Posted 10 months ago | by Catoshi Nakamoto
The engines of crypto run at high RPMS and churn out a lot of torque. But the race we’re in has multiple classes of cars in it. Some, like Bitcoin are the high end prototype cars, others like Enjin or Cosmos are exotics. Stablecoins….they’re more like a Mitsubishi Mirage. Stablecoins are boring to us degens, but vitally important to the entire crypto ecosystem. But don’t be fooled, the tech behind Stablecoins is no slouch and the future of stablecoins will determine how much freedom the world will have in the coming years. The race to be the #1 stablecoin is intense and a new driver is coming on to the scene that is right now downshifting, and attempting to pass the current leader, Tether, on the insideRead More
Let’s get it.
Welcome to BitBoy Crypto! Home of the BitSquad and the largest crypto community in all the Interwebs. My name is Ben. Everyday on this channel, I show you how to make money in crypto. If you like money and crypto, then make sure to hit that subscribe button. In this video we look at the super secret XRP Stablecoin that is coming out very soon.
XRP is a coin that we like on this channel only because it has a tremendous upside. I’m not a fan of the tech, it’s centralization, it’s founders or it’s ties to traditional finance. I own a lot of XRP because it works for my portfolio and I’m in the business of making money in crypto. Don’t be mistaken. XRP is going to be taking a victory lap around the SEC in the very near future, setting it up to take the lead among other stablecoins. Well Ben, who cares about Stablecoins? Everyone should. Not only are they the most traded crypto BY far, they are the on and off-ramp to take profits. For the longest time Tether or USDT has been the top dog of Stablecoins, with others like USDC, TrueUSD, DAI and others lagging so far behind it’s like their engines are running on corn syrup instead of gasoline.
Because stablecoins are the means to put money in and take money out of crypto, they are getting A LOT of attention from Governments all over the world. Governments are trying to make their own version of Stablecoins called Central Bank Digital Currencies or CBDCs. We don’t like CBDCs. It’s the worst form of financial centralization. They are the path to a cashless, totalitarian society where every cent spent or earned is tracked and used by governments to repress freedoms. Stablecoins like Tether are based on blockchain tech and have public ledgers; any transaction they do whether it’s on an Ethereum chain or Binance chain is all out in the open via block explorers like Blockchair.com.
Yes Tether had it’s problems went it first launched but it has since cleaned up it’s act and for that reason has become the industry standard stablecoin for not just buying crypto, but for shadow banking. And before you go off thinking that shadow banking is only for criminals put yourself in neutral and remember that shadow banking is just a term that means you are handling your finances outside of a countries central bank. People across the world in oppressive dictatorships are shadow banked out of necessity…and fear. Over 40% of the loans in China are shadow banked. And Tether is the #1 crypto used for that purpose.
So where does XRP fit in? I thought XRP was it’s own currency.
Well it is…or it WAS. XRP first came out in 2018 as a normal digital currency like Litecoin or Digibyte. At least that’s what they wanted you to think. XRP turned out to be very…centralized and their founders held A LOT of the initial coins that where owned by the founders and Ripple labs themselves…look we’ve gone into XRP many times on this channel and you can get all that information by clicking here. The important development for XRP that YOU need to know about is this: a few months ago a whitepaper was released, in secret, by Ripple Labs that outlined how XRPL, the more malleable form of XRP, can be made into a CBDC – Stablecoin hybrid. Governments know that they are on their backfoot when it come to crypto and they are getting dangerously close to the Alt-Economy making them obsolete. Oh no. How terrible. Government Drones are actually putting off taking bribes for a minute or two and instead of reading whitepapers from Ripple Labs to figure out a way to get ahead.
Why Ripple? Because Ripple has what Tether and the other stablecoins don’t; money from Ole-Fi, and the blessings from one of the biggest players in the cryptoverse: The Digital Currency Group. The DCG knows that they have an uphill battle against Tether, DAI and maybe even Doge so instead of taking them head on like they are attempting with USDC, more on that in another video, they are using XRPL to be the stablecoin of choice for INTERBANK TRANSACTIONS. In the whitepaper they cozy up to the Central banks by saying things like “Time to Define the Future of Money, The introduction of CBDCs will be one of the defining transformations in the history of money.” And “Central Banks will not be willing to relinquish control to a completely distributed model, as they need the ability to direct and influence their economies through currency management” or when they talked about running QUALIFIED VALIDATORS: “This would give Central Banks the flexibility and functionality that comes with decentralized ledgers, while retaining enough centralized control over their monetary policies and economic management.” The qualification you see…is that you run the node that the Banks can control at any time.
This XRPL – Stablecoin hybrid doesn’t even have a name yet, but it would be a key step for any central bank to make up some time on the decentralized supercars they are currently losing to. They would have a hybrid, not like a Porsche Tycan but more like that hybrid truck/soundstage/torture chamber from Mad Max. So Immortal Joe AKA Jerome Powell and run you down and put your whole family in jail for sending Doge coin as a graduation gift to your niece when you should have used the government-approved currency instead. Because as we were told this past week “every cryptocurrency transaction is criminal” and if they don’t like it they want the ability to reverse the transactions….or worse.
That’s the end game. Full control. They want to change history. But will they? If it’s a race of innovation between tech and finance we already know who will win. Tech. But if finance continues to lose, they’ll start drafting us and try to play dirty, using regulation and government bullying to slow down Defi. Just look at what they are doing to Binance. How many times a year do we get FUD about Tether?
That’s what’s on my mind for the future of XRP and CBDCs. It’s grim, but I know the Cryptoverse can fight against it.
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But in the short term what does that mean? I think it’s obvious now that the SEC case is going to hit the wall and spin out. Ripple Labs will have to take a pit stop but then get right back out there. Jed McCaleb will finally be paid off and dump his XRP. And the central banks will quickly look at developing XRPL, probably for a benign task like handling escrow transactions. The big movement would be the fact that XRP would get listed on the major exchanges again. This sudden release of downward pressure on XRP, and influx of capital will surely see it rise to 2 dollars and it’s not a stretch to see XRP hit $10 or more over the next 12 months. That would mean huge gains for the long-term holders. This isn’t go-kart racing. This is LeMans. It’s both high performance AND endurance. You know the track layout now and who the newest team is. It’s up to you to stay ahead of the pack.
That’s all I got. Be blessed. BitBoy out!