Programmer and entrepreneur Jed McCaleb is a true heavyweight in the crypto industry. He co-founded Ripple XRP and Stellar (XLM) and also founded the former crypt market Mt.Gox.
In a recent telephone interview with Yahoo Finance, McCaleb said that most traditional financial institutions would not use Bitcoin (BTC). This is because they wanted to use closed, private blockchains for themselves.
However, according to McCaleb, Blockchain networks should always be permissive. It makes no sense to use Distributed Ledger Technology (DLT) to build a private database management system. In this connection, he said:
“It does not necessarily have to be the Bitcoin Blockchain, but if the chain is not public, you miss the purpose.”
90% of cryptocurrency projects are “nonsense”
McCaleb then stated that the distribution of capital and resources in the industry was adventurous. Projects that had no technical value at all received millions of dollars, he said. McCaleb also told Yahoo Finance:
“Ninety percent of these projects are nonsense. I hope that changes [in 2019]. “
McCaleb turned his attention to Justin Sun's Tron project. He said:
“Things like Tron – that's just garbage. But people put a lot of money in there – for things that just do not work out technically. “
There is no universal solution
McCaleb also stated that no cryptocurrency platform provides a comprehensive solution to any problem. He said:
“There are things that Bitcoin can do well, for others Ethereum is good and for others Stellar is the right thing. No [cryptocurrency] can do it all well. That's just not how software works. “
Asked about Stellar's strengths, McCaleb said:
“Stellar is good at making cross-border payments and tokenizing values of all kinds. If you want to build a universal payment network, you should probably use Stellar.”
In addition, he stated:
“There is a great urge in the rest of the crypt world to tokenize different things. Now there is also the Stablecoin hype. Stellar has always done so, we just called it different. “
Jed McCaleb's view of the markets and the year 2018
McCaleb has been in the crypto sector since 2009 and founded the crypto exchange Mt Gox, for example. Asked about how he experienced the time, he said:
“It was super interesting. Everything has grown much more than I had expected at the beginning or at least faster. “
Next, McCaleb was asked if the past year (2018) was a bad year for the crypto industry. McCaleb responded by looking at the year as a market calming rather than a bear market.
Source: Yahoo! Finance, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/gruender-von-ripple-xrp-und-stellar-bezeichnet-tron-und-1800-weitere-altcoins-als-bullshit/
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