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Author Topic: Arguments against XRP, the biggest shitcoin.  (Read 549 times)
BlackFor3st
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May 15, 2019, 10:30:53 PM
 #41

You have a good information to consider XRP a biggest shitcoin. I wonder also if you have invested in XRP before or you are only a trader who wants to stop in trading shitcoins like XRP as you have mentioned.

Other traders and investors have different views, others just didn't care about the project structure as long as they earn. But I am pretty sure that your voice will be heard especially if this kind of monopoly will continue.

 
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May 16, 2019, 06:21:41 AM
 #42

Maybe for some people XRP is shitcoin, but community and trader still receive XRP as one of blockchain currency even they are centralized. I dont think if XRP is shitcoin, because their technology adopted by enterprise.
I didn't say xrp is a shitcoin and I would never refer to it as that because I know they have a working project with potentials, the only problem I have with xrp is that their platform is very much centralized which is against the rule of the blockchain that satoshi intends for us, what we need in the crypto space is not a centralized system but a decentralized and distributed system like bitcoin, I believe no matter the project that is being created in the crypto space, it is expedient to follow the pattern laid by the founder.
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May 16, 2019, 06:42:12 AM
 #43

I've heard from a lot of people that the Xrp team didn't increase in price because they released XRP on the market. Let's not forget the team has billions of xrp in hand.

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May 16, 2019, 06:48:14 AM
 #44

I think anyone can have their view about anything. All of us are free to argue about coins. But there are a large section of the people who are supporting the coin and its development. I am one of them not just because I have some connection to it or I have invested in it. Just because I am a strong believer in Ethereum and bitcoin, I like it. And I do believe in it as it has been every much active and doing hard to make the project a success. It has been forging partnerships with different banks and big organizations across the globe. It is not scamming the people.

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May 16, 2019, 07:42:47 AM
 #45

Maybe for some people XRP is shitcoin, but community and trader still receive XRP as one of blockchain currency even they are centralized. I dont think if XRP is shitcoin, because their technology adopted by enterprise.

For now yes it is not a shitcoin but 70% of token supply is owned by the Ripple team, when they decided to exit.. that will be the time it will become a shitcoin.

Quote
DEFINITION of Shitcoin
Shitcoin is a pejorative term used to describe an altcoin that has become worthless. Shitcoin value may disappear because interest failed to materialize, because the altcoin itself was not created in good faith, or because the price was based on speculation.
https://www.investopedia.com/terms/s/shitcoin.asp

I wonder what we can call a token where the price is heavily based on MANIPULATION?  

Developers having 70% of the total supply is frightening.  They can play with market manipulation and can heavily dictate the price of XRP.

It doesn't fit to be called as a cryptocurrency.

It is fit but does not belong to decentralized cryptocurrency. 

 
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May 16, 2019, 07:48:09 AM
 #46

XRP is centralized controlling by a bank. It doesn't fit to be called as a cryptocurrency. Anytime, bank can controll the coin's market, price or everything they want. So, it's better to stay away from XRP.

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May 16, 2019, 08:04:21 AM
 #47

The positive news about bitcoin will bring lots of newbies to crypto and they will look for interesting coins for investments. Let's give some useful advice that they don't make wrong decisions and we show them the best coins of crypto.

Please everyone, if you have more warnings to add, please comment!  Smiley
If we warn the Noobs, how is FOMO going to be possible to drag up the shitcoins? Shocked

On a serious note, I don't know why investors and hodlers still look the way of XRP as a viable coin. A coin that only rose above $3+ as ATH since its creation in 2013? That coin should've long been death if not for all the positive reviews on it (though these reviews haven't translated to positive price movement.) Ripple is one of the coins with huge volume I don't ever wish to hodl.

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May 16, 2019, 08:08:52 AM
 #48

I can't understand why there's so much negativity towards Ripple... Regarding centralization and relations with banks, I want to say that most of the projects have a similar situation. I think it's all black PR.
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May 16, 2019, 08:09:52 AM
 #49

XRP is centralized controlling by a bank. It doesn't fit to be called as a cryptocurrency. Anytime, bank can controll the coin's market, price or everything they want. So, it's better to stay away from XRP.

Its called a cryptocurrency because the coin is being traded on the crypto market  . and coins that are not centralized and not backed by banks can also be controlled by banks if they want  . that is called manipulation and manipulation is normal on any market not only on crypto  . xrp for me is not a shit coin because xrp is a verry useful coin but i still dont know why alot of users call xrp a shit coin ?  Where there are lots of real shit coins out there  .
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May 16, 2019, 08:22:12 AM
Merited by chenille (1)
 #50

The positive news about bitcoin will bring lots of newbies to crypto and they will look for interesting coins for investments. Let's give some useful advice that they don't make wrong decisions and we show them the best coins of crypto.
To be prepared it's also important to know the dangerous shitcoins and avoid them.

The biggest shitcoin is Ripple's XRP and here are the most important TOP 5 points you need to know why XRP is a terrible coin:

  • XRP has not a decentralised blockchain, XRP is centralised and is often called the coin of banks. This is bad because the banks are keeping their centralisation + power and get even richer.
  • XRP is 100% premined and that is part of the centralization problem.
  • The team of Ripple own almost 70% of all XRP, which is unethical.
  • The coin XRP is useless if Ripple decides to change the system (that's possile and can happen when Ripple has made enough profit for the team or the banks want it).
  • The market and the media are manipulated by Ripple with fake news: https://www.cryptonewsz.com/the-army-of-xrp-is-a-pack-of-bots-finds-out-an-analyst/11873/
    and a large number of user comments on the internet are not from normal users, it's paid from Ripple to manipulate the people. XRP marketing can be compared to BCash marketing spreading lies.

Please everyone, if you have more warnings to add, please comment!  Smiley
Great post by you and you have touched upon some great facts. Let me bring in knowledge some more facts that highlight even more deceptiveness of the creators of this coin.

  • It is known that around 32570 initial blocks of the ripple blockchain are missing from the ledger. So the nodes are never able to retrieve the data from these starting 32570 nodes which makes it quite fishy as one would never know what transactions happened in these blocks therefore technically making this chain un-auditable forever.
  • The coin started to create a P2P lending network which would be based merely on trust however the trust network are known to be un-reliable. Because only a few banks have stood up to tied with ripple which automatically makes it pretty centralized. So until lots and lots of banks join in with their capital as a trust network this coin can't be decentralized.
  • Another point to note is that XRP transaction fees is paid by burning XRP. Which means getting it out of supply and naturally increasing the price at a very low scale. For eg. if 0.5% of the total XRP you sent have got burned in fees the remaining 99.5% will now automatically increase in value by some proportion simply due to law of price & supply. This doesn't looks as a big issue now but surely mass adoption and widespread usage will make it look worse as it will be an ever inflating currency.
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May 16, 2019, 09:12:05 AM
 #51

As basic facts, when extremely negative news, or topics on Ripple appear, the coin takes off. It is the basic rule not only for Ripple, but also for bitcoin and other altcoins. I agreed that it is not good with centralization and 100% premined (same as most of shit proof-of-stake / masternode coins that don't have Proof-of-Work phase) but Ripple actually has its use-case, and widely accepted. So maybe it is reasons why people overvalued it in 2017, and regularly turn into FOMO with Ripple. Today, and next few days, please enjoy the bull run of Ripple rather than complaint about it. It has risen nearly 40% since its bottom around 4000 satoshis days ago.

Even i am agree with OP, but i am agree that XRP widely accepted and have partnertship with a lot banks in the world. I dont have investment on XRP but i think Ripple have big community

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May 16, 2019, 09:24:02 AM
 #52

Maybe for some people XRP is shitcoin, but community and trader still receive XRP as one of blockchain currency even they are centralized. I dont think if XRP is shitcoin, because their technology adopted by enterprise.

Its true, if we are looking on daily transaction volume, XRP Coin never traded below $1 millions per day. This coin traded in many big exchangers and i think XRP is not a shitcoin. I am not like XRP but i dont think XRP is bad investment

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May 16, 2019, 09:31:08 AM
 #53

I haven't thought about it that way but I know that it's a centralized coin and are controlled. Most of the points that I wanted to know is already on your post so since it's like that, what's so wrong about it? It's not that I'm in for the centralization but I'm in for the fact that it's changing how the people transact. Maybe there are a lot of people that could be exposed to XRP coin then shift to Bitcoin or another "better" coin that you say (if you are comparing it to XRP because you say it's a shitcoin)




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May 16, 2019, 09:38:35 AM
 #54

As an XRP-investor you have to keep in mind that Ripples main market is the banking sector, if they fail to convince financial institutes to use XRP, Ripple as a company fails, too. There is a strong competition in this market, on the one hand XLM with the backing of IBM (which still offers the hardware 90% of all banks use) and on the other hand the JPM-coin released last year. The latter gets already adopted by big banks as an easy way to tranfser money in no time due to the fact its not available to the masses and therefore the price is stable. A bank will never use any currency which may lose its value in the blink of an eye

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May 16, 2019, 09:45:12 AM
 #55

You have a good information to consider XRP a biggest shitcoin. I wonder also if you have invested in XRP before or you are only a trader who wants to stop in trading shitcoins like XRP as you have mentioned.

Other traders and investors have different views, others just didn't care about the project structure as long as they earn. But I am pretty sure that your voice will be heard especially if this kind of monopoly will continue.

Yes,,, this is the point to remember that for as long as there are markets offering these coins for trading, there are majority of traders who are speculators. And speculators do not care about technology or structure. This is why XRP is a beauty for them, they know it is controlled and can be even more controlled by the founders and their foundations. They want to ride that wave, not stay away!

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May 16, 2019, 11:15:25 AM
 #56

I believe that if you do not have facts that can prove in court the fact that the project is a scam and shitcoin, then do not mislead others. I have been an investor in Ripple for a long time and managed to make money on this crypto currency many times, so why should I consider a coin a shitcoin?

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May 17, 2019, 05:10:28 AM
 #57

I have been an investor in Ripple for a long time and managed to make money on this crypto currency many times, so why should I consider a coin a shitcoin?

Shitcoins had made some a millionaire but it does not removed the fact that they are shitcoins.  It is not whether you profit or loss to determine if the coin is shitcoin. It is how they are created, setup and distributed and of course their use case.  There had been several lies about XRP, and the first one of it is the one stated by Virtual miner .

Great post by you and you have touched upon some great facts. Let me bring in knowledge some more facts that highlight even more deceptiveness of the creators of this coin.

  • It is known that around 32570 initial blocks of the ripple blockchain are missing from the ledger. So the nodes are never able to retrieve the data from these starting 32570 nodes which makes it quite fishy as one would never know what transactions happened in these blocks therefore technically making this chain un-auditable forever.
  • The coin started to create a P2P lending network which would be based merely on trust however the trust network are known to be un-reliable. Because only a few banks have stood up to tied with ripple which automatically makes it pretty centralized. So until lots and lots of banks join in with their capital as a trust network this coin can't be decentralized.
  • Another point to note is that XRP transaction fees is paid by burning XRP. Which means getting it out of supply and naturally increasing the price at a very low scale. For eg. if 0.5% of the total XRP you sent have got burned in fees the remaining 99.5% will now automatically increase in value by some proportion simply due to law of price & supply. This doesn't looks as a big issue now but surely mass adoption and widespread usage will make it look worse as it will be an ever inflating currency.

It is still debatable whether XRP is really a shitcoin but I would be cautious to any project that holds 70% of its supply due to the fact that it may turn ugly at the end.

 
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May 17, 2019, 05:58:07 AM
 #58

I judge a ripple coin in terms of its utility. This coin greatly facilitates the work of the banking system. Therefore, it has the right to exist. The banking system is centralized and therefore, most likely, should work on the same centralized coin.
In addition, the ripple coin itself is also very popular in some countries as a type of cryptocurrency, and sometimes this popularity is even greater than that of Bitcoin.

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May 17, 2019, 06:04:08 AM
 #59

XRP is centralized controlling by a bank. It doesn't fit to be called as a cryptocurrency. Anytime, bank can controll the coin's market, price or everything they want. So, it's better to stay away from XRP.

Its called a cryptocurrency because the coin is being traded on the crypto market  . and coins that are not centralized and not backed by banks can also be controlled by banks if they want  . that is called manipulation and manipulation is normal on any market not only on crypto  . xrp for me is not a shit coin because xrp is a verry useful coin but i still dont know why alot of users call xrp a shit coin ?  Where there are lots of real shit coins out there  .
Read some of the above post why it is a shitcoin. XRP developer is owning a vast amount of coin. Who is here to guarantee that they will not destroy the market after having their personal benefit/gaining.
Leave it, it's centralized and I am sure none of crypto enthusiastic guy will love it.

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May 17, 2019, 06:19:36 AM
 #60

Well I'm not a fan of ripple and if xrp is a shitcoin as you states why still in top 10? Why lots of loves for this xrp when more people are buying ? Even traders can't do without it ,am I missing something? If the support is alive and kicking why called its a shitcoin? Its not to me

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