When it comes to polarizing issues in the crypto industry, there isn’t a topic as inflammatory as the debate between XRP proponents and Bitcoin maximalists or more broadly, centralization versus decentralization. In fact, this debate has been dubbed a “religious war” by some, as despite crypto’s underlying goal to unite communities, this argument has strained in-industry relationships to the brink of collapse.
90% Of All Digital Assets Will Disappear
Recently-established media outlet Cheddar, who has been doing its utmost to claim a stake in the ever-growing crypto news scene, recently brought on Brad Garlinghouse, the CEO of San Francisco-based Ripple, to give an insight into the crypto asset market. The industry leader, who heads the company behind XRP, widely regarded as a centralized crypto asset, began his time on the fintech focused outlet by addressing the current state of crypto investors, claiming that speculators are playing “a dangerous game,” as “well over” 90% of the 2,000 crypto assets publicly-listed today will eventually disappear.
Although this statement was made to the dismay of some diversified investors, known as “s***coin maximalists” in some circles, this isn’t the first time this sentiment has been touted.
Samson Mow, Chief Strategy Officer at Canada-based Blockstream, recently explained that the traditional argument of ‘don’t put all your eggs in one basket’ doesn’t apply to crypto assets, as he used historical statistics to convey his opinion that diversification in this market kills your portfolio, contrary to popular belief. Backing this claim, the Bitcoin proponent pointed out that if you bought only BTC one year ago, you would be up 54%, but if you diversified into the top 16 cryptocurrencies, you would be down by 21%.
This anti-diversification theory seems to apply in longer time frames as well, as fresh blockchain projects that host tokens like Ethereum, EOS, and Stellar Lumens, have ousted 2013’s creme de la crop, with Namecoin, Peercoin, and Feathercoin, which were promising projects, have all but faded from the public’s consciousness at large.
Ted Rogers, the CEO of cryptocurrency platform Xapo, also corroborated Garlinghouse’s inflammatory comments, taking to Twitter in August to express his opinion that 90% of the tokens listed on CoinMarketCap could be atomized by the impending “altcoin apocalypse,” so to speak.
Garlinghouse: XRP Tops Bitcoin In Many Respects
Responding to a query from the Cheddar host facilitating the interview, Garlinghouse explained that XRP, the native digital asset of the Ripple ecosystem, is technically superior to Bitcoin, the colloquially dubbed “king of cryptocurrencies.” First, the industry leader pointed to transaction speeds, lauding that XRP can be sent worldwide at nearly 1,000x the speed of the processing of a Bitcoin block. Not only is it fast, but the fees incurred are also 1,000x less than the average BTC transaction, Garlinghouse also added.
In short, as put by the XRP proponent (big surprise there) — “XRP has demonstrated that it is the most efficient digital asset to solve a payments problem.”
Interestingly enough, he explained that XRP does all this while remaining “very clearly decentralized,” telling Cheddar:
“Is XRP centralized or decentralized? It is very clearly decentralized. I, the CEO of the company, can’t control the XRP ledger. I can not change a transaction.”
This, of course, as many are aware of, isn’t by any means a new debate, as investors on both sides of the decentralization argument have been duking it out since Ripple first entered the crypto scene. As reported by NewsBTC in early September, Ripple co-founder Chris Larsen, like Garlinghouse at Swell, claimed that clear connections can be drawn between the holy wars and this debate.
So while decentralists still believe that XRP is centralized, due to the lack of distributed PoW process, it has become apparent that Ripple’s top brass won’t be changing their thoughts on the matter any time soon.