/biz/ - Business & Finance

XRP is a scam

also on a slightly related note I actually interviewed at Ripple Labs a year back, interesting place (didn't inform my perspective on XRP)

>>29065371
>XRP is a scam
Hey newfag here, why is that so?

imagine still holding onto XRP right now jesus christ

>>29065172
To many regular people own XRP its the "people's coin" more than something a bank will use.

DRC is the currency Banks will use and are buying it up right now.

its not even the 22 chill the fuck out you pussy ass fuck faggot bitch cunt

>>29065450
https://www.sec.gov/litigation/complaints/2020/comp-pr2020-338.pdf

>>29065172
WHY WOULD YOU EVEN CARE ABOTU YOUR XRP, I BOUGHT 10 000 XRP @ 0.27 AND i AM NOT GOING TO EVEN LOOK AT IT AGAIN FOR ANOTHER 5 YEARS

>>29065568
So they are a scam for being sued by the SEC? Sounds to me like regulation stuff desu.

You can't beat the jews, you have to join them
That is why XRP is the standard and the lawsuit will get tossed

neck yourself newfag scum

>>29065450
its not a scam it's just the most popular crypto outside of btc & eth that is literally useless.

>>29065899
This sounds more reasonable to me, like what is XRP even used for. And to be frank what the fuck is bitcoin used for outside of speculation and store of value?

For some reason people believe it will suddenly jump to 8$ this cycle

>>29065450
If you dig a little deeper into actual business dealings they pretend to conduct it's just a scheme to get people to buy the XRP they sell (they have admitted selling XRP is Ripple's only source of income)

Example: They claim to have Santander as a big customer. In reality, their XRP Transfer service is limited to $1000 per transaction on ONLY to other Santander Accounts. So why would they even bother doing all this crap?

Check who one of the earliest investors in Ripple Labs was in 2015. You can then check the other banks they pretend to have ops with and see they are also beneficiary owners of Ripple. This is a marketing scam. The initial investors want you to think XRP is a challenge to Swift. (Swift is not even a entity that transmits money, the transmit order information between banks). The whole premise is to make buying the token sound appealing and it is is no one's interest that this impression change. (until the scam is over of course)

>>29066032
>>XRP $384B market cap
Highly unlikely, especially since no random developer can make an App that takes XRP

At least XLM if you wanted to you could embed that token into program you wanted to by yourself. Though the same could be said about TRX and nobody does that.

>>29065450
only people that hate money buy xrip

>>29065707
read the substance of the complaint and you'll see why people think it's a scam

>>29065707
Ripple company can sell XRP to anyone for a cheaper price than the market. They can give it for free if they wanted to.

yeah I stopped watching them

>>29066505
only to institutions, not just anyone.

>>29066233
I cant say that I agree fully with the swift statement seeing as I actually work with swift transactions in my day-to-day job. Swift is not the entity in charge of the fiat transfer no, but they are eavily involved. But I cant say for sure about how XRP is going to replace swift

>>29065172
bought XRP a few years back for 1 dollar each, a few weeks back sold them for .3, and now its .5,

>>29066636

I see what you mean but I don't think it's germane to this point. Ripple says that the intrinsic value of XRP lies in it's ability to displace the roughly $5 trillion is reserves that are required for international settlement. This idea is absurd from the get go because the speed of the network would negate the very need for these reserves in the first place since they are there for settlement periods which can take days. This is not necessary in a network such as XRP.

This isn't even touching the fact that the main challenges to the industry were related to Know you customer and AML requirements which XRP has no ability or desire to address. That is why Swift gpi is where it is today, if XRP was actually going to disrupt this industry I would expect to at least understand how

>>29066951
>buy high sell low
Based

>>29066008
Has the best tech of all mayor crypto. ODL is a proven usecase.