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Rise of Bitcoin Competitor
Ripple Creates Wealth to
Rival Zuckerberg

New York Times, by Nathaniel Popper

Original Article

Posted By:Hermoine, 1/5/2018 10:30:14 AM

SAN FRANCISCO — The virtual currency boom has gotten so heated that it is throwing the list of the world’s richest people into disarray. Consider what has happened to the founders of an upstart virtual currency known as Ripple, which has seen its value skyrocket in recent weeks. At one point on Thursday, Chris Larsen, a Ripple co-founder who is also the largest holder of Ripple tokens, was worth more than $59 billion, according to figures from Forbes. That would have briefly vaulted Mr. Larsen ahead of Facebook chief executive Mark Zuckerberg into fifth place on the Forbes list of the world’s

Comments:
Someone smarter than me really needs to explain the whole crypto currency thing to me...really feels like the Tulip craze, dotcom bubble and real estate bubble all loaded onto one big crazy train that is going to travel over a cliff.

      


Post Reply  

Reply 1 - Posted by: kono, 1/5/2018 10:43:07 AM     (No. 11500797)

Isn´t Ripple the brand most popular with winos?

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Reply 2 - Posted by: Twinkle93, 1/5/2018 10:58:52 AM     (No. 11500816)

What or who is backing the value of the bitcoin? If no one or nothing, then we will have the tech bubble all over again.

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.New_S.
  


 
Reply 3 - Posted by: Hazymac, 1/5/2018 11:09:14 AM     (No. 11500825)

Interesting article. I knew that Bitcoin had competitors, but not that they had so many. The crypto-currency party is creating some almost instant paper multi-billionaires, and maybe some of them will cash in bigly without totally crashing the value of their particular crypto-currency. This party is one you don´t want to be a late before the lights go out.

FTA: Mr. Larsen was Ripple’s chief executive from 2012 until he stepped down last year to become the company’s executive chairman. During his tenure, Ripple focused on helping banks use its software to shift money between different foreign currencies, something that most banks currently do through a cumbersome process involving separate accounts in every country where they operate.

Ripple has said it has signed up more than 100 banks to use the company’s technology, including American Express and Banco Santander.

But banks do not need to use Ripple tokens for Ripple’s software to transfer dollars, euros and yen. That point appears to be lost on many small time investors who are buying Ripple tokens.


Better software better facilitating the exchange of currencies makes obvious good business sense, but the Ripple tokens don´t especially (make sense). I understand the libertarian appeal of a crypto-currency unconnected to any government, but admit that the concept as an investment is above my head (and I am a Series 7 stockbroker). I´ll observe as others take the risk. Some will do exceedingly well; most, usually the late arrivals, will lose their BVDs. As the patron said at the Downs: "Come on, Willow!"

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Reply 4 - Posted by: planetgeo, 1/5/2018 11:38:56 AM     (No. 11500878)

Just wait until someone corners the unicorn bitfart market.

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Reply 5 - Posted by: dadofboys, 1/5/2018 11:45:12 AM     (No. 11500888)

Its not money unless you can spend it. How liquid is it. Can you go and buy a yacht with it? Also, it needs to be taxed just like any real income or capital gain.

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Reply 6 - Posted by: dvc, 1/5/2018 11:58:27 AM     (No. 11500918)

Smoke and mirrors, and 0s and 1s inside a computer, made of nothing but a few electrons and a healthy dose of gullibility.

A fool and his money.....

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Reply 7 - Posted by: Smart11344, 1/5/2018 12:06:34 PM     (No. 11500934)

Bitcoin=Fools Gold.

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R-TA-Wide_2
  


 
Reply 8 - Posted by: dirtyjersey, 1/5/2018 12:24:29 PM     (No. 11500955)

A good percentage of crypto-currencies are used to buy and sell illicit items. A friend had his computer system at work hacked. To remove the viruses, they had to purchase crypto-currency and transfer to the hackers.

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Reply 9 - Posted by: Hermoine, 1/5/2018 12:29:37 PM     (No. 11500958)

#3 - I completely agree with you. It seems like the real value of Ripple is not it´s crypto currency but it software that allows banks to quickly transfer/exchange foreign currencies.

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Reply 10 - Posted by: plex, 1/5/2018 12:40:01 PM     (No. 11500971)

I understand the question about backing. However, since the demise of silver certificates, your US currency has no backing either.

Cash is good for face to face exchanges with people you don´t trust. Credit card use requires that you trust the other person not to misuse your card or number (when buying remotely). Or the bank to honor its use. Checks can´t be misused but you trust the supplier of product to deliver after cashing the check.

With cash you need only trust that it isn´t counterfeit and there are tests for that.

Crypto currencies are a form of remote cash. No trust is involved on either side. And counterfeiting is impossible (ok very hard).

The biggest problem with bitcoin is the computer power and electrical energy required to validate transactions (bitcoin mining) as long chains of transactions must be verified through hashing techniques. I doubt if there is enough computer power or electrical energy available should bitcoin be used for Amazon purchases.

It´s validity is an act of faith, much like the faith that the dollar bill in your wallet has and value.


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Reply 11 - Posted by: Safari Man, 1/5/2018 1:29:32 PM     (No. 11501014)

Chris Larsen was a classmate of mine at Stanford. I didn’t think he would smonut to anything. Hah!

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Reply 12 - Posted by: hershey, 1/5/2018 3:40:25 PM     (No. 11501158)

Can you buy Ripple or Bitcoins at the local Arab run stop and rob????


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.LockDme.


 
Reply 13 - Posted by: Penney, 1/5/2018 10:06:00 PM     (No. 11501468)

What next, ........TULIPS?!! LOL!

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Reply 14 - Posted by: Jacksin5, 1/6/2018 12:33:30 PM     (No. 11501929)

Does this mean I should exchange my Beanie Baby Collection and Dale Earnhardt Comemorative Plates for Bitcoins?

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Rise of Bitcoin Competitor
Ripple Creates Wealth to
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Posted By: Hermoine- 1/5/2018 10:30:14     Post Reply
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