Connect with us

Currency Market

Many banks to adopt Ripple XRP as a liquidity solution as 2018 ends, Garlinghouse

Published

on

Ripple XRP
READ LATER - DOWNLOAD THIS POST AS PDF

Many of us have been questioning how the future will look like for the third best cryptocurrency of the market by performance, Ripple (XRP). Well, it all seems we may be getting all the doubts cleared soon, as the CEO of Ripple, Brad Garlinghouse, recently responded this and other questions during an interview conducted by the internet business news channel CNBC during Money 20/20, the global event held in Amsterdam.

In general terms, Garlinghouse made very clear what are the thoughts of Ripple for the present and coming year when it comes to the adoption of the XRP token, and additionally, commented on the lawsuit a crypto enthusiast made against Ripple (XRP) claiming the company incurred in a violation of the U.S. security laws. Let’s see how it goes!

The future of XRP and other coins in the market

In the interview held by CNBC, Garlinghouse established that by the end of the year the company expects major banks to adopt and start making use of their product xRapid, a liquidity solution that integrates the XRP token. The same way, by the end of 2019 he counts with at least a dozen of banks using the token ecosystem and liquidity.

When asked about his opinions on the immense offer of cryptocurrencies in the market, he expressed that there is an incredible amount of tokens designed for no reason currently. He continued by saying that every day it can be seen a bigger deployment of Initial Coin Offerings for tokens that actually don’t solve any existing problem, which is why he considers that by the time of 10 years the offer of the market with respect to cryptocurrencies will be only a vast 1% of the current panorama.

Garlinghouse opinions on the Bitcoin vs. Ripple comparison

Garlinghouse specified he thinks some of the top cryptos in the market such as Bitcoin (BTC) and Bitcoin Cash (BTH) will have an essential role in the future of the virtual coins. He said what we are seeing is a “specialization of different types of ledgers.” However, he also cleared that if he were to compare, he would note XRP has definitely the lead in front of Bitcoin (BTC) which has proven to be slower and more expensive.

As a matter of fact, according to the website blockchain.info, the average transaction for Bitcoin as of today is 42 minutes, and the fees charged for those transactions can vary from 3 to 30 dollars. In relation to this, Garlinghouse said that 42 minutes might look too fast if we compare that to what it lasts an operation in the banking industry currently but not if we compare it with the thousand times faster Ripple, which lasts only 4 seconds per transaction.

The lawsuit against Ripple

A lawsuit was recently filed by an XRP user claiming Ripple was violating some of the laws established by The Securities and Exchange Commission (SEC). The plaintiff who is identified as Ryan Coffey lost an amount of XRP tokens on January 6, 2018, a fact that led him to establish a lawsuit arguing Ripple had primarily deployed a “never-ending ICO”.

Regarding this, Garlinghouse established that Ripple is not a security, and he specified that the fact was not going to be questioned or changed by one lawsuit. He continued by saying “Owning XRP doesn’t give you any ownership of Ripple equity,” and that’s something all of the users should be aware of.

To conclude, when he was asked if potential regulations were a concern of the company, he responded with a big no. Garlinghouse said,

“One of the reasons Ripple has enjoyed such momentum is we have been working with regulators”

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pxhere.com

Altcoins

STEEMIT Running Out Of STEAM?

Published

on

Steemit
READ LATER - DOWNLOAD THIS POST AS PDF

Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.

If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like…

Continue Reading

Altcoins

The Three Biggest Problems with Crypto

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?

However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.

Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.

We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:

Scammers

Failed projects

Immature technology

Who…

Continue Reading

Blogs

Is Crypto a Bubble?

Published

on

Crypto
READ LATER - DOWNLOAD THIS POST AS PDF

A lot of people are wondering if the whole crypto phenomenon is nothing else but a bubble. We’d say it would be a fair question except that these people asking it have been skeptics from the very beginning, so they’re not really assessing the market on its own right and performance but just singing the same old song.

We believe that the current market conditions do not justify the notion of crypto as a bubble and we’ll explain to you why.

First, we start by reviewing a bit of market dynamics. Every market, every asset, every currency develops in cycles that repeat over time. Each cycle is comprised of four different stages called “phases”:

  • Stealth
  • Awareness
  • Mania
  • Blowoff

It all starts at Stealth. A new stock, asset, or cryptocurrency hits the market. Nobody knows anything about it so nobody pays any attention to it or tries to buy it. The price is slow and it stays very much the same until the market becomes aware it’s there. Hence the name for the following phase.

As the market realizes this new thing exists it starts to pay attention to it and to buy it, so it takes off, the price rises steadily until it faces its first sell-off. The price drops a little. Then something else happens. The media pays, at last, attention to this hypothetical coin…

Continue Reading

Elite