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Cryptocurrencies have enjoyed a range of securities otherwise financially and legally generous, for the United States in particular, it's like security. But according to Mati Greenspan, who serves as a senior eToro market analyst, XRP should not be considered among the titles.
With this in mind, even with the level of exposure that Ripple and XRP have among crypto and blockchain receptive banks, its reputation is not helped by an overly truculent community that does not accept no for an answer and does not accept criticism well. . According to Greenspan, this is something that is seriously affecting XRP's ability to achieve greater adoption by banks.
While this is a rather unpleasant diagnosis from the senior analyst, Greenspan has continued to clarify that his perspective on XRP remains "bullish", especially as regards its uses as an international payment system and for cross-border payments.
During an online webinar on Friday, he claimed that XRP has all the potential to overturn and shut down the banking system as we know it at the time. Greenspan went on to say that XRP can not legally be considered a security in the United States for a number of reasons, adding that the way it is applied resembles the characteristics commonly seen by utility tokens over securities.
"The XRP is not a security, in my personal opinion," said Greenspan. "My best understanding is that XRP is logically a utility token [but] the SEC can see things differently. "
While this clarifies a little air for the listener, he had a number of points to add that would have diminished the possibilities of XRP for wider institutional implementation; and that would be his online community.
While the XRP community has recently been applauded for its ability to assemble and rote digital colors for XRP; helping to raise awareness internationally for this, this was going out of hand quickly. Members of a growing community demographic group often get too strong and even with latent hostility in trying to force banks to take advantage of XRP.
"The negative side of [XRP’s online community] it's aggression, "admitted Greenspan." Floods of people are trying to force banks to accept XRP. "
This excessive assertiveness and hostility, Greenspan argued, could have a highly negative effect on the way banks perceive XRP, inevitably leading banks to want to get away from it as a product and from its community. This is not a theoretical scenario, a number of banks that initially took into account the use of XRP have since decided not to do so, citing the toxicity of the online community.
Needless to say; the online community of any brand acts as an ambassador and is not a worse example of a slinging, warlike and virtually violent ambassador.
The Hashtag War – Winners
XRP is an important force when it comes to its community, no other counterpart of cryptocurrency or blockchain comes close to the way Febrile's XRP is. Since they give the collective, if a little trivial "#XRPArmy" as a name, they were incredibly vocal when numerous topics emerge.
In particular, this includes the regulatory status of XRP, in particular in the United States. Along with this, #XRPArmy has accumulated pressure for a list on the California-based cryptocurrency exchange, Coinbase.
Aggression, as well as the flagrant hostility felt by observers and victims of this community has become so overpowering that a number of well-known names in space have simply resorted to blocking community members at the same time. ; wholesale.
The best metaphor about personal experiences with this community comes from Jackson Palmer, more popularly known as the creator of Dogecoin (DOGE), which refers to the #XRPArmy as a "toxic junk of a community". Palmer went so far as to publish a programming script for users to apply to their Twitter accounts that he rightly called "XRP Away". As the name suggests, when the script is enabled, it can work by blocking all users who mention a user who uses the term XRP or referred to it in his profile.
While Palmer has proven himself to be one of those who have taken an innovative approach to the community, he is certainly not his only victim. A member of Coindesk's writing staff, Daniel Floyd, for example, was also the subject of a vigorous attack by XRP fans. His "crime" in their eyes? Not from writing something fierce or hostile about XRP, but simply approaching the senior members of his team to comment on a story he was writing.
It's still one to add to your list
Now, while there are a lot of blockchain and crypto enthusiasts who have the return of XRP regarding its leverage potential for banks, it also has a good share of detractors. Colin LeMahieu is one of them, speaking as the founder of Nano, he claimed that XRP was a too centralized entity, as well as having a transaction speed too slow to be considered an alternative worthy for the banks.
Greenspan himself sees the benefits of XRP, but also has a number of concerns, including Ripple Labs, the token's creator, with a monopoly of nearly 60 percent of the existing XRP token supply. This meant that there was an excessive level of risk associated with the token in general and validated LeMahieu's previous comments on centralization.
This factor also means that there is an undue level of difficulty in stabilizing it to be a victim of fluctuations in its value or its volatility.
While Greenspan is worried, he remains a tenacious XRP token owner and has been in charge for about five years. Apart from this, however, he explained that the continuation of project profitability derives from its relevance in the eyes of financial institutions and banks. For these institutions, the public image is imperative and being associated with a community that is gaining a reputation for positively bad reasons does nothing to help them.
The XRP has a number of problems that need to be corrected to continue to have relevance for a large multinational consumer base. Particular attention should be paid to its regulatory status and to cases of real use for businesses. But above all, attention must be paid to the control of this otherwise overly aggressive community.
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