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5 questions we want XRP army to answer!

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xrp investing news

What follows is our opinion.  

Let’s not be hostile.  

Top 5 Cryptocurrencies 2020

We are simply posing some questions based on the information we came across and our own limited interpretation. 

It is quite possible that the sources we are referring to are at fault or our interpretation is. Either way, just answer these questions for us so that we can learn new things about XRP that we did not know.

Our readers know that we have been anti-XRP for a long time. We got trolled, mocked and called ignorant. Well, to each their own.

Our questions to the entire XRP army are simple, here they are:

Question 1: If crypto was to replace (or at least reshape) the entire banking business then what does a token whose sole business model is based on ‘accommodating’ banks have any future?

To put differently, when the world starts conducting commerce via text messages why do we need banks and Ripple which wants to serve banks?

Our basis for this question: 

In the future when we will start doing business with each other over text messages, wallets and email signatures, why do we need a payment gateway from Ripple?

We know that WeChat payment enables users to transact over chat.  Other companies are trying to catch up with this (primarily why Facebook was looking at creating its own currency, Libra).

However, once we have a digital dollar, we do not even need an outside stablecoin since one could, in theory, use the digital dollar directly.                  

Question 2: Why do you have to pay businesses to use XRP if it is so superior?

Our basis for this question: 

Financial Times reported that Ripple paid Moneygram to use Ripple technology.

Here is a direct quote:

It turns out Ripple has been paying a significant amount of subsidies cash to MoneyGram’s business since buying into the company in June. In the third and fourth quarter alone the Ripple benefits amounted to $11.3m.

What’s more, until a consultation with the SEC**, MoneyGram had been more than happy to book these cash flows as revenues. Due to the SEC guidance, however, it has now had to restate fourth-quarter guidance to account for Ripple payments as “contra expenses”.

XRP Twitter

Question 3: What is Ripple’s revenue worth without the ‘selling’ XRP?

Our basis for this question: 

The question seems to be answered by the XRP’s CEO himself. Here is an excerpt:

Asked if XRP was keeping everything cash flow positive at Ripple Labs, Mr Garlinghouse answered: “Well XRP is one source. I don’t know how to answer that because if you took away our software revenues, that would make us less profitable. If you took away all our XRP, that makes us less profitable. So I don’t think about it as one thing.” 

He clarified later: “We would not be profitable or cash flow positive [without selling XRP], I think I’ve said that. We have now.”

In our opinion, we think that the only reason Ripple (XRP) is even operational is because of the billions upon billions of XRP tokens that they keep dumping on the unassuming investors.  

Is this a wrong assumption?

Question 4: If Ripple does not need XRP, why is XRP needed?

Our basis for this question: 

This is based on our understanding that Ripple’s technology can be used by the businesses without having to use XRP.  It is recommended but not ‘required’.

Is this accurate?

Ripple’s solutions can work without XRP (its native token).  So, if XRP is not a utility token in strict sense, how are its creators able to mint and sell them at will without tripping any security laws?

Question 5: If Ripple [XRP] is to act as the ‘stable’ value while the transactions take place on Ripple network, why should anyone trust XRP which is backed by nothing instead of stablecoins like USDC that are backed by real world assets?

Our basis for this question: 

We would personally trust USDC more or even Facebook’s Libra rather than XRP which is backed by nada.

This is what Demelza’s opinion was during our interview:

“The main point is that if XRP were able to back their currency with financial assets and stabilize the purchasing power of the currency, then that would mean XRP coins should have no price appreciation. In fact, only the equity shares of Ripple Labs would profit from XRP’s adoption as a global reserve currency. But Ripple Labs is a privately held company. After fully understanding what XRP is, one realizes that XRP’s investment pitch does not make sense at all.”

Conclusion

We are trying to convince ourselves as to why we need Ripple in the crypto space if:

  • Future of payments is going to be ‘self-bank’ & over the chat
  • There are better stablecoins in the market 
  • Ripple itself as a technology doesn’t need its own native token, XRP

For this very reason, our opinion is that the money will flow out of XRP and the creators will keep dumping their bags into the market until the market can no longer absorb it and then it will be ‘lights out’.

We await for the XRP army to provide us insights that we did not know and our opinion changes…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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DeFi is Not the Holy Grail of Crypto, Here is Why

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Defi Yfi

DeFi has been making millionaires overnight and turning millionaires broke at the same speed.

Those who are on the bandwagon are rejoicing and those who either missed out or got burned by one of the fake projects are yelling ‘Scam’ at DeFi.

Top 5 Cryptocurrencies 2020

Our views are a bit different on the subject.

We do think DeFi is going to be a successful vertical among the blockchain (and crypto) solutions.

It will not be THE holy grail for the redemption of crypto status though.

Supply Chain, Crypto Lending, Insurance, Financial Services, Accounting, Identity, and many more verticals will collectively take blockchain and crypto to the masses.

Shifting our focus back on DeFi, here are some of our thoughts on the current state of DeFi. We do appreciate you dropping any insights you have that we might have missed.

DeFi is not a ponzi, here is why

If the DeFi project you are eyeing meets the following conditions, it is not a ponzi:

  • Audited code: Is the code on which DeFi runs is audited by reputable blockchain auditors? 
  • Reliable team: Who is behind the project? Do they have the know-how? Do they have a history of running scams or leading successful projects? 
  • Actual (sustainable) revenue model: What is the revenue model?  Is it too ‘scammy’ sounding or is it based on sound mathematical (and algorithmic) models?
  • No lock-in periods: Is it easy to get in and out of the platform without any restrictions or lock-in periods?

If you answered yes to ALL of these questions then there is a 100% certainty that the DeFi you are dealing with is not a ponzi (or scam).

However, a caveat is due here.  

Just because the project is not a ponzi doesn’t guarantee its success. Lot of well intentioned companies fail, that’s just the nature of business.

So, do not be one of those guys who sells their home to invest in crypto or DeFi (and that itself is not advice, just an opinion).

If you don’t want to hear it from us, listen to what Yearn Finance creator has to say about DeFi tokens (not all, obviously) having ZERO value.

Source: Crypto Culture

DeFi on Ethereum is not sustainable, here is why

Ethereum DefiMost, if not all, DeFi projects that are making the news today are on Ethereum. 

Ethereum is not a reliable blockchain when it is overloaded.  It gets choked and crashes.  

People are already complaining about exorbitant fees on the network due to the DeFi craze.  

DeFi itself as a crypto vertical is quite new and we are sure there are going to be a lot of ‘killer apps’ that will show up on the scene.

We are currently looking at the DeFi solutions that are being built on other blockchain networks (subscribe for free to know when we post that article).

PolkaDOT is not the end all be all, here is why

Polkadot Defi EcosystemMany are turning to the DOT as the next big thing after Ethereum.

It may very well be.

However, it has not had the chance to prove itself, not yet.

Ethereum’s resilience (or lack thereof) was revealed only during the ICO craze (and then later during CryptoKitties debacle).

What monsters lie in the DOT’s belly?  We don’t know and we would be weary of anyone who claims to know with certainty.

Other things to consider

Entire DeFi space is pretty new and we do not know what we do not know about potential vulnerabilities.

While this is true of Bitcoin itself, Bitcoin has withstood assault for over a decade and still stands stronger.  

Same cannot be said about DeFi.  

Can you imagine someone investing their life-savings into DeFi only to have funds taken because of a bug in the code?

Needless to say, many folks are exploiting the looping system in the DeFi where they take loan against their deposit then lend it back to the platform to take another loan against their deposit, and ad infinitum.

This is causing the DeFi systems to show more liquidity than what truly is.

Conclusion

We think DeFi is an exciting development, however, we still put it alongside ICO craziness for now.

When this space matures and we see reliable solutions emerge – DeFi has the potential to drive a trillion dollar vertical on its own.  

That is just the potential, all the trials and tribulations that we have to go through to get there is going to be one hell of a ride.  

So buckle up and enjoy (and please do not lose your shirts on the ride)!

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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These forgotten gems could resurge during this bull run

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Forgotten Crypto Gems

Forgotten Crypto Gems

Disclaimer:  We own few of these tokens and there is no guarantee that these coins will actually resurge. Everything you are about to read is an opinion.  Our intention is to put some projects that have taken the backseat in recent times.

If you are curious as to why we give away so much for free – please check this Crypto Freebies page.

Top 5 Cryptocurrencies 2020

Crypto market is quite weird.  

It deceives the onlooker as if it’s learning from its past mistakes but it’s really not.

For instance, during the 2017 ICO craze, anyone could pitch any half-assed idea and raise millions from unassuming investors.

This bull run in 2020 is all about DeFi and Data Oracles.

Just slap ‘DeFi’ to any project without an actual product or even a single line of code written and you will make a boatload of money.

Because the ‘pump and dump’ practices are not closely monitored in the crypto space, many YouTubers are dumping their bags on their viewers.

It is so blatant that the YouTuber will start out saying “I loaded my bags with this” and then go on about all the mooning stuff and throw in a small disclaimer somewhere and voila. 

They make hundreds of thousands or even millions each day. And we are not exaggerating about that.

You contrast that with what you find here.  

We are giving away all the information we are digging up for free (including our Top 5 tokens for the next decade that we hope will 100x).  If you are curious as to why we give away so much for free – please check this Crypto Freebies page.

We recently started the microcap gems series where we are looking to dig up projects with a decent team, an actual product and lower market cap (usually under $5 Million, sometimes even less).

Because of the $$ limit on the microcap gems, there are some projects that we couldn’t cover in that series.

However, we wanted to float these projects in front of the discernible audience (and newbies who may not have looked into these).

This article’s sole aim is to ‘point’ you to these projects. It will not be a deep dive and as always we encourage you DYOR before investing.

Dragon Chain

Dragon Chain price prediction“Dragonchain is an enterprise and start up ready platform to build flexible and scalable blockchain applications.”

Like most projects we pick, Dragon Chain has solutions ready for business today.  This is not a pipedream or a 15 year roadmap.  That is why we think this is a forgotten gem.

This project is still going strong in the background in terms of development and traction.  They released a video in August about how their anti-fraud and transparency proof systems are used by an exchange.

Website: https://dragonchain.com/

Ticker: DRGN

ATH: $5.27

ATL: .02

Current Price: $0.079

Cindicator

Cindicator CND price prediction

“Cindicator builds predictive analytics by merging collective intelligence and machine learning models. Cindicator’s analytical products are available exclusively to holders of CND tokens.”

Market pays top dollar for prediction data.  Cindicator is one of the first projects to build an AI based market intelligence platform on blockchain.

Cindicator boasts over 135,000 analysts from over 135 countries.

In our opinion, Cindicator is a viable project, although it has not gained traction.

Website: https://cindicator.com/

Ticker: CND

ATH: $0.347

ATL: $0.002

Current price: $0.011

FunFair

Funfair Price Prediction

“FunFair is a revolutionary blockchain technology platform that provides low cost, high quality, transparent casino experiences that are Guaranteed Fair.”

The space that FunFair is targeting is a massive one and is expected to grown even more in the coming years.

Ticker: FUN

ATH: $0.33

ATL: $0.0010

Current price: $0.0052

This page will be updated with future ‘forgotten gems’, so please consider subscribing

Acronyms used: 

ATH: All Time High

ATL: All Time Low

DYOR: Do Your Own Research

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Chasing the Micro Cap Crypto gems #3 Phantasma is Aiming to do it All!

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Micro Cap Gems

Micro Cap Gem

ALERT:  Chasing the Micro Gems series aims to dig up the projects that have a low market cap, decent team and potential to explode in value. These projects pose a high risk-reward ratio so please DYOR before investing.  We invest a small portion as a gamble on these projects. Do what fits you after DYOR.

Top 5 Cryptocurrencies 2020

A key difference between our Micro Cap gems picks and other outlets is very simple: we do not shill; we just point the positives and not-so positives for you to decide whether a project is a gem or not.

We mentioned this earlier but it bears repeating: DYOR.

Today we are looking at a project called Phantasma that wants to become the SOUL of blockchain space.  

What can Phantasma do?

Phantasma Blockchain

Phantasma claims itself to be the next generation Blockchain platform with its interoperability and NFT (Non Fungible Tokens) protocol built into the code.

If Phantasma were to pull off all its initiatives, this question has to be reframed to: ‘what can Phantasma not do?’

For instance, Phantasma is into:

  • Blockchain solution for content distribution/delivery

Phantasma aims to combine the Proof of Stake with great transactions per second to avoid the scalability issues down the road.

To achieve this, they have unlimited side-chain support and each side chain can run transactions parallely.

  • Oracles

DeFi and Data Oracles seem to be the buzzwords for 2020 craze.  

Phantasma incorporates both of them on their platform.  Phantasma’s inbuilt oracles have been operational since its mainnet launch.

  • Gaming

Phantasma has integrated gaming platform Steam onto the blockchain using Pavillion Hub.  

If you scroll to the Pavillion Hub page, you will see that Phantasma is one of the 3 options they listed for transactions.

Phantasma gaming

  • NFT

Phantasma is built to support the NFTs.  

Most blockchain’s have to either build a layer or tweak their platform to accommodate NFTs but Phantasma has been built keeping NFTs in mind.

NFTs have the potential to be the one of the best use cases for cryptos in the future and Phantasma is looking to be at the forefront of that adoption.

  • Staking

Phantasma is built to be a Proof of Stake protocol.  

To enable a smooth staking without congesting the network, Phantasma uses two coin model.  

Phantasma’s native token SOUL can be staked on the app to generate Energy (K-CAL) at the rate of .002 per 1 SOUL token. 

The amount of SOUL you stake also provides you with the voting rights on the platform.

  • DeFi

Developers can launch DeFi solutions on Phantasma to leverage its fast TPS and low fees.

  • Encrypted email

Phantasma is creating an oracle to fetch emails from centralized servers to encrypt and store on blockchain.  

  • ID

By staking Phantasma token (SOUL) you can unlock the ID feature which lets you use the ID to receive funds into the Phantasma app.

You can use the ID as your email address as well as chat nickname (chat feature is part of the roadmap).

  • Storage

Phantasma’s team has also built a storage solution that lets users create truly decentralized applications on the network.

Apart from what we covered above, Phantasma also has the double token system, Cosmic Swap, ability to tokenize anything on the platform. 

As you can see, Phantasma wants to be the blockchain solution that offers it all.

How will Phantasma derive value?

Each of the use cases and uses require Phantasma tokens and the fact that 40% of Phantasma is already locked in could potentially drive value to the token.

Again, that depends entirely on the success and adoption of the network.

Applying our framework

Let’s see how Phantasma fares under our framework.

Problem

One of the biggest problems in blockchain right now are: Scalability and projects addressing issues in sylos. 

We have separate blockchain solutions for storage, email, oracles, NFTs, ID, and so on.

If the blockchain platform is the ‘enabler’ we don’t see a reason as to why these solutions cannot be brought onto one platform.

Phantasma’s team might have had this same thought because they are building a blockchain platform that can accommodate all of these various needs.

Instead of trying to add layers for an after-thought solution, Phantasma is building ground up for all the use cases.

Team

Sergio Flores who leads the Phantasma crew has extensive experience in technology and specifically in blockchain and related fields.

Other team members include game developers, mobile experts, designers and more.

This team is as impressive as it can get for a micro cap gem.

Top 5 Cryptocurrencies 2020

Partnerships

Phantasma’s partnership with Pavillion Hub to bring NFTs to the masses is a great move in its mission.

They collaborated with GOATi Entertainment to make this integration possible.

Phantasma Partners

To make cross-chain integration seamless, Phantasma has also partnered with Aleph. This partnership allows Phantasma to “integrate the off-chain Aleph (DeFi) database and data into Phantasma’s dApps and wallets, allowing data to be written on Phantasma Chain”

Addressable market size

The multiplicity of industries that Phantasma is looking to get into opens a wide market in the order of billions of dollars.

NFTs alone has grown from $0 to $200 Million in less than two years and is projected to be a $315 Million business in 2020.   We anticipate that this number will reach a billion dollar market in the coming years.

Revenue model

As a blockchain network, the transactions on the network and the fees exchanged is what goes into the network value.

Similar to Ethereum or other platforms like it, there is no subscription or fees to use the Phantasma platform, however, there are some features that are unlocked using SOUL tokens which in theory bring value to the token.

What do we like?

A project with history

For a project that is under $10 Million, we found that Phantasma has been pretty consistent in its execution of the Roadmap.

Multiple verticals and active team

Unlike other blockchains, Phantasma is looking to solve many issues with one solution. We particularly like the NFT niche, ID and two token system.

Below ICO price 

Right now, Phantasma is below its original ICO price.  The project has been gaining traction for the past 3 months but we believe that there is room for growth.

A great roadmap and consistent execution

One thing that we particularly liked is the consistency with which the team has been executing on its goals.  

You will see from the below roadmap that they have been at this since 2017.  

Please check out the status of their roadmap.

Phantasma Roadmap

Things to consider 

Chasing too many verticals

Phantasma is trying to solve many issues and this could hamper the team’s focus on where they dedicate their resources.

If this leads to a potential bug or inefficiency in the system, that can backfire big time.

Crowded space

There are way too many blockchain solutions in the space (and more will be coming each day).  Will Phantasma stand out with its novel solution is something we will have to wait and see.

Still early

Phantasma launched its mainnet in October 2019 and it is still too early to tell where this project is headed.

We think there are big things in store for Phantasma but that is our opinion.  Someone reading the same information as we did might come to a different conclusion.

Thank you for reading and sharing this article. We appreciate you.

Sources:

https://phantasma.info/

Whitepaper

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

best Crypto Tax Software

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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