WHY RIPPLE IS A SCAM AND WHY WE SHOULD DIVEST
A lot of my friends have made a lot of money on Ripple lately. If you ask me, most of them have more money than sense. One girl bought £1000 worth because her boyfriend told her to and it is now worth £30000. She was asking me if she should take out a credit card to buy more: Right before it crashed. Investing in anything because you have been told to or because it has gone up or for that matter any investment which one does not understand is always a bad investment.
Ripple is not a cryptocurrency: It was pre mined and is slowly released by the company owner. The only reason it is scarce is because the Directors have restricted the supply
Ripple is not Decentralised: There is no point in a coin which has a single point of failiure. If the company folds, we all loose our investment
Ripple goes against everything the Crypto community stand for: Most people interested in crypto want power to be taken away from banks by being able to make peer to peer payments. Traditional banks have been unsympathetic to crypto and many small investors even had their accounts closed. The people using Ripple are the banks. One rule for them and another for us. Just like to 2008 bail out. Socialism for the rich. Capitalism for the poor.
Even though I could make profit on Ripple, especially if I buy it below 1.2 dollars, as someone who is serious about the crypto community I will not invest and I encourage others to divest if possible.
Of course, for the record just like everyone else on here telling people what to do with their money.......I do not give financial advice!
Written by K