TL;DR
- Forbes labeled Rippleโs 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 companyโs report.
The Forbes Report on Ripple (XRP)
Recently, the reputable global media company, Forbes, released a report titled โThe Rise of Cryptoโs Billion Dollar Zombies,โ 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 Rippleโs blockchain technology โuseless.โ
Forbes stated, โIn 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.โ
Additionally, Forbes labeled Ripple and several other blockchains as โcrypto zombies,โ asserting that XRP, the companyโs native token, serves no purpose beyond speculative trading.
Charles Hoskinsonโs Response
In response to Forbesโ critical report, Charles Hoskinson, the founder of Cardano, humorously dismissed the mediaโs claims. He quipped that all mentioned cryptocurrencies, including Ripple, Algorand, Tezos, Bitcoin Cash, and Stellar, are termed โzombiesโ simply because they possess โthe brain.โ
To @tezos, @Algorand, @bitcoincashorg, @Ripple_XRP1, @StellarOrg, @BobSummerwill, according to Forbes, we are all Crypto Zombies ๐
Itโs probably because we have all the brains ๐ก๐ง ย shared a list of the top 10 digital assets worth focusing on, with XRP mentioned among them.
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Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.