Ripple (XRP) Is One Of The Biggest Shitcoins And Deserves To Be Destroyed By The SEC
Ripple has been around since 2012, like an aggressive case of athlete’s foot that has infected your entire family. Ripple is the earliest shitcoin to become a major cryptocurrency. Today Ripple is the #2 cryptocurrency by market cap behind Bitcoin, despite it being a centralized shitcoin. There are 100 billion XRP in total, and 20 billion XRP were automatically given to the Founders of Ripple Labs, and then they ‘gave’ the other 80 billion XRP to Ripple Labs, which is essentially giving it to themselves.
This makes the XRP market incredibly centralized, to this day Ripple Labs holds 59 billion XRP. XRP cannot be mined, and must be purchased from Ripple Labs at some point. Ripple Labs dumps 1 billion XRP onto the market every month, screwing up people dumb enough to invest in XRP, and making Ripple Labs greasy amounts of cash. Every day Ripple Labs must have a party where they drive new Lamborghinis into pools filled with the finest caviar, while drinking 1,000 year old wine poolside, since how else could they spend hundreds of millions of USD per month. When eventually naive crypto investors buy up all 100 billion XRP, there is nothing to stop Ripple Labs from printing more, to keep their non-stop caviar and lambo pool parties going.
In recent news, Ripple Labs is fighting a legal battle, funded by their tremendous income, to prove XRP is not a security. XRP is the definition of a security, based on the SEC definition at least, and if Ripple Labs wins this battle it will just prove that the courts can be bought out. It would be truly wonderful if the SEC slams their boot down on Ripple’s neck and demands retroactive penalties. Ripple and XRP have caused innocent people to lose tens of billions of USD, and they deserve the worst possible outcome in court.
It gets worse. XRP does not have a blockchain, and therefore it is not even a cryptocurrency. XRP uses a system of servers, probably entire controlled by Ripple Labs, which validate each other.
It is totally sick that XRP is the #2 cryptocurrency behind Bitcoin, and is a true testament to how naive crypto investors can be. So many people say XRP is an awesome cryptocurrency, when in-fact it is not a cryptocurrency, just a centralized database. The supply is centralized and the technology is centralized. XRP is a shitcoin that must be eliminated.