7:53

Ripple (XRP)'s INSANE Story that almost stopped everything

Name: Ripple (XRP)'s INSANE Story that almost stopped everything
Uploaded: 2022-07-05T21:32:21.689Z
Duration: 7 min 53 s
Description: Ripple aimed to replace SWIFT with a blockchain bank-to-bank layer, but founders became billionaires before banks adopted XRP, creating misaligned incentives and a reputation as shady/centralized. A friend planned a hostile takeover: airdrop a token to all XRP holders with a manifesto, offer multiplier incentives to send XRP to his wallet, then dump the received XRP to crash the price.

From My First Million · Published Jul 5, 2022 · Watch on YouTube

TL;DR

Ripple aimed to replace SWIFT with a blockchain bank-to-bank layer, but founders became billionaires before banks adopted XRP, creating misaligned incentives and a reputation as shady/centralized. A friend planned a hostile takeover: airdrop a token to all XRP holders with a manifesto, offer multiplier incentives to send XRP to his wallet, then dump the received XRP to crash the price.

Key insights

Ripple’s founders became billionaires before their product was used by banks, undermining the incentive to actually build the product.
The crypto community’s consensus was that Ripple was “full of shit” due to centralized control, excessive founder share, and inflation.
The planned hostile takeover used a prisoner’s dilemma: holders had to decide whether to be early (get 5x multiplier and not hold the bag) or stay and see the price collapse if others participated.

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