Ripple update: Anyone think exchanges are sort of evil and shouldn’t be celebrated?
When compared to actually creating valuable use cases for crypto, it’s relatively easy to setup an exchange business and start make money off people.
Does anyone stop and wonder why there are so many exchanges, and new ones popping up all the time? They all offer pretty much the same thing, and hoping people will pay them to provide the simplest of services; a well-established process done by banks for a long time. Worse yet, they are instantly profiting off people through fees without ever needing to commit to crypto themselves. They have little to no interest in maintaining or growing the value of crypto, they just want people to exchange it back and forth as much as possible. If price was crashing they would love it because more volume = more fees!
There continues to be a lack of companies willing to put their money where their mouths are and build actual use cases for crypto. People found a need for trading and currency well before banks came along to be the intermediaries, and add security and/or conveniences. Why are we doing it in reverse now, and celebrating it every time a new exchange pops up or lists your favorite crypto? They are not adding value.
Let’s develop some use cases and show how valuable crypto is in practice before paying all these exchanges to move it around for us. In some ways my hope is that volume completely dries up in the short-term so these exchanges start going out of business, and maybe people will then seriously start to put time into developing utility and not trying to make a quick buck off the backs of everyone else.
PS / EDIT:
Consider this, Fidelity recently announced interest and investment towards making a crypto exchange. What if instead of spending the time and money to duplicate something that has already been done many times now, they use their considerable knowledge, experience, respect and money to develop a seriously valuable use case for XRP? Which would you rather have?
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
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