⭐ Merited by chenille (1)
The positive news about bitcoin will bring lots of newbies to crypto and they will look for interesting coins for investments. Let's give some useful advice that they don't make wrong decisions and we show them the best coins of crypto.
To be prepared it's also important to know the dangerous shitcoins and avoid them.
The biggest shitcoin is Ripple's XRP and here are the most important TOP 5 points you need to know why XRP is a terrible coin:
Please everyone, if you have more warnings to add, please comment!
Great post by you and you have touched upon some great facts. Let me bring in knowledge some more facts that highlight even more deceptiveness of the creators of this coin. To be prepared it's also important to know the dangerous shitcoins and avoid them.
The biggest shitcoin is Ripple's XRP and here are the most important TOP 5 points you need to know why XRP is a terrible coin:
- XRP has not a decentralised blockchain, XRP is centralised and is often called the coin of banks. This is bad because the banks are keeping their centralisation + power and get even richer.
- XRP is 100% premined and that is part of the centralization problem.
- The team of Ripple own almost 70% of all XRP, which is unethical.
- The coin XRP is useless if Ripple decides to change the system (that's possile and can happen when Ripple has made enough profit for the team or the banks want it).
- The market and the media are manipulated by Ripple with fake news: https://www.cryptonewsz.com/the-army-of-xrp-is-a-pack-of-bots-finds-out-an-analyst/11873/
and a large number of user comments on the internet are not from normal users, it's paid from Ripple to manipulate the people. XRP marketing can be compared to BCash marketing spreading lies.
Please everyone, if you have more warnings to add, please comment!
- It is known that around 32570 initial blocks of the ripple blockchain are missing from the ledger. So the nodes are never able to retrieve the data from these starting 32570 nodes which makes it quite fishy as one would never know what transactions happened in these blocks therefore technically making this chain un-auditable forever.
- The coin started to create a P2P lending network which would be based merely on trust however the trust network are known to be un-reliable. Because only a few banks have stood up to tied with ripple which automatically makes it pretty centralized. So until lots and lots of banks join in with their capital as a trust network this coin can't be decentralized.
- Another point to note is that XRP transaction fees is paid by burning XRP. Which means getting it out of supply and naturally increasing the price at a very low scale. For eg. if 0.5% of the total XRP you sent have got burned in fees the remaining 99.5% will now automatically increase in value by some proportion simply due to law of price & supply. This doesn't looks as a big issue now but surely mass adoption and widespread usage will make it look worse as it will be an ever inflating currency.