Dr. Craig S. Wright has claimed a lot of credit for himself by attacking several projects and events in the cryptosphere, and he’s at it again. But this time, he probably jumped into the wrong hole.
His latest rant goes against XRP. In this article we’re going to debunk some of the “logic” he uses to go against both Ripple Labs and the XRP token. We start with the Tweet from Dr. Wright’s (we don’t know what his Ph.D. specialty is) that has angered Ripple fans for the last ten days or so. He writes:
The funny thing is these XRP idiots think that trying to argue with me makes XRP less of a security.
Well, fools will be fools – and when they learn… it will be too late pic.twitter.com/SHfXFpyidY
— Dr Craig S Wright (@ProfFaustus) November 18, 2018
There are several things to say here.
First of all, after reviewing many reactions from the XRP community in Reddit and other social media sites we found that nobody wants to try and argue with him at all. That’s not to say that they are willing to agree with him either.
It’s more that nobody is willing to take him seriously at all, not just because of his latest rant on Ripple and XRP, but because he’s made a name for himself attacking the blockchain technology and cryptocurrencies in general. Obviously, calling the XRP people “idiots” didn’t help either.
Then there’s the issue of XRP being a security. From his tweet’s context, he seems to believe so. But neither he nor the XRP community will decide if this is true or not. Only the SEC can do that, and it’s still studying the case.
Craig Wright seems to have zero economics knowledge
We don’t decide if XRP is a security either, but we can give you the facts as we know them now. There is a difference between Ripple, the company, and XRP, the token. If you should buy Ripple’s stock, then you would own a piece of the firm. That is a security.
If you buy XRP, all you get are some digital coins. That’s a commodity. This is quite an essential difference between financial entities that somebody who claims to be an expert in economics should understand very well. Yet, it seems Dr. Wright doesn’t.
And there are already antecedents. SEC hasn’t cleared XRP yet, but it’s already pronounced itself about both Bitcoin and Ethereum, declaring that they are not securities at all, but that they do have the potential to be real currencies. So why all this insistence in XRP being a security?
It’s not that different from all other digital assets. The main difference with Bitcoin is that XRP is not mined, but sold by Ripple at the rate of a billion coins per month.
So yes, a lot of XRP is part of Ripple’s actives, but that doesn’t mean that the tokens will give you a piece of the company. It’s like saying that if I buy Bill Gates’ chair, I am getting a piece of Microsoft.
Other objections in the community are that Dr. Wright just spits out personal opinions that are never backed up by hard data, research, or even a basic understanding of cryptography and blockchain technology. And in this particular case, of Ripple’s and XRP history.
Also, Dr. Wright has claimed in the past to be Satoshi Nakamoto, which is a ‘very hard’ claim to prove, and it hasn’t gone well with many enthusiasts in the cryptosphere. And so far, we don’t know he’s shown any kind of definitive proof.
So is he the mythical Satoshi Nakamoto? Is he right about Ripple? You’ll have to do your own research and reach your own conclusions. But to us, that doesn’t look to be the case.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image Courtesy of Pixabay.
The post Craig Wright (Faketoshi) and Ripple (XRP) head to head, who wins? appeared first on Global Coin Report.
Read more at https://globalcoinreport.com/craig-wright-vs-ripple-xrp-who-wins/
Globalcoinreport.com/ is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
