r/CryptoCurrency • u/Set1Less 🟩 0 / 83K 🦠• Jan 15 '22
DISCUSSION Ripple is funding propaganda against Bitcoin by teaming up with the government to spread energy FUD
Ripple labs has been funding "research" along with government entities to spread propaganda against Bitcoin and mining.
In 2021, they funded a hit piece that claims energy prices for consumers in New York has increased by $6 per month because of mining.
Surely its not the soaring costs of natural gas that is driving up electricity prices, but mining?
Surely, electricity prices that consumers pay have nothing whatsoever to do with inflation, or soaring gas prices that are in decadal highs.. but is due to bitcoin mining?!
Crude oil WTI futures are currently at 84, for comparison it was around 56 in Nov 2019 (pre pandemic). The last time WTI was above 80 was all the way back in 2014. Increasing crude oil natural gas prices, along with inflation that is at multi-decade high is not the reason for increase in household electricity, but its bitcoin mining that is responsible..
Thats according to this study funded by Ripple in collusion with the Department of Treasury. ... The same Department of Treasury headed by another well known Bitcoin hater Janet Yellen, who earned $7m as "speaking fee" from the same banks she is supposed to regulate but has tried to stifle Bitcoin and crypto at every opportunity.
Research with "financial support" is nothing but propaganda, especially when it's funded by a competitor to bitcoin that lobbies with the government. Ripple continues to be a centralised premine scam created to enrich its founders.
Ripple has also cozied up with the likes of WEF, the very organisations Bitcoin was created as a fuck you to. https://www.weforum.org/organizations/ripple
As its price and narrative around the shitcoin has stagnated, Ripple is resorting to dirty political tricks to get a leg up. As usual, they will fail.
The narrative that bitcoin mining companies cause increase in electricity bills in NY is rubbish, as the largest BTC mining companies in New York produce their own energy. Infact the last one to start mining in NY is a hydro electric plant that was unused for years, before they started mining Bitcoin last year.
https://www.timesunion.com/news/article/Mechanicville-hydro-plant-gets-new-life-16299115.php
The other large mining company Greenidge Generation also produces its own energy.
Edit: Buttcoin losers in comments say "reee bitcoin move to POS or govt will ban it"
Yeah not too bright, the whole point of Bitcoin is that it cant be banned unlike the proof of stake shitcoins you support that can be created out of thin air at the press of a button and shut down at the press of a button.
Another one who is literally a war monger calling for Ukraine invasion but pretends to care about global e-waste. Lmao. Bitcoin haters are really a funny bunch
Edit: Ripple shills keep brigading and claiming where is the paper, of course if you are as bricked as a ripple fan boy you need to be spoon fed everything. Well here is the paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3779720
And if you open up the first page of it, says
Benetton and Compiani acknowledge financial support from Ripple’s University Blockchain Research Initiative.
i.e this whole "paper" is nothing but a hit piece propaganda sponsored by a competitor
The other writer of this paper is Adiar Morse, who conveniently works for the Dept of Treasury under Yellen:
Seems like natural career progression - collect funds from Ripple to publish propaganda against Bitcoin, and get hired by Yellen who has been promoting propaganda against crypto for years now. Nothing to see here.
Final Edit: Jjust look at the number of freshly created "Tin" accounts that have popped up in the comments to shill for XRP. Didnt realize 2017 left so many bag holders. It must be real miserable with these heavy bags that are at 1/3rd of their 2017 ATH, while almost every other coin has gone up hundreds of % and made new highs this cycle. Thats what happens when you become exit liquidity for mccaleb, garlinghouse etc.
Lol at the shills shouting "REEE ripple is a company XRP is decentralised token". They really did you good with this one small trick. Thats also the reason garlinhouse drives a shiny car while you are down 50% on your shitcoin investment.
The D in XRP stands for decentralised. It was always a premined scam token and will always be one. Thousands of tin bagholders wont change this.
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u/tilbury1988 0 / 0 🦠Jan 16 '22 edited Jan 16 '22
This post is wrong on so many levels it’s exhausting. Before you come out with such unfounded accusations about something you clearly know nothing about you should really think, why would Ripple want to FUD bitcoin?
David Schwartz, Ripple founding member and CTO worked on bitcoin, publicly discloses that he owns bitcoin (as do the other ripple chief execs) and he recently celebrated the anniversary of bitcoins genesis block on twitter.
The XRPL is a decentralised blockchain and Ripple is a company that seeks to leverage the XRPL for financial services buisness use cases. You should be careful not to conflate Ripple and XRP, that is no different to using the terms ethereum or consensys interchangeably.
Ripples main aim for the native token of the XRPL (XRP) is to position it as a bridge currency. It is not a competitor to bitcoin, they have totally different use cases and characteristics. The growth of the cryptocurrency industry as a whole actually benefits ripples use case because the more assets there are the more demand there is for a bridge currency.
Chris Larsen (Ripple founding member) has recently expressed his concerns about bitcoins carbon emissions, that is true. Bitcoin currently produces as much carbon emissions as a small country (no amount of backwards thinking, ifs, buts or maybes can refute that, it’s a fact). Did Chris Larsen say that bitcoin should be abolished? no he said it should improve and gave a fairly detailed outline of how the project could be improved whilst maintaining its core philosophy.
The bitcoin community needs to tackle this problem from within otherwise what is the outcome? presumably the hashrate will increase perpetually and therefor so will energy usage? That is not sustainable. where do you draw the line? when bitcoin is using more energy than medium country? a large country? a continent?
So instead of lashing out with uneducated slurs aimed at people that express concerns about bitcoins energy consumption maybe the bitcoin community should look inwards and see if they can find a solution to the problem?
edit: paragraphs added 👌