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Meet "Crypto Pioneer" Jed McCaleb
Although you have not heard of him, Jed McCaleb is a legend in the cryptic grass industry. It broke into cryptocurrencies when there was essentially only Bitcoin (BTC), launching the first iteration of the Mt. Gox in 2007 (it was converted into a BTC platform at the end of 2010). After leaving Mount Gox, which collapsed a few years later under the leadership of the French national Mark Karpeles, Caleb began working on the Ripple protocol. The developer's business has given birth to XRP, subsequently bringing it on board of David Scharwtz and Chris Larsen, who are now leading executives from Ripple based in San Francisco.
Following his period of work at the start of financial technology, which outperformed his peers in 2018, the entrepreneur cripto-centric went on to found the Stellar Development Foundation (SDF). The SDF is evidently behind the Lumens organization (XLM). Since founding the Stellar protocol parent in 2014, McCaleb has spent most of his time developing the Stellar ecosystem, as XLM continues to outperform the cryptocurrency classifications day by day.
Ignore Bitcoin Crash, Crypto Still "Way Way Up"
2018 was not kind to the cryptosphere. In the last year, most cryptocurrencies have collapsed, falling victim to the bear market blues. In reality, the aggregate value of all cryptocurrencies has fallen from ~ $ 825 billion to $ 125 billion. This collapse led the mainstream media to lambastate Bitcoin and its brothers altcoin, arguing that the end is close to this innovative asset class.
However, McCaleb, speaking to Yahoo Finance in a recent interview, said that consumers should not be worried. In a telephone interview, co-founder Ripple and Stellar said "it's funny when people say the crypt is down", pointing out that in his eyes, it's still "very high".
He explained that while prices are evidently falling compared to their peak, overall, this sector is stronger than ever. The creator Stellar added that he did not even negatively affect the business, emphasizing that "it does not matter" too much, echoing the sentiment propagated by other "BUIDLER". However, he admitted that bull races bring more eyes, along with more free capital to drive innovation.
Considering that McCaleb has an obvious interest in this sector, it is not surprising that he is still optimistic. However, the trust of an important industry insider is comforting.
"90% of the projects are B.S."
Although McCaleb has painted a positive picture as a whole, he explained that this industry has become intrinsically motivated, presumably due to the rapid pace in which this industry has grown. On the issue of clamor, he added:
The allocation of capital and resources is insane to watch, when these zero-value projects get millions of dollars. It seems a great sin. We hope it will start to change. One of the nice things that comes with the market is calming down – I still say it's not a bear market – means that there's less than that.
The insider of the sector later noted that 90% of all cryptographic projects are "B.S.", adding that he does not see the time for this sector issue to shift. McCaleb specifically called Tron (TRX), claiming it is rubbish, but people continue to "throw tons of money in", even if the product does not work in full. He added that when things are reduced, in most cases, the use of existing cryptocurrencies, such as XLM and BTC, is sufficient.
Title Image Courtesy of Brian Garcia via Unsplash
