Ripple Slides After Coinbase Says Not Adding New Crypto Coins
bloomberg.com
bloomberg.com
> 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.
And btw the founder that as 17% stake is really a con artist.
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.
On the other hand, what does Bitcoin have to show? Its community has stagnated and fractured, use-cases have stagnated. As an outsider, it often feels like Bitcoin early adopters are just sitting back and just calling other people stupid.
> it seems banks are only interested in the Ripple tech
No bank has ever said that. Some have said that they're not using XRP yet, but that's because they're simply beginning trial runs of the technology.
You have 100 USD and 100 XRP in your ripple wallet and the gateway you deposited USD to fund your wallet closes shop, you are now left with the bag in the hand and you must trade 'em for another gateway's IOUs, or try to find someone to buy them from you.
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.
Don't know much about Ripple...
* "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/
[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
* "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/
[distribution]: https://web.archive.org/web/20150806120942/https://www.rippl...
i.e. they're not just going to suddenly add it and then tell everyone like with BCH.
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"
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_w...
[2] "safer" in quotation marks because its all a game of when the music stops.
My login suddenly stopped working last week.
I do not recommend them unfortunately =[
They simply do not reply to any customer support tickets.
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.
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.
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.