Ripple News Update
With more and more investment crowding around Bitcoin, it is not a surprise to see altcoins turning on one and other. It is, however, a surprise to see Ripple CEO Brad Garlinghouse among the verbal combatants.
Garlinghouse is typically a buttoned-down statesman in a world of snarky flamethrowers. At the other end of the spectrum, you have folks like Charlie Lee, the founder of Litecoin and one of Twitter’s leading pugilists.
Usually, there’s a world of difference between the two. That said, it seems like heightened concentration in BTC is casus belli for all cryptos.
Garlinghouse fired his opening salvo on Twitter, taking aim at Ethereum’s overloaded blockchain. For those who don’t already know, Ethereum’s blockchain was crowded by users looking for—I’m not making this up—digital kittens.
The app is called “CryptoKitties.” It accounted for 20% of total Ethereum computations in the last few days, straining the platform and even causing delays in some ICOs.
Garlinghouse made the point that if Ethereum is struggling with one popular app, how can it possibly scale to become the “world computer” of Vitalik Buterin’s imagination?
It’s a reasonable question, but then he retweeted this scathing remark from Dan Primack.
Then, less than 24 hours later, he mentioned it again at the MIT Blockchain series. Clearly, Mr. Garlinghouse is using Ethereum’s scaling issues to highlight the fact that Ripple has none.
Ripple Price Chart:
What’s My Point?
There are a lot of myths about Ripple. We believe these misconceptions have hurt XRP in the short term but a strong PR campaign could turn things around. This is not an original argument, either.
Just look at this update from a batch of leading crypto developers on Reddit:
“XRP is often cited as the ‘banker’s coin,’” they wrote. (Source: “We’re developing Point of Sale tech for XRP,” Reddit, December 6, 2017.)
“We want to remind the community that this is only one use-case for XRP. Its fast settlement speed (3 seconds), reliability, price stability and extremely low transaction fees make it fantastic for personal payments and both online and in-person retail payments.”
These points are both crucial and little-known. It is encouraging to see Garlinghouse making this case on Twitter and in comparison to Ethereum. It shows he understands that competition for crypto investment is heating up.
Investors cannot be expected to gravitate towards XRP on their own. Someone needs to make a strong case on its behalf and, at long last, Garlinghouse is stepping up to the plate.
Despite its current sluggishness, we maintain our $2.00 Ripple price prediction for 2018.