CRYPTOFAIL: More Proof XRP (Ripple) Not Needed & Pegged


As evidence that my previous assertions on Ripple XRP were correct, the following article pretty proves that banks need stability, so a pegged crypto makes the most sense.

XRP is a trader's dream, but the reality is it is not needed and the XRP bubble will probably burst first.

This is critically important to XRP HODLers. XRP is a great trader's coin, but the HODL dream is not going to go well in the near future.



World’s Fourth Largest Bank MUFG To Launch Own Cryptocurrency In 2018

MUFG is the largest financial company in Japan and is set to become the first Japanese bank to issue a virtual currency, Mainichi.jp reports. The bank had plans to develop a cryptocurrency as far back as 2016. According to Mainichi.jp, the launch date has now been finalized and is intended to take place in the FY 2018.

Based on Blockchain technology, MUFG coin will allow users to conduct instant person-to-person transactions as well as shop with lower fees. MUFG stated the company will process all the transactions from its cryptocurrency’s network, claiming that such an approach will help improve the stability of the coin.

The bank also plans to peg one MUFG coin to one Japanese yen in order to maintain people’s confidence in the new cryptocurrency.

AND if that wasn't enough, this writer explains it well, EXCERPT:


Ripple Tokens Could Be Worthless
Jan.16.18 Andrew McElroy

Ripple's xCurrent system is changing the way money is transferred around the globe. Over 100 banks and companies have signed up. But xCurrent does not use XRP the token; only the xRapid system does. xRapid currently has only one small user and one pilot. There is very little information about the xRapid system. XRP hinges on its success; without it, XRP is basically worthless.

Before I get started, let me try to deflect some unnecessary comments by saying this article is not about Ripple the company. Ripple the company has developed innovative solutions for the transfer of money and has signed deals with many major banks. RippleNet is likely to replace the SWIFT payment system, which is now 45 years old, slow, and expensive in comparison.

This article is about the Ripple token, XRP, which I will argue has practically no function at this moment, apart from letting speculators bet on Ripple's success (and making Ripple's creators very rich).
評論: The big banks know what they're talking about. No way they'll use a crypto that is easy to manipulate, fluctuates insanely by unregulated traders. No way it will happen. Once I realized this, I went from HODLer to trader mindset. XRP is still a trader's dream but a HODLers nightmare.
評論: If you're a TA trader, this fellow has a pretty good call, EXCERPT:

Ripple Price Drops to 2.5-Week Low, Eyes Sideways Trading


XRP is likely to trade in the sideways manner in the range of $1.80 to $1.00 in the next day or two, before resuming the sell-off.
Overall, prices look set to $0.8610–$0.60 levels in the short-run.
Bullish scenario: A rebound from the 50-day MA, followed by a quick move above $2.25 (Jan. 11 high) would signal a bearish-to-bullish trend change.
評論: Lower highs? Maybe the drop is coming now?
評論: Great opposing views. Let's see who is right. Remember, I was pro Ripple until I did more research. Except for traders and manipulation to sucker the herd in, so big money or insiders can get out, XRP has no future.
評論: A drop happened exactly after my comment wondering if it was coming :) Let's see if this is THE drop to previous lows or lower.
評論: Or the big
評論: Or the big WASHOUT
評論: Doesn't seem like XRP is moving as much to the high side, when BTC makes a higher move up. Maybe the 1.50 level or close to it is a new ceiling.
評論: Even more important...VISA now in the game with an XRP killer:
評論: XRP - proof when FUD can be a good thing...
I think you've pretty much demonstrated that you don't understand Ripple or XRP. For instance, MUFG's Yen pegged crypto will have precisely zero negative effect on Ripple usage. It's for Japanese internal usage. It still doesn't solve cross-border transfer and settlement and in that case MUFG is part of the SBI consortium (Ripple powered) working on that. The only fail here is your incredibly uninformed, and therefore worthless, criticism.
While I agree its not necessarily needed to send money. crypto tied to a countries fiat would still need to be exchange to the local currencies they are being sent to and there may not be and existing pair to do that. This is where xrp is useful because in one transaction it will create the pairings as it travels through the network to its destination to give you the final ability to cash out in the native fiat. If I received a token tied to the yen and tried to deposit it i would first need to exchange it thus losing money in the process.
Miykael mo-money
@mo-money, the world is already moving trillions in currency daily. Read the article on the Japanese bank. I think they understand the markets. Pegging is the best way to go until countries around the world develop a crypto version of all their currencies. It will happen and they are already planning for it. In the interim, XRP's speculative bubble and sec/min percentage fluctuations won't be tolerated by users - remember right now it's all talk and 'trials', not mass adoption.
mo-money Miykael
@Miykael, I disagree with you that banks wont tolerate the fluctuations. They seem to deal with the price fluctuations between different currency that are sent globally as it is right now. If there was no fluctuation people wouldn't trade in currencies. In fact a product like xrp would greatly reduce the fluctuation because there wouldn't be a 5-7 day delay in the transaction which if going from say dollars to yen this week means you would have been loosing a lot of money. Not to mention a bank is not going to accept a token pegged to a currency that is not native to their country So they would end up with a digital token with the same problem as fiat. The only solution would be a global currency or blockchains that could atomic swap with any other blockchain technology to allow instant fund transfers at no fee. I do agree xrp is speculative at this point like every other crypto even the king of them all bitcoin which has no use case especially when the community came to the realization that it is not a effective method for payment and switched the narrative to a store of value.
good shit
Miykael paisithk
@paisithk, thanks!
Well, while MoneyGram, with its more than 350000+ agent locations in 200+ countries, is still evaluating xRapid (imagine where your theory will when they actually sign a deal), how about companies raising money in that useless, "unholdable" XRP?
Miykael greenium
@greenium, completely irrelevant. Read the articles I posted. This is the problem with Ripple's other products being confused with XRP. The Seeking Alpha article explains in more detail. I was duped by Ripple too, but no more. There is no way banks or any money transfer agencies will take the risk on a crypto that fluctuates single to double digit percentages in minutes/hours. No way it will happen. My pegged currency hypothesis was proved right by what the Japanese bank is doing, "MUFG is the largest financial company in Japan and is set to become the first Japanese bank to issue a virtual currency"

Why would they use XRP, when they're creating their own pegged currency? Won't happen.
greenium Miykael
@Miykael, I'm sorry, but what's completely irrelevant? The fact that a startup is raising money in the token you consider useless or the fact that the very same token is being tested by a very respectable money transferring company? I had read the article but didn't find a single valid argument proving the future worthlessness of XRP. I did find it surprising, though, that a Ripple expert is unaware of the minimum Ripple transaction cost being 0.00001 XRP (https://goo.gl/xBDs2A).

If you still find it completely irrelevant, let's do a little math here. Let's get really crazy and assume XRP reaches the market cap of the entire S&P 500, which currently stands at around 24T. Even taking into account only the currently tradable tokens (roughly 39B), we get the token price of $615 (effectively making most of us multimillionaires). Even then, the transaction fee would be slightly more than half a cent! So when someone claims the banks won't use a money transferring system because its fees may fluctuate by a fraction of a cent, I think they don't really know what they're talking about.

As for that MUFG, do you seriously believe that a token issued and controlled by a single bank would be trusted by the rest of them? If so, I think you better stick to TA, buddy ;)
+2 回覆
Sorry pal but Xrapid uses XRP your wrong
+2 回覆
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