XRP Controversy Heats Up: Did Satoshi Favor Ripple’s Token?
Mickle, a prominent member of the XRP community, feels that the way some segments of the cryptocurrency community view XRP is contradictory. When taking into account the objections from Bitcoin maximalists, the market analyst pointed out a number of areas that indicate this inconsistency.
Among these, he said, was Satoshi’s perception of XRP. Apart from Bitcoin, Mickle claims that Satoshi Nakamoto only ever mentioned XRP as a cryptocurrency project. Additionally, he implied that the inventor of Bitcoin disclosed that he thought XRP was interesting.
Did Satoshi Really Endorse Ripple?
Technically, this is accurate, but the context is different. Remarkably, in 2009, Satoshi mentioned Ripple as an intriguing concept in response to a query from software developer Mike Hearn. He commended the project’s emphasis on decentralization. But at the time of this discussion, neither XRP nor Ripple as a business existed. Satoshi specifically wasn’t referring to either of them. Rather, he implied Ryan Fugger’s 2004 creation of RipplePay, an early peer-to-peer credit system.
The method allowed consumers to issue IOUs without going via banks. Even though it existed years before XRP and influenced subsequent advancements, Satoshi was more interested in the idea than the present iteration of Ripple. Nonetheless, the XRPL was constructed on this idea by its original architects. Since Satoshi invented Bitcoin, some have argued that XRP is the cryptocurrency that most closely resembles his original concept.
The Real Reason XRP Gets All the Hate
In an attempt to critique XRP’s associations with banks, Mickle also took aim the term that many people use to describe it, referring to it as a banker’s coin. Mickle claims that when you consider how zealously Bitcoin proponents also pursue bank adoption, this argument becomes disingenuous.
Mickle also talked about allegations that XRP is overly dominated by corporations. He also pointed out the irony here, pointing out that some proponents of Bitcoin have urged users to trust banks with their Bitcoin custody instead of keeping their own keys. In conclusion, Mickle drew attention to the fact that XRP is continuously criticized while thousands of other cryptocurrency initiatives remain uncontested. He claims that XRP’s threat to the status quo is the cause.
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