn't directly say it has to be fully decentralized though, so it's a bit of interpretation.

jerkstate 9y ago

fake news?

simlevesque 9y ago
Pretty much. There was no slide at all. The chart is fake. You can say fake news, I say market manipulation.

DickingAround 9y ago

Why exactly did Ripple start going up in the first place?

cgore 9y ago
Some banks might use it. It's kind of like if there was a Napster clone in 1995 endorsed by a few record companies.
pat2man 9y ago
BTC and ETH both had major scaling issues and transaction fees skyrocketed. Since the semi-centralized nature of Ripple means that transactions are relatively cheap speculators started buying. There are other similar coins that also saw a boost.
base698 9y ago
People bought and sold at increasing prices. There was a "demand".
EGreg 9y ago
Bitcoin stopped going up so people started looking where to park their value. Ripple was next, followed by Lumens. And followed by smaller cap ICOs like TXR. I would say that the best strategy is lookfor smaller market cap ICOs run by a team that is WELL CONNECTED. The better connected the tram the more chance the coin will explode several times as articles come out about new initiatives.
- beefield 9y ago
  > I would say that the best strategy is Apologies, can't help myself being a cynical bastard. I would say that the best strategy in long term is to invest in assets that actually produce cash flow to the investors.
  - wmf 9y ago
    Unfortunately for grownups, making 100X in one year and then retiring probably does beat value investing over the long term.

ahofer 9y ago

After waiting for over a month now on my Coinbase purchase being stuck in Pending status, with absolutely no response from their Support, I'm getting tired of seeing Coinbase being seen as a leader in the Cryptoverse.

joshuamcginnis 9y ago
What did you buy? I've now bought and sold many k's worth of Eth. It usually takes about a week for a purchase to settle and less when selling.
- ahofer 9y ago
  LTC. I have had 3 other buys/sells that went through normally, but one buy for approx $1k LTC @ ~$100 is stuck and my support request is sitting with no response. They don't respond to requests and so far haven't even acknowledged a backlog of pending buys, despite daily messages of various delays and outages. Could they be tying up customer funds on purpose?
  - joshuamcginnis 9y ago
    https://www.reddit.com/r/CoinBase https://www.reddit.com/r/CoinBase appears to be riddled with similar issues. Good luck. At least you're not the guy whose $800K withdrawal has been pending since 12/22, also with no response from support.
Zaheer 9y ago
Some alternatives: Binance, Bittrex, Gemini
- ionwake 9y ago
  I started using Binance a couple of weeks ago. My login suddenly stopped working last week. I do not recommend them unfortunately =[
  - 9y ago

omegbule 9y ago

I did not have relations with that token

andreygrehov 9y ago

Why is this on the front page at all? Coinbase has made zero claims about Ripple. The price cannot go up all the time, so a tiny correction is not only normal, but expected.

drinchev 9y ago

Coinbase shouldn't dictate the market. It is the other way around. And sooner or later I hope they will be forced to add it. Having an argument "Our mission is to create an open financial system for the world" and accepting >only< decentralised cryptos sounds like an oxymoron to me.

nefitty 9y ago
In the same way that I'm not forced to invest in XRP or support Ripple, Coinbase has the right to support whatever projects it wants to support. Ripple's project is dangerous to the fundamental mission initiated by Satoshi Nakamoto. They didn't need to elbow into this space and poison the well if all they wanted to do was compete with SWIFT.
- beebmam 9y ago
  Why is ripple dangerous to the fundamental mission of Satoshi Nakamoto, and why should we care if it does undermine it (which I disagree with)?
Zarath 9y ago
They don't. This article is inaccurate. Ripple has gained along with the rest of the altcoin market. Has little or nothing to do with Coinbase.

drdrey 9y ago

The crazy part is how much XRP is concentrated in the company and its founders: > XRP, being issued by a company, is less decentralized than many other cryptocurrencies. For instance, Ripple itself holds 61.3 billion XRP, including 55 billion that it keeps in escrow. Only 38.7 billion XRP tokens have been distributed. > Cofounder and former CEO Chris Larsen, who stepped down in November 2016 and now serves as executive chairman of Ripple, has 5.19 billion XRP in his personal holdings and a 17% stake in the company, according to sources at Ripple. That gives him a net worth of $37.3 billion, using Monday’s exchange rate.

drdrey 9y ago
https://www.forbes.com/sites/laurashin/2018/01/02/meet-the-crypto-billionaires-getting-rich-from-ripples-xrp/#26b9df963289 https://www.forbes.com/sites/laurashin/2018/01/02/meet-the-c...
elmar 9y ago
The crazy part is that Ripple is really a total nonsense cryptocurrency it's centralized it as counterparty risk and if any time in the future Banks decide to use it, they will use the tech, not the coin, it's pure madness a lot of people will lose their investment, Ripple it's the "Pet.com" of the cryptocurrency bubble. And btw the founder that as 17% stake is really a con artist.
- EGreg 9y ago
  I am always wondering about people saying this. XRP is counterparty-free I have studied their consensus protocol and it is indeed decentralized. We are planning to use some of the ideas from it in our network. As for founders having 20% of a startup company, that's common. Look at Mark Zuckerberg for instance. Why does that make them con artists? Bitcoin whales and Satoshi control 40% of bitcoins while over 99% of the MONEY contributed its market cap came from regular buyerd who came just recently.
  - elmar 9y ago
    From someone with more authority than myself :) https://youtu.be/t66HFQDnezk?t=980 https://youtu.be/t66HFQDnezk?t=980

shepardrtc 9y ago

Coinbase is covering their ass because of the Bitcoin Cash fiasco. They're basically saying, "We're not adding anything until we add something. And when we do, it will be officially announced." i.e. they're not just going to suddenly add it and then tell everyone like with BCH.

deleted 9y ago
[deleted]
joshschreuder 9y ago
Will that really make a difference? Some amount of people is still going to know about the announcement in advance. The only difference is that Coinbase might actually have the resources to scale the release this time if they track how big of a deal their announcement is.

solotronics 9y ago

is ripple even a blockchain? I thought it was controlled entirely by a private entity? edit: it looks to be a 100% premined cryptocurrency with a blockchain

beausy 9y ago

Meanwhile Coinbase CEO Brian Armstrong said there are many more that will be added to the platform in 2018, not even a month ago. https://youtu.be/lKviUIeGlgw?t=1m11s https://youtu.be/lKviUIeGlgw?t=1m11s

tgarma1234 9y ago

The idea that Coinbase would do anything at all to increase the number of people trying to use their system to buy or sell anything is laughable. I have been locked out of my coinbase account pending id verification, which I have submitted numerous times incidentally, since December 12 without even a peep of support follow up from Coinbase. So, for me, seeing stories like this are basically just rage inducing. Coinbase should not offer anything new until they can invest in support infrastructure to close out all of the tickets that have been submitted by a great many people who have been essentially ripped off. I have given up on the idea that I will ever hear back from Coinbase support at this point. I put money into the system in good faith expecting that, because they were US based, there would be some customer support. I see now it is a swindle. You can play this same trick with just about any valued product: take thousands of orders, collect everyone's money, and then just tell everyone that you are so swamped that technically it will be a very very long time before anyone can get refunds or deliveries. Oldest trick in the book. And stories like this where the mainstream Silicon Valley hype machine continues to play along with this ludicrous narrative are absurd and upsetting. The fact is: Coinbase cannot support transactions or customer issues in a timely way and is making no effort to resolve any of the issues in a timely way after having taken everyone's money.

Zarath 9y ago

Nobody actually thought they would actually add Ripple. And Ripple dipped with the rest of the altcoin market and has recovered along with it. Once again, bloomberg publishing clickbait in regards to crypto.

colinhmit 9y ago

Ripple is a great litmus test for people who are FOMO buying. In this market, when the median top 200 coin under $0.1 went 100x [1], there are easier and "safer"[2] ways to generate returns. It doesn't even do its job the best. Stellar Lumens (xlm) is a fork and doesn't have the centralized aspect or the 60% supply overhang. Raiblocks (XRB) will eat its lunch in terms of tx speed/fees if the tech doesn't blow up first. [1] https://www.reddit.com/r/Bitcoin/comments/7o4nkm/last_week_was_the_week_of_the_dumb_money_i_did_an/ https://www.reddit.com/r/Bitcoin/comments/7o4nkm/last_week_w... [2] "safer" in quotation marks because its all a game of when the music stops.

perseusprime11 9y ago
What about TRX (Tron)? It is based on an actual use case around digital content.

tehlike 9y ago

"as of this statement" is a big corporate speech.

perseusprime11 9y ago

Ripple seems like a pump and dump scheme to me that will hurt people in 3-6 months. I am actually more excited about Tron/Trx.

jonjonBoy 9y ago

I'll join sausage eating contest on japanese live national tv if XRP is not sliding from #2 in 6 months.