Ripple (XRP) Review | Why Should I Invest in?
The issue we here at CryptoDetail have with Ripple is the lack of transparency and the possibility of "frozen assets"; which equates to lack of decentralization.
Here at CryptoDetail, we get questions from readers daily. Many times those questions are unique and not already covered in our prior content. Other times the questions are repetitive and dealing with subjects we have already discussed.
One of those subjects is one that recently became part of a discussion on Reddit. There was a bit of disagreement between the discussion group's thoughts and those ideas laid out in our article on Stellar (born from a fork of the XRP coin). That discussion led us to notice that more and more people ask us, "why should I invest in Ripple?".
For quite a few reasons, we cannot suggest any "investment" in XRP. Why? Well, for one, it is a CURRENCY. And we talk about that all the time. What if you are one of those who does not care about a currency not being an investment and have already made up your mind that you are going to put your money into a cryptocurrency in hopes of making it rich. Well, we here at CryptoDetail can assure you that it is not going to happen. But, let's pretend it will work for you. Why else won't we endorse an "investment" in Ripple?
External Control Over XRP
There were rumors (not proven facts, and these rumors brought about strong retorts when mentioned in our last article) that when Ripple's founder left the project, his funds were "frozen." If that rumor is true, then that blatantly shows that the project (a THIRD PARTY, which is VERY anti-crypto) maintains external control over the funds held in these tokens. The very notion of "frozen assets," along with their apparent lack of transparency, is more reminiscent of a traditional fiat payment platform than it is of any actual crypto.
Whether the "frozen asset" theory is true or not is entirely irrelevant since the hidden ledger (NOT an open blockchain; therefore, NOT actual crypto) and their stated mission of being solely a platform for transmission of funds between "institutions" (meaning traditional fiat banking institutions); we have to refuse once again any possibility of us giving any endorsement to XRP. After all, that's like finding the enemy. Most users came to crypto to escape the fraud and extortion of centuries of abuses by those banks. Before you still think about gathering banks together to transfer assets secretly, please take a look at what part MERS (a piece of software create so that banks could secretly transfer real estate assets between themselves at will) to the mortgage industry in the United States. Let us state it clearly here and save you a Google search; MERS destroyed the States' mortgage industry. Not directly or maliciously. But, it was the platform that allowed banks to perpetrate fraud and break the laws already set to protect borrowers and lenders alike. Giving the banks all over the world what is pretty much the same system is ludicrous.
However, that wasn't the question; was it? No, the question was...
Why Should I Invest in Ripple?
With our assessment of Ripple aside, it seems you are going to do this anyway. So, this once, we will play along.
You should buy Ripple if you are a bank. After all, their stated mission to add a "bank a week" to their system makes it quite obvious who the project wants aboard. Are you not a bank?
Well then, you should buy XRP if you are big money Wall Street investor type of person with close ties to those many banks and their way of doing business. But, oh, you are not one of those people either?
Okay then. You should buy Ripple if you do not believe that cryptos were created so that the average person could escape from that very same, hidden way that those very banks have done business for centuries. But you do believe in the history and in Satoshi's reason for creating Bitcoin?
Ripple is a Payment Platform for Fiat Banks
Look, we are not saying that the Ripple team does not have good intentions. We are also not saying that there is no place in the cryptosphere for a merger between fiat and crypto. On the contrary, we have applauded several very well-known cryptos that bring those worlds together.
We here at CryptoDetail have with this project the lack of transparency and the possibility of "frozen assets,"; which equates to a lack of decentralization. However, since Ripple has repeatedly claimed to be decentralized, with no proof to show that is a fact, we will take a proper, hard-line stance that the cryptosphere demands and deserves.
It has been, and continues to be, our assessment that Ripple is not an actual cryptocurrency; it is a payment platform for fiat banks. Of course, they claim otherwise, but the facts are plain.
The Nature of True Cryptocurrencies
Satoshi's gift of freedom from such hidden business practices leads us to take this stance, and it is where we will hold firm. CryptoDetail is about CRYPTOS, valid blockchain, completely transparent, decentralized coins, tokens, and platforms. Anything else is just fluff.
So, while you may make some money buying and selling XRP, that's not entirely what this is about. Because, looking into the future, the Mt Gox fiasco will look like petty theft compared to what is likely to happen with the Ripple project. Again, we are not accusing their team of anything; this prediction comes purely from looking at 100s of years of bank fraud and those institutions' attitudes toward investors and customers.
If you "invest" in XRP, take these warnings to heart. And, as always, if you must play in a pool full of sharks, always remember and employ Crypto Rule # 1 and withdraw your money to your wallet after each trade. But, while this will give you some bit of security if there is some massive scam in the works here, HODLing XRP is simply not going to provide you with anything but high blood pressure.
However, we are always open to learning new things. After our last article discussing Ripple, we found that the cryptosphere (as always) has very definitive, well-researched, and well-informed opinions on this project. So, if you have thoughts, ideas, and comments about Ripple, let's talk. Leave a comment here; we would love to hear about your experiences with XRP.
Thanks for joining us on this exploration. Good luck on your crypto journey. Happy HODLing!!!