While the other top cryptos are having major issues, XRP proves yet again to be the standard!
Everyone knows it: we know it, you know it and the Bitcoin Maximalists know it – though they will bribe, FUD, attack and hack to try and stop the word getting out – XRP is streets ahead of all other cryptocurrencies right now in terms of technology, adoption, partnerships, security, stability, decentralisation, use cases, development and… well pretty much everything.
But don’t just take my word for it, let’s take a quick stroll though the latest cryptocurrency news.
Major issues for BTC, BCH, ETH, XLM, TRX, XMR
Bans looming, network outages, centralisation problems, regulatory issues, scaleability problems and more…
Politicians talking about banning Proof of Work but allowing green cryptos to thrive
When politicians talk about banning cryptocurrencies, some are talking about a blanket ban on all crypto. However more and more are joining the narrative of only banning centralised environmentally disastrous schemes like Bitcoin and other Proof of Work tokens.
Cryptocurrencies using consensus mechanisms like XRP and some Proof of Stake coins with true utility are encouraged to flourish. This week German political party Die Linke was just the latest in heralding true crypto whilst banning scams and wasteful, destructive “projects” like Bitcoin.
70,000 unconfirmed Bitcoin transactions & fees rise to $5 per tx
When Bitcoin reached just $8,000 this week the Bitcoin network was at a relative standstill yet again with a peak of 70,000 unconfirmed transactions. Currently as volume has dropped off, we are at 25,000 unconfirmed. Check the live charts here. Decent sized BTC transactions also once again crawled along taking hours and occasionally well over a day to complete.
Another interesting chart (which can be found here) shows the incredible fees being charged for a simple single Bitcoin transaction.
Just imagine what would happen if Bitcoin ever reached a new ATH? You would be looking at $100 just to get a transaction completed inside a week!
Bitcoin is centralised and can be 51% attacked at any time
I don’t think we need dwell on this one. Binance and Bitcoin admitted they can take control of the Bitcoin network at will and roll back, reorganise and 51% attack whenever they feel like it. China owns Bitcoin make no bones about it.
Let us not forget that Ethereum has previously performed a roll back on their network, and Verge, ETC and many other POW coins have had 51% attacks over the past year. Proof of Work is highly vulnerable.
A single Bitcoin transaction manipulates a 5 minute 20% drop in price
Despite the market sentiment being decidedly bullish this week, one miner managed to crash the entire market with a single sell order. This is going to continue happening as more and more miners and Bitcoin maxis decide to exit the ponzi scheme. Any decent price run upwards is going to get dumped on by big BTC bag holders wanting to cash out and run away.
The sooner exchanges and investors realise this the better. Place your money and hedge your exchanges on something useful, with utility and where the constant drain caused by electricity bills and mining equipment is not an issue. Better yet, strike back at these cartels and move to proper cryptocurrencies and dump their Bitcoins back on them, they have made their billions already and would stab you in the back for a quarter. Get them before they get you again.
Ethereum network vulnerable
A recent report by Security Research Labs claims 1/3 of Ethereum nodes are unpatched and vulnerable to crashing, their report states therefore that “If a hacker can crash a large number of nodes, controlling 51% of the network becomes easier. Hence, software crashes are a serious security concern for blockchain nodes (unlike in other pieces of software where the hacker does not usually benefit from a crash).”
Ethereum needs 2 years before it can scale
Joseph Lubin, one of the co-founders of Ethereum claims they can scale the Ethereum network in 18 – 24 months. As long as they don’t postpone events as they have done continually over the years.
Meanwhile a good many ERC20 tokens are migrating to more efficient, more scaleable, faster, better (and sometimes more scammy) platforms. Ethereum maximalists will be the new Bitcoin maxis!
Bitcoin Cash outage due to upgrade errors
Bitcoin Cash ABC suffered a 90 minute outage during a planned hard fork (upgrade), Vin Armani the CTO of Bitcoin Cash application CoinText confirmed “Blocks were going in empty for about an hour and a half. Now the mempool is clear and transactions are going into blocks normally. All is back to normal.”
Stellar network goes down for nearly 2 hours due to centralisation
On May the 15th the Stellar network went down for about 2 hours and only those who run validators noticed it. No new transactions were added for ~2 hours. The issue was in part due to the stagnant nature of the Stellar network and the centralisation of the operating nodes.
Tron in fighting and wild accusations
We have covered the exit of Lucien Chen from Tron in a previous article already with Chen claiming Tron is completely centralised (no shit Sherlock) and the protocols don’t even work. Justin Sun responded by saying they sacked Chen in January for theft, bullying and stuff (no records of this can be found up until Chen’s allegations against Tron this month).
Trons big announcement fails to impress but gets the attention of worried regulators
Trons big, massive, incredible, epic, Verge sized announcement at Consensus 2019 was a partnership with little known internet browser Opera who plan on integrating cryptocurrency transactions and dapp integrations within the next 2 years, including Tron and Tron dapps. Whoop whoop I hear you all shout…
Meanwhile gambling regulators across the world pricked up their ears at this news (we have been talking with a few regulators for the past few months and are busy with a far more in depth exposé on this to be released at a later date).
Monero hashrate dropped by 70% increasing the likelyhood of a 51% attack
Back in March the hashrate on the Monero network dropped by 70% and looking at the live charts here we can see nothing has been improved since then. The network is vulnerable and it is only a matter of time before the timing is right for an attack.
Binance facing backlash and accusations, Tether again and Bitfinex
The worlds leading USDT ‘trading’ exchange faces more and more questions after supposed hack, manipulation of Bitcoin price using BNB and Tether, wash trading accusations, listing and delisting criteria, insider trading spikes before announcements, Binance collaborating with a couple of mining pools to take control of the Bitcoin network, etc. I think this topic has been covered to death though. #delistBinance
The Tether scam also doesn’t need any further explanation and hopefully the courts will take the appropriate action necessary against Tether, Bitfinex and Binance.
Meanwhile XRP – The King of Cryptos – just keeps getting stronger
While the rest of crypto keeps looking and acting like a scam and doing everything within its power to falter progress, XRP just keeps on going and growing and getting bigger and stronger. The developments on XRP are just too many and too vast to detail individually so here’s some recent highlights:
- 6 years, millions of on ledger transactions, zero % outages or failed transactions
- 200+ banking partnerships including dozens of central banks
- New York supports XRP as Coinbase opens trading to its residents
- The Börse Stuttgart stock exchange in Germany adds the listing of XRP exchange-traded notes having previously opened on the Swiss stock exchange
- Kava Labs announce the USDX stablecoin backed by XRP, and it actually sounds like a viable, reliable and useful stablecoin
- XRP officially unveiled as a virtual currency in Japan, further enhancing the vision of XRP dominating the Japanese markets
- Singapore, Thailand, Middle East, Europe, etc further integrating XRP into their future plans
- All around the globe XRP is working together with the regulators and Japan is set to outline their cryptocurrency regulations to the G20 – expect very favourable news toward XRP
- Christine Lagard and the IMF this week further building up the very close relationship with Ripple, Brad Garlinghouse, et al as well as Ripple representing at the Swiss National Bank conference
- More exchanges and base pairings for XRP
- xRapid praised on the World Bank website
- Ripple working together with the EU Commission
- Coil expanding its services
- Xpring furthering adoption of XRP through numerous partnerships and investments like Forte, XRPL Labs, Kava, Blockchain Capital, Bolt Labs, Omni, Dharma, Strata, Securitize and Raised in Space
- R3’s Corda gaining more partnerships and customers
There really is far too much development, adoption and strategic partnerships going on to fit into one short blog so I apologise for that. But the signals are loud and clear for everyone to see and hear.
XRP is set to dominate crypto.
XRP is The Standard.
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