I Owned XRP Before Most People Had Heard of It - Here Is Why I Sold It and Why I Think It Is a Total Scam (Bit Coin, Wealth & Investing)

three things today who owns the tokens what is missing from the ledger and what you are actually buying when you buy xrp xrp is the code or the ticker given to the token created by ripple labs ripple labs is the company that holds or runs or kind of promotes xrp the token now xrp a i was trying to find out why it's called xrp and i spent quite a long time on google but long enough to you know google gives you an answer pretty quickly to not be able to discover what xrp stands for it just sounds cool it's the xrp ledger is is all i can find out about it's a permissionist blockchain and it was founded to to copy bitcoin really it was you know bitcoin was started in a few years before Ripple was started in 2012.

And the XRP Ledger was developed by a guy called David Schwartz, Jed McKellip, and Arthur Brito.

They all aim to create a more efficient alternative to Bitcoin's energy-intensive mining processes.

And just after they created XRP, the token, they founded Ripple Labs.

And Ripple Labs utilizes the XRP token and the XRP Ledger to provide payment solutions.

And their aim is to do it for financial institutions.

Now, I still can't find out what XRP stands for.

It just sounds really cool, doesn't it? I think it's a cool name.

It's very good branding.

And what we'll discover as I go through some of the history and some of the background to Ripple and XRP is that it is a fantastic marketing project.

They've done fantastically well.

And the founders of XRP and Ripple are unbelievably wealthy and rich as a result of creating this, which they should be.

I'm sure they're absolute geniuses.

I'm sure they're very, very intelligent, highly intelligent computer programmers and marketers.

so why should they not be rich off the back of their very very clever invention so ripple labs is the company xrp is the token and the one of the main benefits of xrp is that it only takes three to five seconds to process a transaction which compared to bitcoin if you're doing it on the bitcoin um you know on the main layer one of bitcoin can take 10 minutes to process a bitcoin transaction so It's much, much faster.

Obviously, with Bitcoin, there are protocols like the Lightning Network, which I may do an episode about one day.

And you can do Bitcoin Lightning Network transactions much faster in a couple of seconds as well.

But XRP runs three to five seconds and they can do thousands and thousands and thousands of transactions per second.