Become a Member

Will Trump Publicly Back “USACoin” to Become New No. 1 Crypto?

Email ads headlined: "Analysts Boosting Price Target From $1 to $20 (Crazy!)"
So... what's the crypto "cheat" that Manward Press teases as the "Straw that breaks Hillary's back?"

By Travis Johnson, Stock Gumshoe, February 6, 2019

The latest ad from Manward Press is pretty typical in the “throw red meat” category — the headlines and intro to the presentation are all about how Hillary Clinton is being “cheated on” by Bill again, this time as Bill joins Donald Trump in backing a new cryptocurrency called “USACoin” … but we’ll skip over all that, the main point is that Andrew Snyder is teasing this “USACoin” as the patriotic answer to bitcoin and ethereum, both of which are primarily mined outside the US, and he thinks it has the chance to deliver 1,000% gains.

So what is the ad really pitching? Well, in the interest of not getting sucked into the hype too much, we’ll try to figure it out for ourselves instead of ponying up $79 for the Manward Letter subscription they’re selling.

Samuel Johnson was almost certainly referring to false patriotism when he told Boswell that “Patriotism is the last refuge of a scoundrel,” and I have no idea how much of Andrew Snyder’s red-white-and-blue is real and how much is being shoveled on with a trowel to appeal to patriotic possible subscribers… but certainly the “if you love America like I do” language is a red flag for any investment (and, of course, the order form reminds of you of this with the headline “USA! USA! USA!” — which I’ll happily shout at a sporting match, but not when pressing the “buy” button in my brokerage account).

That’s right up there with photos of the sports cars and yachts you’ll be buying with your millions, really… neither appeals to patriotism nor greed-soaked images of Porsches and villas will help you figure out whether or not an investment is a good match for your needs, they’re all just ways of trying to appeal to animal instincts instead of giving you time and space to think.

But now that I’ve got that out of the way, what’s the actual “USACoin” investment being touted here? Snyder drops some clues along the way…

“USACoin is a revolutionary technology.

“It’s completely changing the way the global payments system works.

“I believe the mainstream reports indicate that the Trump White House wants to help it become the No. 1 blockchain investment in America.

“Bill Clinton is backing it too. His director of the National Economic Council is on the board, and Clinton believes the opportunity is “staggeringly great.”

“Google helped USACoin raise $55 million, and one of its best developers joined the team.

“Venture capital firms like CME and Venture51 are backing it.

“And banks all over the world are using its technology. From UBS… to American Express… and dozens of others.”

The Clinton/Trump connection is mostly just a silly distraction, he throws in lots of photos of Bill and Donald together, which is no big surprise — they certainly traveled in the same circles before Trump became a political figure, but he uses that to point at the connection both of those people have to this “USACoin” (and, more likely, to get your attention — political tribalism is hugely profitable for promoters who know that almost everyone will have a reaction to either Hillary Clinton or Donald Trump’s connection to a story… they don’t care if your reaction is positive or negative, the key is getting your attention long enough to spur a “greed” response with the rest of the story).

Here’s a little sum-up of that:

“Donald Trump and Bill Clinton are both championing a promising new way to make money in America.

“In fact, reports by Forbes and The Independent Republic have convinced us that the Trump White House is backing the next No. 1 investment in America.

“And leaked footage of Clinton… appearing at a private, closed-door meeting of wealthy tech investors in San Francisco… showed him saying that the technology behind this investment spans ‘across national borders and income groups.’

“He said the opportunity is ‘staggeringly great.’

“And here’s the thing…

“They’re right!”

So… what is this “USACoin” that trades for less than a dollar?

What Snyder is talking about here is Ripple, which uses the crypto abbreviation XRP. Ripple runs a blockchain-based transaction network that does not involve mining and is much more centrally controlled than most cryptocurrencies, and that means it is also more secure and faster and not reliant on the blockchain mining server farms that are mostly in Asia… though that also means it’s not really a “decentralized currency” alternative to the dollar or the yuan, and it’s not run by consensus or powerful anonymous developers like bitcoin or ethereum.

Are you getting our free Daily Update
"reveal" emails? If not,
just click here...


RippleNet is really aiming to be a competitor to the SWIFT Network and, maybe someday in the future, to other relatively high-cost, low-speed networks like those run by Visa and Mastercard. The first goal is just to speed up and clean up international settlement as trillions of dollars moves around the world, getting rid of the cumbersome settlement process or expensive “bank wires” that slow everything down and require regular human intervention. The network, which they call xCurrent, is used to transmit money (along with back-and-forth messages as needed) between institutions, and it gets rid of the slow settlement process and most of the cost of the SWIFT network.

What these first use cases for RippleNet and xCurrent have not done, though, is created a huge demand for the actual Ripple currency… they seem to be hoping that the next iteration, xRapid, will do that — mostly because it offers up XRP tokens as a source of liquidity in the network, and therefore creates at least some demand for that cryptocurrency (most of which is still owned by Ripple the company at this point).

Here’s how Ripple puts it:

“Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.”

I’m not a cryptocurrency or blockchain expert, but this again comes up against what I think of as the biggest challenge in evaluating or speculating on cryptocurrencies: This is a great use case, and it seems that Ripple’s blockchain network is indeed getting some traction (and therefore network effects… the more institutions who use it, the more will want to use it), but I don’t understand quite how this is going to increase the value of XRP. Owners of those XRP tokens don’t own the network, it seems kind of like you’re just betting that it will rise in value because it will get more widely used… which it might, but it also might not. The US dollar rose in value in part because it was the most accepted currency around the world and people were willing to hold it (or forced to use it, if they wanted to buy oil or sell to Americans), but I don’t see as obvious a case for building up institutional willingness to hold meaningful reserves in XRP.

Maybe I just don’t see the value in the “source of liquidity” that the pool of XRP tokens out there, and maybe I just don’t “get it” when it comes to the value of the actual XRP “currency” — clearly RippleNet has some potential, like any network that can get to critical mass and perform a service better than the incumbent, but it’s not as clear to me that owning XRP tokens necessarily means you would benefit from that potential. Maybe you will if people decide to use XRP for their RippleNet transactions (they don’t have to, apparently), or if they demand more than is being released (they release some each month, on a predetermined schedule), maybe not if they just use RippleNet for those transactions but don’t hold use XRP tokens or, if they do use XRP, if they don’t hold them beyond the four seconds it takes to complete the transmission. You can make your own call.

To some degree, the value of other tokens can be inferred from the act of mining itself — since mining is what makes other cryptocurrencies work, performing validation of transactions in a distributed consensus network, the miners are rewarded for performing that work (and compete for the right, which is what the race to solve those math problems is — and what sucks up so much electricity)… and since they’re rewarded with more coins, that, in a somewhat backwards way, indicates that the value of those tokens is partially created by the foundational act of mining within the network. The miners make it possible, and harvest some of the value.

With RippleNet, since there is no mining and the coins and the blockchain are controlled by Ripple and the network participants are all trusted and non-anonymous players, like banks, the coins are strictly valued based on supply and demand — how many are needed for the network to work (which depends on how many are held by the participants as a pool of liquidity, somewhat like banks hold foreign currency reserves to make settlement easier — and this is largely optional, it appears, since as far as I can tell the basic RippleNet blockchain ledger does NOT require you to own any XRP to facilitate transactions).

Ripple itself would be an interesting investment, but it’s a corporation and buying XRP tokens does not grant you any ownership as far as I can tell — it is owned by venture capital investors, including some of the big banks who are interested in RippleNet, and has raised just under $100 million so far from typical venture capital rounds. I’m not sure how the finances will work out for the business, I don’t know whether their small fee will cover the cost of their management of the network or whether they’ll generate returns for their investors because of the large cache of XRP tokens that Ripple reserved for itself (as of last year they had 55 billion XRP in escrow, apparently, and were releasing a billion a month), or from some other source of revenue… but it’s at least interesting to think about. Buying XRP, however, seems more like buying the US$ because you think a lot more people are going to be using credit cards and therefore the velocity of electronic money will create more demand for dollars… though, to be fair, the supply of XRP is limited and controlled, unlike the US$.

Cool and interesting, probably worth the research, but I can’t come up with a reason why the XRP tokens would rise by 1,000% other than “because it gets popular again with speculators.” So far, XRP has moved pretty much in line with bitcoin, though with more volatility (it was the “next big thing” during the crypto craze a year ago, as you might remember)… here’s the chart of the two of them over the past year and a half:

Ripple Close Price Chart

So you can make your own call on what the future holds. XRP is supported by a lot of the major cryptocurrency exchanges, though it is not yet available on Coinbase, which is the biggest retail exchange in the US. Like other digital currencies, it will probably rise and fall on events that change sentiment — like getting traded on Coinbase, or resolving the current lawsuit over whether XRP should be regulated as a security.

Oh, and yes, there was a little flurry of chatter back in October about how the White House was “interested” in Ripple, so that’s where that Trump association comes from… though the source of this is apparently just a Ripple executive saying that the White House is thinking about foreign control of bitcoin, so what that means is anyone’s guess. You can see the interview with Ripiple CEO Brad Garlinghouse in Breaker that seems to have inspired all the chatter here, this is the key excerpt:

“When I started to meet with people in government and regulators, I had very low expectations. I have been truly amazed at the open-mindedness, number one. And number two, the smart questions, sometimes even tough questions. There’s clearly a lot of homework going on. The White House in particular seems to be thinking about what it means to have 80 percent of bitcoin mining taking place in China and a majority of Ether mining taking place in China. When you look at XRP, there is no mining, so from a foreign-control aspect or from an environmental aspect, XRP is a very different beast. And in conversations we’ve had with the administration, they seem to get that and think that might matter.”

I have seen articles that say the White House might be on the verge of actively supporting XRP and that say “Trump holds the key” for XRP’s future, but I haven’t seen that backed up with anything other than speculation from enthusiasts looking to pull out their rose-colored glasses and read between the lines.

But wait, there was one more tease!

Snyder also says he’s got an “Extra Bonus Report” that he calls, “How to Profit From USACoin in the Stock Market” … so what might that be?

Here’s the intro:

“With most crypto investments, you have to buy the coin directly for your chance to profit.

“And of course, that’s true of USACoin.

“My first report will show you how to buy those coins for under $1.

“However, there is a second way to profit from this situation directly in the stock market.”

So whatever might it be? It is, we’re told, a company that has partnered with Ripple…

“… an international online payment services company similar to PayPal that is partnering with USACoin.

“The payment company is widely used. Its annual transaction volume is about $25 billion, which is quite substantial.

“The company is growing so fast and showing so much promise that in the beginning of 2018… China tried to buy it up.”

Apparently the US Government intervened and didn’t allow China’s purchase, which sent them into the arms of USACoin. Any other clues?

“We believe shares of the company are set to soar from $2 to as high as $17.

“And experts estimate this company would need to hold up to $8.3 billion in USACoin to fund its daily transactions.”

That, dear friends, is the beaten-down international money transfer firm MoneyGram International (MGI), which is part of the old network of cross-border remittances that Ripple is trying to disrupt (though, of course, Square (SQ) and PayPal’s (PYPL) Venmo and many others are disruptors, too, and Western Union (WU) is the elephant in the room).

Yes, MoneyGram was on track to get acquired by Jack Ma’s Ant Financial (the payments platform that spawned from Alibaba), and that acquisition was rejected for national security reasons a little over a year ago. Lately, there’s been more chatter that they might put themselves up for sale again — though that hasn’t done much for the stock price (it hit about $18 in late 2017 on the Ant Financial takeover bid, but fell steadily after that, including a 50% drop when they lowered guidance last quarter and announced a fraud settlement with the government).

I don’t know that I’ve looked at MoneyGram since it was teased as a turnaround back in 2011 (at about $26), back then they were growing a little better and were on the verge of a couple years of actual profit after getting rescued by Goldman Sachs, but they never seem to have gotten any traction. Probably because, as Ripple would tell you, it’s expensive to manage big payment networks for small amounts of money, particularly if you’re always trying to fight fraud, and it doesn’t get easier when you’re competing with apps and fintech startups and traditional banks as well as the much larger Western Union.

I have no idea what the future holds for MoneyGram, but it does feel a little bit like trying to buy Blockbuster Video in 2005… they might be able to fix the business, but they might also disappear without anyone shedding a tear over their absence, and they’re not making money now or on the verge of any major change that will let them make more money, so why buy the stock?

MoneyGram is using XRP to at least some extent, and I guess you can probably argue that the Ripple connection has some small chance of making an impact… that “expert” who guessed at the amount of XRP MoneyGram would need to buy to completely switch over to Ripple’s xRapid service/system is a blogger whose analysis you can see here (from last January), I don’t know whether or not he’s right. As of November, xRapid was apparently still in internal testing at MoneyGram.

So… wanna buy some MoneyGram? Speculate on some Ripple? I’m not particularly interested in either, but both are certainly a lot cheaper than they were a year ago, and maybe I’m missing something exciting… feel free to shout out your opinion with a comment below.

P.S. We’re always looking for reader opinions on the newsletters they’ve subscribed to — if you’ve ever tried out the Manward Letter, please click here to let us know what you thought. Your fellow investors will thank you (and I will, too).

Irregulars Quick Take

Paid members get a quick summary of the stocks teased and our thoughts here. Join as a Stock Gumshoe Irregular today (already a member? Log in)
guest

12345

This site uses Akismet to reduce spam. Learn how your comment data is processed.

43 Comments
Inline Feedbacks
View all comments
danielj1960
Irregular
February 6, 2019 4:56 pm

I bought 3k worth of BTC a few months back so I could buy Cardano ADA which is a scientifically produced blockchain coin. I never bothered pulling the trigger on ADA still have the 3k in BTC was probably a mistake maybe they will take off ,but something tells me I wasted 3k ?

Add a Topic
6001
👍 65
millerfilm
February 6, 2019 5:29 pm
Reply to  danielj1960

Hard to know about any crypto. BTC is holding, as it has been for the past few months. Probably hold onto it and see how it goes. If blockchain takes off, then crypto should benefit.

Add a Topic
6001
👍 65
g13man
February 6, 2019 9:03 pm
Reply to  danielj1960

danielj1960
ADA was a recommendation from one of my many newsletter,
never did either

storm
February 16, 2021 9:21 am
Reply to  danielj1960

3K worth of BTC probably looks pretty good now- 2 years later!

👍 34
jimbo16
Member
jimbo16
February 6, 2019 5:12 pm

Ripple is best known as the bankers coin….it is designed to replace or do international wire transfers for less cost (about $5) just go to the website at http://www.ripple.com/xrp/ and see for yourself. It is not decentralized nor is it really even a true blockchain. Who needs it or wants it, maybe some banks but not me. I suppose if i had relatives in a foreign country i wanted to regularly send money to i might use it. Western Union costs much more so small transactions make sense using it. Beware of the hugh number of units available. there is a circulating supply currently of 44 billion. With expansion at will to 99 billion. Seems like kind of a problem with dilution, i recall reading the whitepaper that left that door open to whatever or whenever they needed to raise funds. I have bought some junior mining stocks that just simply killed investors with this type of share dilution. You should realize XRP ownership is not at all the same as owning shares of stock.

Add a Topic
4645
Add a Topic
6001
Add a Topic
6522
👍 137
Bill
Member
Bill
February 6, 2019 5:13 pm

I subscribe to a crypto investing service and you nailed exactly why XRP isn’t among their recommendations. The crypto they recommend that’s already doing what XRP hopes to do is Stellar Lumens (XLM). They also have a partnership with IBM who’s heavily invested in blockchain technology. Now is a great time to buy, too, because we’re either at or close to a bottom.

Add a Topic
6522
Add a Topic
6063
g13man
February 6, 2019 9:36 pm
Reply to  Bill

they , IBM
with XRP
or
with XLM
looks like Steller which is XLM
https://www.investinblockchain.com/top-crypto-partnerships-2018/
are we allowed to link here ?

Add a Topic
1364
Add a Topic
6522
👍 32
joestock
February 6, 2019 5:58 pm

(I share the opinion of our leader) This is a piece of something I would rather not step on. I would rather take my chances buying the SSO – double the move on the S&P 500 Index.
JMB

👍 3
Doyle
Member
Doyle
February 6, 2019 6:02 pm

How is the best way to buy XRP !

Add a Topic
6522
SunnyCoin
Guest
SunnyCoin
February 7, 2019 3:37 am
Reply to  Doyle

Have you purchased crypto currency before? It’s rather time consuming, and some think complicated. You would have to buy Bitcoin on an exchange like Coinbase, transfer it to an exchange like Kucoin, and then trade the Bitcoin for XRP. I also think Steller is a better buy because of their relationship with IBM as well as other large corporations.

Add a Topic
3640
Add a Topic
5556
Steve
Steve
February 9, 2019 12:58 am
Reply to  SunnyCoin

You can purchase directly from Binance with your credit card. Binance is the largest exchange in the world based out of Malta. Better security than your bank app on your phone.

danno36
Member
danno36
February 10, 2019 1:29 am
Reply to  Steve

Beware of using a credit card for buying crypto – it’s a massive ripoff! It will be treated as a cash advance by your credit card issuer, resulting in a 2-5% surcharge and 20-30% interest. Also, Binance rips you off by jacking up the BTC price by about $200 compared to buying it on the exchange.

Sosaysi
Member
Sosaysi
February 11, 2019 9:02 pm
Reply to  SunnyCoin

It’s only time consuming for beginners who wait to have their ID & bank info. Processed. Once that hurdle is over, it certainly isn’t ‘complicated’ – No one, except you, of course, HAS TO BUY bitcoin first, then all that other garbage you typed. Customers buy ANY crypto directly from any reputable seller, like Abra, etc.

Add a Topic
3640
jimbo16
Member
jimbo16
February 12, 2019 11:59 am
Reply to  Sosaysi

No need to hurl insults like “other garbage you typed” dude. I have looked into ABRA before and i am not 100% sure these are even blockchain trades. It appears to be options trading and any crypto bought is done so using a spread based on the bid and ask prices. Personally i would never recommend anything similar to this, it is doubtful one would be able to take ownership offline or to a hard wallet like a trezor. It has been said by many you don’t hold ownership to any crypto unless you hold the “private keys” so i may be missing something as i wouldn’t touch any coin or any exchange that does not have or use KYC and allow me to take my assets offline.

Add a Topic
6001
Add a Topic
570
👍 137
SunnyCoin
Guest
SunnyCoin
February 17, 2019 2:29 am
Reply to  Sosaysi

If you noticed, I asked if Doyle had purchased cryptocurrency before. It seemed, if they were asking how to purchase XRP, they were likely unfamiliar and I responded as though they were new to the process, which, in fact, is complicated to those of us who are just learning. I’m sure you are very computer savvy so it probably seems very simple to you. I also wouldn’t use a credit card so I didn’t make that suggestion.

Add a Topic
6522
jimbo16
Member
jimbo16
March 11, 2019 6:21 pm
Reply to  SunnyCoin

You can now buy XRP directly at coinbase or coinbase pro.

Add a Topic
6522
Add a Topic
5556
👍 137
MachineGhost
Member
MachineGhost
September 22, 2019 6:26 am
Reply to  jimbo16

Abra is a non-custodial wallet, you hold the private key. Due to regulations, they’re no longer offering the synthetic coins to US so what you can buy and hodl is true coins. May not necessarily apply to withdrawing.

Add a Topic
3102
jimbo16
Member
jimbo16
February 6, 2019 6:04 pm

FYI-The whole USA coin or Trump support is all BS. The government hates crypto. There has been a rumor for years about a FED coin, Canada has announced one tied to the Canadian dollar and several “stable value” coins are in the works too but this title and farce to get you to subscribe to this newsletter is pure non-sense and a waste of money plain and simple. Thanks for the heads up Travis.

Add a Topic
1515
Add a Topic
3102
👍 137
Steve
Steve
February 9, 2019 1:07 am
Reply to  jimbo16

Ever hear of Doug Casey? He says a fed coin is inevitable. Naturally since he is a gold buff his take is that it may be tied to gold but regardless you can bet a fed coin is coming. Most likely states will release their own coins before the fed steps in. Just like California started its’ own marijuana laws that many other states followed against the fed laws, California will probably be the first state to release its own crypto currency and then hence other states will follow. The fed will have to respond. Watch it. Believe it/ Its only a matter of time.

Add a Topic
2756
Add a Topic
753
Add a Topic
210
jimbo16
Member
jimbo16
February 10, 2019 1:58 pm
Reply to  Steve

Steve-I personally have no interest in such a gov’t controlled or issued cryptocurrency. You defeat it’s purpose. Besides in the event CA issues one, i won’t be able to use it outside that state so it has limits. If the FED issues a coin, they will have control and unlimited dilution even if they “claim” otherwise. Don’t we already have that? For a digital or virtual currency to have value it MUST be decentralized, limited in units and available worldwide.

👍 137
MachineGhost
Member
MachineGhost
September 22, 2019 6:30 am
Reply to  jimbo16

States can’t issure their own currency. That is a federal power delegated to the Treasury and Fed.

tim
Guest
tim
February 6, 2019 7:13 pm

COM COIN THE ONLY INDEX COIN …EVER
http://sumcoin.cash/

tim
Guest
tim
February 6, 2019 7:14 pm

SORRY… sum coin

archives2001
archives2001
February 6, 2019 7:57 pm

Thnx Travis…very informative!

👍 94
Grandon
Grandon
February 7, 2019 1:45 am

Great read Travis. I see Ripple the company and XRP the token through the same lens. BTC and ETC on the other hand are interesting to me since they are both proof of work and have a limited supply of tokens. At the end of the day we can not uninvent them. I also am a fan of BTC long term due to the fact that it runs as the code is written without any debt. Thats impressive.

Add a Topic
6522
1paglee
Guest
1paglee
February 8, 2019 2:54 pm

Travis,
Many thanks for your heads-up on Ripple.

Today I invested three bills in the company pre-IPO The shares will be equity in Ripple itself, not the cryptocurrency XRP. I must wait a couple of years for the IPO and then I expect to get a few shares.

Add a Topic
6522
Add a Topic
636
recon-01
recon-01
April 9, 2020 8:52 pm
Reply to  1paglee

I’m thinking of doing the pre IPO for next round of Ripple shares that just opened up. Any regrets from your decision last year?

Add a Topic
636
👍 -1
april39
February 8, 2019 4:14 pm

Last time I heard of Ripple I was a 20yr.old soldier at Ft.Bliss in El Paso. With Jaurez next door us single G.I.s got our liquor there. However Pop B. A 56 Yr. old PFC or Pvt. depending on whether he told off an officer that month. swore by Ripple. He was trying to make 30 good years so he could retire at his WW2 rank Lt.Colonel. Doubt he made it as Ripple and it’s more popular cousin, Thunderbird were the last word in liver deaths. April39

Add a Topic
168
👍 31
Steve
Steve
February 9, 2019 12:42 am

Really glad to read this one Travis. I subscribe to Manward and a dozen other financial advice sales letters and hooks. I bought XRP and XLM before they blew up and I’m still very pleased. My thoughts were that if banks or individuals used them for money transmittance, they would be profitable. I mean really if you want to make money then follow the money. That is why I purchased XRP and XLM ONLY after I did my due diligence and research before jumping in. I mean its my money and I want it to work for me in speculation dollars. A few thousand turned into tens of thousands of dollars and then came back to earth and I was lucky enough to spot them before the rise and fall and my positions are still up considerably. I am holding and am quite confident XRP and XLM are going to profit much much more. Once again, I really appreciated your excellent analysis.

Add a Topic
6522
Add a Topic
6063
Braulio
February 9, 2019 11:45 am

I’ve tried and mostly failed to make any gains in the crypto arena. I did buy ripple labs stock in 2017 privately through SharesPost. It seems like the ultimate disruptor to me. Only time will tell though. So far, it’s a rough space to be invested in. Look into buying the actual company stock instead of xrp.

Add a Topic
6522
👍 20
big tuna
February 10, 2019 9:43 am

Crypto has no value and is not used as a currency- what good is it. Do not mix up block chain technology with crypto. Crypto needs block chain, but block chain doesn’t need crypto

👍 299
jeanhelene
Member
jeanhelene
February 10, 2019 10:55 am

Understand that there may be a new Crypto or blockchain under developement in Europe/Asia that is being developed as they are growing VERY tired of the US just “printing more money at will” to pay for stuff that, “has nothing to back it up.” It will be an internal business, not retail, money system.
Wish i could remember who wrote it – at 65yo though the article scared me by also talking about devaluation. Thoughts please – help me out here –

Add a Topic
6001
👍 4
jimbo16
Member
jimbo16
February 10, 2019 12:47 pm
Reply to  jeanhelene

The same can be said of many different blockchains. The original satoshi whitepaper or concept for bitcoin came out in 2009, immediately following the 2008 financial collapse. It was intended as an alternative to the existing financial system flaws such as unlimited money supply….our world lives on endless “credit” or debt completely without backing.

Add a Topic
3640
👍 137
MachineGhost
Member
MachineGhost
September 22, 2019 6:35 am
Reply to  jimbo16

No, debt is backed by productivity otherwise it’s not able to be issued and you would have hyperinflation. Many in crypto do not understand how the banking system works and have a rather Jekyll Creature perception of it to support their pro-crypto bias.

tanglewood
February 10, 2019 4:16 pm

Another blockchain cryptocurrency to think about; KaratGold (KBC) supposedly backed by gold.
https://medium.com/@karatgold/competition-in-the-cryptocurrency-market-why-a-good-number-of-cryptocurrencies-will-vanish-in-the-7de03692619b

Add a Topic
6001
Add a Topic
210
👍 644
aldosov
February 11, 2019 3:02 pm
Reply to  tanglewood

Remember e-gold and Anthem Vault’s release of a new cryptocurrency that is backed by precious metals. Each “coin” will be valued at 1 gram of gold, and will be called the “Hayek,” after Austrian Economist Friedrich Hayek.
I think the CEO of e-gold was busted. The “Hayek”????

Add a Topic
210
👍 161
jimbo16
Member
jimbo16
February 11, 2019 4:30 pm
Reply to  aldosov

Thus the basic problem with any crypto supposedly backed or supported by any other asset be it oil, gas or precious metals…it is the issue of third party or counter party risk. The same with GLD or SLV. You really think there are warehouses with tons of gold and silver to back it? I have read much over the years disputing such claims. I would give about 1/100 a chance anything sold via a crypto to be 100% on the up and up. Much criminality involved in all this, too few regulations…no insider trading laws so buyer beware, do your own research. Know what you are getting.

Add a Topic
359
Add a Topic
6545
Add a Topic
3212
👍 137
Braulio
June 18, 2019 10:58 pm

Well, I’d say this one deserves an update Travis…. in light of current events

👍 20
popehamid
December 14, 2019 2:27 pm

$XRP is the biggest scam since Theranos.

They are literally dumping 100 of millions worth of XRP on retail investors each quarter. How there is not more controversy about this yet (people are slowly getting aware), is beyond me.

Buying moneygram is just another display of poor investment decisions. None of the banks are actually using XRP, all partnerships are bought for marketing purposes.

Just buy Bitcoin and ignore the noise. It’s the perfect crypto for the coming Macro weather (Risk-off and inflation) that is likely upon us. Furthermore, sell-pressure will be cut in half mid 2020 (Halving). Which is the biggest bullish event it had since 4 years and will put its S2F on par with gold (ultimately will go even lower).

Add a Topic
6522
👍 11
CryptoWhat
Guest
June 18, 2020 1:46 pm

What’s your thoughts on Trump being rumored to want to “take out Bitcoin?” I never believed he was a fan and I think he wants to create a more regulated environment and put focus on other coins that are more bank friendly, such as Ripple. There appears to be a lot going on behind the scenes with that coin.

Add a Topic
3640
Add a Topic
3102
👍 21718

We use cookies on this site to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies.

More Info  
34
0
Would love your thoughts, please comment.x
()
x