Why do some people hate Ripple (XRP) so much?

01 Mar, 2019
by Ryan Boltman
Opinion
Why do some people hate Ripple (XRP) so much?

Ripple (XRP) is one of the most popular, but also most hated cryptocurrencies in the space. What makes certain people in the crypto community hate XRP? What are the biggest arguments against Ripple?

Ripple, not to be confused for their native token, XRP, has seen a phenomenal rise to the top of the cryptocurrency charts, rivaling projects such as Litecoin and Ethereum for the past several years. However, it was not until the 2017 bull run when XRP really gained the attention of the masses. XRP jumped a staggering 1500% between December 2017 and January 2018, ultimately making it one of the highlights of the 2017 bull market. The coin climbed from $0.23 in Mid-December to its all-time high of $3.82 by January 4 2018.

Read more: XRP at $589? Is it really possible for Ripple's token?


Ripple has since become one of the top projects in terms of followers. Some would say the only other project that could rival the XRP Army is TRON (TRX). TRX has also gained a loyal following thanks to founder Justin Sun. Sun is well known for making announcements about announcements, and pushing a strong marketing campaign to grow his projects following. However, XRP is hands down also the most hated cryptocurrency in the industry.

Read more: XRP for the banks: will the large ones ever use the Ripple token?

So why is XRP hated so much?

XRP is working closely with banks across the globe

Ripple considers itself a decentralized real-time gross settlement system. It is created by Ripple Labs and makes use of their native digital asset XRP. The project offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. The success of Ripple and its widespread adoption have seen massive popularity between vendors and banks across the globe. Ripple has signed on more than 200 partners in its efforts to make cross-border transactions more accessible and faster. So if the banks love it, does that mean the banks love Bitcoin too? Most Bitcoin maximalists will agree that working WITH the banks is against the decentralized vision Satoshi Nakamoto envisaged for cryptocurrencies. 

Card

Card

Card

Read more: What does JPM Coin mean for Ripple and the wider crypto industry

XRP is pre-mined by Ripple Labs

The concern for most crypto enthusiasts is not so much the ability to transfer funds across the world in 4 seconds with up to 1600 transactions per second compared to slower cryptos such as Ethereum and Bitcoin, but rather the fact that Ripple doesn't really seem to be decentralized at all. With less than half the total supply in circulation, most of the Ripple team own the rest. While the Ripple network may be decentralized, the way in which the XRP token is dispersed is not.

Forbes reported in January 2018, that Ripple Co-founder Chris Larsen held 5.19 billion XRP, while Jed McCaleb, the other Co-funder was said to hold over 9 billion XRP.

Those two alone would account for 15% of the total supply of XRP. This reasons is one that makes many crypto enthusiasts believe XRP is not decentralized, with the team said to potentially be holding more than 15% of the supply.

Card

Read more: Is Bitcoin dead? 10 reasons why it is NOT

Ripple hired the man that regulated cryptocurrencies in New York

Ripple appointed BitLicense creator Benjamin Lawsky to the board. A move that triggered many Bitcoin maximalists and companies who have since struggled to operate in New York due to the license. Owning a BitLicense is an extremely difficult task, with less than 20 licenses handed out since 2015. Who do you think was one of the first companies to acquire a BitLicense? Yes, Ripple.

Card



XRP cannot be mined or airdropped

It might seem like a silly reason, however millions upon millions of dollars have gone into mining equipment for miners to target coins such as Bitcoin and Ethereum. Who is to say mining XRP wouldn’t make miners more acceptable to the coin? Considering the massive bull run in 2017, Miners would have been fuming that could not mine the coin. Once again, the XRP coin is considered to be centrally owned by Ripple labs. There is no fair distribution plan for XRP. Basically making it a centralized project, according to the XRP haters.

Read more: Whale Watching: The Ripple show as XRP whale moves 1 billion tokens ($302m)

The positives of Ripple

It is easy for the crypto community to hate on a project that has broken into the top three that does not hold the same values as Bitcoin. There is no doubt Ripple will transform cross border payments and remittance issues. Lowering transaction costs and increasing speed of transactions will eventually benefit everyone in some way. Faster bank transactions and overseas payments to remote areas and family will eventually be the norm, thanks to Ripple. While Ripple may not be following the decentralized direction of what cryptocurrency advocates expect., they are certainly reshaping the way people bank. 

Card

The ability to move $303 million in seconds using XRP at a measly cost of $0.000003552 gives you an idea of the potential Ripple and XRP have within the blockchain industry. 

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

 

Read more: How to tip and receive Bitcoin via the Lightning Network with Tippin.me

Read more about:Ripple (XRP)

Poll

Do you hate or love Ripple (XRP)?

(79 votes)

Add a comment

i do not understand why many people really hate ripple and the activity of the company. they are doing definitely honest business and the token is trusted by the traders on 100%
01 Mar, 2019 - 17:45

Check out the latest news

You will be logged out and redirected to the homepage