I was interested in the idea of XRP when I first saw their value proposition, especially when they say “Today’s Payment Rails Don’t Cut It” but in reality I can transfer money between my accounts on ally, chase, and tcf bank without the slightest effort or delay. In contrast, my account on coinbase has been inaccessible for almost a month now because of system issues and my account on kraken has been locked in tier 2 for weeks pending verification. So whatever the crypto shills are proposing, the most basic exchange websites do not work for the “3 billion people using the internet” (quoting ripple.com).

These are a bunch of half baked concepts being promoted through websites that cannot scale. And I am talking about websites like kraken and coinbase that have huge numbers of developers working on them.

Finally, if large numbers of people tried to log into their online bank account (e.g. chase or ally) and got system issues for weeks without being able to access any of their money, the economy would literally come screeching to a halt. That these cryptocurrency sites can simply fail to be able to handle the traffic is reason enough to say that this system of transacting cannot be used by large numbers of people globally for essential financial transactions. They can simply turn off everyone's access and take everyone's money whenever they want and we have no legal recourse. This is not banking.

These sites are cashing in on a ponzi scheme that really should be illegal.