Stellar founder: 90% of projects are fake, and this coin in particular is considered trash
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Answer Stellar founder: 90% of projects are fake, and this coin in particular is considered trash
Jed McCaleb, one of the founders of the Total Payments Settlement Protocol, Ripple, and Stellar Remittance Payments (XLM) program indicated that most cryptocurrency projects are “fake.”
McCaleb, who is also the founder of Mt. Gox” which closed its business long ago. It is believed that most traditional financial institutions will not use Bitcoin (BTC), possibly due to the relatively long and slow processing times. As he told Yahoo Finance (December 31):
There is no need for a Bitcoin blockchain to be, but if it is not a public chain, you will miss the point.
Most cryptocurrency projects are ‘fake’
According to McCaleb, blockchain networks should always be without permission because it does not make sense to use Distributed Ledger Technology (DLT) to implement a proprietary database management system. In an interview with Yahoo Finance, McCaleb also said:
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90% of these projects are “bullshit” and I look forward to this changing in 2019.
The former CEO of American fintech and Ripple Labs specifically targeted the Tron (TRX) project he worked on with Justin Sun, saying: “Projects like Tron are just rubbish. But people throw tons of money into the void, and these things technically don’t work.” According to McCaleb; There is no software platform that provides a comprehensive solution to every problem.
Markets “calm down”
He commented on that:
There are some things about bitcoin that are good, some things ethereum are good, and other things that are good in the Stellar project, and none of them can do all things well. This is how software works.
When asked if last year (2018) was a bad year for the crypto and cryptocurrency industry, McCaleb said it could best be described as a period of time when everything “cooled down” – rather than a typical bear market where growth and adoption were hindered or stopped altogether .
As CryptoGlobe reported in early November 2018, Stellar partnered with crypto wallet and blockchain service provider Blockchain.com to distribute $125 million in Stellar token (XLM) to blockchain wallet account holders.
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In order to receive $25 in Stellar XLM, blockchain wallet users had to submit identity verification documents. This was a prerequisite since Stellar and Blockchain.com wanted to prevent users from creating duplicate accounts with the intent of claiming Stellar XLM rewards more than once.
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