What Bitcoin Did’s Peter McCormack Says BTC is the Tool that Can Separate Money and State
During a conversation at the Bitcoin Podcast, WhatBitcoinDid, Peter McCormack talked about Bitcoin (BTC) and XRP and what they mean for people. He mentioend that Ripple created Ripplecoin and kept some coins for themselves and pumped the price with lies.
He went on saying that due to the investigations that the U.S. Securities and Exchange Commission (SEC) is conducting, Ripple pretends that Ripplecoin is decentralized.
About it, he commented:
“Ripple created Ripplecoin, kept a whole bunch of Ripplecoin for themselves, created value in Ripplecoin by pumping the price with lies, operate their business by selling Ripplecoin and pretended Ripplecoin is decentralized because of the SEC’s threat.”
On Twitter, Mr. McCormack said that Bitcoin is a tool to separate money and state but Ripplecoin is a company to make people money.
He explained that Bitcoin can provide protection against hyperinflation, self-sovereignty, and help bank those that do not have access to financial institutions. For him, Bitcoin’s key is decentralization allowing individuals to freely transact funds without intermediaries.
About Ripple, he says that it is a competition to Bitcoin and a company that distributed FUD against Bitcoin. Furthermore, he says that XRP is a centralized, pre-mined cryptocurrency that enriches Brad (Brad Garlinghouse, the CEO of Ripple) and his friends.
However, there were some XRP proponents that answered McCormack and what he said about XRP and Ripple. Matt Hamilton, a software developer from IBM said that he is trying to mislead people with the statements he gave when calling Ripplecoin a company. Mr. Hamilton went on saying that XRP would take a hit if Ripple would disappear from the market.
Although we are in a bear market that has strongly affected virtual currencies, Bitcoin and XRP continue to expand. The banking consortium R3 announced a few days ago that Corda Settler would be accepting XRP as a cryptocurrency.
In addition to it, Bitcoin’s Lightning Network (LN) is growing as well. The number of nodes in the Lightning Network has grown 9.66% in the last month. The number of channels has also increased by 42.3% and the network capacity 320% in just the last 30 days.
At the time of writing, Bitcoin can be purchased around $3,500 and it has a market cap of $61 billion. XRP is being traded close to $0.3047 and it has a market cap of $12.47 billion.