- Forbes published a critical report on Ripple, branding its blockchain as ineffective and its token as speculative, sparking backlash from figures like Charles Hoskinson.
- Hoskinson and crypto supporters defended Ripple, with humor and sarcasm, against Forbes’ assertions, highlighting the ongoing debate within the cryptocurrency community.
The cryptocurrency world has always been a subject of intense scrutiny and debate, often attracting the attention of mainstream media outlets like Forbes. Recently, the renowned global media company turned its critical lens towards Ripple (XRP), questioning its utility and market value in a scathing report titled “The Rise of Crypto’s Billion Dollar Zombies.” However, this critique didn’t go unanswered, with notable figures like Charles Hoskinson stepping forward to defend Ripple and challenge Forbes’ assessment.
Forbes’ report delved into the history of Ripple, highlighting its inception and the meteoric rise of its native token XRP during the crypto boom of 2017-2018. However, the tone quickly turned sour as Forbes labeled Ripple’s blockchain as ineffective and its token as purely speculative, questioning its ability to disrupt the global financial network.
According to Forbes, Ripple Labs has failed to fulfill its mission of revolutionizing the financial industry, dubbing its blockchain as “useless” in terms of global money flows. The report even went as far as to dismiss XRP as a token with no purpose other than speculation, despite its substantial market capitalization.
In response to Forbes’ critique, Charles Hoskinson, the founder of Cardano, took to social media to offer a tongue-in-cheek rebuttal. Hoskinson humorously referred to all cryptocurrencies mentioned in the report, including Ripple, as “zombies,” quipping that they possess the “brain” in the crypto space.
Hoskinson’s comments resonated with many in the crypto community, who viewed Forbes’ assessment as overly harsh and unjustified. Despite Forbes’ critical stance, it’s important to note that the media company had previously recognized XRP as one of the top digital assets to watch, underscoring the volatile nature of opinions within the industry.
While Forbes’ report may have stirred controversy within the crypto community, it also underscores the ongoing debate surrounding the legitimacy and utility of various blockchain projects. As the crypto landscape continues to evolve, divergent opinions from both mainstream media and industry insiders serve as a reminder of the inherent complexities and uncertainties within the world of digital assets.
While Forbes’ criticism of Ripple may have raised eyebrows, the spirited defense from figures like Charles Hoskinson highlights the resilience and fervor of the crypto community in the face of scrutiny. As the crypto market marches forward, only time will tell which projects stand the test of time amidst the ever-changing tides of public opinion.
