Bitcoin vs centralized Coins like Ripple

[Phu Juck]

Altcoins have proven to be unreliable again and again due to a various incidents. Yes, Altcoins can also bring us some gains but what if risks are much higher compared to advantages? And for Alt coins, risks have proven to be much higher compared to advantages
As a bagholder of such coins, we have a big risk to suffer a loss. Previously, Altcoins have caused lossed from:
-   Getting hacked
-   Turning out to be a scam
-   Project failed (Terra Luna)
-   Being bad tech and lacking to be competitive against Bitcoin
-   Developers abandoning a project
-   Failing to register at SEC
-   Selling out to big investors
-   Team members dumping coins masssively
-   High inflation compared to Bitcoin
We can list much more reasons here but it’s a list of famous reasons already. And it’s a growing list, too.


A big issue: many Altcoins are centralized

It’s very obvious, why Altcoins are a big danger: a lack of decentralisation – or too much centralization, how we would view it.
Being centralized is making such coins very flawed and prone to hacks. Also, founders can be dishonest much more easily in a centralized project.

Decentralisation is key to make a coin less prone to hacks and Bitcoin, for example, is decentralized. And Bitcoin has proven to be very reliable.


PoW vs. PoS

Quite contrary to PoS, PoW is very hard or almost impossible to compromise. Not so for PoS, where more attack vectors can be found.
For example, PoS can be abused by rich stakers. Many PoS projects have a so-called pre-mining of coins allocated to the team and the team can abuse such pre-mined coins to gain influence about project decisions.
A large pre-mine is making a project centralized in many ways and devs can gain much influence by staking a large amount of PoS coins. PoW is not having such issues.

A similar problem is called “nothing at stake”, where attackers benefit from no cost to stake ETH or similar PoS coins. Should a fork occur, no matter if the fork is a friendly, accidental or a malicious attempt to rewrite history and reverse transactions, it’s a given strategy for any staker to stake on every chain. By doing so, he will get a reward no matter which fork will succeed and he will have no additional cost to do so.
In PoW, such a problem is not happening because PoW always means work (spending electricity) needs to be done. A cost occurs for every miner and he can’t mine on multiple chains because mining of a different chain means an extra cost.


SEC needs to crush Ripple

Ripple is a centralized shitcoin operated by fraudsters. It was confirmed multiple times, where Ripple’s CEO, Brad Garlinghouse, was involved in fraudulent shilling techniques.

Ripple is clearly a centralized project and SEC needs to take action against Ripple. Hopefully, SEC will win against Ripple because Ripple has committed lots of fraud already.


How can we avoid making a loss?

For us, it’s only possible to stay away from such shady shitcoins.
Many centralized Altcoins are a big danger.
Please, don’t buy such shitcoins.
We have much better coins, like Bitcoin or Ethereum.

[1714482394]

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[1714482394]

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[1714482394]

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[mindrust]

Ripple Labs is a company and it controls a large portion of the XRP supply and the XRP Ledger, XRP's underlying blockchain technology.

Ripple Labs could use this control to censor XRP transactions, change the rules of the XRP Ledger network, and manipulate or dump XRP on the market, causing liquidity to drop and the price of XRP to fluctuate or crash. Ripple Labs has said XRP's total supply is fixed at 100 billion XRP, but it is possible for the company to change it in the future.

First of all, ripple is not even a crypto currency. It is a centralized database. It doesn't deserve to be listed on any crypto currency exchange but for some reason everybody's pretending to be stupid.

Ripple uses some cryptography in its platform no more than banks use cryptography to secure their customers' passwords. This forum uses cryptography to hash users' passwords too but binance don't list btt usernames as tokens on their platform.

[Ambatman]

he can’t mine on multiple chains because mining of a different chain means an extra cost

Not he can't the word is he won't. It's possible to run multiple chain but the cost isn't worth anything and even if they do, they have to control atleast 51% of the blockchain.
Centralized coins are not the only failures
Decentralized like Litecoin and BCH still fall short to competing with Bitcoin and to put it nicely are "failutes".
If you going to mention a centralized token you should use something with a use like ETH not ripple.

[Amphenomenon]

We have much better coins, like Bitcoin or Ethereum.

Ethereum is good but you should be quite aware that's also centralize while altcoins which uses PoW have fallen into 51% hacks, no cryptocurrency can give a better security and decentralization than Bitcoin.

Though I don't know much about the Ripple and SEC case since I didn't bother to follow up this case though it's been going on for years now and around last year it looks like Ripple was winning but I guessed with what you share here, SEC can actually win.

To be frank majority of altcoins are centralize while Bitcoin is better than all we can't ignore the fact that there also good altcoins which have been the reason majority also still hold altcoins, which usually turns out bad especially when they invest in meme coins.

In order to actually avoid most of these altcoin scam just stay away from ICO which do birth most of the biggest scams in altcoin like rug pull scam and the others

[Upgrade00]

For us, it’s only possible to stay away from such shady shitcoins.

All shitcoins are shady by virtue.

Many people cannot discern which altcoin is shady and which is not. I'll advice they stay from as much of them as possible, regardless of how high they are in terms of market cap. I also try to not be too rigid and understand that many investors love the thrill of multiple assets even though it's been said that diversification is best done with Bitcoin and assets outside the crypto space. If you must hold altcoins you should filter by many factors like level of decentralization, reputation, should be running for at least 5 years. Do not just pick too 10 coins and throw some money in.

[boyptc]

IMO, people should move on with the Ripple and SEC case since it's done already. The Ripple company is now on its move in making their stable coin and I have no idea if it's related to the possible US CBDC or not.

--> https://www.cnbc.com/2024/04/04/crypto-firm-ripple-to-launch-us-dollar-stablecoin.html

Anyway, why is it this thread posted on the Beginners and help when it's mostly related to Altcoin Discussions?

[GbitG]

To be frank majority of altcoins are centralize while Bitcoin is better than all we can't ignore the fact that there also good altcoins which have been the reason majority also still hold altcoins, which usually turns out bad especially when they invest in meme coins.

Hmm, I agree that the majority of altcoins are centralized, but I believe you overlooked something to discuss. I will elobrate a little bit more that you said that the majority of Altcoin are centralized, but in fact there are decentralized Altcoins too but the preference is for Bitcoin and the reason is that Bitcoin is one of the best and most trustworthy coins. Bitcoin has gained prominence among people due to its unique concept and unique features. While compared to Bitcoin, Altcoin cannot provide so many features and trust. 

It is true that some still  have Altcoin but the majority of people know the fact (Bitcoin) that it is much better than the Altcoin from every perspective. It is boring to talk about meme coin, it is shitcoin, it is stupid to think of profit because just look at its use case, it is laughable  . And if in fact the use case of these shitcoins is based on memes and jokes etc., then definitely investing in them is harmful.

[Phu Juck]

For us, it’s only possible to stay away from such shady shitcoins.

All shitcoins are shady by virtue.

You are right. Shitcoins are shady itself and by avoiding Shitcoins, we are making a good call.
We might make differences between coins because some Altcoin developers are having credibility but we need to make a really good research.



 

[Dunamisx]

We have always said it that we should take risk on what we can only afford to loose, before we can make an investment on any coin, we should first consider the pros and cons therein, that is why making a research is very necessary for us to do, also, making investment on altcoins cannot be compared if it were to be on bitcoin, we should think twice before taking any step in action towards what we go for.

[Cookdata]

SEC needs to crush Ripple

Ripple is a centralized shitcoin operated by fraudsters. It was confirmed multiple times, where Ripple’s CEO, Brad Garlinghouse, was involved in fraudulent shilling techniques.

I don't know why this looks like some kind of vector attack on Ripple because Bitcoin has never made any competition against any altcoins. The primary goal was to bank the unbank people and people who traditional financial system has failed and shut because of censorship and unfriendly policies.

It's not new to everyone that majority of altcoins are shitcoins, only few has manage to follow the growth of Bitcoin but they are too centralized and not that secured as Bitcoin but let's leave all that side. SEC has been a headache on Ripple and calling them a security commodity is unfair, they went to court and Ripple won that's to tell you that Security exchange commission is wrong. I don't understand your own side of the story when you don't even share any evidence of Ripple doing what you said.

Ripple is clearly a centralized project and SEC needs to take action against Ripple. Hopefully, SEC will win against Ripple because Ripple has committed lots of fraud already.

Screw SEC, this fight is more of a personal terms than fighting for the cause of people and investors. If SEC is actually serious and think Ripple is what they claim, then they need to raid 90% of altcoins and bring them to order for doing the same thing, the more they fight Ripple the more they belittle the organization.

[Ruttoshi]

We have always said it that we should take risk on what we can only afford to loose, before we can make an investment on any coin, we should first consider the pros and cons therein, that is why making a research is very necessary for us to do, also, making investment on altcoins cannot be compared if it were to be on bitcoin, we should think twice before taking any step in action towards what we go for.

There is no need of taking any risk by investing in altcoins because they are not worth it, and they are for gamblers who wants to make 100x profit on a little money. This is where they get carried away by greed and loss it all to the dev under the twinkle of any eye.

Save your investment from liquidating and invest in bitcoin which is king to all cryptocurrency. The risk investing is shitcoin is very high.

Bitcoin leads to success and shitcoins lead to failure.

[hd49728]

There is no need of taking any risk by investing in altcoins because they are not worth it, and they are for gamblers who wants to make 100x profit on a little money. This is where they get carried away by greed and loss it all to the dev under the twinkle of any eye.

Save your investment from liquidating and invest in bitcoin which is king to all cryptocurrency. The risk investing is shitcoin is very high.

Experienced and big investors will prioritize safety for their capital than high ROIs. With an investor or a trader, capital is most important. Losing all capital means losing all and nothing left to do. Invest in Bitcoin is risky but much more safer than invest in altcoins and this reminder is talked many times but it's hard to convince newbies about this fact and keep them away from shit coins.

Bitcoin leads to success and shitcoins lead to failure.

Newbies don't see it and they see potential in altcoins, not risk. They only actually feel about high risk of altcoins in bear market, not in bull market.