I had done some speculative technical trading with Ripple (XRP), but I had never really dug in to the technology. After reading this Ripple takedown by @hilarski, however, I had to do some more digging.
I didn't like what I found.
Like ECoin in the jarring television techno-drama Mr. Robot, Ripple seems to be the complete opposite of a decentralized, trustless environment. I'll let the fictional CEO of ECorp - founder of ECoin - take it from here.
I am not the problem here. The problem here is hard cash is fading, rapidly. That's just the way of the world right now and Bitcoin is spreading, and if Bitcoin takes over we are all in a world of hell. It is unregulated, it has already reached it's transaction volume maximum, and it is partly controlled by Chinese miners.
With "Ecoin" we control the ledger, and the mining servers, We are the Authority. I will make sure you have visibility into every single wallet that is open, every loan, every transaction, which means we can start building new assets, which means we can start rebuilding the banking sector.
Ripple was 100% pre-mined and therefore the Ripple organization still holds boatloads (60% or more) of the total number of coins in existence. When your coin raises in value - as it has lately - when the central authority states that it will lower the available supply... it seems like you have a Federal Reserve with a different name. Isn't this what we've been fighting against?
Ripple putting 55 billion XRP in escrow - funds that aren't even counted in the market capitalization - and committing to only selling a billion per month is being framed as good news. I must be in crazy town.
Feel free to profit off of XRP all you want, but I am out. Give me STEEM, BTS, and BTC any day of the week.
Please feel free to correct any erroneous information contained herein.
Sources:
https://ripple.com/
https://steemit.com/mrrobot/@titusfrost/mr-robot-s-ecoin-v-s-bitcoin
Bitcoin = Be your own bank; Ripple = We will be the bank
With all of the attention XRP has gotten recently and the lack of decentralization it has it seems like the bankers coin..
No, you're spot on... it's E-Coin for sure.
Thank you for the reminder.
And domo arigato Mr. Robot Oh!
I'm rEsteeming for the lulz ; )
!
#itshappening
Hack and Mod Mon-Keys... HACK AND MOD!
That quote is pretty alarming and enlightening at the same time - glad I am not in Ripple.
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Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://fee.org/articles/mr-robot-deals-frankly-with-bitcoin-and-the-future-of-money/
This summerizes it very well, thank you!
Resteemed.