XRP has a market cap that is third behind the behemoths Ethereum and Bitcoin. That should make it a force to be reckoned with. The problem is that no really knows what kind of force it exerts. Ethereum is positioning itself as the answer to the world’s need for decentralized apps (and more besides). Bitcoin is mentioned in every article in mainstream media as having the potential for everything under the sun. XRP is mentioned as… well… the third largest cryptocurrency.
XRP reaches impasse
While many other coins are profiting from the current market and inching ever upwards toward a full-on bull rush, XRP is just sitting there floundering. When you’re number three by market cap and can’t take advantage of a superb time in the market, what can you do?
Supporters of XRP are irritated by this impasse that XRP has reach despite remaining largely positive for the future. Some have taken to Twitter to offer their guidance and one of the wittier tweeters said that XRP was like finding oil and then not knowing what to do with it.
Use it, lose it or hodl for a better price?
The key issue is that many still think that cryptocurrencies are more like assets and less like currencies. One user who replied to the above tweet said something that many will feel echoes their views of cryptocurrency.
Namely, the idea is that cryptocurrencies aren’t really meant to be used as a method of payment. They are there to be traded, to accrue value over a certain period and to be sold when the time is right. He backs up his views with a comparison between BTC (widely considered a successful cryptocurrency) and XRP. BTC has made people rich, still has no real-world use and people love it. It is doing well now that the overall market is doing well (though it could be the market is doing well because of Bitcoin to be fair) whereas XRP is the opposite of that.
Twitter has been lit up with people talking about the relative merits of XRP and many in the community feel that those without XRP simply do not realize its potential. The pathfinding feature, the ledger or anything else at all.
The doubters simply ask “What is it good for?” and leave it at that. It is always a difficult discussion when people have such diametrically opposing viewpoints. Many originally believed that cryptocurrencies would replace fiat for transactions in the real world. However, this is further off than ever before as cryptocurrencies have become assets that grow in value far too quickly to be used as tender.
A currency, at least according to modern theory, needs to depreciate in order to be of value as a currency. That is so people will not save more than is strictly necessary for their largest purchases. The economic system we have today is because of the depreciating currency. It would take a revolutionary step to change that sort of thinking.
Then again, as another user called Kieran Kelly has already said, it could just be a delayed reaction. That particular user’s opinion is that XRP’s price rise is being delayed as it usually turns out to be true. XRP pumps hardest even if it pumps last might not be words to live by, but they could yet give some people hope that their XRP will be worth more in the future.
ps XRP usually pumps last and usually the hardest.
— Kieran Kelly 🏴🇧🇧 (@kieranmlkelly) April 23, 2019
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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.
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…