XRP is a shill token created and circulated by Ripple Labs Inc.
They alone control the ledger, maintain over 100 billion tokens in circulation at any moment, and generate an additional 1 billion tokens each month. And it costs them nothing to generate more; they just type in the number.
It is completely centralized and not a true crypto-coin by any proper definition.
Disclaimer: Of course I own some. I also own Federal Reserve Notes. But that doesn’t make either any good.
Quoting: REaliZe XRP was created before Ripple So you are wrong on that.
They only control a small amount of the validating nodes. Something like 6% So your wrong on that too.
Maxi's always claim its centralized but its not because anyone can setup and become a trusted node.
Its not a PoW or PoS coin its based on a Consensus Ledger to solve the double spend problem.
You should sell your XRP if you hate it so much. Its going down.
Whatever the formal ownership arrangements might have been, from an intellectual property perspective it’s undeniable that Ripple Labs is all over XRP. The XRP brand name is owned by Ripple Labs. The fact that Ripple Labs filed a trademark application over the word mark “XRP” six months after launch, and 8 months after Jed McCaleb’s GitHub commit on 4 November 2012 that first changed the ticker symbol from “XNS” to “XRP,” shows that (a) XRP did not exist before that date, which in any case is two months after Ripple Labs was incorporated and (b) the Ripple Labs company regarded the “XRP” IP as its own.
Regardless, the fact remains: XRP is not based on blockchain, it is not mined and it is heavily centralized. XRP uses its own RPCA (Ripple Protocol Consensus Algorithm) and has roughly 1,000 nodes.
36 nodes must finalize the transactions (the code refers to it as UNL, Unique Node List), and guess who hand selects the Unique Node List? They pick and choose who can oversee all the transactions. Don’t forget, it wasn’t long ago (a year?) that Bitcoin had more nodes than XRP had total addresses!
Bitcoin has had hundreds of forks, because it’s decentralized.
XRP has had 1 utility fork managed by Ripple Labs Inc themselves that has gone literally nowhere, with an airdrop to boot! Why? Because it is all centralized.
We all know that the Ripple executives constantly lie and say XRP is more decentralized than Bitcoin. This is a great scam to run in order to get people to keep buying their weekly XRP dumpings so Ripple can generate more profit. Hence the position they’re in now.
The XRP Ledger is frequently criticized for the alleged centralization of its system, as the majority of XRP tokens are owned by Ripple itself along with other insiders at the company.
Don’t think Ripple’s XRP is here to make you any money in the long run. There will never be any left to make with these guys at the helm. It is, therefore, centralized.
