by Simon Black via SovereignMan.com,
You’ve probably heard that Ripple (abbreviated as XRP) has soared, more than tripling since Christmas.
The overall market cap for XRP (i.e. the combined value of every single token) now exceeds $140 billion.
In the incredibly faddish and volatile cryptocurrency sector, this makes Ripple the flavor of the month.
Now… this week we’ve been talking about avoiding MAJOR mistakes.
Remember– it won’t matter how much success you achieve if you lose it all from making bad financial decisions.
You don’t have to get a whole lot right in life as long as you don’t get a whole lot wrong.
This is one of the simplest financial maxims to live by.
Most of the time, catastrophic financial decisions are completely avoidable if we exercise common sense.
As we discussed yesterday, there’s not a whole lot of common sense these days in the cryptocurrency space.
Crazed speculators continue to bid up cryptocurrencies to greater heights without the slightest understanding of what they’re buying.
How many people who are bragging about how much they made in Bitcoin have even bothered to read the original 9-page white paper, or have the foggiest idea what a Merkle Tree is?
Now we’re seeing another mad rush into Ripple (XRP). And if you’ll indulge me for a moment, I’d like to provide a bit of perspective.
First and foremost, RIPPLE IS NOT A CRYPTOCURRENCY LIKE BITCOIN.