Community post
Debate Time #1 - AKA The Knowledge Bank
It's debate time guys, please, somebody argue me on the fact that Ripple is utterly over-priced and how Ripple will succeed. Why would banks adopt Ripple where 40% of the tokens are in control of 3 accounts (not the banks)? What kind of financial incentives do banks have for adopting Ripple opposed to creating their own centralized digital currency on a permissioned network? Please if you have an educated response, please comment and inform me of what I am unaware of. I will be posting a debate article daily on a vast amount of topics and if rewards of the post itself gets a fulfilling spot on the trending page, the commenter's with educated arguments will earn a portion of the rewards on top of the rewards they make on the comment itself. Let the debate games begin!
Replies (28)
Ripple is overpriced but gained popularity due to the recent hike and new users seeing the low entry price. At this rate, it’ll overtake btc by market cap by the end of the year.
I think what ripple offers is speed of transfers especially for offshore transactions, sure each bank could create their own protocol to do the same but what then happens for transactions between different banks. If Ripple is overpriced at the moment is a debate for another day but they have surprised a lot of people coming this far.
But, low entry price is irrelevant in the crypto world. Market capitalization matters, but I believe market capitalization is still very in-accurate as it measures the total circulating supply, but in the case of Bitcoin, 23% of the total Bitcoin circulation is reportedly lost. Not to mention if the CEO of Ripple decided to sell off his XRP, the markets would tank, people would panic.
Why use a centralized Ripple while you can use a DPoS chain like STEEM with zero transaction fees and utterly high throughput-transactions?
'Enterprise clients' which ripple seems to be focusing on have a tendency of picking more complicated solutions, Banks specifically have a kind of herd mentality when it comes to technology. Steem no doubt offers a better solution but they are just too blind to see it
Ah, and I think one issue with banks using STEEM is that it doesn't have confidential or private transactions which banks will want, but does Ripple offer confidential/private TX's?
I doubt ripple offers that and to be fair confidential transactions would make it a hot bed for money laundering which might lead to heavy regulation.
much of the hike is coming after several banks in Japan and south korea joined the ripple block chain and more have signed to joined . this made many people want the coin cause speculation was that it would rise and the coin was cheap. It does not seem like it will stop as its becoming wide spread among the asian counries and their banks. i dont like it cause its centralized but its a good investment if you want to make a quick buck
@theprophet0 I like the fact that you've started out this debate post.
The hard truth is that XRP is not only here to stay, based on it's market cap, but people are flocking to it like there's no tomorrow.
Newbies in the space are sooo easily manipulated. I had friends asking me if they should invest in BCash a couple of weeks ago when it went to $4K - I told them no, wait and see - guess what happened after that...?
Now my friends ask me if they should buy XRP ... what do you think my answer to them is? But the FOMO from the newbies is through the roof! I tried explaining that XLM is a decentralized version that has even greater potential ... but people only hear what they want.
Hopefully it's just a phase, and things will cool down soon. But if XRP gets in the eyes of the media (which I heard rumors about that it's already there) then we might see it go even higher. Probably the only thing that can put it down right now is some huge hack or flaw in the system, or some bad publicity - which probably will happen at some point.
Decentralization has a purpose - if you take that out, you're vulnerable to manipulation either from the inside, or the outside.
Perfect friggin response man, this is going to lead to something in my next post. Thank you man.
I agree, they are more centralize at the current moment but they are now focusing on becoming more decentralize. Decentralization of Ripple is a process that started right at its inception and has been ongoing since then. They are diversifying the ecosystem to further increase resiliency and robustness, by
adding attested validators to unique node lists. Ripple is the only enterprise ready public blockchain at the current time which can be instantly utilize by any payment gateway.
Do you have links/sources of reference to banks in Japan/SK partnering with Ripple and under what cost (what do the banks get out of it?)
Very true, once the panic sells start to roll it’ll be chaos from there. Market cap isn’t 100% as a means of determining value, you’re right.
https://www.finextra.com/pressarticle/70000/ripple-expands-japan-bank-consortium-to-61-members/blockchain
https://www.bitsonline.com/japanese-korean-ripple-pilot/
https://www.ft.com/content/2f595696-ecb4-11e7-bd17-521324c81e23
How can it become decentralized without providing transparency as they are a permissioned network?
@theprophet0 Haha, my absolute pleasure man. I am sad to see that so many people try to follow pumps... but I guess no thing in life can only have good parts. As investors, for us to win, someone has to get burned.
Everyday is like the wild wild west in the crypto space in my opinion. Only experience and strong hands are your friends. Risks need to be taken, but caution should not be ignored and thrown to the wind. A balance is needed, to compensate for the ups and down, the good and the bad.
I think that this is somewhat the drama that the crypto space needs to be balanced. Coins like XRP or BCash being pumped. We can't all win, not all the time. Therefore as much as I find these parts of the market, as well as all the shady black market / dark web related activities as being a bad thing for the crypto space, this is what creates the balance for all those incredible gains that the market is seeing.
PS: Thanks for the upvote man, it's just as much as my posts get in a day! Really appreciate it!
2 hours later ... what do you think my friend tells me? He bought some XRP, fell for the FOMO. Too bad ... so many incredible projects around and he chose the shittiest one around ...
I hope ripple dies.
Yes, they are permissioned based blockchain network but still decentralization can be achieved to some extent by adding dynamic validators as they are working hard on diversification of validators by identity, location, hardware and software, in an effort to avoid the risk of a single point of failure. Even if Ripple never achieve its goal of becoming fully decentralize but thinking that without decentralization XRP holds no value is wrong and unrealistic. I think next year we’ll see significant gains in XRP as it is marketed as bank friendly blockchain.
I think to your question about why banks don't do it themselves is because it's not their business. Banks are in business to make money, not create new technology. Maybe a handful of the largest banks could afford a dedicated department to creating their own blockchain but why have the expense if someone has already done it and it's cheaper than current alternatives like SWIFT transfers. It takes away some of the risk for a bank to have someone else responsible for making the transfer system work and maintaining the system.
Liked this comment. "Risk need to taken, but caution should not be ingored. A balance is needed! Thanks for the wisdom
Do Banks need to buy Ripples to join the blockchain? and at what price? Thanks!
Here is my thoughts on Ripple:
https://steemit.com/cryptocurrency/@ka82/bankers-coin-became-1-in-gained-in-2017
ripple? I stepped into it and feeled cold and addicted 2 usd like a coke junk. Then i stepped out there and went in2 real values:)
Hi, I'm following you, and I gave you my vote for a witness. I hope to have your vote in my publications
True about more than just crypto!
what happened to you? and what happened to your witness node? I was just looking into reviewing my votes and I seen your witness is down. Hope things have been good!