Here are 11 Statements About Ripple / XRP. Let’s see if anyone can figure out whether they’re true, false, or have some grain of truth (partially true). Please leave comments down below. Thank you.
Even if Ripple company’s products replaced the SWIFT bank-to-bank messaging system for post-trade foreign exchange and payments, the company’s total profits would only be around $25 million per annum. None of that would go to XRP holders, according to some some analysts.
San Francisco-based FinTech Ripple Labs developed XRP – which “makes it look like an unregistered security.” Agree?
The Ripple company has to pay “people to run validating nodes to make it look decentralized – but they have only been doing this since they started worrying about class action [lawsuits and legal action from the US Securities and Exchange Commission] SEC.”
“Nobody uses XRP” as a cross-border payment method – “even after 5 years of trying.”
“Bank pilots seem to go nowhere, except where they are plugged into existing payments infrastructure to make them more complicated.”
“If the XRP ledger actually were de-centralized, it would mean the lack of accountability for its running, ruling it out as an acceptable piece of financial infrastructure.” Agree?
“Even if banks liked Ripple’s technology and the concept of a ‘bridging currency’, there is nothing to stop them from creating their own, after all the XRP ledger is open-source as the Ripple company keeps telling us.” Thoughts?
“60+ billion XRP is still in the hands of Ripple (the company) and ‘Ripple Insiders’.”
Question/Claim # 9
“Payments are getting faster and cheaper, both internationally and nationally” using other fintech, so XRP and Ripple company’s other products are not needed.
Question/Claim # 10
“Using banks as a ‘bridge currency’ would impose crippling regulatory capital charges on banks that held significant balances in the cryptocurrency.”
“Liquidity would be a major problem to anyone using it as a ‘bridge currency’. You always need someone willing to accept XRP in return for one of the real-world currencies being exchanged. You simply cannot count on that because of the volatility and capital issues.” Agree/Disagree? Comment down below.
Please note that these are just unverified and unsubstantiated claims. However, they have been circulating around social media for a long time now.
It’s time to get our facts straight. Let’s help separate the FUD from what’s really going on. While we are still in this bear market, more people are beginning to focus on development and solving real problems – instead of focusing primarily on superficial things such as price.
Before the crypto market has a viable economic system, it will need a solid technological foundations. So, let’s work to make this happen!