The crypto industry is slowly but steadily gaining momentum. Mass adoption has not yet been achieved, but everything is surely pointing towards that direction. And Ripple’s XRP has played a vital role in the mission so far. But one notable personality thinks differently on this.
So, there are several cryptos with most of them currently doing well in the market. One of them and the most tongue lashed crypto is Ripple’s XRP.
XRP has recently been under severe scrutiny from a contributor on Forbes, who condemned the asset as a scam without a good use case. As if that’s not enough, now XRP has been branded as a ‘totally useless’ digital asset by him.
A Typical Maximalist Leaves No Stone Unturned
Not too long ago, Derivatives trader, YouTube personality, analyst, and crypto contrarian, Tone Vays referred to Ripple’s XRP as a ‘useless penny stock,’ and now he has gone a step further saying that XRP is just useless to Ripple (the firm behind the digital currency).
— Layah Heilpern 🎬 (@LayahHeilpern) July 8, 2019
Apparently, he should be having his reasons for such comments. But first, Vays is a typical bitcoin maximalist; therefore, from that perspective, we may understand his remarks. Maybe he’s feeling the pressure behind the back that XRP is pushing over bitcoin.
According to him, XRP is useless to the parent firm Ripple, and that it can be swayed anyhow – and that the latest partnership of Ripple with MoneyGram doesn’t intimate the fact that XRP isn’t a security.
But let’s face it
First, Vays says that XRP should not have existed in the first place. Many think those allegations are the truth but look at xRapid for a moment. Take a few folks who send money across the border in an efficient way and tell them Ripple is useless.
Your guess is as good as mine; Ripple is their small paradise with reduced costs and quick transactions. That is one area it’s overtaking bitcoin, and perhaps Vays isn’t pleased about it.
Also, saying that XRP should be compared to PayPal is a big joke given that PayPal manages only to perform 193 transactions per second while XRP handles over 1,500 transactions per second. Therefore, it’s indeed unclear why he would refer to Ripple’s XRP useless or even not faster than PayPal.
Nevertheless, Tone Vays is an early bitcoin supporter, and we may not expect him to comment positively on Ripple’s XRP which is breathing on bitcoin’s neck. That said, he doesn’t need to do that, Ripple and its cryptocurrency are a completely different elephant than BTC. Bitcoin and XRP can keep growing together.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.