They believe XRP really is somehow controlled bitcoin inherently deflationary owned by banks, despite endless literature and open source code proving otherwise. Really, this just proves they are illiterate. They believe XRP isn’t a legitimate blockchain crypto, despite that the XRP ledger IS a fully stand-alone, cryptographically-secured, interdependent chain of blocks.
They believe that the first 32750 XRP ledger “blocks” are missing but that’s not true. Ripple reset the genesis block to this number to compensate for lost headers during the very beginning days of XRP, when virtually nobody was even using it. They believe that its trusted-validator distributed consensus architecture disqualifies XRP as a blockchain, even though the only blockchain aspects of any coin are merely the ledger blocks and interconnections that form the chain. The consensus mechanism that surrounds a blockchain is only for deciding what goes into a blockchain, and isn’t part of the blockchain itself.
It’s like saying a car’s engine is no longer an engine if you put it into a different car. They feel XRP is peaking and have shifted their funds to another coin and are now trying to prick the XRP bubble so they can buy back in at a lower price. They believe the only function of a bank is bank accounts, so digital wallets should completely replace banks, right? I happen to agree with: banks are evil.
So go ahead Bitcoin fanboys, sharpen your teeth, get your bags of hate out, prepare to launch. But before you do, let me just say that you don’t hate banks anywhere near as much as I do, I can promise you that. At some point in the not-so-recent history, banks have slipped away from being a utility. They have become these monstrous slavery machines that trap you into indentured servitude with mortgages, loans, credit cards, etc.
Obscured behind every bank is a small group of very powerful rich psychopaths that have inherited their self-designated rightful positions at the helm of the economic engine, and their history and legacy is mottled with frequent, strategic, and profound influence upon lawmakers to carve out exceptions for the banks that would otherwise be seen as outright criminal activity by any sensible person. No doc” loan originations, high-interest credit card advances, balloon loans, etc. Absurd lack of accuracy and frequent mistakes in your credit report that cost you lots of money to correct and in lost credit-related opportunities, with zero culpability to the banks for said fallout. Fractional reserves, which means they can legally lend out much more money than they actually have, yes really. It’s also called cooking-the-books if WE do it and we’d go to JAIL. Of course, there are countless other examples, but even if you don’t understand all of this, you just ‘know’ intuitively there’s a lot of underhanded shit going on and we are currently powerless to escape it.