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Crypto News

This Is The Naked Truth Behind Ripple (XRP) – XRP Is Not A Cryptocurrency

It’s no breaking news that the cryptocurrencies market took everyone by storm. More and more investors, both individuals and institutional traders, are seeking for the best trades in this increasingly popular market and, of course, a share of the enormous pie the cryptos represent. Also, there is no news that Ripple (XRP) has been, and still is, under the focus of many traders, either newcomers or old-school crypto investors. But, not many are aware of what’s the deal with Ripple corporation and XRP. Thus, this is the naked truth behind Ripple (XRP).

Back in 2009 when Bitcoin (BTC) emerged out of the blue, the world was baffled by the idea of virtual currency, a virtual asset that is not and never will be centralized or, in other words, controlled by a government or a central bank. That’s why, maybe, BTC was quickly adopted as a method of payment for illegal activities commanded and conducted under total anonymity on the dark web.

But the time passed by and Bitcoin (BTC) escaped from the “underground” and created a real craze, growing year after year. On the other hand, the BTC cryptocurrency has always been decentralized and community-powered, as no society, government, bank, or corporation has ever controlled it.

There are several other cryptocurrencies just like Bitcoin (BTC), such as Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and others. However, Ripple (XRP) is not one of these.

Ripple holds 60% of the whole XRP volume and can always pull the switch off

When they’ve emerged on the market, back in 2002, Ripple owners generated 100 billion XRP tokens which were not backed up by anything valuable.

Out of these 100 billion XRP tokens, 20 billion XRP remained within the Ripple’s creators, and 80 billion XRP tokens were released on the market. But, the naked truth about Ripple (XRP) is that Ripple Labs holds about 60% of the whole XRP volume. It is up to them if they sell their share to gain huge profits or if they release their 60% on the cryptocurrencies market at low prices to devaluate the Ripple (XRP) market for reasons known only bt them.

In short, Ripple (XRP) is kept by a third-party that can have something special in its agenda and could cause damage to investors any time it wants to.

The Naked Truth Behind Ripple (XRP) – XRP is not a cryptocurrency

To understand why XRP is not a cryptocurrency, you must comprehend the concept of “debt-based fiat money,” which is as old as the banknotes.

First, remember that the first banknotes in the world were pieces of paper that reflected the amounts of gold, silver, or anything with an intrinsic value an individual held in a primitive form of a bank. With time, the concept changed, and the governments started to print money with no backup in gold. The concept of “debt-based fiat money” is based on the fact that people believe in the value written on a piece of paper but that value is not an intrinsic value and is not backed up by any other valuable asset, either.

The same thing applies to Ripple (XRP), to some extent. More specifically, Ripple is a remittance network, an exchange system, and a settlement system, which uses XRP, its proprietary digital token to perform these actions.

Accordingly, Ripple (XRP) is not a cryptocurrency because it’s backed up with fiat money and is not intended to be money but only a way to exchange money, in opposition with Bitcoin (BTC) which is a cryptocurrency per se and holds an intrinsic value, that is the difficulty of generating a block on its blockchain.

Another reason why XRP is not OK is that the token is centralized and operates on a relatively closed blockchain that is not open source or straightforward as in the case of real cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and so on.

On the other hand, Ripple (XRP) is not mineable. Thus, people cannot contribute to its generation, which is handled by Ripple corporation and its subsidiaries.

The naked truth about Ripple (XRP) is that XRP is not a cryptocurrency as it is owned by a centralized institution which has never hidden its conceptions about centralizing cryptocurrencies market and how good the things will be if that will happen. Nonetheless, Ripple is just a company which had the idea to blend the components of fiat money with the blockchain technology.

In conclusion, Ripple (XRP) should be cataloged as “digital fiat money” not as a cryptocurrency.

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Crypto News

Bank For International Settlements (BIS) Thinks Cryptocurrency Payments Will Collapse Everything From Mobiles To The Internet

The Bank for International Settlements (BIS) believes that cryptocurrencies are not yet ready to come to the forefront for logistical reasons because they do not yet have the characteristics to be a reliable means of payment. If cryptocurrencies were used with the same intensity as fiat money as a means of payment, mobile phones, computers and even the Internet could collapse.

In a large article within its annual economic report, the BIS states that Bitcoin and other such cryptocurrencies suffer from “a number of shortcomings” that would prevent the crypto coins from meeting the ambitious expectations they have generated. However, the BIS recognizes that there is a strong interest in these digital assets, the capitalization of which has soared in percentage terms in recent years.

The Bank for International Settlements (BIS) is an 88-year-old institution based in Basel, Switzerland, which serves as a central bank for other central banks. This prestigious institution believes that cryptocurrencies are too unstable, consumes too much electricity and are subject to too much speculation to ever serve as a reliable means of payment in the global economy.

Also, BIS has identified the decentralized nature of cryptocurrencies as a fundamental disadvantage and not as a key strength, because this type of operation would create logistical problems if crypto coins were to be extended as a method of payment.

Cryptocurrencies will be an environmental problem, Bank for International Settlements thinks

The BIS has analyzed what would happen to the blockchain software if it were to reach the size that traditional payment systems in each country currently handle. Accordingly, Bank for International Settlements believes the cryptos would eventually overwhelm everything from smartphones to servers.

But the problem goes far beyond storage capacity, and extends to processing capacity, as only supercomputers could keep up with the verification of incoming transactions.

The researchers say that the competition between the so-called crypto miners already consumes approximately the same amount of electricity as Switzerland.

“In short, the search for decentralization has quickly turned into an environmental disaster,” economists from the Bank for International Settlements said.

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Crypto News

Cryptocurrency Community Experts Weren’t Late To Comment Hinman’s Claims That Ethereum (ETH) Is Not A Security

The Director of Corporate Finance of the US Securities and Exchange Commission (SEC), William Hinman, said on Thursday, June 14th, that he would not categorize Ethereum (ETH) as security. Afterward, some experts from the cryptocurrency community came out and shared with their social networks followers their opinions on the issue, expressing their support for and opposition to the Hinman’s announcement.

Peter Van Valkenburgh, the Director of Research at the Coin Center, said that Hinman’s claim is a reasonable reading of the legislation, in line with earlier pronouncements. In his view, this is encouraging news for the decentralization process.

After the SEC announcement, Valkenburgh was glad that the agency concurred with the analysis he exposed in an article, and said to TheVerge.com the following:

With this guide, the SEC is showing that taking a pro-innovation approach does not have to come at the expense of protecting investors.

Peter Van Valkenburgh, Research Director at Coin Center

Other cryptocurrency community experts expressed opinions on the SEC announcement that Ethereum (ETH) will not be cataloged as a security

A very different perspective was voiced by Preston Byrne, a member of the UK’s Adam Smith research institute and a blockchain technology researcher, on his website. Byrne blogged that it was obscure to him how, as the SEC puts it, tokens start their existence as investment contracts, and then they lose that status by avoiding enforcement action for four years with success.

Marco Santori, the President & Chief Legal Officer at Blockchain.com, pointed out that the SEC provided very straightforward guidelines on what it considers to be a security, however, the vast majority of tokens circulating today fall within the definition. Consequently, cryptocurrency exchange platforms, OTC operators, and custody wallets that handle these tokens must first be registered as Alternative Exchange Systems (ATS), and then not accept unauthorized customers, he said.

However, it is essential to bear in mind that Hinman’s declarations were not made in an official statement and did not constitute a revision of the U.S. Securities Act or the opinion of SEC as an institute.

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News Tech

Netflix 6.50 build 28324 Beta APK Download Available – Improved Stability and Faster Video Load Time

Netflix is the world’s leading app when it comes to streaming TV shows and movies. People who chose to give Netflix a try will find out that this video streaming platform has everything they need and more! The cool thing about Netflix is the fact that the parent company is heavily invested in original content which doesn’t have that many restriction as cinema movies and TV shows which are aired live on channels such as HBO or AXN.

Netflix 6.50 build 28324 Beta APK

One of the best things about Netflix is that it can be used on smartphones. Therefore, having Netflix on your smartphone will guarantee that you will never get bored anymore because of the plethora of TV shows and movies that it offers.

Since Netflix is available for Android powered smartphones, the developers who are in charge of the app make sure that Netflix is always running at peak performance by launching a constant stream of APK updates. Talking about APK updates, Android fans who are subscribed to Netflix should be happy to know that a brand-new update has been made available for download.

Improved Stability

The new update doesn’t contain any cool features or visual changes, but this doesn’t mean that it’s not a top priority download. Instead of focusing on innovative features, the new update improves Netflix’s stability by adding software tweaks which optimize the platform.

Therefore, Android fans who use Netflix on a daily basis and want to make sure that the app never crashes while loading a TV show or movie should make sure to get their hands on this latest APK as soon as possible. Moreover, the update also contains a handful of bug fixes which take care of some known UI (user interface) bugs.

Henry Lares is still early into his career as tech reporter but has already had his work published in many major publications including Tech Crunch and the Huffington Post.  In regards to academics, Henry earned an engineering degree from Apex Technical School. Henry has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.

Categories
News Tech

Gmail’s New Update Changes Almost Everything We Know About It

Gmail’s update has made its appearance and it would seem that a significant piece of it is devoted to showing a fruitful feature from the Inbox application. Unsubscribe suggestions have been added to make it simpler to keep your mail a bit cleaner, and there are signs that the high-need warning channel and a restricted trial of email packaging are likewise set to show up later on.

About the unsubscribe suggestions

Lately. Gmail has been embracing some highlights from Inbox and in this update, we’ve received another one. If you get emails from different services or sites that never get read, Gmail would now be able to offer some really helpful suggestions to unsubscribe from those mailing records – and it’s just one click away.

The setting to enable or incapacitate (it’s actually enabled by default) unsubscribe suggestions can be discovered at the base of your account settings screen, which is under the heading ‘Inbox Tips settings.’

We’ll get priority-based notification settings

There are some people that don’t get emails every day, so things stay entirely reasonable. Notwithstanding, if your inbox is frequently pounded throughout the day, mainly by irrelevant messages, the notices it can create are out and out incensing. The Gmail group is building a remarkably straightforward and clear arrangement that will eliminate a portion of those email spam. Clients will get the choice to restrict notifications to merely high-need messages.

If you think that this seems familiar, is because we’ve seen the same feature in the Inbox application, and the iOS variant of Gmail simply got it, too, so we can state that it will likewise touch base on Android in a similar shape. To put it plainly, Gmail’s present account settings take into consideration killing notifications. When this new element will be released, it will include a third choice that will just deliver notifications when an incoming message is regarded as urgent.

Henry Lares is still early into his career as tech reporter but has already had his work published in many major publications including Tech Crunch and the Huffington Post.  In regards to academics, Henry earned an engineering degree from Apex Technical School. Henry has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.

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