As a seasoned crypto investor with over two decades of experience under my belt, I’ve seen my fair share of heated debates within various communities. The latest XRP saga is no exception, and while I understand both perspectives, I find myself leaning more towards Ripple’s camp.
A new “old” heated debate emerged in the XRP community when one of the enthusiasts once again raised the question – what exactly does Ripple bring to the table with XRP? Some skeptical participants in the conversation called out the top executives of the crypto company, such as CEO Brad Garlinghouse and CTO David Schwartz.
Among the allegations was that the leaders of Ripple were encouraging a decrease in their XRP holdings, with the intention of increasing their personal bank balances. This reduction in holdings stems from Brad Garlinghouse’s suggestion of two possible strategies for Ripple: either maintaining the current level of holdings or reducing them.
When Ripple’s Chief Technical Officer was presented with two additional choices – either to destroy or distribute XRP to a dedicated holder, he chose to voice his opinion. Consequently, in relation to the destruction of XRP, Schwartz repeated an instance from February, comparing it to the Stellar Lumens (XLM) chart, emphasizing that when Stellar undertook massive burning, there was no significant impact as XRP continued to function similarly.
Schwartz posits that the main forces influencing the cost of XRP originate from elements external to its ecosystem, which also impact XLM.
I’ve talked before about why those options don’t really accomplish anything different from what selling accomplishes. For example, here’s one place I discussed burning:
And here’s one place I discussed gifts:— David “JoelKatz” Schwartz (@JoelKatz) August 29, 2024
On the subject of giving away Ripple‘s XRP holdings, he went on to say that, as he mentioned in his March speech, giving away XRP is essentially the same as selling it, but with the added risk that people will spend $0.95 to play a $1 giveaway, with most of the funds ending up in the hands of fraudsters.
“We tried that, and it worked until XRP became liquid,” Schwartz said at the time.
The topic remains hot in the XRP community, as many are annoyed by such strong reliance on Ripple. For all the adoption and partnerships that Ripple’s support brings, many enthusiasts see XRP as an asset beyond just one company.
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2024-08-30 13:43