Behold the master of ripple, if you haven't seen my last ripple calls lately, check them out. I have avoided a lot of pain in ripple and even the fall from 50 cents. It's quite simple right now, we are at a support zone that is now resistance. IF we can't break this zone, we will head lower, most likely to 20 cents if 25 cents can't hold.
Be wary folks!
-Sherem
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Smash dat like button if you didn't get hit with this last ripple down turn!
and previous ideas as an FYI -
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Yep, down we go, we break .25-.26 and its bad news bears
It looks like XRP is going to go the moon, first by tunneling through the earth to get to the other side. LOL
I thought XRP was going to be our salvation from that nasty fiat currency and the Swift system? Well, I'm sure Ripple will release another billion more XRP so they can continue to party on.
BTW, I was shocked to learn last month that Ripple never created any XRP themselves! The 100 Billion XRP was "donated" to Ripple by a 3rd party. I wonder what is going to happen if the IRS considers that 100 billion XRP "donation" as taxable income and comes after it? Can you say "Get out of town before the mob shows up"? The scene reminds me of the movie Frankenstein (1931) when the mob shows up at the castle walls with torches and pitchforks to destroy the monster and burn the place down to the ground. When that day comes, I want to be there outside of Ripple Headquarters with my marshmallow concession stand and sticks to sell. 'Cause there is going to be a pretty big fire. LOL
Sherem
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@BDG, It's gonna be a ripple to the moon by going through the middle of the planet paryt! haha
TWIMARKETCAP
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@Sherem@BDG, no even the developers are holding for long this premined coin ... holders are just fanboys, they don't think or read the fundamentals, and that is their sin.
BDG
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@TWIMARKETCAP, correct. Pre-mined coins (PoS) have no intrinsic value. Many of them will go to zero. Others like XRP may make some returns based on hype. But they are still fiat coins. The only coins that have a chance of surviving long term are PoW coins and are decentralized. Otherwise you are just trading fiat paper for fiat crypto.
UnknownUnicorn973049
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@BDG,
XRP is not a POS coin and any other coin being pre mined doesn't automatically make it POS either. I think XRP falls into the category of a consensus coin if I'm not mistaken.
Think you need to take a look into the difference between POW, POS and consensus. I think you have skewed information learnt or are repeating things you have read from other people not realizing it's wrong.
You later state XRP is basically a fiat coin. This is nonsense. The only crypto coins I would warrant the title of "basically a fiat coin", would be Tether and other stable coins.
BDG
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@fidgety, of course XRP is a fiat coin. It take nothing to produce it. No electricity, no mining, no banks of computers, no labor. Zero. Zilch. Nadda. Whereas $3100 of electricity and resources is needed to create a single Bitcoin according to one large BTC miner earlier this year in the U.S.. This cost varies from country to country depending on electricity rates.
PoW and PoS both use consensus algorithms. A consensus algorithm verifies the integrity on the ledger, whether it be a public blockchain or a private blockchain. Ripple calls their algorithm "Ripple Protocol consensus algorithm" and is a voting type of consensus algorithm that relies on the majority decision from its trusted nodes.
Most people don't realize that when Ripple customers sends transactions using RippleNet, they don't even use XRP. XRP is a joke coin. The real value of Ripple is in RippleNet, not the token that no one wants to use. Did you know Ripple pays its "customers" to sign up to be subscribers? What a joke.
UnknownUnicorn973049
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@BDG,
I wrote my comment refuting this comment and the other about fiat coins. >
"Pre-mined coins (PoS)" = wrong
Your reply answered nothing to correct me. It just states what you personally feel makes POW a better system than the rest. There is an army of people who will argue that those things make POW a weak system and unsustainable. I have no interest in debating that with you, I just wanted to point out your incorrect comments.
"of course XRP is a fiat coin. It takes nothing to produce it. No electricity, no mining, no banks of computers, no labour. Zero. Zilch. Nadda. Whereas $3100 of electricity and resources is needed to create a single Bitcoin according to one large BTC miner earlier this year in the U.S.. This cost varies from country to country depending on electricity rates."
How much electricity, mining(for metal) banks of machines and labour do you think goes into making fiat currency? A lot I would say. So taking into consideration physical resources as you have pointed out, does your own argument not make BTC closer to a fiat coin going by your own hypothesis?
You are too easy to duel with my friend. You defeat yourself at every turn then go off topic.
BDG
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@fidgety, "How much electricity, mining(for metal) banks of machines and labour do you think goes into making fiat currency?". It takes between 5.5 cents to create the $1 & $2 bills and up to 14 cents for the $100 because of the additional security features. So the Federal Reserve (private Rothschild bank) creates a $100 bill for 14 cents, then charges the treasury $100 for it, plus interest that is compounded year over year. The only way to pay it off is to borrow more money to pay off the old debt. This is of course impossible because the newly borrowed money is also borrowed at interest. This cycle will continue until the debt bubble blows up when interest rates rise. Our fiat system has about 5 years left to go before it dies from hyper inflation. Certainly no more than 10 years but I doubt it will last that long.
Bitcoin is different than fiat because it takes labor and resources to produce it, much like gold that also takes labor and resources to mine. Bitcoin is the first real money we have had since 1933 when FDR took gold coins out of circulation. Bitcoin's consumption of energy resources is actually an asset because it verifies the Bitcoin transactions are not counterfeit and the transactions are legitimate and it uses a public blockchain to do it. Bitcoin represents the new gold standard whereas XRP represents the toilet paper standard. If you want to collect the sh*t coin XRP instead of real money like Bitcoin, then be my guest. More power to you. Just remember to flush it after every use.
UnknownUnicorn973049
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@BDG,
Do you understand the concept of an argument? If I write something saying you're wrong, you need to argue back explaining why you're not. You don't just go away, do a Google search and throw some random facts you found explaining things I already know or answering a question I never asked.
"Bitcoin is different than fiat because..." You didn't have to tell me BTC was different to fiat, I know it's nothing like fiat. YOU said BTC was like fiat with your physical resource hypothesis. I don't think any crypto is like fiat, except stable coins being a digital version of it.
"Bitcoin is the first real money we have had since 1933 when FDR took gold coins out of circulation", pretty sure gold coins are still available in America, you mean the gold standard right? So your definition of real money again go's back to being backed by physical assets. Fiat money isn't created out of thin air, as you extensively and unnecessarily explained in your first paragraph. Again, You are presenting facts that defeat your own statements.
"Bitcoin represents the new gold standard," BTC was created out of fear of QE after the financial crises of 2008 I thought. Strange how Satoshi Nakamoto didn't just create a digital stable coin backed by gold if that's what he wanted to achieve.
Go do some more Googling, I tingle with anticipation for your next post.
BDG
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@fidgety, you were calling Bitcoin a fiat currency. You obviously don't know what real money is. I was correcting you. You need to read the book "The Bitcoin Standard" by Saifedean Ammous so you can recognize the significance of Bitcoin and why it is better than fiat currency.
"Fiat money isn't created out of thin air..."
In the U.S. most of the time fiat money is created by the Federal Reserve and swapped for U.S. Treasury Bonds that is printed by the Treasury. But that is not always the case.
Fiat money can indeed be created out of thin air. The Ron Paul's cursory audit of the Fed in 2009 had shown the Federal Reserve created $14 TRILLION out of thin air without approval from Congress. They refused to say who they gave the money to or for what the money was used for. This is what happens when you give control of your money over to a 3rd party. Not only do you lose control of it, you lose transparency as well. I no more trust Ripple than I do the Federal Reserve.
Bitcoin is money that is trustless, secure, and fully transparent when it comes to the amount in circulation. If you can't see that, then you have a lot of reading to do.
I thought XRP was going to be our salvation from that nasty fiat currency and the Swift system? Well, I'm sure Ripple will release another billion more XRP so they can continue to party on.
BTW, I was shocked to learn last month that Ripple never created any XRP themselves! The 100 Billion XRP was "donated" to Ripple by a 3rd party. I wonder what is going to happen if the IRS considers that 100 billion XRP "donation" as taxable income and comes after it? Can you say "Get out of town before the mob shows up"? The scene reminds me of the movie Frankenstein (1931) when the mob shows up at the castle walls with torches and pitchforks to destroy the monster and burn the place down to the ground. When that day comes, I want to be there outside of Ripple Headquarters with my marshmallow concession stand and sticks to sell. 'Cause there is going to be a pretty big fire. LOL