The debate highlights the ongoing divide between Bitcoin maximalists and Ripple advocates over crypto's future.
Amid recent criticism, as reported by CNF, that Ripple CEO called the Crypto Czar's press conference a "100% big deal," Eric Yakes, author of The 7th Property: Bitcoin and the Monetary Revolution, recently sparked controversy with a scathing critique of Ripple and its XRP token.
Yakes, author of The 7th Property: Bitcoin and the Monetary Revolution, dismissed XRP as lacking a legitimate use case, arguing that Ripple represents the exact problem Bitcoin was created to solve -- the creation of "fake money" for political gain.
In his post, Yakes stated that he was forced to research Ripple for a speech at a traditional finance (TradFi) conference and concluded that its technology and tokenomics resemble centralized monetary issuance. Specifically, He stated that,
Ripple is precisely the problem bitcoin was created to solve: printing fake money for political gain
He further criticized Ripple's role in remittances and central bank digital currencies (CBDCs), arguing that no one wants a volatile, centralized, and illiquid bridge currency when stablecoins or Bitcoin offer better stability.
Additionally, he claimed that XRP's value is artificially propped up by banking partnerships and political lobbying and questioned XRP's scarcity, stating that the ledger could be forked and that Ripple funds its expansion by selling XRP.
The XRP community was quick to defend XRP against Yakes' remarks. Former Ripple developer Matt Hamiltonstepped in to clarify that Ripple and XRP are separate entities -- Ripple is the company, while XRP is the cryptocurrency.
A user named Tsippes responded, pushing back against Bitcoin maximalists, stating:
So is this where a bunch of BTC folks come in and spread FUD? The difference is BTC will need XRPL eventually to play in this new financial system. XRP and XRPL are decentralized. A 3rd grader could figure that out. Ripple, however, and RippleNet are not. Two very different things.
The backlash from XRP supporters highlights the ongoing divide between Bitcoin maximalists and Ripple advocates, as debates over decentralization, adoption, and tokenomics continue to shape the broader crypto landscape.