- Survey: Most U.S. Crypto Investors Do Not Plan to Deduct Losses Incurred after Selling Bitcoin
- Ford, Cobalt, IBM, LG & RCS Introduce a Blockchain Initiative for the Mineral Mining Industry
- Ripple Reassures It’s Safe in Response to “Biased Nonce Sense” Paper
- Outside Audit Confirms Circle’s Stablecoin USDC Is Fully Backed by USD as of the End of 2018
- Research: Cryptocurrencies Are Extremely Volatile and Unpredictable, Excess of Altcoins Will Drag Down Bitcoin
In an interview with Yahoo Finance concerning the state of cryptocurrency as at the end of 2018, crypto pioneer, Jed McCaleb stated without mincing words that the growth of the crypto sphere is not measured by the prices of crypto coins and that about 90% of crypto projects are B.S. He went on with his rather firm statement and also asserted that Tron, for example, is just garbage and it is not worth the money being dumped on it.
We will recall that McCaleb has been in the crypto blocks for quite some time. He is associated with a number of crypto-related ventures. He is well-known for its role in the creation of Ripple and Mt. Gox (which, unfortunately, didn’t survive), and his latest venture – Stellar, the parent of the digital coin Stellar Lumens (XLM). For someone who has played a significant role in the creation of a number of crypto-related ventures, you would want to pay attention to what he has to say. And this time he isn’t holding back in his belief on blockchain technology or what he thinks of most crypto projects, of which Tron happens to be one.
He made the rather bullish statement when asked how he would describe the general temperature of the crypto industry. McCaleb, who stressed from the inception of the interview that crypto prices depict only a little part of the growth of the industry, confirmed that it has been super exciting watching the industry grow beyond their (early adopters) imagination. And that it is somewhat ‘amazing’ how hype-driven the blocks are now. He expressed his disgust over the hype and how shameful it is to watch capital and resources being allocated to projects which are doomed to fail. He stated categorically that 90% of these projects are outright B.S. Citing Tron as an example; he referred to the project as garbage and that it is pitiful watching people dump money into such a project.
When asked what he would change if he had the power to, he noted that the brighter side of the crypto market calming down is that there would be less of these B.S. to watch. Hopefully, this ‘B.S hype trend’ will start to change.
The statement against Tron has sparked some exchange of ‘pleasantries’ (okay, ‘un- pleasantries,’ haha) between both crypto founders – Jed McCaleb and Justin Sun, the founder of Tron, with Sun predicting the fall of Stellar in 2019, or at least a fall behind Tron.
Putting in my two cents, I would agree that some of these crypto projects have nothing to offer. But let’s not take away the fact that some other crypto projects have lived up (and still living up) to their names. Throwing a jab at Tron may not be the smartest move, as they have earned some credit in the market, but that doesn’t take away the fact that Tron is known for its ‘hype.’ In fact, Tron was built on hype and it has continued in that trend till date.
Ultimately, it will be the market that decides to which direction either Tron or Stellar will turn.