Hi Steemitarians,
My name is Shannon, I'm new to Steemit, and normally blog on the music section, not so new to crypto's tho, in fact i remember being a desk/admin clerk in 2011 and seeing bitcoin around $4.80 and wanted to get some but didn't understand how the whole encryption wallet deal worked so i ignored it and now i almost cry every time i see bitcoin at $2540 ($3430 apx in AUD). Jeez, I coulda got me some of that! lol, never mind.
Now of course, here is the usual disclaimer:
My comments are not financial advice, study the markets and enter at your own risk, im just proposing ideas for discussion. i am not affiliated with any programs or sites or products, for me, affiliation programs suck.
So i have avoided the crypto market for some time and recently decided to make a move and just put my toe in. I have recently looked at Ethereum classic, Ripple and now Stellar. I have also seen a lot of the hype around Ethereum itself and here is my curiosity... looking at a lot of comments around the web i see some negative views about ripple and yet i don't see the same thing on Ethereum when there powers behind both of these currencies that are ...lets say .. a little nefarious due to their links with the global banking sector.
It seems to be the opinion of quite a few people in public, concerning Ripple and XRP, that it is connected to the banking sector and therefore an evil attempt by the banks to subvert the crypto markets and dig in, and as a result, many will not support ripple on moral grounds. I can see this point of view, but after looking into the ripple network and the model behind it I see some interesting and frankly AMAZING POTENTIAL for the future of global financial transactions in banking without any impact on the public. There are a large number of banks joining the Ripple network everywhere (40 banks in Japan, many in the Middle east etc, about 100majors in total now i think), or at least setting up for it to be implemented. The concerning factors are that yes, large globalist banks such as Bank of America and Westpac and the NAB (two Australian mega banks) are part of the parcel as well as Google.
However, looking at Ethereum, i see JP Morgan Chase, Goldman Sachs and Microsoft as partners in Ethereum, and the behavior of ethereum itself recently, has me concerned for its investors. If there was ever a group of entities against the public good, then Goldman and JP Morgan are the crown jewel of evil bankster gangsters, just look at the 2008 Global Financial Crisis! The issues i have with ethereum is that they will create 18million ether per year and can carry this on forever. On the Ethereum website, they claim that given the possibility of people losing their keys and the deflation cycles, Ethereum will essentially equalize itself and maintain a steady level of coin in the market on a permanent basis. To me this is the same as saying the fed reserve will print money forever and as long as people keep losing their wallets and others trade their cash for material things everything should be fine. ahhh... no sorry, it doesn't work like that.
So between these two movements, Ripple vs Ethereum ( the nature of both currencies being in the top 5, one is 25c and the other bolting to $380 with similar life spans from 2013-14) and with the likes of the Rothchilds family pushing Ripple (apparently but no proof) and Jamie Diamond (JP Morgan) pushing ethereum (figuratively speaking) i would prefer to invest in a system that is supported by a family who made their unbelievable wealth over 3 centuries and maintained it, than a Billionaire nutcase who loves to pump and dump half the economy on a daily basis, and quietly using JP Morgan Bank to buy millions in Silver bullion without it barely moving the market price at all.
But in all seriousness, Looking at Ripple and (XRP) I found that XRP will be used mainly as a short term currency conversion and transaction tool and Ripple itself will operate in banks similar to how the SWIFT network operates now, but will be dramatically faster, and based upon the NANO S Ledger so its all recorded and available, Ripple is also holding 70% of its XRP in escrow for periodic release every 5 years in the future and other things. All this makes me see a future of steady growth. Where as the Ethereum group will ultimately have a privately held ledger (By whom? well have a guess.) and number of these big investors are already working with IBM and Microsoft to create changes in the ethereum network to hide transactions.
So these are my thoughts and concerns, I'm curious what others think about these things, I'm not looking for advice as i have my own market direction and i am certainly not an expert on coding and block chains at all, but as an engineer i like to know how things work.
So feel free to share your thoughts on Ripple Ether, Stellar and their impact on BTC and other currencies, I'm interested, as i think the Ripple network has some good potential and may even be getting set up as THE back up reserve system when the current Fiat systems go into correction(Cash, Regular Exchanges, Bonds and Commodities). The transition is almost ready and digital currencies have been pushed for decades, they just didn't know how it could be done back then... now it seems they do. thanks for reading and up-vote if you think this discussion was of value to the community. I have put in a link to the story that addresses some of the things i have discussed.
http://www.zerohedge.com/news/2017-02-27/ethereum-soars-after-jpmorgan-intel-microsoft-and-others-form-blockchain-alliance
regards
Shan the Sound Man