Why I think Ripple (XRP) is a shitcoin
The funny thing is, most of the people who have been in crypto the longest are almost absolutely anti-XRP. But if you ask the fanboys and the fangirls...they're often the newbies, who will tell you that XRP is the next Bitcoin in making, only better.
Note: If you don't understand crypto speak, first check out this post and then come back here.
Yes, I know XRP is now #2 in the crypto universe, but that doesn't change my opinion about it being a shitcoin. If you bought into it because it was so hyped up recently, congratulations! You might want to look at this hilarious graphic (ignore the spelling errors) first before I delve into XRP deeper:
Why did YOU buy XRP?
Whenever I ask someone that, they give me the same usual reasons:
- The Ripple system solves a real problem for banks and they already have banks using them
- The payments industry is huge. Banks are more likely to use Ripple than Bitcoin. In fact, they already are! (Cites list of banks and Jap / Korean credit card companies here)
- It is the world's second most valuable payment currency
Well, XRP is $2.90 today. Earlier in November, I shared with a few friends that I believed XRP would rise because people won't understand, or perhaps won't be bothered to try and understand XRP from beyond all the shilling that they read online and on the mass media. And then there'll be a crash after these people wake up and realise the gap and these glaring red flags. I hope you won't be one of them. I might be wrong, and I'm open to being corrected, but so far no proponent of Ripple has ever been able to convince me otherwise.
Why didn't I buy it at $0.23? Because I don't believe in investing in shitcoins. Go ahead and trade them if you will, but when a crash comes, mark my words that the fundamentally strong coins will survive while the weak ones will get weeded out by the market.
But what do I know? I can't predict the future, and I'm just a girl blabbing online. So do your own homework and make up your own mind. But since a few readers have requested for me to write on WHY I think XRP is a shitcoin, here are my thoughts.
Why I think XRP is a shitcoin through and through
It'll be helpful to start with an analogy. Someone shared this earlier today and I thought it was really apt, so I'm passing it on here.
- Ripple as Apple
- The Ripple system as iOS
- XRP tokens as iPhones
If you're happy buying iPhones because you believe its value will go up, go ahead and buy XRP for all you want.
- XRP tokens are pre-mined.
- The ex-founder is holding tons and tons of it.
- The system is centralized, which goes against crypto's vision of decentralization.
GDAX is Coinbase's exchange.
Still not convinced? Read this.
I think it is a scandal that XRP is #2 instead of ETH, and am waiting for it to be dethroned so ETH can be back in its rightful place where it belongs.