Banks Don't Want Ripple's $80 Billion of Digital Money - Bloomberg

demotruk (69) in ripple • 7 years ago (edited)

The only customer of the XRP token the reporter could find was a Mexican remittances company which has done 10-15 transactions in the past 4 months.

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7 years ago by demotruk (69)

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sevenseals (58) · 7 years ago

I#m not a friend of Ripple because of its centralization. But when you look at their website you see much more transactions, what tells me it is much used .

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5 votes

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demotruk (69) · 7 years ago

I'll paste my comment from below:

There are three separate metrics that XRPCharts show. The one that is called "Transactions" on BitInfoCharts and the charts page of XRPCharts, are exchange trades. As in, trades happening on the various exchanges (Binance, Bitfinex etc. for XRP). They have nothing to do with the Ripple Ledger.

The two other charts with much lower volume are on the Ledger, Ledger Trade Volume and Ledger Payment Volume. Bloomberg investigated these (I did myself as well a few weeks ago and reached the same conclusion) and found that they are almost entirely test transactions, with virtually 0 real transactions. You can dig into them yourself on XRPCharts, although working out what the transactions that aren't labeled "test" are, which is most of them, takes more work.

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2 votes

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teamsteem (74) · 7 years ago

Interesting but XRP still act more like a cryptocurrency than a centrally emitted one.

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1 vote

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enolife (56) · 7 years ago (edited)

This is really bad. So many persons will get REKT.

How did people even hype that centralized coin like that?

Just like Bitconnect, this one will also become a grand failure.

Like seriously, I wanna shout the F word now, but let me just wait.

The rich just got richer...

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1 vote

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demotruk (69) · 7 years ago (edited)

There's a lot of false information out there about Ripple. Even the website BitInfoCharts.com has misleading data showing it doing over a million transactions per day, when those are not actually transactions on the Ripple Ledger.

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1 vote

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sevenseals (58) · 7 years ago

What are all these transactions that the riplles website shows? Fake transactions?

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1 vote

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demotruk (69) · 7 years ago (edited)

There are three separate metrics that XRPCharts show. The one that is called "Transactions" on BitInfoCharts and the charts page of XRPCharts, are exchange trades. As in, trades happening on the various exchanges (Binance, Bitfinex etc. for XRP). They have nothing to do with the Ripple Ledger.

The two other charts with much lower volume are on the Ledger, Ledger Trade Volume and Ledger Payment Volume. Bloomberg investigated these (I did myself as well a few weeks ago and reached the same conclusion) and found that they are almost entirely test transactions, with virtually 0 real transactions. You can dig into them yourself on XRPCharts, although working out what the transactions that aren't labeled "test" are, which is most of them, takes more work.

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2 votes

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sevenseals (58) · 7 years ago (edited)

Oh, I didn't know that. Very interesting because I also investigate the transaction counts and volume of the coins and I wondered why ripple has so much transactions. Usage is a very important aspect when evaluating cryptos.