Useless. Malicious. Antisocial. Negligible. Impractical. Bubble. Fake. Such cryptocurrencies considers the Nobel prize in Economics Paul Krugman (Paul Krugman) — and this is probably the mildest of his remarks. It is also in a very expressive manner supported the fall in the value of bitcoin, indirectly endorsing the collapse of some investors and so on. Recently, using his Twitter account, he again attacked with a rebuke to the owners and developers of XRP and BTC, asking a rhetorical question: “If digital currency is not involved in the transaction, whether it is, well, a currency?”.
Unexpected turn for Mr. Krugman is that he thus expressed his support for Bitcoin Cash (BCH); at least, so it seems to lovers alithina. Krugman never mentioned the fourth of the capitalization of digital assets, but enthusiasts from BCH community argue that any currency obligatory condition is the fact of active use. Otherwise it’s just another exploitation game theory in order to expose the other big fools.
His snide remark, the economist commented on the publication of Nathaniel Popper’s (Nathaniel Popper) in The New York Times called “crypto-currencies Here. Please use them” (eng. “Here’s Some Cryptocurrency. Now Please Use It” — approx. CoinMarket.News). The article Popper became active in the emergence of a Ripple in the media, whose representatives and investors were literally throwing around XRP in front of an audience, first in Los Angeles, when Ashton Kutcher (Ashton Kutcher) has made on behalf of the Ripple a donation to presenter Ellen DeGeneres (Ellen starring Jimmy Fallon to sing), and then in new York. In this case we are talking about the donation in XRP, made by the host of his own evening TV show with Stephen Colbert (Stephen Colbert). In terms of US dollars the sum of both contributions exceeds $30 million — and that’s just a couple of examples.
“Now to be the most difficult part is to convince people to use XRP, not only for speculative trading. This is a problem faced by all young cryptocurrency. Digital tokens, for example, bitcoin and its multiple imitators (like XRP) was created to simplify any kind of transaction. But to this day the number of user transactions is practically zero, except for exchanges where people make bets on quotes cryptocurrency”.
Ripple did a full “leap of faith”, thinking, in particular, to invite the rapper Snoop Dogg as the host their after-party, where he allegedly was in a drunken state. The company has even allocated $300 million for the promotion of XRP among the partners. Recruiters are actively looking for Ripple developers. Typically, such an orientation of actions in a desperate situation is called “money”.
The argument that cryptocurrencies are a savings tool for some time worked in favor of XRP and BTC, especially considering the fact that the majority of their owners hold their stocks. Popper emphasizes that “the people have acquired digital tokens created by these startups in the hope that in the future will be able to use them for actual transactions. If they want to deter investors from the sale of assets, they must be convinced that the tokens have long-term value.”
In the case of XRP, the question of use is beyond the philosophical “rollback” back to counter-systemic origins of decentralized currencies. Ripple and similar projects go literally on the edge, because the tokens can be equated to the securities; and this means, says Popper, that “will be subject to the restrictions on trade and travel, which further reduces the chance of their use by people in the originally intended purposes.” Ripple is doing everything to avoid assigning XRP similar status; not so long ago the company rebranded the asset as much as possible to blur the connection between her and the product. This decision is difficult to perceive without irony, considering that efforts to promote Ripple XRP clearly demonstrate the dependence of the asset from it.
Anyway, cryptologist can console themselves with the thought that at least one alithinou managed to achieve advances in the introduction and more or less encouraging figures on the exchanges. It seems that every day there are new projects using the ideas abandoned by the developers of BTC. And while the first cryptocurrency, apparently permanently turned into a savings vehicle or a digital gold mine Bitcoin Cash, apparently, managed to become a full-fledged currency.
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