XRP as currency

[ulhaq]

My understanding of Ripple is that XRP is not being touted as a currency (with no plans currently), but that it is used in transactions such that all other items of value can be denominated in XRPs, to facilitate exchange. In addition since there is a ledger protocol, it can process the types of transactions already being used by the banking industry while using XRPs to facilitate (if this understanding is wrong, please elucidate).

But if you had to evaluate XRP only as a currency, whether or not that's how the founders intend it, how does it compare to others, eg bitcoin and ether (in terms of security, speed, etc)? I don't know if any merchants accept it as payment now, but is it plausible in the future? Supposedly transactions occur more quickly than some of the others? I realize that since it is not decentralized, more currency could always be created, but it would not be to their interest to do so, now or in the future. However, is that a security concern, that someone could hack it and increase its circulation (unlike bitcoin or ether, which would require massive mining power)?

[Rockie1234]

My understanding of Ripple is that XRP is not being touted as a currency (with no plans currently), but that it is used in transactions such that all other items of value can be denominated in XRPs, to facilitate exchange. In addition since there is a ledger protocol, it can process the types of transactions already being used by the banking industry while using XRPs to facilitate (if this understanding is wrong, please elucidate).

But if you had to evaluate XRP only as a currency, whether or not that's how the founders intend it, how does it compare to others, eg bitcoin and ether (in terms of security, speed, etc)? I don't know if any merchants accept it as payment now, but is it plausible in the future? Supposedly transactions occur more quickly than some of the others? I realize that since it is not decentralized, more currency could always be created, but it would not be to their interest to do so, now or in the future. However, is that a security concern, that someone could hack it and increase its circulation (unlike bitcoin or ether, which would require massive mining power)?

I think it won't ever become a proper cryptocurrency. As I understand, at the moment it is used exclusively by banks for settlements and contacting each other. It also lowers processing costs (don't really understand how that works). It is successful, but it is very different than say, bitcoin. Not sure if it can be "hacked," just some kind of system.

[aioc]

I am surprise that it is in the top 10 when it is not a decentralized crypto currency at all,although looks profitable I don't want to invest here,because they still have a full control of everything,what makes them legit are the people who runs them who are proffesional in their industry.

[God27]

My understanding of Ripple is that XRP is not being touted as a currency (with no plans currently), but that it is used in transactions such that all other items of value can be denominated in XRPs, to facilitate exchange. In addition since there is a ledger protocol, it can process the types of transactions already being used by the banking industry while using XRPs to facilitate (if this understanding is wrong, please elucidate).

But if you had to evaluate XRP only as a currency, whether or not that's how the founders intend it, how does it compare to others, eg bitcoin and ether (in terms of security, speed, etc)? I don't know if any merchants accept it as payment now, but is it plausible in the future? Supposedly transactions occur more quickly than some of the others? I realize that since it is not decentralized, more currency could always be created, but it would not be to their interest to do so, now or in the future. However, is that a security concern, that someone could hack it and increase its circulation (unlike bitcoin or ether, which would require massive mining power)?

https://ripple.com/xrp-portal/xrp-resources/xrp-compares-btc-eth/

This a good place to start even though it's from the pig itself.

IMO ripple sees most profits with the top down approach working with institutions.  However, they know consumers on the network would be the killer app.

 They made their protocol open source and are hoping the smartest people in the world build on ripple which will create volume and hopefully XRP appreciation while the distribute 100s of millions monthly for years to come.

I'm looking to see how the smart money reacts to the future incentive programs via XRP.

[robelneo]

I've got a lot of Ripples when I was a newbie in this forum,they gave huge give aways to early users,but sold all my stakes when I figure that they don't work like Bitcoin and other crypto currency that is decentralized,they don't have a desktop wallet then I don't know if they now have.

[bbc.reporter]

@God27. What incentive programs are you talking about? If Ripple plans to give away XRP to the institutions who want to use it then that would be counterintuitive. If those institutions believe in the technology then they should have been lining up to buy XRP to have a stake in the network. What really happened was a few banks tested Ripple but nothing. Maybe there were not impressed with what they saw.

[TimeTeller]

This wiki link is also a good read regarding Ripple -
https://en.wikipedia.org/wiki/Ripple_(payment_protocol)
To add with the link posted by God27.

The market cap is just behind BTC & ETH. So there's something in it.
But not good in the anonymity area. Also they don't require mining.
Thinking of the security, I believe they are more prone to hacking activity esp that your payment info using this system requires registering your actual data.

[numismatist]

My understanding of Ripple is that XRP is not being touted as a currency (with no plans currently), but that it is used in transactions such that all other items of value can be denominated in XRPs, to facilitate exchange. In addition since there is a ledger protocol, it can process the types of transactions already being used by the banking industry while using XRPs to facilitate (if this understanding is wrong, please elucidate).

But if you had to evaluate XRP only as a currency, whether or not that's how the founders intend it, how does it compare to others, eg bitcoin and ether (in terms of security, speed, etc)? I don't know if any merchants accept it as payment now, but is it plausible in the future? Supposedly transactions occur more quickly than some of the others? I realize that since it is not decentralized, more currency could always be created, but it would not be to their interest to do so, now or in the future. However, is that a security concern, that someone could hack it and increase its circulation (unlike bitcoin or ether, which would require massive mining power)?

You allready discovered all it's flaws. XRP somewhat sits at spot 3 on coinmarketcap without really beeing a crypto coin itself. The mentioned banking industry might would like some fast transfer protocoll but they allready own their own one, there isn't any disruptive element where Ripple could score.
Infinite supply beeing another matter.

[God27]

@God27. What incentive programs are you talking about? If Ripple plans to give away XRP to the institutions who want to use it then that would be counterintuitive. If those institutions believe in the technology then they should have been lining up to buy XRP to have a stake in the network. What really happened was a few banks tested Ripple but nothing. Maybe there were not impressed with what they saw.

Well there is suppose to be incentives to use ripple "***Coming Soon***" on the same link I posted earlier.

COMING SOON: Catalyzing Competitive FX Markets
August 23, 2016
Ripple’s XRP Incentive for Liquidity Providers
This paper introduces Ripple’s XRP incentive program for liquidity providers who use XRP to offer tighter FX spreads.

However, I think ripple has pivoted 3 times since August 23rd 2016....

Ripple isn't giving away XRP but rather selling or lending at "around" market price.
https://ripple.com/xrp-portal/xrp-resources/q4-2016-xrp-markets-report/

I feel that the banks were very impressed, however, Goldman Sachs and etc. didn't want you smart coders to see the assets they had on ripple since it's all open. So "they" are all creating closed permissioned ledgers as we speak like hyperledger that don't require a digital asset like bitcoin and etc to cut cost. So these bankers think they can save 20% on labor cost blah blah blah thanks to DLT "in house".

From what I see:
Ripple created interledger, telling the banks, ok, use your own closed distributed ledger but if you want to save 60% sending/receiving payments with other entities in the world that is interoperable with your closed ledger then consult with us.

This is one area where XRP comes into play. The XRP fee that is used to transfer between these two entities in order to save on cost is destroyed.

[bbc.reporter]

@God27. I do not buy it. It is looking like Ripple is a failed experiment. How many years has it been? All that time and nothing but a few tests made by the banks. I just learned that the CEO stepped down last year. If you read between the lines it usually means that he was not doing a good job. I speculate that the company behind Ripple will slowly step away from XRP. They have shown that by creating Interledger. XRP is a ponzi let us be honest. It is really one right now.

[God27]

@God27. I do not buy it. It is looking like Ripple is a failed experiment. How many years has it been? All that time and nothing but a few tests made by the banks. I just learned that the CEO stepped down last year. If you read between the lines it usually means that he was not doing a good job. I speculate that the company behind Ripple will slowly step away from XRP. They have shown that by creating Interledger. XRP is a ponzi let us be honest. It is really one right now.

Chris Larsen is more of a startup guy. He had fun getting almost $100 million in funding. He is now chilling as the chairman of the board for ripple.
http://www.coindesk.com/ripple-ceo-steps-down-aol-president/

He has young kids and wants to spend time with them during their "tween years and beyond". Puberty is tough in America.
He is still very active in the financial world.
http://www.pymnts.com/news/b2b-payments/2017/ripple-ceo-chris-larsen-hsbc-tech-advisory-board-blockchain-it-fintech-innovation-biometrics-trade-finance/

However, I do understand why you feel the way you do. Ripple never said but XRP for investment purposes. I'm happy you haven't lost any money on ripple.

[bbc.reporter]

@God27. Maybe they released that story about Chris Larsen's firing to save face. When a CEO leaves or is made to leave then clearly something is wrong in the company. Whatever happened the truth is hidden to save both the company's reputation and in this case Chris' career. Maybe you are right, Chris Larsen cannot handle the job anymore because he is only a start up guy.

[God27]

@God27. Maybe they released that story about Chris Larsen's firing to save face. When a CEO leaves or is made to leave then clearly something is wrong in the company. Whatever happened the truth is hidden to save both the company's reputation and in this case Chris' career. Maybe you are right, Chris Larsen cannot handle the job anymore because he is only a start up guy.

Or while you're at it, maybe he is going to Stellar to work for Jed.

Is going from CEO to Chairman of the Board leaving the company?

[truimpheriues]

only xrp (ripple) is all in one service crypto coin
you can withdraw fiat money in ripple.com, exchanger support riple payment gateway bitstamp
and china exchanger lakebtc.com

[Redrose]

Ripple is not a crypto-currency and never will ! This for me as much of a crypto-currency than Tether ! This is a bank's toy, and there is not much discussion about it. Definitely, I do not understand how the trading volume can be that high !

[bbc.reporter]

@God27. Maybe they released that story about Chris Larsen's firing to save face. When a CEO leaves or is made to leave then clearly something is wrong in the company. Whatever happened the truth is hidden to save both the company's reputation and in this case Chris' career. Maybe you are right, Chris Larsen cannot handle the job anymore because he is only a start up guy.

Or while you're at it, maybe he is going to Stellar to work for Jed.

Is going from CEO to Chairman of the Board leaving the company?

But he was removed from an active role because maybe they saw that Ripple was not getting the banks interested when he was in charge. They tested it but nothing happened after that.

To tell you the truth I do not have the slightest idea what is going on with them. All I said is only based on what I have read and what I have seen in the past.

[ulhaq]

Made this thread back in January.

It seemed that things have changed; now there are talks of XRP being used as a currency?

I still don't see how it would be a good choice; presumably the market will always prefer a decentralized over a centralized currency, because if the makers of ripple can increase the circulation at will (or is this not the case?), then it affects the stability and value of the currency. Not to mention their ability to freeze accounts.

Is this increase in XRP value pure speculation? But speculation into what? That it will be used as a currency? Or the belief that as more banks use ripple, the value of XRP should increase?

[jameshowlett]

I am surprise that it is in the top 10 when it is not a decentralized crypto currency at all,although looks profitable I don't want to invest here,because they still have a full control of everything,what makes them legit are the people who runs them who are proffesional in their industry.

I agree with you. It really irritates me to see XRP listed in the top 10. Hope that it will soon be replaced by some other currency. That is why banks in Japan love to integrate with XRP and ripple

[emezh10]

I am surprise that it is in the top 10 when it is not a decentralized crypto currency at all,although looks profitable I don't want to invest here,because they still have a full control of everything,what makes them legit are the people who runs them who are proffesional in their industry.

I agree with you. It really irritates me to see XRP listed in the top 10. Hope that it will soon be replaced by some other currency. That is why banks in Japan love to integrate with XRP and ripple

actually i dont really think there are so many altcoin in the market that have a great potential as a currency but as of thousanad of coins i only expecting bitcoin can become one but we can see the altcoins also having a great chance with this topic so i guess xrp can be a currency.

[Pearls Before Swine]

This wiki link is also a good read regarding Ripple -
https://en.wikipedia.org/wiki/Ripple_(payment_protocol)
To add with the link posted by God27.

The market cap is just behind BTC & ETH. So there's something in it.
But not good in the anonymity area. Also they don't require mining.
Thinking of the security, I believe they are more prone to hacking activity esp that your payment info using this system requires registering your actual data.

I agree, there is something to it, but that something does not mean it has any use whatsoever as a currency.  People might be speculating in it, and the price can be driven up, but I highly doubt there are any users who pay for things with Ripple (or any other coin that isn't BTC).  That isn't to say that it could not be used as such, just that it isn't.  Only bitcoin is getting any use in that area, and even there it's fairly small.  And look at the bigger altcoins, like LTC.  Who uses that to pay for items or services?  Very, very few people.  Perhaps the future will prove to be different.