Quote:
Originally Posted by Gary K
Bitcoin is useless. to send 100$ worth of bitcoin currently costs nearly 30$.
XRP, the new standard. can send millions at the price of half a XRP coin. that coin gets burned. so it is a deflationary currency.
its already being tested by major banks, amex, etc.
Basically it is used for settlement instead of SWIFT and wire transfers etc. banks are saving over 60% on transfers sending XRP via Xrapid. or by sending regular old money with Xcurrent. There is trillions wired around the world DAILY. the greedy banks will eventually use XRP, or something like it. to save a **** ton of money.
get it on the annual january dip. which is about now.
i bought in at 2 cents, sold at 3.43$. put it all back into XRP when it was 81 cents two days ago. back up to a 1.50$.
im doing ok, jsut hold onto it and dont panic sell for a loss and youll make money. unless the whole cryptocurrency space dies. but with over 6000 different currencies. i doubt that will happen.
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XRP is one asset I've avoided entirely and have zero regret about it. It's centralized and pre-mined with Ripple banking an extremely large portion of the 100 billion tokens issued. Not saying there isn't money to be made on it, but it's antithetical to what I see as the virtues of crypto. Maybe I'm too ideological about it, but I'm not interested in it.
I also have to reject your statement about Bitcoin, XRP is most certainly not "the new standard". In fact, I wouldn't even call it comparable to Bitcoin or any other decentralized crypto asset. You're also making an inappropriate blanket statement about Bitcoin's current fee related challenges.
The reason fees are high is because Bitcoin has the largest network of users. Although Ether is now breaching similar challenges. I can still dictate how much fee I'm willing to pay to have my transaction mined into the block-chain. It just may sit for hours as miners have minimal incentive to include it in the next block. This is an efficacy and scaling challenge that every decentralized digital crypto asset is going to face. The potential solution is already upon us with Segregated Witness Bitcoin Improvement Protocol and off chain transactions using the Lightning Network. As Bitcoin is a decentralized, permission-less, protocol that requires consensus to change it, it is strongly subject to Adam Smith's invisible hand.
Comparatively XRP can be manipulated and shielded from supply and demand due to it's centralized pre-mined protocol. It's hardly a feat of wonder that their asset has minimal fees, but I now have to concede my trust to Ripple, which I refuse to do.
Bitcoin and other decentralized permission-less crypto assets have the potential to be so much more than some get rich quick scheme. They can separate finance and state which is as significant as Thomas Jefferson's separation or church and state for society, if we embrace it.
Anyway I probably went on too much of a tangent there, but I feel your statements are unfairly misleading others.