The background
For those who don't know, Ripple is one of the most interesting altcoins in the realm of cryptocurrency. Using a unique version of distributed ledger technology, the Ripple network is specifically designed to facilitate fast, simple, and cryptographically secure transactions across international lines, and between different currencies, with the lowest transaction costs on the market.
While Ripple's heavy involvement with the banking industry (Ripple currently world with twelve of the world's top fifty banks) has led some to question its commitment to the decentralized ethos of the blockchain, for others this comes as a necessary evil (and even a potential advantage) for the Ripple network to achieve its goals of bridging financial divides and making it much easier for people in different parts of the world to do business regardless of their country or currency. In today's ever more globalized society, there's little wonder that Ripple is gaining serious traction worldwide, and is poised to become even more popular as it gains further legitimacy and international interest.
The news
In what may be a landmark development, the Mizuho Financial Group (a Japanese holding company) announced on Monday that it will pilot a trial of cross-border transactions using Ripple, with a focus on targeting key problem areas such as the high costs and delays involved in such transactions. If successful, this trial could lay the groundwork for more mainstream adoption of the Ripple system. This is not the first time Ripple has embarked on such a trial: in May of this year, British bank Santander became the first to use Ripple for international payments, with considerable success.
Suffice to say the future looks bright for Ripple, and it may go some way towards extending the possibilities for mass adoption of cryptocurrency overall. A good investment? Sure seems like it to me. What are your thoughts on Ripple's prospects?
Tell me though, why would I, as an anarchist, want Ripple to succeed? Doesn't it just create a way for large banks and financial institutions to leverage the power of cryptocurrency? I don't know if I see the benefits of that for the common man. Doesn't that just give banks more power? Yet, at the same time, as use of other cryptocurrencies increases it weakens the power of the banks. Am I missing something here? Please respond.
As something of an anarchist myself, I get where you're coming from. I was (and still am) also a bit put off by Ripple's alignment with the banks. However, on a pragmatic level I think it's important to realize that the banks aren't going away, and neither is crypto. Ripple seems to be one of the few altcoins out there that fully realises this, and is working with banks rather than against them. Principles aside, it also seems very likely that Ripple's value will increase as it continues to do so, so it seems like a good investment from a purely financial perspective.
At the end of the day I think the more Ripple (or any coin) becomes more widely used and recognised, the better it will be for cryptocurrency in general. An ideal situation for Ripple might be one where banks use and promote it (thereby increasing visibility), but individuals can also take advantage of Ripple outside of the banking system. Seems like that would be of benefit to everyone.