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Ripple Unlocks $225 Mln Worth of XRP, Crypto Community Fears Another Price Drop

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  • Alex Dovbnya
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    The XRP price could plunge even lower as Ripple unlocks 1 bln XRP from its cryptographically escrowed wallets

Ripple Unlocks $225 Mln Worth of XRP, Crypto Community Fears Another Price Drop
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According to Twitter account "Whale Alert," which keeps a close eye on mammoth-sized crypto transactions, blockchain monolith Ripple has unlocked $225 more worth of XRP from its escrow wallet.

As expected, the crypto community went berserk, and some Twitteratis jumped to conclusions and didn't shy away from the dirty word "scam."               

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It's that time of the month 

Ripple is often slammed as a centralized project because it controls 55 percent of XRP's total supply. Back in December 2017, the company made an announcement about unlocking 1 bln XRP from a series of its escrows on a monthly basis. This release schedule assures XRP holders that Ripple will not sell all of its holdings on the open market simultaneously, which would ultimately crash the price of their native token.         

Ripple tends to sell a fraction of XRP tokens that are released on a monthly basis. It was deemed responsible for inflicting selling pressure on the third-biggest cryptocurrency, which is down by almost 40 percent in 2019 (for comparison, Bitcoin is still up by more than 90 percent this year).

Recently, crypto influencer BitLord criticized Ripple for dumping tokens on their community to acquire real-life businesses. 

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Ripple's side of the story

Ripple CEO Brad Garlinghouse shrugged off these accusations, claiming that the company, as the biggest stakeholder, was the most interesting party in the success of its token. He also explained that these sales were necessary for developing Ripple's ecosystem.       

Indeed, according to the company's Q3 report, it plans to adopt "a more conservative" approach to its monthly sales. In Q3, Ripple sold only $66.24 mln worth of XRP, which represents a 73.7 decrease compared to the previous quarter.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

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  • Vladislav Sopov
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    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
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Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

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Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

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Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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