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What's to stop Ripple making a new currency?


Asheejeekar
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21 minutes ago, Asheejeekar said:

People will take anything as FUD on this forum so I don't take their rudeness to heart at all, half of them can't even backup their claims.

What about you having something to back up your claims before blaming others dude. ..? Yes some times people overreact here but that does not mean it would not be FUD when you are creating FUD.

Right now, XRP is one of the best digital assets available in the market (If not the best ) you did not mention any fault in it and  I am not sure if you do understand any, Yet you are making up stuff in your mind about new coins from Ripple and whether or not they will be superior. ... 

If you talk about possibilities, anything is possible. Microsoft can close their successful business and may decide to enter in POORRN business instead. 

Apple may decide to close the shop and put 100% money in fruit business. 

And many more examples like above

Is it likely to happen. -No  

Is it possible .. -Yes because in this crazy world anything is possible.  

 

Edited by RDS
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33 minutes ago, Asheejeekar said:

....of Ripple, they owe us nothing.

Exactly.  I agree with most that it would seem to be unproductive to jump to a new “coin” but it is ignorant to believe that it isn’t a possibility.  Ripple has obligation to its shareholders first, a group that doesn’t include most XRP holders.  Having said that, I’d venture to guess that 100% of the shareholders in Ripple also own significant XRP, so a new coin would need to offer enough shareholder value upside to offset them demolishing the value of their XRP.

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59 minutes ago, Asheejeekar said:

Thanks for the constructive response dude, great points. 

 

People will take anything as FUD on this forum so I don't take their rudeness to heart at all, half of them can't even backup their claims.

 

Interesting, let's hope not. I'll be gutted if the banks get access to a different currency other than XRP.

 

I hardly think providing a superior product to FI's would result in the suicide of Ripple, they owe us nothing.

Who said about Ripple owing us anything...? Do  u understand what r u talking about..? 

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16 hours ago, Asheejeekar said:

Is there anything stopping Ripple from just not using XRP and making another coin altogether? 

I'm not entirely sure how the tech works but is anyone concerned that this might happen and that their XRP will be worthless if Ripple decide to do this?

Think of it this way....Larsen and Garlinghouse are soon going to be two of the richest men on the planet.  Their investors are going to reap tens of billions in returns.  I suspect most of the senior leadership of Ripple will be millionaires multiple times over when they cash out any XRP they were given in bonuses/incentives.

Why in the world would they create another digital asset with the same use case that competes with XRP and dilutes the value of their riches?  They absolutely won't.  

Edited by MatinMontreal
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2 minutes ago, MatinMontreal said:

Think of it this way....Larsen and Garlinghouse are soon going to be two of the richest men on the planet.  Their investors are going to reap tens of billions in returns.  I suspect most of the senior leadership of Ripple will be millionaires multiple times over when they cash out any XRP they were given in bonuses/incentives.

and jed

:(

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Honestly, anything is possible. I don't think you need to worry about Ripple creating another coin as it would diminish a lot of their hard work in the past. Possible fails would be XRapid failing, a competitor coming along and outperforming XRapid, and so on. I believe in XRP but these are reasons why you don't invest money you can't afford to lose. It also is a risk otherwise everyone would do it.

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13 hours ago, Asheejeekar said:

Thanks for your reply, what makes you think it's such a dumb question? Can you be more specific please.

Is there no chance of an XRP 2.0 that is even faster and saves financial institutions even more money which could make them entirely circumvent XRP?

 

I believe speed is largely determined by the consensus algorithm.  I do not believe there would be any advantage in creating a new coin even if the consensus algorithm changed.  But I could be wrong.

 

ETA: Should add, I see no reason to change the consensus algorithm.  It's one of the best available currently.

Edited by Tyrell
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21 hours ago, RDS said:

If you talk about possibilities, anything is possible. Microsoft can close their successful business and may decide to enter in POORRN business instead. 

Apple may decide to close the shop and put 100% money in fruit business. 

And many more examples like above

Is it likely to happen. -No  

Is it possible .. -Yes because in this crazy world anything is possible.  

 

Or Kodak stop making cameras and make Bitcoin mining hardware....

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There's no point for them to do that. In fact, they are trying to capture a multi-trillion market (whether they'll be able to pull it off is a different story) so that they are able to start cashing out more aggressively on their stake in XRP so that they can  also reinvest part of the money into the ecosystem and make it grow even bigger.

If there's no volume and Ripple tries to cash out on their 60% stake they will completely crush the price which will also affect their customers as they've been told that, allegedly, holding a pile of XRP would be better instead of holding all sorts of currencies in nostro/vostro accoutns - as the price of XRP is supposed to grow if there's world-wide adoption. So there's almost zero chance they'll start cashing out (massively that is) anytime soon or they'll create a new token.

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On 19. 2. 2018 at 11:55 AM, iLeeT said:

There's no point for them to do that. In fact, they are trying to capture a multi-trillion market (whether they'll be able to pull it off is a different story) so that they are able to start cashing out more aggressively on their stake in XRP so that they can  also reinvest part of the money into the ecosystem and make it grow even bigger.

If there's no volume and Ripple tries to cash out on their 60% stake they will completely crush the price which will also affect their customers as they've been told that, allegedly, holding a pile of XRP would be better instead of holding all sorts of currencies in nostro/vostro accoutns - as the price of XRP is supposed to grow if there's world-wide adoption. So there's almost zero chance they'll start cashing out (massively that is) anytime soon or they'll create a new token.

 

I believe there is no technical problem to create new token similar or even better than XRP. Also it can have same use case as xrp.
This would mean that XRP would just serve as test subject and source of start capital for Ripple.
That they own 60% of XRP means nothing. They can create new coin which will be 100% theirs. 
Please remember that currently we are setting price of XRP, not  Ripple. 
In this case only we would lose our money, not Ripple. They made it from thin air, we all had to buy it! Ripple already cashed out 40%!


They can also arrange under table deals with banks to replace XRP for new token.

I am not saying that this will happened, but I am saying that is not impossible!

Please don't say I am spreading FUD, I also hope that such scenario is not in their plan.

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6 minutes ago, JojoBelt said:

 

I believe there is no technical problem to create new token similar or even better than XRP. Also it can have same use case as xrp.
This would mean that XRP would just serve as test subject and source of start capital for Ripple.
That they own 60% of XRP means nothing. They can create new coin which will be 100% theirs. 
Please remember that currently we are setting price of XRP, not  Ripple. 
In this case only we would lose our money, not Ripple. They made it from thin air, we all had to buy it! Ripple already cashed out 40%!

First statement /in bold/ - it will be extremely difficult to have the same use case as - i) there won't be any liquidity, ii) it can't be used by xRapid as no exchange would support it, iii) most of the customers will lose faith/confidence in Ripple and will never touch any of their digital assets. 

Second statement - no they haven't cashed out 40%, they still have roughly 60% XRP, I don't even think they've cashed out even 4% of their stake.

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16 hours ago, iLeeT said:

Second statement - no they haven't cashed out 40%, they still have roughly 60% XRP, I don't even think they've cashed out even 4% of their stake

I really do not know where you got 4% information... Please  correct me if I am wrong.

 

As I understand all XRP were held by Ripple or founders (they kept 20B). Company received 80B XRP.
They still own 60B, this means that they for sure cashed out 25% of their XRP. Simple math.
We do not know what happened to 20B owned by  founders. if is possible that Ripple and founders together still own 80% of XRP.
So XRP (created from thin air) is 60%-80% held by Ripple or they cashed out 20%-40%.

 

 

 

Distribution (source Wiki)

Cryptocurrency market capitalizationsas of 27 January 2018, in billions of US dollars, with Ripple at top right.[115]

Of the 100 billion created, 20 billion XRP were retained by the creators, who were also the founders of Ripple Labs. The creators gave the remaining 80% of the total to Ripple Labs, with the XRP intended "to incentivize market maker activity to increase XRP liquidity and strengthen the overall health of XRP markets."[112][116] Ripple Labs also had a short-lived 2013 giveaway of under 200 million XRP (0.2% of all XRP) with some of the amount given to charities such as the Computing for Good initiative, which began offering XRP in exchange for time volunteered on research projects.[117] As of March 2015, 67% of Ripple Labs's original 80% was still retained by the company,[112] with Ripple Labs stating that "we will engage in distribution strategies that we expect will result in a stable or strengthening XRP exchange rate against other currencies."[118] In May 2017, to alleviate concerns surrounding XRP supply, Ripple committed to place 55 billion XRP (88% of its XRP holdings) into a cryptographically-secured escrow. The escrow will allow them to use up to 1 billion monthly and return whatever is unused at the end of each month to the back of the escrow queue in the form of an additional month-long contract, starting the process all over.[119][116] The amount of XRP distributed and their movement can be tracked through the Ripple Charts website.[120]

 

 

 

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