Ripple CEO Comments on Libra and XRP MoneyGram Partnership (+ Beware XRP Giveaway Scams)
Ripple’s CEO, Brad Garlinghouse, in a recent interview with CNBC today morning commented on a couple of issues surrounding cryptocurrencies including Libra and the XRP ecosystem.
The CEO noted that Libra would have been more successful had the project been led by PayPal instead of Facebook. According to Brad, the Tech giant’s reputation is a stake with most governments in the world, a position that makes them skeptical against Libra. Furthermore, the approach taken by Facebook was that of creating an alternative currency to the dollar as opposed to supplementing fiat with its digital coin.
As for the XRP ledger, Brad said that its competitive edge was using blockchain technology to solve cross border payments. He added that Ripple’s ownership of the XRP coin is over 50% given its utility in the future of FinTech. However, the current use case for crypto is yet to peak the consumer market as most of the trading within this market is based on speculation.
Brad also said that XRP is more efficient than the likes of Bitcoin because of the consensus used. While Bitcoin’s Proof of Work consumes a lot of power, the XRP ledger allows the users to make a decision on the price of its digital asset with lesser resources. Today, more than 1% of the world’s Electricity is used in BTC mining which is ironical given the move towards a greener economy.
Ripple Moneygram Partnership
Moneygram is now using the XRP ledger for real-time cross border settlements between the U.S and Mexico. In a recent tweet, Brad said that pre-funded accounts will be history given the real-time services provided by his company. The difference in clearing systems will further affect Ripple’s use case like for example in Mexico where they enjoy better services than the U.S clientele. Today, one can send money to their relatives within an hour by simply buying XRP with USD which is liquidated to Mexican Pesos in an hour's time.
As Ripple's Popularity Grows – Watch Out For XRP Giveaway Scams
Although Ripple's XRP isn't a new cryptocurrency, currency ranked 3rd on CoinMarketCap, its rise in popularity makes it a target for scammers. Most of these scammers stick to Twitter, posting relentless replies to the big names in the industry.
Most of them are titled ‘Free XRP Giveaway,” just send them your XRP and the scammer will double or triple the amount back to you. Most people on Twitter have become accustomed to them and no longer fall prey to the scam. But there is currently a video on YouTube that appears to be coming from Brad Garlinghouse that could be very convincing. With the channel having 188,000 subscribers, it looks legit. But it's the same ole crypto giveaway.
Here is the link to the scam video so that you can help the community by reporting the video to YouTube. **Remember do not send them your XRP**
It is not only bad that it is showing up on Twitter and Youtube, but a recent Imgur picture showed that Google was featuring the giveaway scam in his news feed. Be vigilant and stay aware.