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Author Blasts Ripple As ‘Completely Retarded’ – Here’s Why
- Financial analyst, Eric Yakes, has launched a sharp critique of Ripple and its associated XRP token.
- Yakes called Ripple 'the problem Bitcoin was created to solve: printing fake money for political gain', and labelled the enterprise 'completely retarded'.
- According to Yakes, Ripple's technology lacks true scarcity and centrally issued monetary systems go against Bitcoin's goal of creating a decentralised model of cryptocurrencies.
- Yakes argued that XRP itself does not adequately address a real need in global remittances, and its token economics are to trick retail investors into buying the coin by partnering with banks and political lobbying.
- Ripple executives have yet to respond; however, XRP supporters have been quick to vocalise contrasting viewpoints.
- Developer, Matt Hamilton, commented on some of Yakes's points, including noting that Ripple and XRP are two different things.
- Hamilton also argued that XRP's offering of quick settlements lessens the impact of its volatility and further offers the use of stablecoins to counter market swings.
- Furthermore, he confirmed that the XRP Ledger did not undergo a unilateral shutdown that Yakes had initially claimed.
- At press time, XRP trades at $2.48.
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