Dear xrp community
The real reason why coinbase hasn’t added xrp.
Everybody knows that when a coin is listed on coinbase it’s considered main stream. When coinbase announces they are adding a new coin, that said coin normally increases in prices just alil. Not really a moonshot but probably a good 5% or so. It’s also fair to say that coinbase hasn’t listed anything except bitcoin cash and lite coin. Currently at the time of this writing, coinbase has 4 coins for sale on their exchange. Bitcoin of course, ethereum, lite coin, and bitcoin cash. Now all of these coins and others can be found on other exchanges including Xrp. Now why is that? Why would the most basic, user friendly exchange not list the number 3 coin according to market cap? It’s not a scam coin. It isnt a security. It has a use case. It’s been all over the tv and yet no coinbase listing.
Now before we go any further let’s take a step back and ask an important question. Why do you want your coin listed on coinbase. In the united states, coinbase is the most user friendly Experience platform when it comes to buying crypto. They are probably the most trusted. Security it’s pretty decent. The fees can be alil better. Make no mistake you want your coin listed on coinbase. By all means, coinbase are major players when it comes to crypto exchanges. Everyone wants to play ball with coinbase. Not xrp
You see xrp is a different kind of animal. To my knowledge this the only coin that has “mined" all of there coins. The technology behind xrp is probably some of the best tech in crypto today. With more and more fiat to xrp pairings happening weekly it seems like. Soon it will have at lease the same if not more fiat to crypto trading pairs then bitcoin. If it dont already. Xrp not only has a strong dedicated community, it has the backing of a powerhouse fintech company called ripple. And if you never heard of ripple I suggest you stop reading now n go do some due diligence . These guys gave away 4 million usd on Ellen DeGeneres show not too long ago and is actively working with Madonna’s charity. I mean finally there’s an actual company putting a good name to crypto universe and yet coinbase refuses to list it. Why. I’ll tell you
It shouldn’t be no secret that crypto exchanges are some of the biggest miners in the world. You didn’t think crypto exchanges brought crypto from other exchanges did you? You really think coinbase buys bitcoin from hitbtc? Simply put if you mine bitcoin you are the first person who can give that coin an actual value. If you notice the coins listed on coinbase are all mineable? Bitcoin eth LTC and Bitcoin cash are all mineable. It’s to no surprise ethereum classic was announced to be listed on coinbase too. Why? because its mineable.
Xrp cant be mined. At lease not by any outside 3rd party. You cant even stake xrp to get more xrp. And without a doubt it’s the fastest and probably most securest out the top 5 crypto by market cap.
Coinbase makes there money from mining and fees they charge you on your transactions. Because you can not mine xrp, coinbase would have to fork over fiat to acquire a large amount of xrp. Thus taking the risk of losing everything should the price go to zero.
Let’s say ripple said you need a billion xrp to become a liquidity provider. And feel free to input your own numbers. At .30, coinbase would have to shell out over 300 million up front to ripple because ripple is the only place you can get that many coins. How come? Because ripple was smart enough to lock up xrp into an escrow account. By locking up excess xrp they was ensuring that the xrp technology will be in the hands of people who would do the right thing. And that is to hold on to them and become an liquidity provider. Unfortunately xrp community, ripple could not trust you guys with holding xrp. Your money isn’t long enough to provide million dollar transactions. Weak hand retail investors money isn’t long enough to provide the liquidity needed for a multi million dollar transaction a couple of times a day. So ripple did what they had to do and that was to sell directly to exchanges that will hold and be there when bank 1 needed to send bank 2 five million dollars. It didn’t matter what the price of xrp was they would still get the profit from the transaction fees.
I don’t know how many coins you need to be a liquidity provider for xrapid. But according to xrp ledger exposed there are 4 accounts with 1 billion xrp. 43 with 100,000 xrp or more. With that much xrp I doubt all those accounts are retail investors. Maybe 3 of them. But the rest of those accounts are liquidity providers and early institutional investors. They take the most risk but in the same breath, will make the biggest gains. The liquidity for xrapid is there and always had been. Even without coinbase. The liquidity providers are the real investors and controlers of the xrapid technology. They will be the ones who will probably have a say on xrp price. They hold the most coins.
Not too long ago bittrex announced they will be opening up fiat to crypto trading pairs. Xrp was one of those pairs. And not too long after that, ripple announces that bittrex is an official partner to help liquidate xrapid. How else would banks use xrapid. They wasnt gonna buy bitcoin first then trade it xrp. Maybe thats why bittrex did that. Nobody seen that coming. Now banks or who ever wanted to use xrapid had a trusted place to go for liquidity. Pretty much guaranteeing a working xrapid product everytime. Remember if no liquidity at even given second, xrpaid fails. Now if xrapid turns out to be everything ripple said it would be, how much money will bittrex make in just xrp transaction fees alone? I’m pretty sure what they paid to be an xrapid liquidity provider will be peanuts compared to the profits they will make in xrapid transactions fees alone. Not including the fees from the other coins they are getting as well. Its Bentley time every day for bittrix when this happens.
That tells me one thing. Bittrex money….is long. Make no mistake, when a crypto has a fiat pairing you open up doors to higher prices without being subjected to what’s happening with bitcoin. If bitcoin did not have many fiat pairs and you had to go thru another crypto to get bitcoin, bitcoin would had never passed 10k. With a direct fiat paring, a crypto coin can decouple from bitcoin. It will be totally separate. That’s why when bitcoin goes down every other coin goes down. That Wont be the case soon for xrp.
Coinbase will probably miss the xrp train. They tried to get slick and say well we will hold your xrp or other coins for you ,like a bank, for a small fee. you just cant buy xrp from us. Really dude you want to hold my crypto for a small fee when I can take my own risk and hold it myself? I’ll pass. First off your centralized. There’s nothing from stopping a hacker from getting my password and taking my coins out. My spouse has the same opportunity to get my passwords as a hacker does. So how good is your custodial product? In reality there’s is no security in crypto. Coinbase promotes security with the coinbase custodial product they are offering. that’s why they are one of the big guys. They promote security and safety. there mining operation is probably one of the best. But ask yourself this, what you gonna do when the last bitcoin is mined? Or if bitcoin drops too low and it is not possible to make a profit off bitcoin from mining? I think you should of made that investment bro.
Xrp community continue to be strong. Yes I am pretty bullish on xrp and I do have worries. But I know my comfort level when dealing with xrp. And its damn sure higher then coinbase. Make sure you know your comfort level and “invest" carefully. Weather it be crypto or something else.
X_________