Pro-XRP Advocate Says Michael Saylor’s View On Altcoins Is “Deeply Flawed” — Here’s Why
Attorney and XRP supporter John Deaton thinks Michael Saylor’s recent comments on altcoins are “absurd”.
Saylor, the CEO of MicroStrategy, said in a recent interview with Not Investment Advice that “all the legitimate talent is working at the top of the Bitcoin ecosystem.”
“If you’re honest, ethical, and competent, you’re building stuff on Lightning, or you’re building an application.”
Saylor also claims that other projects in the crypto market that compete with Bitcoin (BTC) have taken the shortcut of being unregistered securities because “they’re not decentralized.”
Deaton says Saylor’s comments are “disturbing”.
“The ethical comments are absurd and Saylor needs to be better. The problem with his analysis is that he equates every potential developer with the founders of the platform.
If he wants to criticize altcoin founders versus bitcoin, that’s understandable and I don’t question whether I agree with him or not.
But we are talking about an open, permissionless distributed ledger technology. Not every developer was given prepackaged tokens.
What about a developer who comes and builds an application on one of these platforms and the developer has never met or even with the founders, their foundation or anyone associated with the creation of the token or the technology spoken? Are you really calling them unethical?”
Deaton points to a developer named Jaskaran Kambo who created a bitcoin payment app on the XRP ledger called SpendTheBits. Deaton says Kambo doesn’t know anyone from Ripple and vice versa.
The XRP proponent also disagrees with Saylor’s analysis that most crypto projects are unregistered securities.
“Saylor is basically claiming that if you were aware of the law, you would ONLY bet on bitcoin because the rest of the shitcoins are securities. Saylor’s analysis of what constitutes a security is deeply flawed – which is quite surprising given how intelligent he is.”
Last month, Saylor said that smart contract platforms Ethereum (ETH) and Cardano (ADA) are both securities.
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