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Sold My XRP Today - Here is why


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2 minutes ago, CryptoMaster1000 said:

So this will be a very unpopular post and I already know I will get some hate comments but it is what it is. I bought into ripple at .50 and sold today at 2.70 on Binance. I have been concerned about the huge run up on speculation and feel that I sold at a good time, and if not I still did well on my investment.

So why did I sell?

  • XRP is way overvalued in my opinion. Technically 100 billion XRP exist due to XRP being pre-mined. In my opinion, pre-mined tokens should always be included in market cap calculations but for some reason everyone uses the 38 billion number that are "in circulation". This simply isn't accurate, 100 billion exist and they should be counted.
  • The overall supply even at 38 billion is MASSIVE. Basic supply and demand economics say this is a big problem.
  • The founders gave themselves BILLIONS of XRP on creation. Sorry but this is BS. Chris Larsen has 5.19 billion XRP and Jed has 5.13billion. This is a classic example of creating a currency and lining your pockets with free money that you created. This is no different than the fed printing billions of dollars and the executives pocketing billions because they printed it. I would understand if the company was super successful like google or apple but they are still in their infancy, this excessive compensation is ludacris.
  • Centralized control, Ripple the company holds like 60 billion XRP to do with as they please within the confounds of their escrow plans which are pretty lenient. Enough said.
  • Ripple vs XRP, I think ripple will succeed by selling their network/blockchain product but the banks don't really need the XRP tokens! Great they partnered with AMEX but AMEX has already mentioned they don't care about the token, they are only interested in the network.

I am pretty sure XRP will crash, it may go up to 20 dollars but it would be purely on speculation as I don't think the currency will be succesful. There are so many red flags with XRP it is not even funny. I enjoyed the ride up but know that the ride was all hype.

I guess you are not looking for a "that a boy, you understand XRP really well, way to go", well thank you for swinging by, I wish you would have studied and understood a little bit more for your sake.

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@CryptoMaster1000You do understand that these token are locked in escrow as well right? Also understand that Jed does NOT have that now! On top of this, the entire pre-mined amount is actually figured into the Ripple market cap on the Ripple website not Coinmarket cap. They're locked up for 4 years and on top of that, although I understand you're deeply concerned, Ripple is not centralized like you say. This has been stated on live television and multiple interviews by Brad Garlinghouse himself. Why would a company that has a goal to be the new swift want to crash and burn?

 

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