XRP isn’t a real cryptocurrency but only the heavily centralized token

February 14, 2019 at 10:22AM

Ripple (XRP) is not a cryptocurrency, and it is heavily centralized in the hands of the corporate entity known as Ripple. That’s the opinion of a cryptocurrency exchange which listed XRP on its platform just one day ago. The Coinmotion exchange, based in Finland, released this blog post just hours after listing Ripple on its trading platform, titled: “XRP is a Centralized Virtual Currency.”

The post details the opinion of the exchange operators that XRP is not a typical cryptocurrency, is not backed up by a traditional blockchain, and that it is heavily centralized in the hands of parent company, Ripple Labs. “What one needs to know about XRP is that it is not cryptocurrency in the strict meaning of the word… What differentiates XRP from cryptocurrencies is that it is not based on blockchain, it is not mined and it is heavily centralized. Ripple network is a suite of different applications by Ripple Labs. XRP, is the currency of Ripple network, which the apps use.”

That’s an opinion that’s been doing the rounds for a long time in crypto circles. Every few months another voice pops up to reveal the “shady truth” that XRP is actually a centralized product. But the difference is, this time it’s coming from a voice with something to lose by making that allegation. Coinmotion has absolutely nothing to gain by spreading FUD about XRP, and the fact that the release of this blog post coincides with its listing of XRP (after huge demand from Finnish consumers), only demonstrates how concerned they must be.

By January of this year, Ripple Labs announced the addition of thirteen more financial institutions to its RippleNet, taking the total to over 200. Round about the same time, co-founder Jed McCaleb – now of Stellar – found time to fire his own shots at cryptocurrency competitors, alleging that Tron (TRX) was “just garbage.”

Ripple (XRP) isn’t a Real Cryptocurrency, Claims Exchange that Just Listed the ‘Heavily Centralized’ Token, CCN, Feb 14


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