Holy Mother of God! Ripple!

Ripple overtook Ethereum to become the second biggest cryptocurrency by market cap. This might be due to various reasons.

Nah. I think its just FOMO. There are various discussions in reddit about various good things that can happen with Ripple. People speculate and others just FOMO. Crazy. Isn’t it?

Yes, crypto market is crazy. Youtube, Reddit and Twitter, the three channels I follow are full of speculation. Some guys with decent enough knowledge speculate and noobs just follow them and put their money on those coins. But I feel the ideal way is to read the white paper and put our money on something which we believe will succeed. Of course, these channels can add to our research. But they just can’t be the only source of information. Now, the bubble is getting bigger because common man’s money has also come into play. He isn’t aware of the various trading tactics (like shorting). If this bubble bursts he’s the one who’s going to suffer. All the big whales will escape.

Coming back to the Ripple talks. Ripple becoming second biggest has given me the confidence that even Bitcoin will be challenged by some alt coin in the near future. It may or may not be Ripple. The concept of Ripple is quite interesting. While Bitcoin and other altcoins are moving towards decentralisation and anonymity, this guy is the first one to come out and say “Banks aren’t going away”, “Bitcoin has got it wrong”. This is intelligent because if cryptocurrencies are to be adopted by banks, this is exactly what they want to hear. Of course, a true bitcoin enthusiast is going to come out and say Ripple is shit and completely against their philosophy. But how’s the credit rating system going to work in the future if everything is decentralised and anonymous? Just some food for thought.

Yes, banks can create their own blockchain technology and not use Ripple. But why do that when you can use Ripple and save on the development costs. By being “anti-bank” they can also co-exist with other altcoins. Ethereum might get the second position back but coins like Neo and Lisk are labelled as Ethereum killers. Given time, they’re going to take Ethereum’s market share. And also I haven’t heard of any Ripple killer yet. That’s why I think Ripple is going to stay in the market for a long time. Also, I feel that Ripple will survive even if the Bitcoin bubble bursts (my contribution to the large pool of speculation available).

So, will Ripple go further up and surpass Bitcoin? Let’s wait and watch.

Kicking ass and collecting cryptos,
Arjun

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