Ripple is up 20,000% in 2017. Compared to Bitcoin's 1,500%, Litecoin' s 5000% and ETH's 8000%, it's amazing gains can make you dizzy. In the beginning of 2017 it was at 0.01$ and today it has passed Ethereum as the number 2 coin on Coinmarketcap, and is trading at almost $2USD.
What is Ripple
Ripple is a payment network for banks and institutions that allows them to send and receive currency and settle transactions faster and cheaply than the existing system banks are using.
Ripple is however not a digital currency, and Ripple has no mining. Ripple transactions are verified by multiple parties to achieve consensus.
And there will also be no new Ripple coins created. Ripple Labs owns 60 billion of the 100 billion XRP in existence (60%)
A bet on Ripple is a bet on the fall of crypto currencies?
Some argue that Ripple tries to kill crypto currencies, and that is a coin for the banks. It has nothing to do on Coinmarketcap.
Well, I'm not educated enough on Ripple to claim that, but Ripple seems to be going against the current. And it IS created for the purpose of banks using it. And they are indeed centralized.
I do not own ANY Ripple, and I will not be buying them because I think there's a good chance they are contributing to the government/banks battle to destroy Crypto currencies. As far as I'm concerned, if you buy Ripple, you buy into a company that is working to improve the banking system - a system that I thought we wanted gone from the surface of the Earth.
Your thoughts?