Ripple Ring Leader Predicts Dooms Day for 9 out of 10 Crypto Assets
Ripple CEO Predicts Dooms Day for Crypto Assets
Brad Garlinghouse, the CEO of San Francisco-based Ripple, has said 90% of the 2,000 crypto assets listed today will disappear, claiming that speculators are playing on a knife edge.
Garlinghouse made the comments when he sat down with Cheddar, a new media outlet. The industry leader and backer of the centralized XRP made his comments to support the feud between XRP proponents and Bitcoin maximalists or more broadly centralization versus decentralization.
Lending his voice to the debate, Samson Mow, Chief Strategy Officer at Canada-based Blockstream, said contrary to the traditional argument of ‘don’t put all your eggs in one basket’, crypto assets operates differently. Mow used historical statistics to convey his opinion that diversification in this market kills your portfolio, contrary to popular belief. Backing this claim, the Bitcoin proponent pointed out that if you bought only BTC one year ago, you would be up 54%, but if you diversified into the top 16 cryptocurrencies, you would be down by 21%.
Mow’s anti-diversification claim seems to apply long-term as fresh blockchain projects that host tokens like Ethereum, EOS, and Stellar Lumens, have ousted 2013’s creme de la crop, with Namecoin, Peercoin, and Feathercoin, which were promising projects, have all but faded from the public’s consciousness at large.
Nevertheless, Garlinghouse insists XRP tops bitcoin in many ways stating that XRP, the native digital asset of the Ripple ecosystem, is technically superior to Bitcoin, the colloquially dubbed “king of cryptocurrencies.” First, the industry leader pointed to transaction speeds, lauding that XRP can be sent worldwide at nearly 1,000x the speed of the processing of a Bitcoin block. Not only is it fast, but the fees incurred are also 1,000x less than the average BTC transaction, Garlinghouse also added.
He added that “XRP has demonstrated that it is the most efficient digital asset to solve a payment problem.” Interestingly enough, he explained that XRP does all this while remaining “very clearly decentralized,” telling Cheddar:
“Is XRP centralized or decentralized? It is very clearly decentralized. I, the CEO of the company, can’t control the XRP ledger. I cannot change a transaction.”
This, of course, as many are aware of, isn’t by any means a new debate, as investors on both sides of the decentralization argument have been duking it out since Ripple first entered the crypto scene. But decentralists still believe that XRP is centralized due to the lack of distributed PoW process.