Rant about Ripple

00:01 hey everyone this is a rant this is not 00:04 as thoughtful and straightforward and 00:07 well thought out as my videos usually 00:08 are this is just a rant so if you want a 00:11 logical and thoughtful explanation of my 00:14 criticisms of Ripple and their token xrp 00:18 which is the Ripple token if you want a 00:20 thoughtful explanation and questioning 00:22 watch my first video about it uh which 00:24 if I remember I'll paste in the comments 00:26 uh otherwise this is a rant okay so 00:29 anytime the price of coin goes up um so 00:32 again apologies in advance for a rant 00:34 rants are not supposed to be as coherent 00:36 as my other videos all right so when the 00:38 price of Bitcoin starts to rise just 00:40 like when the a rising tide lifts all 00:43 boats it also lifts all trash if you 00:45 notice when the tide comes in the trash 00:47 is the first thing to move all the 00:49 styrofoam cups all of the things with no 00:51 substance that float easily they all 00:54 rise so when Bitcoin starts to rise 00:56 eventually uh trash tokens like xrp 00:59 start to R which means inevitably as the 01:02 price of Bitcoin goes up somebody and 01:05 recently it's been a few times a week 01:07 somebody will comment on one of my fa 01:09 Facebook posts about hey Joel have you 01:11 heard of xrp and the Ripple uh ecosystem 01:15 this could be the next big thing and 01:18 inevitably well first of all I roll my 01:20 eyes because my gosh you know I just 01:23 think Ripple's the biggest scam rug pull 01:25 that rug pull is when you get everybody 01:27 to stand on a rug and then you pull the 01:28 rug and you know the person who pulls 01:30 the rug has lots of fun or gets lots of 01:32 rich and everybody else ends up you know 01:33 on the ground um so I think Ripple SL 01:36 you know xrp is the biggest scam SL rug 01:39 pull you know out there probably right 01:41 now but anyway and virtually literally 01:44 nobody I have ever met can clearly 01:47 articulate the value of this thing so 01:50 here's here's here's how it typically 01:51 goes hey Joel have you heard about xrp 01:54 it's the next big thing I'm like oh why 01:56 don't you invest in Bitcoin well 01:57 bitcoin's really expensive and I figured 01:60 I need to find my own token that I heard 02:02 about before my friends and so I found 02:05 xrp and it might be the next big thing 02:07 well first of all don't ever invest in 02:09 something because you feel like you 02:10 missed out on something real because 02:12 that's how people get scammed they're 02:13 like well I invested in something that 02:15 was not real because it was cheaper I 02:16 was like well don't invest in things 02:19 that are that are cheaper if they're not 02:21 real but anyway this is how it goes so 02:22 people are like yeah but Bitcoin was so 02:24 expensive so I bought a bunch of 02:26 xrp okay well if we're in the in the 02:29 market for cheap stupid stuff there's a 02:31 lot of stuff that's even stupider and 02:33 cheaper so why xrp but anyway so I'm 02:35 like okay is it a meme coin they're like 02:37 no it's not a meme coin I was like well 02:39 is it money well no it's not money so 02:42 it's a utility yes it's a utility okay 02:44 I'm like okay well what's the utility 02:46 well they're they're they're partnering 02:48 with the banks well what are they 02:50 partnering with the banks to do well the 02:51 person's not really sure they don't know 02:53 why they're really partnering with the 02:54 banks but they feel good about the facts 02:56 that they are partnered with banks okay 02:58 if you don't understand what's going on 02:60 there uh FTX was partnered with a bunch 03:02 of banks how'd that go FTX went to zero 03:05 went bankrupt they had a bunch of super 03:07 credible people on their board they have 03:09 had a bunch of uh goldplated investors 03:12 all of the biggest uh investment firms 03:13 in Silicon Valley were invested in FTX 03:16 they had goldplated Ultra high-profile 03:19 uh endorsements they had uh an amazing 03:21 board of directors uh strategic advisers 03:24 they had everything that would lead you 03:26 to believe that FTX was real and it went 03:28 bankrupt and uh Sam bankman in prison 03:30 for 25 years so um you know don't ever 03:34 best bet on something if you don't 03:36 understand how it works or what it is 03:37 just because there's some people 03:39 endorsing it or some people affiliated 03:41 with it okay so then I'm like okay so 03:43 what's the utility they're like well 03:44 with xrp it's partner with the banks of 03:46 course they don't know why it's 03:47 partnered with the banks or what value 03:48 might be created there they just feel 03:50 good about the fact that maybe they're 03:51 on the right track because they heard 03:53 about a bank partnership but they're not 03:55 sure how it works okay again I'm like 03:57 seriously you have real money in this 03:58 and you don't even understand it but 03:59 okay whatever let's keep going all right 04:01 so what does it do they're like well 04:03 it's it's like crossb payments and like 04:05 the banks are going to use it I'm like 04:07 well first of all I've never talk to 04:08 anybody who had any idea how crossb 04:11 payments actually worked or how 04:13 interbank settlement actually works who 04:16 knew anything about it so the people who 04:18 are positive that xrp are is somehow 04:20 going to help with this process have no 04:22 idea how any of this works which again 04:24 just tells me like seriously you have 04:26 real money invested in something and you 04:28 don't know how it works and the best you 04:30 you can come up with is that there's 04:31 people on the board and there's 04:33 strategic advisers and um you know and 04:36 there's something about crossb payments 04:38 and internate you know interbank 04:40 settlement that's like a buzzword salad 04:42 come on like come up with some real 04:44 value okay so then the conversation 04:45 keeps going and I'm like okay but here's 04:47 the problem with the utility token if 04:50 the if the utility token gets widely 04:52 used it goes up in value and as it goes 04:54 up in value people switch to cheaper 04:56 networks right it's the reason that 04:58 people started on ethereum and then 04:60 switch to salana and it's the same 05:02 reason that when salana becomes too 05:04 expensive to transact on they'll switch 05:05 to Eland or they'll switch to something 05:07 else because they don't care they're 05:08 going to transact on the cheapest 05:10 network of transactions so I'm like well 05:13 okay if xrp costs whatever $2 and 05:16 however many cents whatever it is I was 05:18 like if it costs if it costs xrp to 05:21 transact on that Network then um then 05:25 you know how then as the price goes up 05:28 if you're betting on the price going up 05:30 then that means the transactions are 05:31 going to get more expensive which means 05:34 eventually people are going to switch to 05:35 a different network and they're like uh 05:37 no but that's the great thing about it 05:38 you actually don't need to use the xrp 05:40 token to transact on the xrp network I'm 05:44 like okay now we we got a real head 05:46 scratcher like literally I'm having this 05:47 conversation with an actual real person 05:49 I'm like wait so you're positive the xrp 05:52 token's going to increase in 05:53 value because banks are going to use it 05:56 but the great thing about it is you 05:58 don't actually have to use it in order 06:00 to use it I'm like what so they're like 06:03 yeah you can use the uh you can use the 06:06 Ripple Network without using the xrp 06:08 token I'm like but then wait why are you 06:11 invested in the xrp token if you can use 06:13 the Ripple Network without the xrp token 06:16 they're like well because everybody's 06:17 going to use the Ripple Network and the 06:19 xrp token and the price is going to go 06:20 up I'm like but you just told me that 06:23 you don't even need to use the xrp token 06:25 in order to use the network so how's 06:29 that work well they have no idea I mean 06:31 it's it's absolutely insane the degree 06:33 to which the people who have money in 06:35 xrp have no idea what it is no idea how 06:38 it works no idea what the utility is no 06:41 idea why everyone won't switch to a 06:44 cheaper network if xrp actually starts 06:46 being successful no idea why you even 06:49 need the xrp token if you don't need the 06:52 xrp token to use the network why is 06:55 there an xrp token if you don't need it 06:56 to use the 06:57 network like okay likeone of this makes 07:00 any sense and then I'm like well the 07:03 problem is Ripple Labs controls like 42% 07:05 of all the Ripple tokens and there's 07:08 like a 100 billion Ripple tokens and 07:10 they plan to dump something like 42 07:13 billion Ripple tokens on the market in 07:15 the next three years and their response 07:17 is well first of all most people who buy 07:19 Ripple have no idea they're like what 07:21 I'm like seriously you have not even 07:23 freaking Googled it you bought Ripple 07:25 xrp and you didn't even Google it to 07:28 figure out how it works like look if my 07:30 kids bought anything my kids all know do 07:33 not do anything without asking Google 07:36 asking YouTube and asking chat GPT if 07:40 you have not asked Google uh YouTube and 07:43 chat GPT then you're doing something 07:45 stupid because there is nothing in the 07:47 world worth knowing and nothing that you 07:50 can't understand by asking Google uh 07:53 YouTube and chat GPT but again 07:55 inevitably the people I'm talking to 07:57 have not done any of that they inv 07:59 invested in xrp 08:00 because there were some people on the 08:01 board and it seemed like it was a token 08:05 that they got to before other people did 08:07 and it has something to do with 08:09 International payments and Bank 08:10 settlements and they heard about some 08:11 Partnerships but can't actually point me 08:13 to any so every time this pops up every 08:16 you know few months I'm like okay I'm 08:19 going to get to the bottom of this scam 08:20 so I spent a couple hours online 08:22 Googling all the things these people 08:23 should Google and of course there's not 08:25 any answers I'm like where where are the 08:29 banks that are actually using xrp like 08:31 show me somebody that is actually using 08:33 xrp today well they I can't find 08:36 anything I can't find anybody who's 08:37 actually using it now if you wonder why 08:40 would Banks announce a partnership for a 08:42 technology they're not using the answer 08:44 is they do it all the time large 08:46 companies are constantly announcing even 08:47 small companies companies in generally 08:49 are constant constantly announcing 08:51 Partnerships with technology they 08:53 haven't figured out yet because every 08:55 big Bank wants to look like they're not 08:56 behind on crypto so along comes xrp and 08:59 says hey hey big wigs at the bank you uh 09:03 announce a partnership with us and then 09:05 your techie people will get with our 09:06 techie people and we'll figure it out 09:08 and the big wigs are like great this 09:10 gives us an opportunity to look like 09:11 we're ahead of the curve on crypto we 09:13 don't really understand how this xrp 09:14 things works but we don't need to we get 09:16 all of the benefit of announcing a 09:18 partnership without any of the downside 09:20 of actually doing anything so companies 09:22 are constantly announcing Partnerships 09:24 with each other when there's nothing 09:26 there like there's literally nothing 09:28 there they just they announce a 09:29 partnership because they because they 09:31 can't um so anyway so same same here 09:33 there's been a bunch of Partnerships and 09:35 house but I can't ever find anything 09:36 online that there's any substance to any 09:38 of these Partnerships also nobody can 09:40 answer me for you know settling 09:42 International Trade why would you not 09:44 use that US Dollars the way people 09:46 already do now and if that's too slow 09:48 why would you not use tether usdt or or 09:51 uh U uh usdc which is uh the US dollar 09:55 stable coin um so you have two stable 09:57 coins that are pegged to the US dollar 09:58 that you could use for intern National 09:60 settlements so why wouldn't you just use 10:01 those well of course these xrp people 10:03 have no idea why you just wouldn't use 10:05 tether or uh usdc to settle 10:08 International uh transfers like nobody 10:11 knows anything about this and then you 10:13 go back to the founding and it's like 10:15 okay you know the founding of xrp was 10:17 some rather sketchy you know people one 10:19 of them was the founder of Mount goau 10:22 which was the biggest crypto exchange 10:23 that blew up and everybody lost all 10:25 their money it was basically the FTX of 10:27 2014 except the percent of total Bitcoin 10:30 lost was much much much larger than FTX 10:32 so one of them was that guy now he was 10:34 not he had just he had sold FTX before 10:37 it blew up but he was the one who built 10:39 it so like he built it he sold it it 10:40 blew up and he started uh xrp so that's 10:44 one of the founders and either the same 10:45 founder I think a different founder sold 10:47 all of their xrp tokens okay so it's 10:49 like wait you're telling me this is so 10:51 great that one of the founders believed 10:53 in it so much that he dumped all of his 10:55 tokens seriously like who's buying this 10:58 stuff I just have no idea um so anyway 11:01 none of it makes any sense nobody can 11:03 explain to me why the price is not going 11:05 to tank when they do dump 42 billion 11:08 additional uh Ripple tokens nobody can 11:10 explain to me what the utility is how 11:12 the utility is not you know how it's 11:14 sustainable who's really sort of who's 11:17 really behind this and who what legit 11:19 actual people are involved I mean the 11:21 whole thing is so unbelievably fuzzy and 11:24 a morphous that unlike Bitcoin with 11:26 Bitcoin the deeper you dig the more real 11:28 it becomes if you meet with any 11:31 bitcoiner they want to go down the 11:33 rabbit hole with you every bitcoiner 11:35 wants to help you understand how it 11:37 works why it's valuable look you can 11:39 find almost any bitcoiner that will 11:41 spend all day explaining the having 11:44 they'll explain the difficulty 11:45 adjustment they'll explain you know the 11:48 the finer nuances of how you know the 11:50 Bitcoin mining works like bitcoiners 11:52 love Bitcoin because it's real and the 11:55 more you talk to them the more you find 11:57 out they love this thing because every 11:59 everything about it is real everything 12:01 about it is amazing and they want to 12:03 tell you about it every single person 12:05 I've talked to about Ripple it 12:07 immediately falls apart like 10 seconds 12:09 into the conversation the whole thing 12:11 falls apart they do not know why they 12:13 invested they're not sure what they own 12:15 they don't know how it works everything 12:17 every answer is a handful of buzzwords 12:20 and I'm you know and the you know the 12:22 the answer of why won't they dump 42 12:24 billion tokens on do that it's like 12:26 seriously we moved from a Federal 12:28 Reserve who we were worried about 12:29 earning money to uh just trust me bro so 12:33 like the the you know the the the uh xrp 12:36 model is you know motto seems to be just 12:38 trust me bro well the last time we heard 12:40 of just trust me bro was FTX Sam bankman 12:43 freed was like hey we have all the 12:45 Bitcoin just trust me bro well they 12:47 didn't they had rehypothecation and all 12:49 that sort of stuff so this whole xrp 12:52 thing is absolutely insane I mean I I 12:54 just I 12:57 can't so anyway I can't believe people 12:60 are constantly telling me about xrp and 13:03 they have no idea what they're talking 13:04 about I mean it's just it boggles my 13:06 mind that people would invest real money 13:08 in something that they understand so 13:10 little and that it completely falls 13:12 apart the moment they uh you know the 13:14 moment they get into it so there's a 13:15 couple people I was about to wrap up 13:17 this video but there's a couple people 13:18 on here I can see are watching that I'm 13:20 going to invite uh one or two of them 13:22 into the video and if you want to join 13:24 and weigh in uh let me know um uh here I 13:28 I'm going to actually there just one 13:29 person I'm going to invite them and see 13:31 if they want uh I don't know how this 13:34 invite for um I've never done it before 13:37 but we'll see if they join the video 13:38 then I guess we're GNA have two of us on 13:39 the video and we'll figure out how that 13:40 works um anyway so all that to say this 13:44 is a rant I think xrp Ripple is a scam I 13:47 think the economics are insane I think 13:49 the incentives are bizarre I think the 13:52 people who have invested in it don't 13:53 seem to have any idea what they hold and 13:55 the people who do know what they hold 13:57 like one of the founders dumped all of 13:59 it which tells you everything you should 14:00 need to know about it which is it was 14:02 exactly valuable enough to just dump um 14:05 so anyway I just don't I just don't 14:07 understand this thing um but I've tried 14:09 I've spent multiple hours multiple times 14:11 trying to figure out what do these 14:13 people see that I don't see and the 14:15 conclusion I keep coming to is nothing 14:17 they they have been duped by the the xrp 14:20 you know scam machine um but anyway 14:23 that's my conclusion but I try to be a 14:24 very open-minded person in the eight 14:26 years I spent in the House of 14:27 Representatives in Mississippi I was 14:29 typically the very first person to adopt 14:31 new ideas or outof the boox thinking and 14:33 all of that so I will try to embrace 14:36 anything so if you know something that I 14:39 don't know about Ripple xrp uh Ripple is 14:44 the company behind it Ripple labs and 14:45 the token is xrp if you know something I 14:47 don't know please email it to me you can 14:49 email me at Joel Joel bomgar.com that's 14:52 j l j o l b o m g r.com that's my email 14:57 address Joel Joel bomgar 15:01 so just email me I will literally read 15:03 anything you send me uh now don't send 15:05 me a 95 white paper that page white 15:08 paper that you have not read yourself so 15:10 if you send me something send me 15:11 something that you yourself have 15:13 actually read not something you Googled 15:15 and downloaded that's 95 pages long and 15:18 you don't even understand it yourself 15:19 but if you have any material that you 15:21 think explains anything of what I'm 15:23 talking about please send it my way I 15:26 promise I will read or I will watch or I 15:29 will listen to anything you send me 15:31 about xrp and try to figure out if I'm 15:34 missing something but I don't really 15:35 don't think I am I think the whole thing 15:37 is a scam and I think it's going to zero 15:39 that is exactly what I think is going to 15:40 happen so um anyway let me see if 15:43 there's anybody else on here that I 15:45 might be able to uh invite it looks like 15:47 probably not so uh anyway uh let me know 15:49 if you need anything everyone have a 15:51 great day always a pleasure to serve you 15:53 in any way I can thanks