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New Video Explaining Xrp as a Scam


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3 hours ago, JoelKatz said:

 

Google is a scam because their search engine is not necessary for the Internet to work.

 

Google's value comes from the search engine becoming the de facto search  by the masses.

XRP's value have been languishing because it has not become the de facto cryptocurrency to be used by the implementations of Ripple network thus far.

Probably, that's the reason why people think it's a scam since XRP is not needed anywhere.

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I'll take these on: "There is no code or automated process that handles forks if consensus is not reached, and the network does have to split. If there is a fork, the losing side has to discard t

Google is a scam because their search engine is not necessary for the Internet to work. Well, umm, yeah. Google works to build, preserve, protect and promote the Internet, even though the Inter

I'm not going to address all the points exhaustively, one by one, but let me respond to a couple of them really quickly. This is a flat out lie. Our version-setting commits (in other ways, the

5 minutes ago, missdaboat said:

Google's value comes from the search engine becoming the de facto search  by the masses.

XRP's value have been languishing because it has not become the de facto cryptocurrency to be used by the implementations of Ripple network thus far.

Probably, that's the reason why people think it's a scam since XRP is not needed anywhere.

The word "scam" is generally used ideologically. The poor quality of the criticism is usually an indicator that the accusor is operating ideologically rather than rationally. Ideological arguments tend to be absolutist and can be summarily dismissed. 

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8 hours ago, Eddie said:

Hi @JoelKatz I have a question. What's going to be the revenue driver for ripple after completing the distribution of XRP's? (I understand it will take quite a long time) I was curious since there hasn't been much discussion regarding the vision that comes after finishing the escrow. We all know that Google and Twitter has ads to make the business sustainable so it makes me wonder what ripple may have in mind, asides maintaining the current network and new developments that align IoV.

I don't think anyone can say right now. It may be that Ripple closes its doors and has no more reason to exist. It may that Ripple finds other revenue models inside the new payment ecosystem. It is interesting to note that as Ripple owns less and less XRP (which we expect) and possibly finds other revenue models (which may or may not happen), Ripple's interests will gradually diverge from that of XRP users and holders.

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30 minutes ago, JoelKatz said:

It is interesting to note that as Ripple owns less and less XRP (which we expect) and possibly finds other revenue models (which may or may not happen), Ripple's interests will gradually diverge from that of XRP users and holders.

I doubt this. If Ripple's mission succeeds, even owning just 1% after having sold the rest, will make the company extremely wealthy.

But that assumes Ripple would continue selling, = converting rising XRP for declining USD. If Ripple succeeds, why would they want to own US dollars? I think there is a certain threshold of treasury XRP that Ripple will never go below, and I think that's way higher than 1%.

Once that threshold has been reached, and price of XRP has stabilized, Ripple's XRP holdings may even go up. Lending XRP for example can become a very profitable business. Profitability in the sense of aquiring more XRP.

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Just now, Sukrim said:

Right now I am offering tens of thousands of XRP on Bitfinex to anyone who wants to borrow them.

It is NOT "very profitable" at all...

Of course it's not yet. That business has yet to be built, and XRP has yet to become a global currency. Besides, lending on currency exchanges is not really lending, but a risk free freezing of assets to cover margin trades. You're not reviewing business plans on Bitfinex, are you?

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1 hour ago, JoelKatz said:

Google's search engine didn't become the de facto search by the masses before the Internet was built.

I agree with your middle sentence. Obviously, I'd love to see a higher value, but current value is probably almost entirely speculative, as  (at least, I believe) it is for pretty much every digital asset today. If that makes XRP a scam, then pretty much every digital asset is a scam.

Ripple has explained, as have I many times, precisely why we think there will be an intermediary asset, why we think it will be a digital asset rather than digitized fiat, why XRP has a good chance of being that asset, how Ripple plans to keep XRP positioned to be that asset, and why that could be expected to increase demand for XRP. It's certainly fair to argue against any component of that or to make arguments about how likely Ripple is to succeed at that. But is that what's happening here?

I personally enjoy using it more than other coins just as a digital currency. Its so fast.

I can tell you about times waiting around for a bitcoin ATM with even a half decent fee to show up and running out of gas because it never showed and so on with my family in the car so i mean I see a big value in XRP myself as it is already. I couldn't believe how fast it was when it moved between exchanges i don't even think my eye blinked. 

Also i was reading online am i to understand that Ripple had some of its origins in my hometown of Vancouver BC Canada? Or i guess the predecessor to Ripple very interesting history. I personally don't see why anyone would waste their time on anything but implementing XRP i think its a great coin just from using it to move money around myself.

Edited by vanhalendlrband
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On 11-9-2017 at 7:26 PM, JoelKatz said:

Google's search engine didn't become the de facto search by the masses before the Internet was built.

I agree with your middle sentence. Obviously, I'd love to see a higher value, but current value is probably almost entirely speculative, as  (at least, I believe) it is for pretty much every digital asset today. If that makes XRP a scam, then pretty much every digital asset is a scam.

Ripple has explained, as have I many times, precisely why we think there will be an intermediary asset, why we think it will be a digital asset rather than digitized fiat, why XRP has a good chance of being that asset, how Ripple plans to keep XRP positioned to be that asset, and why that could be expected to increase demand for XRP. It's certainly fair to argue against any component of that or to make arguments about how likely Ripple is to succeed at that. But is that what's happening here?

What is happening here is that large banks all over the world are adopting an alternative to SWIFT. These partners to Ripple will steer our planet away of a 50 year old non-functioning international payment system (SWIFT) which holds billions of dollars at ransom (billions sitting in vostro/nostro accounts, international payments with insane fees and faulty transactions). I applaud any financial institution which is supporting and engaging this new way of life :good:

Edited by cryptoxrp
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6 hours ago, lucky said:

Of course it's not yet. That business has yet to be built, and XRP has yet to become a global currency. Besides, lending on currency exchanges is not really lending, but a risk free freezing of assets to cover margin trades. You're not reviewing business plans on Bitfinex, are you?

I have to side with @lucky on this one - apples and oranges. 

But on the original point; JoelKatz states that XRP holders / investors interests will eventually diverge... I agree with both joelkatz and lucky because each is true.  While JoelKatz is saying "if" in his scenario, I agree with this downstream scenario of XRP investors' interests diverging with that of Ripple. 

.... But I also agree with lucky because I see that as a low-probability scenario, and I think lucky is absolutely correct in assuming that Ripple will want to remain a steward of a certain comfortable amount in their treasury.  

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3 hours ago, bluestormz said:

Bitcoin is arguably one of the biggest scams ever to be around...the original vision Satoshi had for it didn't exactly go to plan....it's controlled by a bunch of rich elites now...not really a coin for "everyone".

The most successful things never go exactly as planned.  And quite frankly, they shouldn't.

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