The rise of cryptocurrency has been meteoric. So much so, that if you now hear it being used in the same sentence as an iPhone it would not really crack you up. If you have been following Ripple news now, Ripple’s chief technology officer David Schwartz drew parallels between XRP, the third-largest cryptocurrency, to an iPhone to reinstate the point that they don’t want to provide his company money. He boasted that as long as people are able to reap the benefits from a particular product, they don't actually care who else they’re creating value for.
Ripple was formed by Jed McCaleb and built by Arthur Britto and David Schwartz. When Ryan Fugger came onboard, financial service to provide a payment option through a global chain of a network for the online community was developed. A system created by Fugger called Opencoin changed the fortunes of the company. It launched its own form of digital currency to allow transactions to take place in a split second along with insignificant fees.
“Trivial” XRP sales continue the heated debates
As U.Today reported a while ago, Schwartz was involved in a constructive debate with the XRP cynics who claimed that Ripple ran an ICO to increase funds for future development. He holds the view that investors no longer buy the cryptocurrency to increase the company’s drive and grow the token’s value.
Ripple is run by venture capitalists and angel investors and Schwartz’s words the XRP sales are “insignificant”. It can be argued that the semantics his words carry is disputed as the blockchain institution sold more than $1.2 billion worth of XRP in two years. It is now valued at $10 billion a funding of around $250 million. So much for the recent puny investments, eh?
Schwarz is leaping on XRP’s defense, after making a public statement that he was fretting over the distribution of tokens back in September 2019.
XRP and Apple? Profound or a preposterous analogy?
While the parallels drawn between the two might seem a little off the mark, Schwartz wanted to highlight that XRP investors have other reasons to buy tokens and price speculations is not the only priority. There’s more to it than just the price. This renders the statement of Ripple CEO Brag Garling reverberates who said that only the cryptocurrency with real uses would make their way out and survive in the long run, cause 99 percent of all digital assets would eventually succumb to Zero!
XRP is a rapid and swift cryptocurrency which is used for fast cross-border payments. Even if it’s third and just behind the big daddies that bitcoin and Ethereum are, It’d be superfluous to compare it to the dominating force that the iPhone is. It is a comparison which in my eyes feels way over the top. Many Critics boldly claim that it’s illegal security that serves the main purpose of generating the revenue stream for the company.
Economist Alex Krüger said that it wasn’t useless to sell illegal products, firing shots at XRP. ( uh-oh)