Do You BitCoin?

[Warcodered]

1 minute ago, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

And you can't just invest in gold or silver? Why do you need an extra step?

[unbillievable]

2 hours ago, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

 

WHy not just buy the gold or silver?

 

[SoTier]

4 hours ago, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

^^^

4 hours ago, Warcodered said:

And you can't just invest in gold or silver? Why do you need an extra step?

 

Crypto mining techies aren't going to make quick fortunes investing in gold and silver.    They will make big $$$ selling their versions of crypto to the "world economy is going to tank tomorrow" crowd who wouldn't be interested in "mainstream" crypto like Bitcoin.

 

 

[Jauronimo]

9 hours ago, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

That is not true.

[aristocrat]

12 hours ago, Poleshifter said:

When most of you guys talk about crypto, why do you only focus on Bitcoin? I know it's the first one, and maybe the only one most people are aware of. But it is backed by nothing but thin air. Of course it goes up and down, manipulated by the whales.

 

Do a bit of research and look at the few coins which can be considered "asset-backed digital assets". It is easier just to call them crypto, but XLM and XRP are functional in the new financial system.

 

Did you know that you can buy XRP today for 34 cents? It's an amazing value. XRP is still de-listed on many exchanges, but is available through Lobstr.

 

Open a Lobstr account, buy some XLM (from Coinbase or wherever) and send them to your Lobstr address. Swap some XLM for XRP, and you can soon have more money than you can imagine. Just spend even $50 or $100, and you will make some BIG money.

 

Or you can just keep riding the Bitcoin roller coaster, at least until completely goes off the tracks.

 

 

What can you buy with those coins? Bitcoin is actually used in transactions to buy things.  From my point of view your coins seem like a ponzi scheme...we all buy and it goes to the moon! Well eventually you have to sell in order to buy things and boom its zero again with plenty of people holding the bag.  These coins need to find a healthy stable value not these moon shots followed by lows. 

[Poleshifter]

1 hour ago, Jauronimo said:

That is not true.

So what exactly is backing Bitcoin or Ethereum or <choose your favorite coin>?

[May Day 10]

I read up on Bitcoin.  Fundamentally, it is interesting.  As high profile wealth in the world started to move toward it, it seemed like it could be an actual thing.  A huge premise of it is/was that it is relatively independent and free of typical economic swings associated with stock markets, real "fiat" currencies, etc.  This latest crash really pokes a huge hole in that ship, and I'm not sure they can gain confidence back.

[Greybeard]

17 hours ago, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

           What does backed by gold mean?  Does it mean for every dollar of XRP there is a a dollar of gold backing it?  And if so where is the gold held?

 

    I ask this in part because I was a player in SLV two years ago.  They say that is backed by silver,  The issue is it is not 1 to 1.   It could be $1 in SLV is backed by $0.1 of real silver.

[Warcodered]

19 minutes ago, Greybeard said:

           What does backed by gold mean?  Does it mean for every dollar of XRP there is a a dollar of gold backing it?  And if so where is the gold held?

 

    I ask this in part because I was a player in SLV two years ago.  They say that is backed by silver,  The issue is it is not 1 to 1.   It could be $1 in SLV is backed by $0.1 of real silver.

Is it really $.1 of real silver? Shouldn't it be a measured amount like in grams?

[Augie]

19 minutes ago, Greybeard said:

           What does backed by gold mean?  Does it mean for every dollar of XRP there is a a dollar of gold backing it?  And if so where is the gold held?

 

    I ask this in part because I was a player in SLV two years ago.  They say that is backed by silver,  The issue is it is not 1 to 1.   It could be $1 in SLV is backed by $0.1 of real silver.

 

Well, there you go! Ruining all the fun and every good story line! Getting all into those pesky details!  

[BillsFan4]

17 hours ago, Greybeard said:

           What does backed by gold mean?  Does it mean for every dollar of XRP there is a a dollar of gold backing it?  And if so where is the gold held?

 

    I ask this in part because I was a player in SLV two years ago.  They say that is backed by silver,  The issue is it is not 1 to 1.   It could be $1 in SLV is backed by $0.1 of real silver.

Afaik XRP is not backed by gold. There are some coins that are, but XRP isn’t one of them. In fact, I believe Ripple’s (the company that made XRP) CTO David Schwartz even said if XRP was backed by gold it would limit its capabilities.

 

Here’s a list of all the current gold backed crypto:

 

https://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

 

 

XRP not an asset backed cryptocurrency at all. It’s not really backed by anything but the company that made XRP (ripple), who’s currently facing an SEC lawsuit over what XRP actually is. The SEC is alleging that XRP is a security (not a commodity) so it should be regulated like a security, and that all XRP is currently considered unregistered securities so ripple’s owners sold it illegally.

 

ripple says XRP is a utility coin.

 

https://www.protocol.com/fintech/ripple-sec-xrp-lawsuit-trial

 

 

and here’s more on asset backed cryptocurrencies:

 

https://medium.com/the-capital/what-are-asset-backed-cryptocurrencies-f341d9359292

 

https://www.softwaretestinghelp.com/gold-backed-cryptocurrency/#What_Is_Gold_Backed_Cryptocurrency

[Mike in Horseheads]

https://dilbert.com/

[Greybeard]

42 minutes ago, BillsFan4 said:

Afaik XRP is not backed by gold. There are some coins that are, but XRP isn’t one of them. In fact, I believe Ripple’s (the company that made XRP) CTO David Schwartz even said if XRP was backed by gold it would limit its capabilities.

 

Here’s a list of all the current gold backed crypto:

 

https://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

 

 

XRP not an asset backed cryptocurrency at all. It’s not really backed by anything but the company that made XRP (ripple), who’s currently facing an SEC lawsuit over what XRP actually is. The SEC is alleging that XRP is a security (not a commodity) so it should be regulated like a security, and that all XRP is currently considered unregistered securities so ripple’s owners sold it illegally.

 

ripple says XRP is a utility coin.

 

https://www.protocol.com/fintech/ripple-sec-xrp-lawsuit-trial

 

 

and here’s more on asset backed cryptocurrencies:

 

https://medium.com/the-capital/what-are-asset-backed-cryptocurrencies-f341d9359292

 

https://www.softwaretestinghelp.com/gold-backed-cryptocurrency/#What_Is_Gold_Backed_Cryptocurrency

    I sure hope Poleshifter reads this.

[DrW]

3 hours ago, Greybeard said:

    I sure hope Poleshifter reads this.

 

He will read it and then explain to us why BillsFan4 is wrong.

[SoTier]

4 hours ago, BillsFan4 said:

Afaik XRP is not backed by gold. There are some coins that are, but XRP isn’t one of them. In fact, I believe Ripple’s (the company that made XRP) CTO David Schwartz even said if XRP was backed by gold it would limit its capabilities.

 

Here’s a list of all the current gold backed crypto:

 

https://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

 

 

XRP not an asset backed cryptocurrency at all. It’s not really backed by anything but the company that made XRP (ripple), who’s currently facing an SEC lawsuit over what XRP actually is. The SEC is alleging that XRP is a security (not a commodity) so it should be regulated like a security, and that all XRP is currently considered unregistered securities so ripple’s owners sold it illegally.

 

ripple says XRP is a utility coin.

 

https://www.protocol.com/fintech/ripple-sec-xrp-lawsuit-trial

 

 

and here’s more on asset backed cryptocurrencies:

 

https://medium.com/the-capital/what-are-asset-backed-cryptocurrencies-f341d9359292

 

https://www.softwaretestinghelp.com/gold-backed-cryptocurrency/#What_Is_Gold_Backed_Cryptocurrency

 

Thanks for the links. 

 

If I understood the article on asset backed cryptocurrencies correctly, they don't seem to be quite ready for prime time investing by John Q Public.   While they offer more stability than other cryptos, they still have some significant problems that make them much riskier than more traditional investments.   At present, the advantages of asset backed cryptos -- namely, the ability to buy tiny shares of expensive assets and the ease of liquidity -- can be had by individual investors using traditional investment vehicles like mutual funds that invest in assets like real estate or precious metals, so asset backed cryptos seem to be redundant and riskier. 

Edited July 9, 2022 by SoTier

[TBBills]

More reasons why social media should be regulated. Too much false information around,  this all started about 2016 and has gotten worse every year. 

 

Poor guy like poleshifter gets false information from amateur YouTube videos and fake Twitter posts and think it's real. Then he invests all his money into it all the while not realizing his information is bad.

Edited July 10, 2022 by TBBills

[SoTier]

16 minutes ago, TBBills said:

More reasons why social media should be regulated. Too much false information around,  this all started about 2016 and has gotten worse every year. 

 

Poor guy like poleshifter gets false information from amateur YouTube videos and fake Twitter posts and think it's real. Then he invests all his money into it all the while not realizing his information is bad.

 

It's not social media that needs to be regulated but cryptocurrencies to limit the exposure of all investors to shady practices.   Other than that, all the "good" information in the world isn't going to deter people who view investments as get-rich-quick schemes because those people only listen to what supports their schemes and dismiss warnings about the risks.

[BillsFan4]

18 hours ago, Greybeard said:

    I sure hope Poleshifter reads this.

 

15 hours ago, DrW said:

 

He will read it and then explain to us why BillsFan4 is wrong.

 

I don’t really understand his theories on XRP and the “big event” either.

 

From what I can tell, one of Ripple’s main goals is to make our current traditional banking system (specifically international transactions) more efficient and it seems to rely on our current banking system to verify+complete transactions.

 

https://www.coindesk.com/learn/what-is-ripple-and-the-xrp-cryptocurrency/

 

Quote

What is Ripple, exactly?

 

Unlike the public nature of Bitcoin and Ethereum that seek to disrupt legacy finance, Ripple focuses on improving the existing traditional banking system.

https://cointelegraph.com/blockchain-for-beginners/what-is-ripple-a-beginners-guide-for-understanding-ripple
 

Quote

The mission of Ripple’s blockchain infrastructure, RippleNet, is to provide banks with quick, low-cost and simple cross-border transactions.

 

To verify transactions, the XRP cryptocurrency employs a consensus system involving several bank-owned servers. Validators verify that proposed transactions are valid by comparing them to the most recent version of the XRP Ledger. A transaction must be accepted by the majority of validators to be verified.

 

RippleNet provides a multitude of cross-border payment solutions for businesses and financial institutions.

 

A crypto ledger similar to blockchain technology is used to generate Ripple (XRP), which is federated by financial institutions and payment processor networks.

 

 

Quote

Bitcoin (BTC) vs. Ripple (XRP)

 

Ripple (XRP) and Bitcoin were created to perform different tasks and are not in direct competition. Bitcoin is the most accessible cryptocurrency, as it allows anybody to trade or carry BTC anywhere in the globe, regardless of jurisdiction. XRP functions more like a specialized tool for settling cross-border transactions at lower prices and faster speeds than with typical fiat currency.

 

Bitcoin's potential to be openly traded as a true store of value provides the broader public more influence over any artificial rules and market predictions. The use case for XRP is mainly reliant on Ripple's collaboration with financial institutions, and it is not based on price.

 

Please read our article XRP vs. Bitcoin: What are the key differences? to learn more.

 

 

So I guess I am failing to see how Ripple/XRP would survive if the world’s economy collapses and big banks go under (or whatever the conspiracy theory is).  I would think if our current banking systems fail, so will ripple/XRP 🤷‍♂️

 

 

I’m not saying it’s a bad investment. I don’t know enough about it to say either way. But if you’re investing heavily in XRP, I would think it would be for other reasons (like because you believe ripple could eventually replace SWIFT).
 

If you believe the world’s economy will totally collapse and a new system will take over (I certainly don’t) I would think things like precious metals would be better investments.

[Poleshifter]

On 7/10/2022 at 10:15 AM, BillsFan4 said:

I’m not saying it’s a bad investment. I don’t know enough about it to say either way. But if you’re investing heavily in XRP, I would think it would be for other reasons (like because you believe ripple could eventually replace SWIFT).
 

If you believe the world’s economy will totally collapse and a new system will take over (I certainly don’t) I would think things like precious metals would be better investments.

SWIFT will be replaced by QFS (Quantum Financial System), and XRP operates on that new network.

 

Precious metals is probably the best investment right now - physical gold or silver you can hold in your hand, not these Wall Street stuff like SLV.

 

That Goldscape article was kind of ridiculous, like the guy is doing his thesis on gold-backed crypto. Most of those coins he mentions will not be around for very long.

 

As far as all this "where is the gold?" and "how much is there?", I don't really care about all that. I know where the banking system is headed, and I have invested accordingly.

 

@TBBillsWe shall see who has the right information. Time will tell, but I have full confidence in my choices of XRP, XLM, and silver.

 

For the rest of you guys, enjoy your Bitcoin, Ethereum, and whatnot. We can just agree to disagree on what coins are the best investment (or "gamble", as some folks think).

[TBBills]

This is all coming from a guy who thought his crypto was backed by gold and silver. Got his information from fake twitter and youtube videos.

Edited July 11, 2022 by TBBills