‘Eventually mining is going to be dead’ and Ripple will rule says NoFiatCoin (XNF) founder
Over the weekend, I caught up with NoFiatCoin (XNF) founder and CEO, Robert Reyes (check out the interview here). The 33 year old speaks passionately about the future of not only his own gold-backed currency, but that of the ripple protocol as well.
“Most people that hold bitcoins hate ripple,” he says. “They don’t give it the time of day. Ripple is much more promising than the bitcoin protocol. Ripple is the future.”
Reyes’s company currently employs 14 people, all of whom he describes as hardcore ripplers. When he launched NoFiatCoin in January, he specifically set out to launch it on a ripple exchange.
“This protocol fits perfectly with our model,” he says. “We want to promote people’s power in controlling their assets. Ripple is the most robust system there is for transferring value. You can decide to issue your own shares or bonds through ripple. That’s what a lot of people have not realized yet. Once they do, everybody’s going to be jumping on board.”
Ripple will change the global financial system, he believes, destroying not just the Automated Clearing House (ACH) in the U.S. but similar antiquated payment systems around the global.
“A lot of people are so blindfolded by bitcoin that they won’t say, ‘Let’s figure out a way to make it survive in a better network,’” Reyes says. “Eventually mining is going to be dead. There are a few of us that have woken up to that reality. Mining is not the future. Once all the bitcoin are mined, what’s its allure?”
All that’s not to say that Reyes is anti-bitcoin. He does believes the coin’s value will drop – perhaps at some point in the far off future – but he thinks bitcoin is here to stay, and that it’ll ultimately thrive on the ripple network. Indeed, he sold a portion of his bitcoin (and gold) holdings to make the launch of NoFiatCoin possible. So, in many ways, bitcoin made XNF possible.
Changing the subject, I ask Reyes the most important question of all: does he view the ripple currency itself, XRP, as a good investment? He’s quick to say he can’t dispense investment advice. He can, however, give his personal opinion.
“When you believe what I believe,” he says, “that the world is going to run on ripple, then you see the value of XRP. We see 61k active (ripple) accounts. What happens when that number’s in the billions? Every transaction is paid for by XRP. I don’t think that it’s ever going to be worth $1000, but I really believe it’s going to reach parity with the Chinese yuan and maybe eventually the U.S. dollar.”
XRP get destroyed with every financial transaction. That won’t affect the currency’s scarcity in our lifetimes, he says, maybe not even in the lifetimes of our grandchildren, but people will realize that XRP is finite and valuable.
“What’s to say ripple’s value is not going to increase?” he asks. “At least I want to be safe. With ripple, it’s like you see the future, and there’s just no going back.”
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