Ripple Is In Hot Water - Is This The One Coin That Is A Security ?
To be transparent here I have NEVER liked Ripple and always thought it was a big scam and a big bank centralized crypto currency that honestly just didn't have a place for the vision cryptocurrency has always had.
That said lets get into the meet of what is going on with Ripple as of late.
Ripple was created back in 2012 via a website that to many of us including myself a big fat MLM where you brought others in to buy ripple and would make more ripple yourself. The project never really took off and just kind of fall off the grid till 2 years ago when finally it seems like the developers and marketers got their butts in gear.
But now you clearly see how centralized and how bank controlled the currency is. Which to me and I am sure many others looks like a bad investment.
Well now with regulations going on and governments trying to figure out how to make the coins legal Ripple has gotten itself in some hot water lately. You see Ripple is a unregistered and unregulated security because of the way it was started up. In being so banks really can't legally do anything with it which makes the entire project pretty dead in the water at the moment.
Not only that but this ICO has been going on since about 2013 in which a class action suit has been filed against Ripple in California. If it is found that Ripple is an ICO it will be in violation of 4 sections of the SEC and US securities acts.
While not all cryptos fall under this Ripple seems to me at least dug itself into a security because of the section B funds it has taken on and going after integration with banks. In doing so it has a centralized company and an investment into that said company. Ripple is not decentralized Ripple is given out from the company in a manner in which they choose to as all have been already mined.
This is what caused Ripple to be the unique case in which I feel it is in clear violations already.
*Please note these are my own personal opinions and not legal advice.
If you have feedback on this matter as to why you feel it is a security and is doomed or if you feel it is not please comment below thank you.
*Image pulled from https://oracletimes.com/what-could-coinbase-do-for-ripples-xrp-price/
Ripple is shady as shit. Let's not even get into the many lawsuits between Ripple management and Jed McCaleb, who is also creator of Stellar.
Right that has always been my feeling towards Ripple its a real shame it is the 3rd coin on the market cap :/
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Investing in a coin that is controlled by some company (61% shares) in an unregulated, wild-wild-west typo of market is not the wisest decision you could make.
I can not say I am worried with Ripple being in the hot water either.
Down with centralized coins. However, there are more centralized coins like that one, however, people dont realized that.
I'm only aware of ripple and tether, can you tell more centralized coins, please?
Bitcoin is centralized but in a different way than others think. Bitmain (manufacturer of ASIC that mines BTC) can basically do what they want with they price. They own the market.
Stellar is also too much centralized.
Even projects like WAN, VEN, ICX are centralized in a way (they are government backed and the contruction of their modes makes it very easy to manipulate the system...).
On a more philosophical note: I dont think that mankind is ready for decentralization. Unfortunately, people cannot take responsibility for their lives, so they need someone to tell them what to do, what to think, and how to deal with money... That's a sad fact in this dumbed-down society of 21st century.
Actually I like to counter that-everyone looks at bitcoin the wrong way. The miner are not the dencentrzled part. It the nodes-remember UASF? Nodes are what matter in bitcoin and fake nodes are very easily seen. Also since bitcoin has no lead dev the development of bitcoin is the most decentralized.
And for the miner part with the introduction of halong mining Bitmain dominance in bitcoin mining has dropped. A much need computer has arrive to asic and samsung is helping halong mining in the quest for an alt mining company. With the bad press Bitmain has-less people buy for them. Anyway that is my counter :)
I have no prior knowledge and I have never paid attention to Ripple.
As I have read, it is seemingly like a security. The way it commenced; The coin is already available and mined and is just been given out as rewards for bringing new users. This closely looks like MLM marketing that works on the referral system.
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Its not that I'm a hardcore purist, by all means I try not to fall into unpractical behaviors, but the concept of ripple is/was something I can't get behind.
I call Ripple the Judas crypto... We are participating of this ecosystem because we are upset, tired, annoyed and frustrated with how the powers to be control every aspect of our life. And we are considering a crypto that can potentially keep these same powers, these banks relevant in the new ecosystem...
I can't do it... I just can't... I don't mind missing out on the 10X if it ever does that to begin with.
Same principles I have on this coin as well
Maybe, but there is no way the SEC is going after one of their own
The ripples are just a function of absorbed momentum. I hope it will later gain momentum like the rest of the crypto-currencies. Thanks for the insights into the coin @bitcoinflood.
I really respect this breakdown of cryptocurrencies, I have done a similar breakdown but from a slightly more humour based point of view, please feel free to read it, and laugh :-)
https://steemit.com/funny/@georgemason/the-number-1-reason-you-aren-t-getting-rich-from-bitcoin
Upvoted :-)
Oh no! my ripple...😟
I wished I have entered ripple much earlier because I feel like I missed the train of opportunity. Well, there's always a second time. In sense of security, we know people that there's no perfect system. Let's just some faith in it.
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