Unsurprisingly Edward Snowden recently revealed to the world that the NSA is tracking cryptocurrency users including Bitcoin. What makes it worse, but also not surprising is that they tricked users to install security software they wrote that actually feeds all of their private data, cryptokeys, back to the NSA directly. It is soon going to be an absolutely necessity to increase your own security and to start using better, more secure coins that cannot be so easily tracked. This is the equivalent of the government following you around and poking around your wallet and watching each transaction you do even with cash. There’s no privacy anymore and ironically cryptocurrency is part of this reason, or shall we say at least, the majority of insecure, public, permissionless blockchain based currencies. This could send the value of currencies like XMR/Monero skyrocketing as a Bitcoin alternative. While Monero is in my opinion better in almost everyway to Bitcoin, it is still not the perfect coin as it does have some issues including the use of PoW and of course the whole public, permissionless issue, speed issues etc..
Despite so much turbulence in the markets Ripple has returned 4.8% vs Bitcoin’s 2.64% in the last 24 hours or Ethereum’s -.75%. Ripple is proving itself to be able to withstand strong headwinds after nearly hitting the $5 mark last year. Of course $.70 is a far cry from its all time high but considering the market as of lately this is impressive. I think despite the concerns over XRP’s future in terms of it being associated with large and central banking clients, there is value in it being a hedge. This is one of the reasons I invested in Ripple as I feel with increasing government scrutiny, regulation, threats, bad news etc.. that this would all cause Ripple to return much better in the long-term. However as I’ve said in past posts, there appears to be the very real fear and possibility that Ripple may just dump XRP if the banks tell or pay them to. In fact I even e-mailed them with detailed concerns from another blog and they had no comment other than asking me to check their news, blog and website so at this point I feel it is very plausible. Ripple’s affiliation with banks and government will either help it right to the top or it could weight down Ripple. Besides that I feel Ripple is a fairly good currency but does suffer from a few other flaws that I won’t get into here.