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Here Is How Litecoin’s Charlie Lee believes XRP is Artificially Controlled

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XRP
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The question as to whether the Ripple company owns too much XRP has been on the mind of many cryptocurrency investors for a very long time. This discussion was highlighted when the company locked up 55 Billion in Escrow last December to guarantee the predictability of the coin’s supply. As a matter of fact, the simple fact that Ripple owns a large amount of XRP is the reason the firm is currently facing 3 lawsuits from disgruntled traders who believe the company issued a securities offering with XRP representing a share in its holdings.

But let us talk about recent comments by Charlie Lee during an interview at the Asia Blockchain summit in Taiwan. During the interview, Charlie Lee explained his reasons for selling his entire LTC holdings and gave comparisons between LTC, Bitcoin, and XRP.

Charlie Lee expressed that he was relieved after selling all his LTC for the decision had weighed down on his mind for over 2 weeks. His main reason for selling was that he wanted to concentrate more on the Litecoin project rather than spend his time worrying about its price in the markets. As a result, we have seen the Litecoin Foundation capture partnership after partnership this year. A few of them include with Abra, TokenPay and WEB Bank.

When discussing XRP, Charlie stated that:

“There are many possibilities. …Ripple [*XRP] is somewhat like a diamond because its supply is also artificially controlled. And diamonds are actually advertising. …If you want to buy Ripple for marriage, it is very valuable, haha!”

In a sense, Charlie Lee is right for the Ripple company has locked up 55 Billion XRP in escrow. They have ‘squeezed’ the circulating supply to the current levels of 39.315 Billion. But since the Ripple company and XRP are a separate entity, it is within Ripple’s rights to HODL its XRP in whichever manner it deems fit. Locking up its XRP in escrow is similar to how you would lock up your own digital assets in a Ledger Nano S.

In conclusion, Charlie Lee is indeed right that XRP is being artificially controlled but only if you consider XRP as part and parcel of the Ripple Company. However, we have since learned that these are two different entities. Once we grasped this idea, we realize that Charlie Lee is wrong from this perspective.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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