Electroneum Vs Ripple (Xrp) - Who Wins!

Hey you, welcome back to the channel. And guys, today we want to talk about the 800-pound gorilla in the room. We're going to talk Electroneum versus Ripple. So I decided to— something possessed me to do this video today. You know, I've heard these type of conversations before. With the Ripple community, with the Electroneum community, and other communities. And a lot of them are emotionally charged. Um, a lot of people are heavily invested in, in these communities. And, um, you know, there's a certain, um, understandability of, you know, why, why they're so passionately fueled about these about these tokens. So what I want to attempt to do, guys, is I want to, uh, come in as non-biased as possible. I want to just look at these tokens for what they are. Uh, I want to try to present as much— as many facts as I possibly can. I want to raise, uh, as many pros as cons, uh, and, and try to get to a better understanding of why these tokens were created, what they plan to do, their chances of accomplishing it. And so we're gonna, we're gonna try our best to cover many of those, those details. And if I forget something, I'm sure that the communities will help me get it right. So Let's start with Ripple. So what, what is Ripple, right? Ripple is a, is a company, it's a corporation, it's an actual business. I think it was created in California, or I'm sorry, it has a California base. It, uh, was it Canada? I'm not 100% sure, guys. I want you guys correct me in the comment section. But, uh, anyway, it's, it's existed a while. I know that it, it came, it was, um, came on the scene really not much longer after Bitcoin was created. So what Ripple does is it creates this ledger between banks to transfer IOUs and assets, and they have a trust system. Banks are, banks are different from normal people in that banks can issue IOUs to each other. They can settle they can have settlement later where they can settle it in cash or whatever agreements they have because they have a trusting system. It's not like yours. I'm giving an IOU to Joe Blow. I'm giving an IOU to the bank of such-and-such, and there's a lot more trust in there. And they have a— Ripple created a protocol, right, in order for they can— so they can do this. And so Ripple uses something called XCurrent, right? So in order for Ripple to be this cryptocurrency, because more than likely most cryptocurrencies exist with the idea of mass adoption at some point, and I think that's going to be the key of what— of the distinctions between Electroneum and Ripple. You know, as we're comparing them, we're going for who's going to be mass adopted because Ripple wants to mass adopt, most coins want to mass adopt. So there's going to be comparisons on how to get there. All right, so Ripple uses this X-Current system with their banks and the fees are paid in the XRP tokens, right? It's settled with XRP, the fees are, and of course XRP is deflationary. So the thing is, in order for XRP to mass adopt, right, um, the hope was to use the xRapid, which would actually have these banks using XRP tokens. So let's be very clear here because I A lot of people probably know the difference between Ripple and XRP, but I think some people are still confused. I think they, they say Ripple a lot and they don't understand that Ripple is a business that created this protocol. They're not the token. Now the connection between Ripple and XRP is Ripple did create the token, but Ripple has, I believe it was like over 55% of the XRP tokens. So they have a lot of these tokens, a great deal of these tokens. If it was a company or stock, they would have controlling interest, right? And so, so xRapid would be the banks actually using XRP tokens on this road to mass adoption. So let's think a little bit about if you're a bank and, and what banks would want to happen, right? Banks want to make money. They want to make money as safely and securely as possible. Banks don't like risk. Banks like risk reduction, right? And they do a lot of risk assessment, you know, as to say they don't want to— they don't want the exposure, they don't want to be exposed to risk. What is one thing that we get exposed to a lot in the cryptocurrency markets? Risk. A lot of risk. Too much risk. 90% of your investment gone the next day type risk. With the hopes and the idea of high risk can yield high rewards. So this is the idea of Ripple. Ripple wants to use the XRP token that will give it utility, that will give it value. And the problem up to this point has been that a lot of people have been saying, well, Ripple's it's kind of a hot air balloon type thing. It's an idea that banks are going to use the XRP token and it will actually have value and utility, uh, because they'll actually use the XRP token and not something else, right? Is everybody following, following me on that? So some banks are using it. That's That's what's coming out as of late, that some banks have started to use this. But many people who are familiar with the banking industry will probably say something like, well, they might use it, but number one, they're gonna try to get rid of it as fast as possible. Why? Because they don't wanna be exposed to risk. So it, Right? Does that make sense? If I'm a bank and I'm transferring this token, uh, it's a possibility I can make a ton of money because the value of the token could rise as more people use it. Maybe one day XRP, if everybody decides to use it, it will become stable and, uh, it would, it would be less risk involved. That, that could very well be true. But the reality of it today is, uh, banks probably aren't going to want to expose themselves to the risk, a lot of people believe. But more importantly, the protocol works without blockchain. It can work without, you know, it can, it can actually work as it has. They're working it now, right? And it can solve their problems. It's already saving them a lot of money, and it's a better system for them to use at present. This could make them more money. Banks like to make money. Banks don't like to lose money. So it becomes this fight of, is it worth the risk? Is it worth the risk to do this? You know, if I'm a large bank, you moving a lot of money volatility, I could be at significant risk, right? So these are some of the issues that could stifle the growth of Ripple. The mass adoption of Ripple. But let's talk about the good things about Ripple because I want to be non-biased in this. A lot of people know I love Electroneum, uh, and, um, I want to, uh, talk about some good things about Ripple and how I feel about Ripple. And here's another thing, uh, I like to make plain. I, I hold some Ripple. I hold some Ripple and I plan to hold some more Ripple. And I'm going to explain why this is, um, in relation to the entire cryptocurrency space, right? And what I think possibly could happen. So let's talk about that a little bit. So what are some good things about Ripple? Well, we know they just had the swell, um, conference they do every year. Convention or whatever it is. And who'd they have there speaking? Ben Bernanke, the Fed chairman, right? Ben Bernanke. Bill Clinton, President of the United States, probably one of the greatest, compare, you know, uh, uh, in comparison to some people. And so let's think about that a little bit, right? How in the world is Ripple able to pull off big names like that? It doesn't stop there. They have a host of internet models that, you know, gorgeous women that are promoting this token and this or this event, right? And so everybody ties that into what's happening with XRP token and everything like that. Those are good things in my opinion, and I'll tell you why. This shows me that if Ripple the company, obviously these events are part of bigger marketing campaigns in my mind, and this is trickling down to XRP. And many of you who watch the channel know that I'm a big strong believer in communities, and I'm a big strong believer in marketing. And people go, oh, I can't believe that, Miko. How could you focus on community and marketing over technology? We just can't believe that. You don't know what you're talking about. You need to be quiet. So what I'm seeing is Ripple understands this has a very powerful impact on people. Obviously it has an impact psychologically on things being successful, the ability to grab these huge governmental officials, uh, these, uh, titans of industry. You know, this is a formidable syndicate, conglomerate, whatever you want to call them. Uh, that kind of influence, money, power, marketing, attention will have value whether you like it or not. And so Ripple's managed to pull that off. Now one could argue that, oh, they're, you know, it's all marketing, it's all smoke and mirrors, it's all marketing. And the company Ripple that created this protocol for banks to use, that, that doesn't even require the token. So, so, so, so they're basically saying if it doesn't require the token, Ripple the token doesn't even, or XRP token doesn't need to exist. You just use Ripple the company and the banks still do their business and you use their protocol. I understand that as well. But if you put all that to the side, what does Ripple have, or what does the XRP token have? It still has this community of believers, and it still has, uh, this tremendous marketing and value that's keeping that token relevant, occasionally making it number 2 and replacing Ethereum. And that's just the reality of the situation. You can argue with it, you cannot like it, you can have conspiracy theories, you can say that they're, they're part the banking system. And you can say all of this, you could be right on most of it, you could be wrong on most of it. But that's the reality of what's going on with Ripple. So those are many of the reasons why people either have issues with Ripple or they like Ripple. The possibility that the XRP token will be used by many of these banks to a significant level where the token will shoot up to $500 per token. And this is, uh, the idea, right? This is why people are investing in Ripple. And before the video ends, I'm going to tell you why I'm holding some Ripple, but it's going to be some terms to that, and I'm going to help you understand why that is. So let's Let's now get over to Electroneum. So what's the idea behind Electroneum in comparison to what Ripple's doing? This token that works with banks and somehow they can move money better than anybody else. They got a great blockchain. They're, they're, they are much better with this technology than probably anybody, right? Because they got real big institutions trusting billions of dollars doing this, right? And so let's talk about Electroneum a little bit. So Electroneum has a more, I think, what I would consider a more rudimentary, more salt-of-the-earth type approach to value in the cryptocurrency space. Electroneum kind of gives many of us this feeling of what many of us probably thought cryptocurrency was supposed to be about. You having your own bank, having easy access to that bank with a device. You know, what would be a more practical advice— a device, rather, to use, uh, if you're your own bank, if you're able to use and transact your own business, some type of something that you carry with you, right? A mobile phone perhaps. And so the, the idea behind Electroneum is to make cryptocurrency easy. You got this application, you got this mobile wallet, uh, and you're able to do all of these transactions and purchases and vendors at vendors and stores and locations. And that moves it into why the, uh, instant payment processor was created, right? The API, in order for it, it to be easier for vendors and merchants to have it so you people can have control of their money and do these things. Very big difference between that description and, and kind of what we're getting with Ripple and Bill Clinton, Ben Bernanke. And so the idea, or then the next part is Well, let's find a market where people really need to use this, a real use case. And so then you go to places where people are unbanked, right? But it's not just enough to say we got this device that can deliver, you can, you know, make transactions over with your money or do a cryptocurrency. Electroneum takes it a step further. They have this simulated mining where these people can actually become part of the Electroneum community by getting these Electroneum tokens free. And why would you want that? Why would you want to give out free tokens to people? Well, let's think about the, the situation with a normal economy and with a crypto economy. And a crypto economy that wants to simulate a normal economy is very, very small, which means it's very difficult to get, uh, money, crypto money, through ways that a normal economy would. You'd be able to do that. You'd be able to go out, get a job. Uh, money's— so money's in everybody's hands. So it's easy. It's very easy for me to deliver money to you for whatever reason in a normal economy. Cryptocurrency economies are a bit different, right? You don't have as many opportunities. And so Electronium seems to be doing is making it so that Electronium is in everybody's hand, is so readily, easily distributed, distributed and readily available that it's easier for people to become part of the Electronium community. So that's part of it. Then the banking, the unbanked rather. And then the next part is implementing this idea of a gig economy where now we can take value from these people and they can trade their value. Because then the next idea is, oh, you're just giving away, uh, money, and that's why people are invested, are interested in your token, that didn't get free money from you or whatever. But it's a little bit more complicated than that. Economies work more complex than that. By setting up these gig economies in these, uh, unbanked lands and countries, their labor, their, their value, what they create, their, uh, what they can do is being, uh, traded against Electroneum, right? And so it's kind of modeling this real economic model and use case. Now, in a perfect plan, you know, one wise man I once heard said there are no perfect plans, just perfect intentions. But no, but in a perfect plan, what would happen in the electronic model is it would be so successful in these unbanked lands that we would take notice in the West and we would be able to trade value back and forth. Now we got this huge economy. Now these are the differences between Electroneum and the differences between Ripple, right? And we're doing comparisons of them now. And so I'm going to move on to my— to the next part of this conversation. And that's if I'm holding Ripple, why am I holding some Ripple? Uh, so Let me talk about that a little bit. So I've decided that I should hold some Ripple in my portfolio despite much of what I said about the direction of Ripple. And taking this very unbiased approach, I'm going to explain why I would hold Ripple in my portfolio and do Um, so Ripple is a, is a good company. It has an influence on the cryptocurrency market, although in the back of my mind, I don't really see, feel a necessary, uh, to me it doesn't feel a necessary part of cryptocurrency. I think they could just as well be a good business And these banks could just as well use this protocol and do the same thing. But I have several approaches to the cryptocurrency market. One approach I have to the cryptocurrency market is gateways to get capital into the cryptocurrency markets more efficiently. In other words, I'm not against money, gateways for money to come into cryptocurrency to be converted into cryptocurrency, right? It's— I'll give a very simplified example. Of it. A lot of people in the cryptocurrency space hate advertising. They hate companies being involved in cryptocurrency. And the idea is that they'd rather that not even be there, uh, in some particular cases. Whereas my approach is, oh, let everybody in who has money, and that money becomes cryptocurrency, and we take that money and we change it over into cryptocurrency. Now it's deflationary money. Now we have that same money that was outside, that same value that was outside cryptocurrency in cryptocurrency. So I look at Ripple that way. To me, Ripple is a gateway to get money from the outside into the cryptocurrency space. Why? Because they do a good job at it. They become quite efficient at it. They can market better than anybody. And this is the one thing, uh, I love Electroneum, but when it comes to marketing, uh, Ripple, I would say, wins that. They're gonna, they're gonna win that because, well, it's gonna be easier for Ripple, right? Because they have a war chest. They have a huge war chest, and obviously they have big connections. And so that's gonna be hard to fight against that. Right. Um, and so there is no reason for me to be anti-Ripple with my position, because again, I see Ripple as a situation where money comes into the cryptocurrency space, is it— it's converted. But now here's where it gets problematic with me with Ripple. I think with me and Ripple or XRP tokens. Let's, let's be clear. I think the problem would be that when I'm holding XRP tokens, I'm quickly looking to get rid of them. And this is a problem, a very similar problem to what may occur with banks that use XRP tokens, right? Because again, they don't want the exposure. They don't want the dangers. That's not what banks do. Banks are trying to get rid of risk. They aren't trying to be exposed to risk. So, you know, so Ripple is a good gateway, I think, for many of us. Another thing I see a lot with Ripple, XRP, and in the community is that They're capitalists, right? Nothing wrong with that. I'm a capitalist. To me, Ripple is at the very core level people in the cryptocurrency space like speculators who want to make money. Nothing wrong with that. Speculators give liquidity to the market. Most of us in the cryptocurrency market want to make money. And that's fine. However, in order to make money in a healthy way and in a proper way, you do have to have a good foundation that is based on values and principles that will make it be sustainable, cause it to sustain. If as soon as I get your token in my hand, I'm looking forward to go up and get rid of it instead of thinking of it like something I want to trade for bread, milk, or trade it— trade like we trade dollars and other currencies. That's a bit of a problem for me. It's a little bit different when I compare Electroneum with that. When I get Electroneum, for some reason I want to hold it. I don't just want to sell it. It's just— it's something about the, the structure of Electroneum that makes me feel confident about its future, the way it's going about things, the way it's looking at economies in other places and value, because these are the things that fuel economies. These are the foundations of them, right? Uses for your token is the, the foundation of it, right? It's not just a speculative device that you want to get rid of and make some money, although I know many of us do that. But what would be safer is people really want to hold your token, they really want to trade value amongst your right? So, so who's the best? Who comes out the best? Well, it's a matter of perspective. What is your, what is your, your end goal in cryptocurrency? Is your end goal in cryptocurrency to cash out $50 million, $100 million back into fiat currency and go live a good life? If that's your end goal, then Ripple is probably not a bad token to have in your portfolio, right? I have it in mine. I think it's great. I think it's great for making money. But if you have an idea that people should have their freedom and control of money back and have a a token that can't be manipulated or controlled, or a token that, let's say, 60, 70% of the tokens owned by some entities someplace else. And so it can be kind of manipulated, can't be controlled. And I'm not exactly pointing fingers at Ripple now because as I understand it, I think they have them locked away in some type of escrow account. So I'm sure that their plan isn't just start dumping them and things like that. I trust that, I believe that that's not their plan. I don't think that they would need— that would be a good plan either way. But if you're in that mindset where it should be that way, you should have control of your money. You're not necessarily looking to cash it out into back into fiat to, you know, to go participate in an old monetary system, but you're looking at it for it to be a new monetary system where you're going to buy everything in your token and and find value in that regard, then I think Electroneum better fits that narrative, right? And again, this is a matter of perspective, right? It's not so black and white as to go, oh well, you know, Ripple's better than Electroneum because Electroneum security is poor. Well, here's the thing. It's very likely that coins go up in value, that they can work on their infrastructure. You know, Bitcoin has a ton of money in 2019 coming into its infrastructure to improve it, right? So that's not a huge problem, you know. Even if that's true, even if that's the case, if that's the biggest argument against Electroneum, you know, that is going to be this very unsecure platform and everybody's gonna lose all their money and it's gonna be hacks and this and that. Um, you know, I believe that Electroneum, it will be quite easy over time to work on and improve its infrastructure. I don't think that that's going to— see, the bottom line is this: it starts with the blueprint and the plan, right? If that's off from the beginning, then it really doesn't matter what you do after that because you're still headed in the wrong direction. I think Electroneum is headed in the right direction. So at any point in a given time, their, their structure, their infrastructure, their platform can be improved. That's, that's not a huge problem. I think what's going to be a problem for Ripple is going forward into the future. Are these banks going to adopt XRP tokens like the idea is supposed to be in order for these tokens to have all this value? Are the banks going to be willing to take these tremendous probable risks, right? And so that's something to think about. So it's a matter of perspective, guys. And, uh, those are some things to think about. Uh, I think it depends a lot on the narrative you're going with in this. Again, if you're— if you just want to make some good money, get out, live a good life, Ripple's probably the token for you. If you have an ideology about, uh, mass adoption and cryptocurrency and us actually using the cryptocurrency, Electroneum might be the token for you, right? I think you all pretty much know where my view and my decision rests with this without me going any further with it. But guys, this was fun. I enjoyed talking about this. I hope I covered a lot about it. If I didn't, please feel free to go in the comment section, tell me everything I got wrong, tell me what you like about Ripple and why you think will mass adopt and various things like that. Uh, uh, keep in mind, I will be holding Ripple. I am a holder of Ripple. I am a businessman. I do believe there's other ways to get money into cryptocurrency that a lot of tokens aren't doing. Uh, some tokens to me don't know how to market well in that regard. I think Ripple will do an excellent job, job at that. And so I think it will be helpful overall to the cryptocurrency community, but in in a one-on-one comparison. These have been my findings, guys. That's all I want to say. If you like content like this, don't forget to like and subscribe. And until next time, guys, take care.