Weiss Crypto Ratings says XRP community transitioning to XLM ‘makes sense’ 🚨 This article is 5 years old...
Weiss Crypto Ratings says XRP community transitioning to XLM ‘makes sense’
2 min read
Updated: Nov. 8, 2019 at 5:39 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Weiss Crypto Ratings, a crypto and financial ratings company, said that the XRP community transitioning over to XLM would make sense. The company suggested Stellar leads in “technological advancement” but struggles with adoption, which is why migration from XRP to XLM would close that gap.
Weiss Crypto comes up with a bold suggestion
The nature of cryptocurrencies makes it incredibly hard to reach mainstream adoption, which is why some of the most successful crypto projects are the ones that most closely resemble a traditional monetary structure.
However, those projects often find themselves on the receiving end of incredibly harsh criticism for their lack of decentralization and other basic crypto-principles.
And while this seems that it might be a problem that looms over the industry forever, a financial rating company believes there is a solution to this persisting problem.
Weiss Crypto Ratings, a provider of ratings of stocks, ETFs, financial institutions, and cryptocurrencies, said that a marriage between a popular and a technologically advanced cryptocurrency would heal the industry’s woes.
“Some say #XRP community transitioning over to #XLM would make sense. XLM has the technological advantage over XRP, but XRP leads in adoption. If the XRP community moved over to XLM, that adoption gap would close,” the company tweeted, asking its followers whether they would cross over if such a movement happened.
Crypto Twitter unites against Weiss
The company tried to distance itself from the bold statement by insinuating that it originated elsewhere but to no success. The reaction that ensued seemed to unite the always divided crypto community against a common enemy.
The reactions ranged from mildly amused to completely baffled, but most agreed that the statement was utterly outrageous. Hundreds of users commented on the tweet, saying that it completely destroyed any credibility Weiss Crypto had.
Many also questioned the data Weiss used that led them to believe that not only such a transition would be possible, but that it would also garner great results for the community.
The company’s attempt to clarify its statement was equally unsuccessful. It claimed that Stellar had an advantage of being structured in such a way that once it reached “adoption” it created a “completely decentralized network.” Ripple‘s XRP, on the other hand, uses the same model as Libra does, always requiring a central coordinating party to reach a consensus.
However, Weiss’ clarification only seemed to worsen everything. Twitter users showered the company with criticism, with many saying that such a “stupid” and “outrageous” statement must have been said on purpose to gain attention.
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In this article
Stellar is a multi-currency payment backend that tens of thousands of people use every day.
XRP
$2.30196
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Weiss Crypto Ratings
Weiss Ratings, which began operations in 1971, is the only financial ratings agency that provides a combination of five critical advantages for users: The broadest coverage, the strictest independence, complete objectivity, high ethics and a commitment to safety..
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization founded in 2014 to support the development and growth of the open-source Stellar network.