TL;DR
- Forbes labeled Ripple’s blockchain as ineffective and its token as purely speculative, questioning its utility and market value.
- Charles Hoskinson and crypto supporters defended Ripple, making jokes with the media company’s report.
The Forbes Report on Ripple (XRP)
Recently, the reputable global media company, Forbes, released a report titled “The Rise of Crypto’s Billion Dollar Zombies,” exploring various cryptocurrency protocols. The report specifically highlighted Ripple, the entity behind the XRP token, detailing its early beginnings.
Executives at the company created 100 billion XRP tokens and raised $1.4 billion by selling them to the public to support their project. By early 2018, during the initial crypto boom, XRP reached a market value of $132 billion, enriching cofounder Chris Larsen with a net worth of $8 billion.
Forbes criticized Ripple for failing to achieve its mission of enhancing the global financial network over the years. The media outlet went as far as calling Ripple’s blockchain technology “useless.”
Forbes stated, “In terms of global financial transactions, Ripple Labs is relatively inactive, with little potential to disrupt SWIFT, facilitating $5 trillion in interbank transfers daily. Despite its limited utility, the XRP token still holds a market value of $36 billion, ranking it as the sixth most valuable cryptocurrency.”
Additionally, Forbes labeled Ripple and several other blockchains as “crypto zombies,” asserting that XRP, the company’s native token, serves no purpose beyond speculative trading.
Charles Hoskinson’s Response
In response to Forbes’ critical report, Charles Hoskinson, the founder of Cardano, humorously dismissed the media’s claims. He quipped that all mentioned cryptocurrencies, including Ripple, Algorand, Tezos, Bitcoin Cash, and Stellar, are termed “zombies” simply because they possess “the brain.”
To @tezos, @Algorand, @bitcoincashorg, @Ripple_XRP1, @StellarOrg, @BobSummerwill, according to Forbes, we are all Crypto Zombies 😃
It’s probably because we have all the brains 💡🧠 shared a list of the top 10 digital assets worth focusing on, with XRP mentioned among them.
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