Home Crypto Exchanges Cryptocurrency Clash: Forbes Criticizes Ripple as Cardano’s Charles Hoskinson Hits Back

Cryptocurrency Clash: Forbes Criticizes Ripple as Cardano’s Charles Hoskinson Hits Back

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Forbes’ report, titled “The Rise of Crypto’s Billion Dollar Zombies,” delved into various cryptocurrency protocols, with Ripple receiving significant attention. The report highlighted Ripple’s early days, noting its ambitious project funded by the sale of 100 billion XRP tokens, which generated $1.4 billion in revenue. However, Forbes cast doubt on Ripple’s ability to achieve its goal of revolutionizing the global financial network, going so far as to dub Ripple’s blockchain as “useless.

Despite Ripple’s significant market value at its peak, Forbes questioned its impact on global money flows, particularly in comparison to established financial networks like SWIFT. The report characterized Ripple, along with other blockchains, as “crypto zombies” and dismissed XRP as having no purpose beyond speculation, despite its substantial market capitalization.

In response to Forbes’ criticisms, Charles Hoskinson, the visionary behind Cardano, took a lighthearted approach. Hoskinson humorously grouped Ripple and several other cryptocurrency protocols mentioned by Forbes as “crypto zombies,” quipping that they must have “all the brain.” His playful retort garnered support from numerous cryptocurrency enthusiasts, who viewed Forbes’ report as sensationalized and lacking substance.

The report delved into Ripple’s ambitious beginnings, highlighting its issuance of 100 billion XRP tokens, which garnered a staggering $1.4 billion from public sales. At the peak of the crypto boom in early 2018, XRP boasted a market value of $132 billion, propelling cofounder Chris Larsen into the realm of multi-billionaire status.

However, Forbes swiftly transitioned from recounting Ripple’s origins to launching scathing critiques. Labeling Ripple’s blockchain as “useless,” Forbes questioned its efficacy in revolutionizing the global financial network. The report even went as far as likening Ripple and other blockchain projects to “crypto zombies,” questioning their relevance in the digital economy.

Forbes’ disparaging remarks didn’t spare Ripple’s native token, XRP, branding it as devoid of purpose beyond speculation. Despite its purported lack of utility, XRP still commands a formidable market value of $36 billion, securing its position as the sixth-most valuable cryptocurrency.

Enter Charles Hoskinson, the outspoken figurehead behind Cardano, who wasted no time in firing back at Forbes’ critique. With a touch of humor, Hoskinson took to social media to jest about Forbes’ characterization of Ripple and other blockchain projects as “zombies.” In a tweet directed at fellow crypto projects, including Ripple, Hoskinson quipped, “We are all Crypto Zombies according to Forbes. I guess it’s because we got all the brains!”

Hoskinson’s playful jab at Forbes resonated with numerous members of the crypto community, who rallied behind his defense of Ripple and other targeted projects. Many echoed his sentiments, dismissing Forbes’ report as nothing more than a “joke of an article.”

It’s worth noting that Forbes’ stance on the cryptocurrency industry hasn’t always been hostile. In a recent publication, the media giant compiled a list of the top 10 digital assets worthy of attention, with XRP securing a coveted spot on the list. This juxtaposition raises questions about Forbes’ evolving perspective on cryptocurrencies and their potential impact on the financial landscape.

The backlash against Forbes’ critique underscores the polarizing nature of discussions surrounding cryptocurrencies. While some view Ripple’s efforts as groundbreaking and transformative, others, like Forbes, remain skeptical of its potential impact on the financial landscape. This divide reflects broader debates within the cryptocurrency community regarding the true value and utility of various blockchain projects.

It’s worth noting that Forbes’ stance on cryptocurrencies has been somewhat inconsistent. Earlier this month, the media outlet published a list of the top 10 digital assets to watch, with XRP included among them. This juxtaposition highlights the complexity of evaluating cryptocurrencies and the varying perspectives within the industry.

As the cryptocurrency market continues to evolve, debates over the efficacy and potential of blockchain projects like Ripple will persist. While Forbes’ critique may have sparked controversy, it also serves as a reminder of the ongoing scrutiny and skepticism faced by emerging technologies in the financial sector.

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Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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