Consider buying Ethereum

Funny, I was just thinking the same about XRP. But my alarm isn't loud enough to help all you folks out. Hopefully a few will take the advice though.

Certainly don't hold any xrp if you don't like its fundamentals.

All I want people to do is research the fundamentals of these algorithms and platforms for themselves. Most of you are second handlers of information... meaning your opinion is actually someone elses opinion that you have adopted. You should read the white papers and find out first hand what the deal is before sinking all your money into one thing or another.

Regarding eth any long term holder should read this:
Sharding FAQ · ethereum/wiki Wiki · GitHub

Regarding ripple any long term holder should read this:
https://ripple.com/files/ripple_consensus_whitepaper.pdf

And ideally these:
https://bitcoin.org/bitcoin.pdf
https://lightning.network/lightning-network-paper.pdf

Once you understand what is actually going on under the hood of these coins/tokens you can make a more informed call on what you want to hold long term.

 

[Xenophis]

Fun fact: Disregarding Ethereum's value, Ethereum's top 10 assets combined would put them firmly in 6th place at $661 Million cap. And that's just the beginning to be honest.

 

[Xenophis]

White papers should absolutely be read. But just like a TOS in the real world, 9 out of 10 folks will never take the time to read it. I just happened to be one of the few that do. But that's only just one aspect of what I think makes a crypto valuable. Essentially you are placing your bet on the opinion that banks will adopt XRP. All or nothing. So XRP is essentially worthless (well, most definitely worth less than now) if it doesn't gain traction the way you want it to. On the other hand, betting on Ethereum isn't betting all in whatsoever. Aside from the plethora of applications that Ethereum could be used for, one is betting that out of the hundreds of dApps being developed, some will reach mainstream consumer adoption which will put Ethereum at the forefront of a technological shift (which it basically is already.)

 

White papers should absolutely be read. But just like a TOS in the real world, 9 out of 10 folks will never take the time to read it. I just happened to be one of the few that do.

Then you will know they still have a lot of work to do if they are to scale.

 

[Xenophis]

Then you will know they still have a lot of work to do if they are to scale.

Agreed, but scaling is a WIP in the blockchain space as a whole to be fair.

 

Agreed, but scaling is a WIP in the blockchain space as a whole to be fair.

Read the ripple paper.

 

[Xenophis]

Read the ripple paper.

I already know XRP is focused on tx scaling, that's their entire business model. Not consumers. Banks. That doesn't mean you or I. They could care less about our interests. And as you can see with what's happening to R3 corda, banks can have a change of heart on a whim. I'm not willing to risk everything on that prospect.

 

I already know XRP is focused on tx scaling, that's their entire business model. Not consumers. Banks. That doesn't mean you or I. They could care less about our interests. And as you can see with what's happening to R3 corda, banks can have a change of heart on a whim. I'm not willing to risk everything on that prospect.

Yes but you understand they only need current balances not all transactions because it's essentially a trusted network. That means storage complexity O(n) instead of ~O(n^2) for all other blockchains.

Idk how people don't find this a pretty big deal tbh. No one else has solved this problem that I've seen.

 

[Xenophis]

it's essentially a trusted network.

That gets to the root of my problem. I don't trust banks or Chris Larsen. Well, mostly Jared who isn't in the picture anymore except his share of the billions of XRP (which is obviously less than when he initially left since he forked XRP and made STR, but still a significant amount. I'll admit that XRP has come a long way since then, but I'm philosophically opposed to centralized banking and the current monetary system.)

I cannot invest in something I cannot trust.

But as I said before, I wish everyone in the cryptospace good fortune because we are pioneers of the future. The entire industry is in infancy with enormous upside potential in the coming decade. We will all look back on these days and smile.

 

That gets to the root of my problem. I don't trust banks or Chris Larsen. Well, mostly Jared who isn't in the picture anymore except his share of the billions of XRP (which is obviously less than when he initially left since he forked XRP and made STR, but still a significant amount).

I cannot invest in something I cannot trust.

But as I said before, I wish everyone in the cryptospace good fortune because we are pioneers of the future. The entire industry is in infancy with enormous upside potential in the coming decade. We will all look back on these days and smile.

It's a trusted network in that each node owner picks their list of peers that they trust. It's still decentralised and not all nodes have to pick the same list either.

Concerns about whether the excess currency are locked up are perfectly legitimate.

Saying you don't trust banks to run honest validatior nodes is frankly ridiculously. If a bank were to run a fraudulent node deliberately they would be sued... probably by other banks. But more than 20% of them would need to conspire without the other 80% knowing order to double spend.

Meanwhile you trust a completely unknown set of people/organisations to mine the other cryptos without conspiring to defraud the network.

But anyway at least you had a look at the fundamentals, good on you.

 

[Xenophis]

It's a trusted network in that each node owner picks their list of peers that they trust. It's still decentralised and not all nodes have to pick the same list either.

Concerns about whether the excess currency are locked up are perfectly legitimate.

Saying you don't trust banks to run honest validatior nodes is frankly ridiculously. If a bank were to run a fraudulent node deliberately they would be sued... probably by other banks. But more than 20% of them would need to conspire without the other 80% knowing order to double spend.

Meanwhile you trust a completely unknown set of people/organisations to mine the other cryptos without conspiring to defraud the network.

But anyway at least you had a look at the fundamentals, good on you.

I pretty much assume banks build their revenue model on fraud these days. I just envision a future of AI and blockchain that will replace the need for banks entirely.

 

I pretty much assume banks build their revenue model on fraud these days. I just envision a future of AI and blockchain that will replace the need for banks entirely.

Well that's been true since the legalisation of fractional reserve banking. But I don't expect banks to cease to be a thing any sooner than taxes cease to be a thing.

 

[Xenophis]

Well that's been true since the legalisation of fractional reserve banking. But I don't expect banks to cease to be a thing any sooner than taxes cease to be a thing.

Very true. Challenge accepted, haha. I'll make sure to check this thread exactly 25 years from now.

 

[Vlad]

Info from a friend: lots of BTC dumping into ETH for it to make press headlines. Apparently top 70 richest BTC accounts were responsible for it, literally just dumping money into it on the exchanges. If this is true, might be a correction where it would be a good opportunity for people to get in

 

[The Salt Vendor]

Waiting for a dip for me to get in :c , but also think its a bit too late now. Have a feeling the crash is coming soon

 

[Xenophis]

Waiting for a dip for me to get in :c , but also think its a bit too late now. Have a feeling the crash is coming soon

That's short term thinking. If it crashes, buy more. Ethereum is here to stay. I bought ETH at all price ranges. When the DAO hack occured, I had some ETH that I bought around $16 to $20. It crashed over several months to a low of around $7 to $8. I bought more. Never sold. I obviously don't regret it one bit. In the next decade, it'll be worth tens of billions.

 

[Butta]

Waiting for a dip for me to get in :c , but also think its a bit too late now. Have a feeling the crash is coming soon

the first purchase is the hardest. Good luck !

 

[Xenophis]

Now is a decent dip to take advantage of. Position yourself nicely when BTC takes a hit after this rally (fueled initially by Bitfinex fiat withdrawal issues + tether USDT being untethered from the USD which is why Polo's BTC/USDT value is the same as Bitfinex). I remember when Gox BTC had a $100+ USD arbitrage before its collapse). It's about due one soon.

 

[Xenophis]

I have made the transition out of my last remaining BTC into ETH and various other alts. While blood filled the streets of Polo, I looked at it as a firesale for my crypto portfolio. Time to hunker down and HODL while I wait for The Flippening.

 

[The Salt Vendor]

Yeah, i was planning to slowly invest into ETH for long term eventually. Was either ETH or Decred