Ripple's XRP is the most hated cryptocurrency for a reason

Although the rest of the authors of this publication look favorably at XRP and Ripple in general, I have a different vision of this project and I will try to convey my concerns about the project in a series of articles, this being the first.

I will not make a big introduction on what XRP is, who created it and what it should do. You probably know it already. We enter directly into the disturbing part. This article and others will rely heavily on the search for other people, whose work will be referred to here.

With a total of 99.993.093.880 of Ripple coins (XRP) and a daily circulation amount of approximately 38.739.142.811 coins. The company still has 55 billion coins, which translates into about 60% of the total XRP produced to date, deposited in escrow. Ripple has been pre-extracted and the creators have released only part of the coins to be listed on the stock exchange.

There are 38 billion XRPs in the hands of Ripple investors and business partners around the world. If you followed the legal procedures between Ripple and R3, you probably know that these two organizations were discussing over 5 billion XRPs through the courts. [EDITED with info about the settlement]

In a brief statement published in September, Ripple announced the transaction, stating that the terms would remain confidential.

"R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached an agreement between all pending parties, the terms of the agreement will remain confidential and both parties are anxious to place these disputes behind of them ".

The terms of the lockup provide that every month, Ripple will be "sent" to 1 billion XRP.

Now, for the concerns I had, through the mouth of another author:

"Through some efforts, users can download a wallet and transfer Ripple on it, but you need to create lines of trust with other organizations to gain access, so you can not just send money to whoever you want, but you must accept it as trustworthy before allowing transactions – in other words, they control the servers that allow transactions – is this not centralization?

Invest your strenuous Fiat or BTC in a token for which Ripple Labs has never paid a penny to create.

100% of tokens were created from scratch, while most of the offer still has Ripple control. The network is privatized, which means that not everyone can participate in the systems, since the reliable nodes are "selected", which is the basic definition of centralization. If we think that, in reality, you are buying a valueless air and making creators incredible at the same time, hoping that someone will pay you more for the air of what you paid in the first place.

If we still think for a minute … if Ripple controls the "nodes" and are theoretically able to deny specific transactions, what is the difference compared to the traditional Fiat system that we are currently entertaining? It is none other than Fiat 2.0, the re-creation of the old system supported by the new technology. Same story, just a different disguise. "

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The previous paragraphs are taken from an article that I found reflecting my thoughts almost 100%, so I transmitted them entirely. These are all valid questions and despite XRP owners and defenders doing some creative mental gymnastics while they patrol social media for "hackers and XRP attackers", I still can not see valid arguments that refute these statements.

Yes, tokens are in storage but still belong to a single entity that controls that commitment and has defined the rules for that commitment. If they have defined the rules once, they can redefine them when they want to again. 100 billion tokens have created them out of thin air, which, once they reach almost $ 4 per token, which is crazy when you think about it, hundreds of millions of people work for life and never earn $ 400 billion in value altogether.

And it would not be a big deal if XRP really did have value (right now, maybe it will have value and will use houses in the future). But everything was based on nothingness, on pure speculation and on the greed of the buyers. Greed and hope for the biggest fool to come after them.