This is actually a re-write of my article that I was going to publish. XRP has blown up from $0.25 at the START OF DECEMBER 2017 to a mind numbing $2.35 as I type this out right now.
For all those people thinking that buying XRP is investing in Ripple and you get to invest in the future infrastructure that all the banks are going to use! It is not. Bought it because “Coinbase will list it”? Extremely unlikely. People will still believe so, because, plebs.
But then again, I realised that almost NONE of the new people coming into crypto understand anything about crypto or do their own due diligence, much less the technical aspects about many things under the hood. All that matters is that some YouTuber talked about it in his “Hottest Crypto for 2018” video.
Who cares about the technology if you can make money?
And sure enough, Ripple delivered.
Ripple did a 9x from the start of December.
In a month.
(Lol, I can never go back to stocks.)
But, it’s still a centralized, pre-mined shitcoin though.
You want a centralized, pre-mined shitcoin? You get Ripple.
You want a crypto that can be frozen from you because someone doesn’t like you? You get Ripple.
You want a decentralized crypto that no government, bank or single party can take over the network?
You want a crypto that cannot be seized or stopped?
You want a crypto where the creators don’t own 60% of the supply?
Don’t get Ripple.
There are plenty of decentralized, fairly distributed, non-shitcoins which are fast and cheap.
By the way, you can still (yes, still) probably make tons of money owning shitcoins. I even said it before here:
“The sad part about that whole list above is that they are all probably going to go higher. Do not take higher price to equal legitimacy. Metrics like transactions, new addresses and development are better indicators in my opinion.
Don’t get me wrong, you CAN make money with these shitcoins. But I have personal issues with them on technical and/or ideological level that I would not even want to own any of the crypto above.“
I still do not own any XRP and I have no plans in the future to ever buy any.
At first after seeing the XRP pump, I was salty. But after thinking about it, no, I’m not. I would never own XRP given my knowledge and understanding of crypto.
That said, I should have traded XRP knowing that the (1) low face value, (2) “banks” and (3) Coinbase rumours would get it pumped by the waves of noobs coming in. Unfortunately, my psychology is not that geared towards trading.
Happy holidays folks.