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ripple – centralized, premined, can freeze your funds like paypal, user identification required

these are the problems with Ripple:

  • centralized it’s essentially a network of trusted servers, not a cryptocurrency
  • huge premine of 70% of XRP tokens which are slowly unlocked

Ripple implemented this nifty feature called “Balance Freeze” which allows gateways (nodes essentially) to freeze your funds (enough said?) they already even used this “feature” to freeze ~$million dollars

So, so much for “settled in seconds” and immutability, they can also “simply ask the gateways to freeze or even reverse the funds“.

Also:

Ripple introduced two different methods for the “freeze protocol extension.” The first method is known as the “global freeze” and allows gateways to freeze all of their issued funds. The second allows the gateways to freeze funds of a particular user, while the frozen funds are sent back to the gateway.

It also requires verified user identification in order to use the network

What do you think?

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