The day of reckoning has finally arrived and this is should be liberation for all legitimate cryptocurrency teams out there. Ripple set out to create a remittance platform under the pretense of being a "cryptocurrency" when in fact, XRP has never and will never be a cryptocurrency. It's a centralized ponzi scheme that has been reportedly going on for 7 years, since 2013. I and many others have been calling out this scam for years now. Anyone halfway serious and understands crypto, knew this day was eventually coming and should be rejoicing.
To those who've been seeing XRP shills fill this board for years, in the comments and making threads, on social media and etc, just know that the vast majority of these accounts are manipulated bots and guerilla marketing teams that have been pumping their scam for years.
Altcoin markets took a very short shock, but since have all but recovered and will quickly resume their pace with Bitcoin. XRP in fact, had an insignificant impact on the crypto markets and any markets impacted will soon recover. This is a day you shouldn't fear, but should rejoice at the cleansing of scam coins from the broader market.
The biggest scam, which will cause a shock to crypto markets (for better or worse, capital flight will fly to other stablecoins and or back to Bitcoin) is Tether, USDT. This is the next monstrosity that will be targeted in the near future and will have a direct impact on all crypto, but it's long overdue. Tether prints billions of dollars and is the single most obscure and least transparent of any stablecoin, even moreso in the last 2 years when it overthrew XRP for the top spot.
As you can see on display in this thread, the botnet and puppet network of XRP's marketing is in full-force mitigating the damage. 0 Rep, Spammy, New Accounts.
Nice list by Tash:
https://bitcointalk.org/index.php?action=profile;u=477706Lets look at some of the facts of this piece of crypto junk
• Ripple Inc sued by xrp investors and process ongoing
• Ripple Inc in trouble with SEC
• XRP validator operating nodes transmitting money without a license (will have legal issues at some stage)
• Marketcap is wrong, the real Marketcap is the sold XRP for which tax has been paid for
• xrp genesis ledger is Number 32570 and not 0 like any proper coin
• Ripple Inc has contingency plan to become a software company if xrp fails
• Contract agreements only affect Ripple and have nothing to do with xrp.
• From technical perspective a single xrp works as well as 100 000 000 000
• It is 100% centralized as one company and only one company sells and controls all supply
• Banks have and will make the own tokens (Banks dont pay fees...they collect)
• Only a handful of people hold third of all XRP
• Ripple gifts XRP's or bribes “partners”, crackpots sent money to get some
• Circulating supply has decreased from time to time, what a joke
• Out of thousands of coins only 2 have ever been hacked (XRP, XLM)
• Dev was gifted 1 Billion XRP for loosing part of the database
• Ripple Inc have previously been fined
• Ripple manages are a massive financial burden (overhead)
• Ripple INC investors and XRP gamblers are at opposite ends, one provides/finaces the money for the other
• Hostile takeover, yes possible with Ripple Inc
• 50% of circulating supply got released on a single day August 2014
• How much does it cost to make a XRP (the real price of a product)
Satoshi more than a century ago
https://bitcointalk.org/index.php?topic=57.msg415#msg415 "the price of any commodity tends to gravitate toward the production cost" and "in later years, when new coin generation is a small percentage of the existing supply, market price will dictate the cost of production more than the other way around".
Selling an ordinary apple for $100 is a scam