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With $16bn in cryptocurrency, Ripple attempts a reset


yxxyun
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For some reason I managed to get through to read the article. 

It certainly doesn't paint a good picture for Ripple. Although nothing is said which is contentious it puts forward a very negative slant with selective quotes, in particular

Quote

 

Unlike Amazon, however, Ripple has not yet produced a hit with its first application, leaving it without a big base of active users to sell other services to. Also, it has a controversial reputation in many parts of the cryptocurrency world, where its attempts to build bridges with the existing financial system clash with the radically anti-establishment motivations of many developers.

“It gets a lot of hate in the crypto world, because it’s trying to be close to the banks,” said Mr Arrington. In one sign that some of the most potentially disruptive new applications are not being attracted to its platform, a wave of experimentation in decentralised financial applications — known as DeFi — has been drawn instead to the Ethereum blockchain.

 

I certainly would be looking to invest based on this article, but then again, I am already committed to the long term

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2 hours ago, StrangeDays said:

The make a lot of reasonable valid points in the article.  I still think XRP has only one use case - as a bridging currency for currency swaps (fiat or otherwise). 

This single use case can manifest itself in various forms.  They should focus on new use cases that legacy systems can't touch, and start off with a niche market while continuing to onboard banks with their Ripple products, so when the crypto sh*t hits the fan, the banks won't be caught off guard and they will be able to keep up with the new cryptographic financial system. 

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1 hour ago, elias said:

From the headline I wondered if Ripple had actually done something useful. Of course not!

“It can take centuries for currencies to catch on,” said Mr Thomas at Coil.

Perhaps they should keep Stefan from talking to the press. The timeline for XRP adoption seems to grow by about a 1 year per month but I don' think anyone would be willing to wait hundreds of years.

The other depressing comment was 

the value of the company is tied “mainly to the XRP, with an option on a small software business”, said one former executive.

I wonder which former executive, there have been so many that have left in recent months.

 

 

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