Overview
On Dec 12, 2020 Flare Network took a snapshot of the XRP Ledger in order to Airdrop Spark to existing XRP holders, since Flare Network is a Hard Fork of XRP. Flare announced a few days ago now that the amount per 1 XRP to Flare ratio will be 1.0073. They will initially be releasing 15% of the total claimable amount, and rest will be released over the next 36 months.
I know that is a long time frame, I do understand the need to slowly release the Tokens over time and not in one massive Airdrop. However I fell like those people on the J.G. Wentworth Commercials, "It's my money and I want it now!" I have some patience just not very much.
The project itself will ultimately in the long run contribute significantly to the adoption rate of XRP itself by allowing XRP to operate on the Ethereum Blockchain. In turn this will also contribute to the success of Ethereum. I might add that neither Crypto Currencies needed the other for survival purposes.
That being said, this is nothing but another great aspect for both currencies. Flare will help introduce Ethereum users to XRP and likewise XRP users to Ethereum. XRP more so than Stellar has been dominating the Banking Industry in terms of converting Banks to the Blockchain and making payments cheaper.
I wish I could say that with the help of XRP and XLM that the Consumers, You and I would reap some benefits from the Banking Industry however they will save millions/billions and not extend a hand to us. We do have a chance to jump on board with a boat load of XLM and XRP and reap the benefits once the Token prices sky rocket in comparison with current prices.
Recently the price of XRP has taken a significant hit amidst the SEC Suing Ripple INC Claiming that the sales of $1.2 Billion dollars in XRP is a securities violation. At first sight I seen that and laughed. XRP isn't a security so the suit holds no merit in the Crypto Industry, right???
This answer may confuse a lot of people so I am going to attempt to explain it in a way everyone should be able to understand. We all know that XRP itself is nothing other than a Crypto Currency that has revolutionized the Banking industry and has made Crypto Trading even more cost efficient. XRP isn't even 30% of the way into it's current market.
Now lets bring up Ripple INC. whom the law suit is against, not XRP the Crypto Currency itself. The SEC alleges that Ripple INC. violated certain laws when it sold $1.2 Billion in securities a.k.a. XRP. Considering Ripple INC. is a Corporation they are subject to governing by the SEC although XRP is not technically a security per say. I am pretty positive that the SEC is attempting to deem the XRP holding of Ripple INC. Securities since those are assets that belong to a Corporation.
I can't really say how this will pan out in court. I know that Ripple Inc. has already received a ruling that XRP is not a Security itself, I am not aware if the assets of Ripple can be considered as securities. I haven't honestly ever dived into Corporation Laws which would give anyone more insight on how this case may play out in court.
What happens if Ripple Inc. losses the suit?
Ripple will be subject to a fine and different set of rules moving forward in the future. This could potentially Bankrupt Ripple Inc. I would personally like to think that they are smart enough to plan for such occurrences like this and have the funds incase they were to lose.
What will the effects on XRP be?
Foremost XRP itself is a Decentralized Crypto Currency. This suit is only about Ripple Inc. and the assets they sold off. The suit alone will not have long-term effects on XRP. Now, if the SEC was to win the suit and effectively shut down Ripple Inc. it would in avertedly effect the growth rate of XRP itself.
I know the XRP Community is a rather resilient Community itself. Considering XRP now has Spark and coming in 2021 the shared Ethereum Network amongst the 3 will greatly increase the adoption rate of XRP alone. The XRP and Ethereum Communities will find even more uses for XRP since XRP is honestly just that good. I really recommend that you read the whitepaper and not let this situation discourage you.
Either ruling, with either outcome will not have long lasting effects on XRP itself. XRP will either rapidly grow or continue to grow at a slightly slower adoption rate with the impact of the Flare Network to be seen.
My Final Thoughts
Depending on how long you have been following me you may already know that I absolutely love Bitcoin, Crypto and the Blockchain equally just like all four of my children. Just like Lil' Wayne "I have faith in my Weed Man," I also have faith in my Weed Man and even more Faith in Crypto as well as the Blockchain. I have even more faith in God.
We are still in the beginning of what will be known as the Blockchain Revolution in the History Books. We are not even at the half way potential of the Blockchain at this current time. The Blockchain is growing at an ever increasing rate. The more companies look into the Blockchain the more it just makes sense for practical applications of all kinds.
Ripple Inc. has been at the forefront of converting the Banking industry to the Blockchain as well as the Financial Services Industry such as Money Gram and other Payment Processing companies. The ability to make sending money over borders cheaper than ever before goes solely to XRP.
That aspect alone makes XRP ideal for replacing the USD. The USD whether you want to admit or even think about it for that matter is falling faster and will have to be replaced. We don't want another super power that will take advantage of its citizens and the World for that matter.
The so-called elected Government in the United States is solely to blame for this current situation. Just with the latest Stimulus Bill which was supposed to help families that are currently being impacted to an unbelievable extent by the United States Governments Propaganda announced Sunday they will be attempting to send out $600 to American Families which for 99% of the United States isn't even a Month's rent.
A Family of 6 won't even be able to buy one Month's worth of groceries with that insult. Meanwhile it is the American People, myself included that will suffer the most from this garbage Bill that isn't even going to help half of the people in need, but it will give this Nancy Pelosi Bitch Millions as well as her friends.
They will be cozy inside of there million dollar mansions that people like myself had no choice but to pay for while we all starve to death, crime rates increase and we move closer to a revolutionary war in the United States. This will all be great news for the Crypto Industry since I am not the only that can see what is happening right now.
Typically when some thing major is about to happen inside of a country you will see Money start to move around the financial industry. Most people want to safe guard their wealth. I am poor, I mean extremely poor considering the country I live in. I can say for a fact that over the last year I have been putting my money into Crypto.
Since I have been putting money into Crypto my earnings have went up. I have been able to spend more without my money losing major value. I am able to use Crypto for anything except my Weed Man, I love him, but he has still yet to get up to date with the new age Technology. I can't really fault him considering he doesn't even have a smart phone yet.
The main point being that right now Money is moving into safe guard positions in the United States. Elon Musk is debating in a tweet with Sailor about converting Tesla's balance sheet to Bitcoin. I look for Bitcoin to be a major safe harbor. I started saying that at the beginning of Covid-19. I
Think about it for a second, the United States Stock Market took a major dip and the Crypto Market took off. This started in March of 2020 and since then we have seen a lot of major companies start buying up Bitcoin, somewhere in the range of 200% daily. That doesn't include people like you and I whom are still buying in as much as possible.
Just like with the first Stimulus check I got in the worthless USD failing currency I will be converting mine into BTC, XRP, XLM, HOT and BCH. We have had plenty of Economist come out and warn the United States that the USD will be completely worthless if they continue at the current rate they have been.
I think almost everyone in the world has the same desire to see that Governments no longer hold the ability to print any currency that we adopt moving forward in the future. Honestly we have Governments to fault for opening the door to Crypto Currencies. We should all be self aware of why these currencies will ultimately be beneficial to humankind moving forward in the future.
We transform society into something great by taking back the Monetary Power and equally distributing it to every individual throughout the World. Crypto in the future will replace every aspect of the outdated financial systems World-Wide as we currently know it. We are on the forefront of something so much larger than the Dot Com Revolution could have ever dreamed of being.
We have a major opportunity right now that will forever change the wealth distribution and literally will flood the World with Millionaires and Billionaire and in some cases Trillionaires. The impact of giving thousands of people millions in capital should ideally flood industries with some pretty amazing technology and innovations in the World, dare I say the "Elon Musk Revolution?"
Thank you for reading, God Bless You, Stay Healthy!
