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 on a daily basis. Many times those questions are unique in nature 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 thoughts of the discussion group and those ideas laid out in our article on Stellar (which was born from a fork of the XRP coin). That discussion led us to notice that more and more people are asking us "why should I invest in Ripple?".
As we said...
.. in our previous article; 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. But, what if you are one of those people who does not care about a currency not being an investment and you 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 is not going to happen. But, let's pretend it will work for you. Why else won't we endorse an "investment" in Ripple?
There were rumors (not proven facts, and these rumors brought about strong retorts when mentioned in our last article) that when the founder of Ripple left the project his funds were "frozen". If that rumor is true then that blatantly shows the fact that the project (a THIRD PARTY; which is VERY anti crypto) maintains external control over the funds that are held in these tokens. The very notion of "frozen assets", along with their obvious lack of transparency, is more reminiscent of a traditional fiat payment platform than it is of any true crypto.
Whether the "frozen asset" theory is true or not is actually quite irrelevant since the hidden ledger (NOT an open blockchain; therefore, NOT a true crypto) and their stated mission of being solely a platform for transmission of funds between "institutions" (meaning traditional fiat banking institutions); we have to once again refuse any possibility of us giving any endorsement to XRP. After all; that's like funding the enemy. The reason most users came to crypto was to escape the fraud and extortion of centuries of abuses by those banks. And, before you still think gathering banks together to secretly transfer assets; 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) did to the mortgage industry in the United States. Let us state it clearly here and save you a Google search; MERS destroyed the mortgage industry in the States. Not directly or maliciously. But, it was the platform that allowed banks to perpetrate fraud and break the laws already set in place 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 a big money Wall Street investor type of person with close ties to those many banks and their way of doing business. Oh, you are not one of those people either?
Okay then. You should buy Ripple if you do not believe in the fact 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 the history and in Satoshi's reason for creating Bitcoin?
We are running out of reasons here
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. In fact, we have applauded a number of very well known cryptos that bring those worlds together.
The issue we here at CryptoDetail have with this project is the lack of transparency and the possibility of "frozen assets"; which equates to lack of decentralization. Since Ripple has repeatedly claimed to be decentralized; with no proof to show that is a fact; we are going to take a true, hard-line stance that the cryptosphere demands and deserves.
It has been; and continues to be; our assessment that Ripple is not a true cryptocurrency; it is a payment platform for fiat banks. They claim otherwise, but the facts are plain.
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; true 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 the attitude of those institutions 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 own personal wallet after each trade. But, while this will give you some bit of security if there is some massive swindle in the works here; HODLing XRP is simply not going to give you anything but high blood pressure.
However, we are always open to learning new things. And, 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, opinions, 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!!!