Isn't the purpose of crypto currency so we don't need to rely on banks and government? With the impending financial collapse and over leveraged banks, XRP is just one of the many assets of theirs that will need to be liquidated.....
This is why the banks have a bad rep. XRP is a printed coin and not mined. They essentially spent no work creating these coins and print them into oblivion and the average joe that buys it will most likely get fleeced in the end.
I think crypto like XRP can support many communities. It has fast transaction. This will be beneficial for banks. I think first and foremost, crypto has to make money through some customer base. I bought some through speculation. Having a bank account is still useful to me. It's developers have a plan, unlike some of the other cryptos out there. Real world application like Ripple is nice to see! Without real world application, blockchain would be quite useless. I hope for Ripple's success. It's success would be crypto success as well! Even if banks have bad reps, If we're in the crypto-space...i would only care about the reputation of a specific cryptocurrency.
There's always pros and cons to regulation. I think we can see them in banks or crypto. Ripple is a nice mediator don't you think?
By the way, I'm a huge fan of the blue beast. ROCK LEEE!
The main downside is how over leveraged the financial banking system currently is. XRP and XLM are considered assets if the banks are holding them. Most likely, the banks are holding a lot. What do you think will happen when some of these banks start to go bankrupt? They will have to liquidate to pay off debtors. That means anyone holding XRP or XLM will see massive declines in their XRP and XLM value. The majority of the holders of XRP and XLM are banks anyway and they use it to transact with each other so the little XRP and XLM you hold will essentially be worthless.
I stay away from any bankster coin. XRP, XLM, Tezo's, etc.
I'm wondering however, why banks wouldn't choose iota over ripple? Wouldn't banks prefer no fees rather than fewer fees? This can be done with EOS and Iota right? I know they're not as developed as ripple. ripple seems like a commercial product already. Hope you're well ylgv!
they thanks for the reply man. i hear similar things. I was actually driving a passenger while working. He was an indian developer in Irvine, and he mentioned to me wide adoption of ripple in the some of the biggest banks in India.
"Ripple (Stellar is a fork of Ripple meaning very similar) is based on a classical blockchain that uses PoA (proof of authority). PoA means nodes have to be whitelisted by the company behind Ripple in order to participate. There are advantages and disadvantages to this. Most blockchains are based on either PoW (proof of work) or PoS (proof of stake). One disadvantage (depending on who you ask) of PoA is that because of the whitelisting Ripple isn't decentralized.
IOTA is based on a tangle (DAG) that uses PoW to validate transactions. Tangles are very new technology and IOTA is the largest project (by market cap) that uses a tangle (basically all the coins you see on Coinmarketcap use blockchains). Because the idea of tangle is very new many people (including me) are struggling to completely understand the advantages and disadvantages it brings (but I think we would agree that it is highly fascinating technology). IOTA dates back to 2015 and has been in development since then. One advantage IOTA brings (which until now hasn't been solved in traditional blockchain) is scalability. IOTA scales effortlessly and becomes more secure and faster the more people use it (traditional blockchain can get congested as is happening now to Bitcoin and Ethereum). There are solutions being worked on to scale traditional blockchains (such as Lightning/Raiden) but those solutions have not been deployed as of now and bring their own advantages/disadvantages with them.
An in depth comparison of IOTA vs traditional blockchain could easily fill a small book. A good starting point to learn about the tangle technology on which IOTA is based (IOTA implements a tangle, it is not the tangle) is the tangle whitepaper available here: https://iota.org/IOTA_Whitepaper.pdf"
Interesting blog. Interesting to see I'm not the only one that is thinking about this. No matter how populair a coin is. People should always do a proper background check. It surprises me how many coins are out there that don't have their basics right. An interesting website I found: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. For example: https://www.coincheckup.com/coins/Ripple#analysis To see the: Ripple Analysis.
Isn't the purpose of crypto currency so we don't need to rely on banks and government? With the impending financial collapse and over leveraged banks, XRP is just one of the many assets of theirs that will need to be liquidated.....
This is why the banks have a bad rep. XRP is a printed coin and not mined. They essentially spent no work creating these coins and print them into oblivion and the average joe that buys it will most likely get fleeced in the end.
I think crypto like XRP can support many communities. It has fast transaction. This will be beneficial for banks. I think first and foremost, crypto has to make money through some customer base. I bought some through speculation. Having a bank account is still useful to me. It's developers have a plan, unlike some of the other cryptos out there. Real world application like Ripple is nice to see! Without real world application, blockchain would be quite useless. I hope for Ripple's success. It's success would be crypto success as well! Even if banks have bad reps, If we're in the crypto-space...i would only care about the reputation of a specific cryptocurrency.
There's always pros and cons to regulation. I think we can see them in banks or crypto. Ripple is a nice mediator don't you think?
By the way, I'm a huge fan of the blue beast. ROCK LEEE!
The main downside is how over leveraged the financial banking system currently is. XRP and XLM are considered assets if the banks are holding them. Most likely, the banks are holding a lot. What do you think will happen when some of these banks start to go bankrupt? They will have to liquidate to pay off debtors. That means anyone holding XRP or XLM will see massive declines in their XRP and XLM value. The majority of the holders of XRP and XLM are banks anyway and they use it to transact with each other so the little XRP and XLM you hold will essentially be worthless.
I stay away from any bankster coin. XRP, XLM, Tezo's, etc.
awesome vid! i like ripple too.
I'm wondering however, why banks wouldn't choose iota over ripple? Wouldn't banks prefer no fees rather than fewer fees? This can be done with EOS and Iota right? I know they're not as developed as ripple. ripple seems like a commercial product already. Hope you're well ylgv!
Yea, plus Ripple Asia has a consortium with over 61 banks, just need to wait and have patience.
they thanks for the reply man. i hear similar things. I was actually driving a passenger while working. He was an indian developer in Irvine, and he mentioned to me wide adoption of ripple in the some of the biggest banks in India.
I think this comment by https://www.reddit.com/user/Bingx might answer your question.
"Ripple (Stellar is a fork of Ripple meaning very similar) is based on a classical blockchain that uses PoA (proof of authority). PoA means nodes have to be whitelisted by the company behind Ripple in order to participate. There are advantages and disadvantages to this. Most blockchains are based on either PoW (proof of work) or PoS (proof of stake). One disadvantage (depending on who you ask) of PoA is that because of the whitelisting Ripple isn't decentralized.
IOTA is based on a tangle (DAG) that uses PoW to validate transactions. Tangles are very new technology and IOTA is the largest project (by market cap) that uses a tangle (basically all the coins you see on Coinmarketcap use blockchains). Because the idea of tangle is very new many people (including me) are struggling to completely understand the advantages and disadvantages it brings (but I think we would agree that it is highly fascinating technology). IOTA dates back to 2015 and has been in development since then. One advantage IOTA brings (which until now hasn't been solved in traditional blockchain) is scalability. IOTA scales effortlessly and becomes more secure and faster the more people use it (traditional blockchain can get congested as is happening now to Bitcoin and Ethereum). There are solutions being worked on to scale traditional blockchains (such as Lightning/Raiden) but those solutions have not been deployed as of now and bring their own advantages/disadvantages with them.
An in depth comparison of IOTA vs traditional blockchain could easily fill a small book. A good starting point to learn about the tangle technology on which IOTA is based (IOTA implements a tangle, it is not the tangle) is the tangle whitepaper available here: https://iota.org/IOTA_Whitepaper.pdf"
Ripple una locura
Interesting blog. Interesting to see I'm not the only one that is thinking about this. No matter how populair a coin is. People should always do a proper background check. It surprises me how many coins are out there that don't have their basics right. An interesting website I found: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. For example: https://www.coincheckup.com/coins/Ripple#analysis To see the: Ripple Analysis.