Re:Fiat vs. Bitcoin
by whoisninja9 on Sunday October 29, 2017 @10:46AM
(#15579493)
Ripple is not decentralized at all. They've zero intention to
bring decentralization, all they're trying to do is give banks a technology that can speed up remittances. Why do you need blockchain for that specially if you will be using banks anyways? Why can't banks speed up remittances on their own.
Just do some basic search on the guy who created it, stellar lumens, mt gox, 70% tokens held by a few company individuals(although they say it is locked etc)
Re:Fiat vs. Bitcoin
by whoisninja9 on Sunday October 29, 2017 @11:43AM
(#15579696)
not suggesting that they are not credible or anything but I think their technology shouldn't excite people that much. And may be rather than public funding this bank's side project, perhaps banks can use some of their profits to develop this on their own or with Ripple or at least may be it should be funded by large investors who have large stakes in banks. Just ponder upon, why should you fund this experiment/technology?
> because they are currently cheap compared to the market cap they have
This sentence doesn't even begin to make sense...
The absolute value of any of these tokens is completely irrelevant. Same as it is for a US$ or CAD. You can define your own "decadollar", worth $10, get everyone to switch, and it would make absolutely no difference to the economy.
Re:Fiat vs. Bitcoin
by whoisninja9 on Sunday October 29, 2017 @12:41PM
(#15579976)
Why people put money in certain things is always a discussion, well the financial markets are better representative of people's opinion. Right now it is couple of billions in market cap. I agree with you and I'm very skeptical. But they at least seem to be doing something. What about 100s of other cryptocoins, just look at their github repos - nothing at all and they're worth hundres of millions(atleast as of now).
which makes it interesting as to why Ripples get "so much" value as a currency that has so many "coins". From Coinmarketcap[1], the circulating supply of ripples is 38,531,538,922 while bitcoin is limited to 21,000,000.
The other interesting thing is that Ripples "distribute" its coin as opposed to letting miners mine them.
I know nothing about economics so I would be interested to know why people put much value on Ripples. (disclaimer: I myself invested 6000 ripples just because they are currently cheap compared to the market cap they have.)
[1]: https://coinmarketcap.com