Topic: Proof that Ripple numbers are manipulated by Coinmarketcap, there is no boom! (Read 11407 times)

Reminds me of the wizard oz. Following the yellow brick road....

I really find the manipulation of price in crypto amusing. I assume this has been the way things have gone forever excluding crypto.

*cough* federal reserve *cough*.

Welcome to the world of digital penny stocks

Market cap in crypto is the biggest joke i've heard. It's a false representation of the true value to a coin and gives those outsiders hope that something big is on the other side. Value should be based upon liquidity and distribution of the currency.

With a first sale on an exchange in any crypto the "market cap" is set based upon price of trade multiples by the distribution of currency. This is a horrible way to represent the value that backs the currency as it instantly creates a unrealistic monetary value. The longer people believe the system of coinmarketcap is true the more will have legitamate legs to stand on, so sad as many will be taken advantage of.

long time lurker of this community and happy to join this discussion,

-T

how come people are still talking about ripple?

The snapswap.us website claims you can send, trade, receive "any currency."
After logging in on snapswap.us, the only thing they let you do is deposit or withdraw dollars.  My snapswap bitcoin balance doesn't even appear in the account history.
Can you please explain this?  And how to use snapswap with btc?  As it stands, I have to do everything through rippletrade and the bridge.

I only check the price. It's nearly double.

it's because..

withdrawing straight to your bitcoin wallet via the BTC bridge is fine as well.

Thanks for the helpful info, JoelKatz.  I recently started using ripple as an exchange for buying and selling snapswap btc/usd.  I withdraw btc over the bridge.  I didn't know about the withdrawal process you outlined in 1) above.

How can they change everything? It sounds like YOU have no idea about what you are saying. Sad.

I dont know... I sold it with success 

most people know that it is Ripple-Scam  

the company can change everything. thats a sad joke. to compare ripple with bitcoin is ridiculous!

I think we can all agree that it doesn't reflect any significant change in the fundamental value of XRP. Nothing fundamental changed. It doesn't follow that it's a pump and dump, it could be simple market momentum. But I think it's pretty obvious that any sudden, drastic increase in price that doesn't have any apparent justification is likely to be accompanied by a corresponding drop in price.

And, of course, everyone thinks they can buy in, wait for it to reach the top, and then sell out before it drops. But simple common sense will tell you that that it's impossible for everyone to make a profit if the price returns to where it was before.

Long term increases in the price of XRP benefit Ripple Labs because they allow us to sell XRP at a better price and because they are perceived as market confidence in the success of the Ripple network. To some extent, people's willingness to invest in using the Ripple network is dependent on how well they think it will do in the future and long term price increases help. But short term price increases due to momentum or manipulation inevitably followed by corresponding drops in price don't help Ripple Labs at all. The drops can send precisely the opposite signal, and the net result of a rise and drop is a weakening in the connection between the price of XRP and the long-term viability of the Ripple network.

Ripple Labs is not a short-term XRP speculator.

Well, I didn't trade XRP at all for months now, in case you were directing your comment at me....

I don't think MtGox "scams" (being very VERY incompetent != scam...) are good, I just said they happened in Bitcoinland before too, P&D are not something extraordinary or unique and not indicative of anything other than a few people managing to move a small market.

Here is my take on the manipulation accusations.

Uhm, I have yet to read any statement that indicates otherwise.

I believe myself that this is just some random Pump + Dump strategy (though likely not done by Ripple Labs' (ex) employees). This has no real influence on Ripple itself though, Bitcoin was pumped + dumped multiple times too already in the past.

Ripple manipulated by Coinmarketcap , really ? ..
Wtf , true ? or its  just in order to affraid people
When i see the "trust" of the post maker is dont know lol ...but  facts dont lies ..

I love that Ripple haters gloss over the fact that CEO Chris Larsen was a pioneer in social/p2p lending as the founder of Prosper.

For anyone to think that Ripple is a scam at this point is either in denial or an investor looking to push the price down. The CEO is very public, and a renowned player in the alt currency market. They have public events to spread awareness for their platform--most recently they did Around the World in 5 Seconds. And they have actually signed banks to use their platform. Ripple Labs is a private business that is looking to utilize XRP in order to run their extremely ambitious goals of connecting fiat currency to the digital realm.

I would also like to add that MIT's Technology Review recognized Ripple Labs as one of the 50 smartest companies today. There's a lot of positive faith in the Ripple protocol:

https://twitter.com/cryptospacesuit/status/539184416422387712

I thought honey badger didn't give a shit, seems like he's awful pissed about ripple!
What I can't believe is; how so few people neglected the free giveaway ripple did when it came out. What were they afraid of? I grab most free giveaways when I can. It's free after all, and it's not like I'll be ostracized or humiliated. I'm not in middle school so I don't care if someone calls my stuff "gay"
Also, I don't get why XRP is perceived as a threat to btc. You don't have to get very far into the literature to see it is complimentary in its relation to other currencies.
I do think this price spike could be an over valuation though. Not a pump. I will continue to hodl my XRP - my two possible outcomes will be= moon, or XRP worth exactly what I paid for it (zero)