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BBC: Ripple becomes second most valuable crypto-coin

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XRP on BBC. That's pretty big!

 

A crypto-currency called Ripple has become the second most valuable virtual cash system.

 

Over the weekend the value of the digital currency hit more than $100bn (£74bn) according to some market monitors.

This valuation is higher than another popular crypto-cash system called Ethereum.

Each Ripple coin is now worth about $2.34 - far higher than the half a US cent they were worth a year ago.

Bitcoin still remains the most valuable crypto-currency. The value of the 16.8 million bitcoins in circulation is now worth a nominal $231bn. Each bitcoin has a value of about $13,580.

Bank payment

Ripple has sought to establish itself as a safe alternative to other crypto-currencies by emphasising its links to existing financial institutions.

Ripple was set up to help banks speed up and modernise how they pay each other. So far, about 100 banks have signed up to use its payments system. Bank of America and UBS are among its customers.

________________________________________________________________________________________________

Analysis - Rory Cellan-Jones

"Forget Bitcoin, that's old hat - it's time to get into Ethereum, Litecoin and Ripple."

So goes the message from the crypto-currency enthusiasts when critics mention Bitcoin's failings as a currency and its profligate use of energy in the mining process.

They also like to use a dubious measure - market capitalisation - to show just how significant a force a crypto-currency like Ripple has become.

When investors talk of the "market cap" of a company such as Apple - about $870bn right now - they reach the figure by multiplying the number of shares by their price to calculate the value of the business.

That price can move around pretty sharply but you will have little trouble selling your shares and turning them into hard cash.

Ripple's market cap has been calculated by multiplying the number of coins in existence by the current dollar exchange rate.

But unlike Apple, Ripple has no reliable assets or revenue streams backing up that rate, and changing it into "fiat currency" - that dreary old concept that is supposedly heading for extinction - may prove tricky if everyone heads for the exit at once.

So as with everything connected with crypto-currencies it's best to take their market caps with a sackload of salt.

________________________________________________________________________________________________

Growing adoption of Ripple seems to have driven its rise in value.

Over the weekend, three of Japan's big credit card companies revealed they had signed up to use it to handle payments and settlement.

Prior to this announcement, some South Korean and Japanese banks announced a pilot project that would use Ripple to handle cross-border payments.

Both events are believed to have prompted the bump in value.

Unlike other crypto-currencies, Ripple coins or tokens are not mined by the members of the network that processes transactions. Instead, the coins have been pre-mined and are slowly being released as the network is used.

Eddy Travia, head of crypto-cash financier Coinsilium, told the Financial Times that the higher value could be a problem for Ripple which had done well to win banks over to its technology.

"The worry is that when the price goes up so much it moves the focus from the technology to just the speculation," he told the paper.

 

 

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Another article that supports the market cap is irrelevant idea. Its great that its coming from bbc. Ripples price will evenrually takeover bitcoin in the long run. Shorting xrp by saying a high price will hurt it is so wrong and uneducated of their interviewee to say. A simple analogy for ripple would be if you were stuck in the desert which would be more valuable to you, abottle of water or ownernership of Apple? Ripple is the water in the desert of IoV. I may have inadvertently figured out the basis behind ripples name lol:lol:

Edited by JC83

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Thanks for sharing! Incredible. I'm so delighted to  see we are going sideways after the massive recent gains. BBC exposure is great to drive more FOMO amongst the normies. HODL.

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"Over the weekend, three of Japan's big credit card companies revealed they had signed up to use it to handle payments and settlement."

Does the settlement part indicate usage of XRP (xRapid rather than xCurrent)?

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Yes definitely good to see such a large media outlet mention that market cap in crypto is worth a bag of salt. 

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"The worry is that when the price goes up so much it moves the focus from the technology to just the speculation," he told the paper. - said Eddy Travia, head of crypto-cash financier Coinsilium 

Guys do you agree? 

 

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24 minutes ago, Madbull said:

"The worry is that when the price goes up so much it moves the focus from the technology to just the speculation," he told the paper. - said Eddy Travia, head of crypto-cash financier Coinsilium 

Guys do you agree? 

 

If the focus shifted from the tech to the spec then sure he's correct....but the tech is so insanely awesome that spec won't be able to compete for aaaaaaaaages.

Imagine you're in star trek and you're hungry.  Do you use the replicator to provide your dinner in 3.3 seconds or would you order it from the Omega quadrant and wait 3 days for it to arrive and then when it does some ******'s eaten 10% of it.

Edited by CaligulazBaby

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34 minutes ago, Madbull said:

"The worry is that when the price goes up so much it moves the focus from the technology to just the speculation," he told the paper. - said Eddy Travia, head of crypto-cash financier Coinsilium 

Guys do you agree? 

 

Yes! It's actually an isssue all over the crypto landscape. And it's why it's so crucial that coins get used at some point not to far away. XRP is the closest to a use case of ALL, so I'm superlong on it (never to step out again as my most perfect scenario). But beware: if a coin (including XRP) doesn't reach it's use case, a turning point can come in hard. 2018 will probably be the year where the use case question will be knocking on all doors. If it's not answered, people will move on.

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About time Ripple made it onto the BBC news it's had very little exposure in the UK, that and a combination when it hits Coinbase we should see another big jump.

Edited by sharpn

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4 minutes ago, Amigo said:

Yes! It's actually an isssue all over the crypto landscape. And it's why it's so crucial that coins get used at some point not to far away. XRP is the closest to a use case of ALL, so I'm superlong on it (never to step out again as my most perfect scenario). But beware: if a coin (including XRP) doesn't reach it's use case, a turning point can come in hard. 2018 will probably be the year where the use case question will be knocking on all doors. If it's not answered, people will move on.

I'm not sure 2018 is the year for put up or shut up for crypto in general but it will make it harder for trash to take people's money. As the general population starts to understand what this all is, they will be able to detect bs much more easily. 

A white paper and a coin on polo won't cut it much longer. They're going to have to face legal issues, regulation and that all costs money. It requires lawyers and support from the business community. 

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