Rant about Ripple

00:01 hey everyone this is a rant this is not
00:04 as thoughtful and straightforward and
00:07 well thought out as my videos usually
00:08 are this is just a rant so if you want a
00:11 logical and thoughtful explanation of my
00:14 criticisms of Ripple and their token xrp
00:18 which is the Ripple token if you want a
00:20 thoughtful explanation and questioning
00:22 watch my first video about it uh which
00:24 if I remember I’ll paste in the comments
00:26 uh otherwise this is a rant okay so
00:29 anytime the price of coin goes up um so
00:32 again apologies in advance for a rant
00:34 rants are not supposed to be as coherent
00:36 as my other videos all right so when the
00:38 price of Bitcoin starts to rise just
00:40 like when the a rising tide lifts all
00:43 boats it also lifts all trash if you
00:45 notice when the tide comes in the trash
00:47 is the first thing to move all the
00:49 styrofoam cups all of the things with no
00:51 substance that float easily they all
00:54 rise so when Bitcoin starts to rise
00:56 eventually uh trash tokens like xrp
00:59 start to R which means inevitably as the
01:02 price of Bitcoin goes up somebody and
01:05 recently it’s been a few times a week
01:07 somebody will comment on one of my fa
01:09 Facebook posts about hey Joel have you
01:11 heard of xrp and the Ripple uh ecosystem
01:15 this could be the next big thing and
01:18 inevitably well first of all I roll my
01:20 eyes because my gosh you know I just
01:23 think Ripple’s the biggest scam rug pull
01:25 that rug pull is when you get everybody
01:27 to stand on a rug and then you pull the
01:28 rug and you know the person who pulls
01:30 the rug has lots of fun or gets lots of
01:32 rich and everybody else ends up you know
01:33 on the ground um so I think Ripple SL
01:36 you know xrp is the biggest scam SL rug
01:39 pull you know out there probably right
01:41 now but anyway and virtually literally
01:44 nobody I have ever met can clearly
01:47 articulate the value of this thing so
01:50 here’s here’s here’s how it typically
01:51 goes hey Joel have you heard about xrp
01:54 it’s the next big thing I’m like oh why
01:56 don’t you invest in Bitcoin well
01:57 bitcoin’s really expensive and I figured
01:60 I need to find my own token that I heard
02:02 about before my friends and so I found
02:05 xrp and it might be the next big thing
02:07 well first of all don’t ever invest in
02:09 something because you feel like you
02:10 missed out on something real because
02:12 that’s how people get scammed they’re
02:13 like well I invested in something that
02:15 was not real because it was cheaper I
02:16 was like well don’t invest in things
02:19 that are that are cheaper if they’re not
02:21 real but anyway this is how it goes so
02:22 people are like yeah but Bitcoin was so
02:24 expensive so I bought a bunch of
02:26 xrp okay well if we’re in the in the
02:29 market for cheap stupid stuff there’s a
02:31 lot of stuff that’s even stupider and
02:33 cheaper so why xrp but anyway so I’m
02:35 like okay is it a meme coin they’re like
02:37 no it’s not a meme coin I was like well
02:39 is it money well no it’s not money so
02:42 it’s a utility yes it’s a utility okay
02:44 I’m like okay well what’s the utility
02:46 well they’re they’re they’re partnering
02:48 with the banks well what are they
02:50 partnering with the banks to do well the
02:51 person’s not really sure they don’t know
02:53 why they’re really partnering with the
02:54 banks but they feel good about the facts
02:56 that they are partnered with banks okay
02:58 if you don’t understand what’s going on
02:60 there uh FTX was partnered with a bunch
03:02 of banks how’d that go FTX went to zero
03:05 went bankrupt they had a bunch of super
03:07 credible people on their board they have
03:09 had a bunch of uh goldplated investors
03:12 all of the biggest uh investment firms
03:13 in Silicon Valley were invested in FTX
03:16 they had goldplated Ultra high-profile
03:19 uh endorsements they had uh an amazing
03:21 board of directors uh strategic advisers
03:24 they had everything that would lead you
03:26 to believe that FTX was real and it went
03:28 bankrupt and uh Sam bankman in prison
03:30 for 25 years so um you know don’t ever
03:34 best bet on something if you don’t
03:36 understand how it works or what it is
03:37 just because there’s some people
03:39 endorsing it or some people affiliated
03:41 with it okay so then I’m like okay so
03:43 what’s the utility they’re like well
03:44 with xrp it’s partner with the banks of
03:46 course they don’t know why it’s
03:47 partnered with the banks or what value
03:48 might be created there they just feel
03:50 good about the fact that maybe they’re
03:51 on the right track because they heard
03:53 about a bank partnership but they’re not
03:55 sure how it works okay again I’m like
03:57 seriously you have real money in this
03:58 and you don’t even understand it but
03:59 okay whatever let’s keep going all right
04:01 so what does it do they’re like well
04:03 it’s it’s like crossb payments and like
04:05 the banks are going to use it I’m like
04:07 well first of all I’ve never talk to
04:08 anybody who had any idea how crossb
04:11 payments actually worked or how
04:13 interbank settlement actually works who
04:16 knew anything about it so the people who
04:18 are positive that xrp are is somehow
04:20 going to help with this process have no
04:22 idea how any of this works which again
04:24 just tells me like seriously you have
04:26 real money invested in something and you
04:28 don’t know how it works and the best you
04:30 you can come up with is that there’s
04:31 people on the board and there’s
04:33 strategic advisers and um you know and
04:36 there’s something about crossb payments
04:38 and internate you know interbank
04:40 settlement that’s like a buzzword salad
04:42 come on like come up with some real
04:44 value okay so then the conversation
04:45 keeps going and I’m like okay but here’s
04:47 the problem with the utility token if
04:50 the if the utility token gets widely
04:52 used it goes up in value and as it goes
04:54 up in value people switch to cheaper
04:56 networks right it’s the reason that
04:58 people started on ethereum and then
04:60 switch to salana and it’s the same
05:02 reason that when salana becomes too
05:04 expensive to transact on they’ll switch
05:05 to Eland or they’ll switch to something
05:07 else because they don’t care they’re
05:08 going to transact on the cheapest
05:10 network of transactions so I’m like well
05:13 okay if xrp costs whatever $2 and
05:16 however many cents whatever it is I was
05:18 like if it costs if it costs xrp to
05:21 transact on that Network then um then
05:25 you know how then as the price goes up
05:28 if you’re betting on the price going up
05:30 then that means the transactions are
05:31 going to get more expensive which means
05:34 eventually people are going to switch to
05:35 a different network and they’re like uh
05:37 no but that’s the great thing about it
05:38 you actually don’t need to use the xrp
05:40 token to transact on the xrp network I’m
05:44 like okay now we we got a real head
05:46 scratcher like literally I’m having this
05:47 conversation with an actual real person
05:49 I’m like wait so you’re positive the xrp
05:52 token’s going to increase in
05:53 value because banks are going to use it
05:56 but the great thing about it is you
05:58 don’t actually have to use it in order
06:00 to use it I’m like what so they’re like
06:03 yeah you can use the uh you can use the
06:06 Ripple Network without using the xrp
06:08 token I’m like but then wait why are you
06:11 invested in the xrp token if you can use
06:13 the Ripple Network without the xrp token
06:16 they’re like well because everybody’s
06:17 going to use the Ripple Network and the
06:19 xrp token and the price is going to go
06:20 up I’m like but you just told me that
06:23 you don’t even need to use the xrp token
06:25 in order to use the network so how’s
06:29 that work well they have no idea I mean
06:31 it’s it’s absolutely insane the degree
06:33 to which the people who have money in
06:35 xrp have no idea what it is no idea how
06:38 it works no idea what the utility is no
06:41 idea why everyone won’t switch to a
06:44 cheaper network if xrp actually starts
06:46 being successful no idea why you even
06:49 need the xrp token if you don’t need the
06:52 xrp token to use the network why is
06:55 there an xrp token if you don’t need it
06:56 to use the
06:57 network like okay likeone of this makes
07:00 any sense and then I’m like well the
07:03 problem is Ripple Labs controls like 42%
07:05 of all the Ripple tokens and there’s
07:08 like a 100 billion Ripple tokens and
07:10 they plan to dump something like 42
07:13 billion Ripple tokens on the market in
07:15 the next three years and their response
07:17 is well first of all most people who buy
07:19 Ripple have no idea they’re like what
07:21 I’m like seriously you have not even
07:23 freaking Googled it you bought Ripple
07:25 xrp and you didn’t even Google it to
07:28 figure out how it works like look if my
07:30 kids bought anything my kids all know do
07:33 not do anything without asking Google
07:36 asking YouTube and asking chat GPT if
07:40 you have not asked Google uh YouTube and
07:43 chat GPT then you’re doing something
07:45 stupid because there is nothing in the
07:47 world worth knowing and nothing that you
07:50 can’t understand by asking Google uh
07:53 YouTube and chat GPT but again
07:55 inevitably the people I’m talking to
07:57 have not done any of that they inv
07:59 invested in xrp
08:00 because there were some people on the
08:01 board and it seemed like it was a token
08:05 that they got to before other people did
08:07 and it has something to do with
08:09 International payments and Bank
08:10 settlements and they heard about some
08:11 Partnerships but can’t actually point me
08:13 to any so every time this pops up every
08:16 you know few months I’m like okay I’m
08:19 going to get to the bottom of this scam
08:20 so I spent a couple hours online
08:22 Googling all the things these people
08:23 should Google and of course there’s not
08:25 any answers I’m like where where are the
08:29 banks that are actually using xrp like
08:31 show me somebody that is actually using
08:33 xrp today well they I can’t find
08:36 anything I can’t find anybody who’s
08:37 actually using it now if you wonder why
08:40 would Banks announce a partnership for a
08:42 technology they’re not using the answer
08:44 is they do it all the time large
08:46 companies are constantly announcing even
08:47 small companies companies in generally
08:49 are constant constantly announcing
08:51 Partnerships with technology they
08:53 haven’t figured out yet because every
08:55 big Bank wants to look like they’re not
08:56 behind on crypto so along comes xrp and
08:59 says hey hey big wigs at the bank you uh
09:03 announce a partnership with us and then
09:05 your techie people will get with our
09:06 techie people and we’ll figure it out
09:08 and the big wigs are like great this
09:10 gives us an opportunity to look like
09:11 we’re ahead of the curve on crypto we
09:13 don’t really understand how this xrp
09:14 things works but we don’t need to we get
09:16 all of the benefit of announcing a
09:18 partnership without any of the downside
09:20 of actually doing anything so companies
09:22 are constantly announcing Partnerships
09:24 with each other when there’s nothing
09:26 there like there’s literally nothing
09:28 there they just they announce a
09:29 partnership because they because they
09:31 can’t um so anyway so same same here
09:33 there’s been a bunch of Partnerships and
09:35 house but I can’t ever find anything
09:36 online that there’s any substance to any
09:38 of these Partnerships also nobody can
09:40 answer me for you know settling
09:42 International Trade why would you not
09:44 use that US Dollars the way people
09:46 already do now and if that’s too slow
09:48 why would you not use tether usdt or or
09:51 uh U uh usdc which is uh the US dollar
09:55 stable coin um so you have two stable
09:57 coins that are pegged to the US dollar
09:58 that you could use for intern National
09:60 settlements so why wouldn’t you just use
10:01 those well of course these xrp people
10:03 have no idea why you just wouldn’t use
10:05 tether or uh usdc to settle
10:08 International uh transfers like nobody
10:11 knows anything about this and then you
10:13 go back to the founding and it’s like
10:15 okay you know the founding of xrp was
10:17 some rather sketchy you know people one
10:19 of them was the founder of Mount goau
10:22 which was the biggest crypto exchange
10:23 that blew up and everybody lost all
10:25 their money it was basically the FTX of
10:27 2014 except the percent of total Bitcoin
10:30 lost was much much much larger than FTX
10:32 so one of them was that guy now he was
10:34 not he had just he had sold FTX before
10:37 it blew up but he was the one who built
10:39 it so like he built it he sold it it
10:40 blew up and he started uh xrp so that’s
10:44 one of the founders and either the same
10:45 founder I think a different founder sold
10:47 all of their xrp tokens okay so it’s
10:49 like wait you’re telling me this is so
10:51 great that one of the founders believed
10:53 in it so much that he dumped all of his
10:55 tokens seriously like who’s buying this
10:58 stuff I just have no idea um so anyway
11:01 none of it makes any sense nobody can
11:03 explain to me why the price is not going
11:05 to tank when they do dump 42 billion
11:08 additional uh Ripple tokens nobody can
11:10 explain to me what the utility is how
11:12 the utility is not you know how it’s
11:14 sustainable who’s really sort of who’s
11:17 really behind this and who what legit
11:19 actual people are involved I mean the
11:21 whole thing is so unbelievably fuzzy and
11:24 a morphous that unlike Bitcoin with
11:26 Bitcoin the deeper you dig the more real
11:28 it becomes if you meet with any
11:31 bitcoiner they want to go down the
11:33 rabbit hole with you every bitcoiner
11:35 wants to help you understand how it
11:37 works why it’s valuable look you can
11:39 find almost any bitcoiner that will
11:41 spend all day explaining the having
11:44 they’ll explain the difficulty
11:45 adjustment they’ll explain you know the
11:48 the finer nuances of how you know the
11:50 Bitcoin mining works like bitcoiners
11:52 love Bitcoin because it’s real and the
11:55 more you talk to them the more you find
11:57 out they love this thing because every
11:59 everything about it is real everything
12:01 about it is amazing and they want to
12:03 tell you about it every single person
12:05 I’ve talked to about Ripple it
12:07 immediately falls apart like 10 seconds
12:09 into the conversation the whole thing
12:11 falls apart they do not know why they
12:13 invested they’re not sure what they own
12:15 they don’t know how it works everything
12:17 every answer is a handful of buzzwords
12:20 and I’m you know and the you know the
12:22 the answer of why won’t they dump 42
12:24 billion tokens on do that it’s like
12:26 seriously we moved from a Federal
12:28 Reserve who we were worried about
12:29 earning money to uh just trust me bro so
12:33 like the the you know the the the uh xrp
12:36 model is you know motto seems to be just
12:38 trust me bro well the last time we heard
12:40 of just trust me bro was FTX Sam bankman
12:43 freed was like hey we have all the
12:45 Bitcoin just trust me bro well they
12:47 didn’t they had rehypothecation and all
12:49 that sort of stuff so this whole xrp
12:52 thing is absolutely insane I mean I I
12:54 just I
12:57 can’t so anyway I can’t believe people
12:60 are constantly telling me about xrp and
13:03 they have no idea what they’re talking
13:04 about I mean it’s just it boggles my
13:06 mind that people would invest real money
13:08 in something that they understand so
13:10 little and that it completely falls
13:12 apart the moment they uh you know the
13:14 moment they get into it so there’s a
13:15 couple people I was about to wrap up
13:17 this video but there’s a couple people
13:18 on here I can see are watching that I’m
13:20 going to invite uh one or two of them
13:22 into the video and if you want to join
13:24 and weigh in uh let me know um uh here I
13:28 I’m going to actually there just one
13:29 person I’m going to invite them and see
13:31 if they want uh I don’t know how this
13:34 invite for um I’ve never done it before
13:37 but we’ll see if they join the video
13:38 then I guess we’re GNA have two of us on
13:39 the video and we’ll figure out how that
13:40 works um anyway so all that to say this
13:44 is a rant I think xrp Ripple is a scam I
13:47 think the economics are insane I think
13:49 the incentives are bizarre I think the
13:52 people who have invested in it don’t
13:53 seem to have any idea what they hold and
13:55 the people who do know what they hold
13:57 like one of the founders dumped all of
13:59 it which tells you everything you should
14:00 need to know about it which is it was
14:02 exactly valuable enough to just dump um
14:05 so anyway I just don’t I just don’t
14:07 understand this thing um but I’ve tried
14:09 I’ve spent multiple hours multiple times
14:11 trying to figure out what do these
14:13 people see that I don’t see and the
14:15 conclusion I keep coming to is nothing
14:17 they they have been duped by the the xrp
14:20 you know scam machine um but anyway
14:23 that’s my conclusion but I try to be a
14:24 very open-minded person in the eight
14:26 years I spent in the House of
14:27 Representatives in Mississippi I was
14:29 typically the very first person to adopt
14:31 new ideas or outof the boox thinking and
14:33 all of that so I will try to embrace
14:36 anything so if you know something that I
14:39 don’t know about Ripple xrp uh Ripple is
14:44 the company behind it Ripple labs and
14:45 the token is xrp if you know something I
14:47 don’t know please email it to me you can
14:49 email me at Joel Joel bomgar.com that’s
14:52 j l j o l b o m g r.com that’s my email
14:57 address Joel Joel bomgar
15:01 so just email me I will literally read
15:03 anything you send me uh now don’t send
15:05 me a 95 white paper that page white
15:08 paper that you have not read yourself so
15:10 if you send me something send me
15:11 something that you yourself have
15:13 actually read not something you Googled
15:15 and downloaded that’s 95 pages long and
15:18 you don’t even understand it yourself
15:19 but if you have any material that you
15:21 think explains anything of what I’m
15:23 talking about please send it my way I
15:26 promise I will read or I will watch or I
15:29 will listen to anything you send me
15:31 about xrp and try to figure out if I’m
15:34 missing something but I don’t really
15:35 don’t think I am I think the whole thing
15:37 is a scam and I think it’s going to zero
15:39 that is exactly what I think is going to
15:40 happen so um anyway let me see if
15:43 there’s anybody else on here that I
15:45 might be able to uh invite it looks like
15:47 probably not so uh anyway uh let me know
15:49 if you need anything everyone have a
15:51 great day always a pleasure to serve you
15:53 in any way I can thanks