Ripple Over took ETH
Ripple has overtaken ETH today and surpassed it by nearly 10 Billion dollar. The coin has seen insane growth in the past few days and FOMO (fear of missing out) has caused people to but up as much as possible. Why has it grown so much where as before it sitting still? In the over all chart of ripple you can see that the coin had a low volume for the majority of its existence but has skyrocketed recently so what changed?
The space it self. The market cap has gone up 6x since July this year and many new people have joined the space. Some who support the technology and other seeking financial freedom or just short term gains. Before this period of time people in the space wanted this technology to grown because they were seeking freedom from the government and were thinking long term on how this might change they way we view money and value it.
Why it is bad for crypto
The key difference between ripple and other crypto currencies is that ripple is a centralized non mineable crypto which is working with banks to solve their problem of converting between currencies. This is the exact opposite of what bitcoin was designed to do. The most unfortunate thing is that people cannot see the bigger picture. What is important to understand here is that bitcoin and other currencies like it have power back to the people through a trust-less system which was secure. By supporting ripple people are going backwards thinking of some profits for the short term but not realizing how this will damage the crypto space it self and what it implies to the rest of the world. Making gains and taking profits is fine and has helped a lot of people get out of financial struggle but if ripple were to keep growing it will have a bad affect on the whole space. A bad "ripple effect."
The majority of this coin will be controlled by the banks because they have the power and capital to control it. Once again people would be left on letting banks and governments control their wealth.
On a final note I would say that people can work together and change anything but the selfish ego is stopping us from realizing our full potential. We should get more educated and help others to do the same for a better future
Leave an up vote or comment
Tell me what you think