Those who may be wondering about the 20% drop in Ripple (the currency) today can find the answer below. While 20% isn’t a big deal for smaller currencies, this one is going to hurt. Especially those who haven’t yet sold. That scam has been going for way too long, but it seems it’s finally entered its long deserved death spiral.
I thought this was rather good news for Ripple recently - http://bitcoinist.net/microsoft-adds-ripple-blockchain-initiative/
I received an email this morning (from Ripple) warning me that I needed to prove my identity to the FEDs for my ripple account by January (or else something would happen to my account presumably) … surely I was one of thousands who received the message and surely many decided to move their funds out and close their accounts.
Later in the day (after the 20% drop) I received another email from ripple saying that they were going to have some alternative system that people could move their funds into if they didn’t want to give ID.
lol, I think they had a hard awakening to the fact that most who use crypto don’t want to give ID. Makes me wonder how they’ve made it this far along.
Yeah, so the system (kind of) can be used, but what it really is is a cheaper PayPal almost 20 years after PayPal.
But having said that, why would Microsoft buy XRP or why would anyone involved use XRP? There’s a crapload of them and as a comment at the URL I posted explains, it can happen that Ripple’s s/w in some form remains and that XRPs at the same time die.
They’re flip-flopping and making things up as they go (while selling their own XRP in another browser tab).
I abandoned my account a long time ago (funnily, I had 1 XRP on it, I think that was the minimum required to open the account), but they still spam me with those notices.
It’s incredible how a useless, savagely premined and scandal ridden crap-coin like Ripple managed to become and remain a top coin for so long.
The transitioning nonsense is just that - nonsense. They probably gave the new company 100 million XRP (which tomorrow could still be worth more than $100) to pretend to care for a year.
This could be a nice little lesson for those who hoped to “work with governments” to create an “inclusive and democratic” currency transfer system.