Dr. Craig S. Wright has claimed a lot of credit for himself by attacking several projects and events in the cryptosphere, and he’s at it again. But this time, he probably jumped into the wrong hole.
His latest rant goes against XRP. In this article we’re going to debunk some of the “logic” he uses to go against both Ripple Labs and the XRP token. We start with the Tweet from Dr. Wright’s (we don’t know what his Ph.D. specialty is) that has angered Ripple fans for the last ten days or so. He writes:
There are several things to say here.
First of all, after reviewing many reactions from the XRP community in Reddit and other social media sites we found that nobody wants to try and argue with him at all. That’s not to say that they are willing to agree with him either.
It’s more that nobody is willing to take him seriously at all, not just because of his latest rant on Ripple and XRP, but because he’s made a name for himself attacking the blockchain technology and cryptocurrencies in general. Obviously, calling the XRP people “idiots” didn’t help either.
Then there’s the issue of XRP being a security. From his tweet’s context, he seems to believe so. But neither he nor the XRP community will decide if this is true or not. Only the SEC can do that, and it’s still studying the case.
Craig Wright seems to have zero economics knowledge
We don’t decide if XRP is a security either, but we can give you the facts as we know them now. There is a difference between Ripple, the company, and XRP, the token. If you should buy Ripple’s stock, then you would own a piece of the firm. That is a security.
If you buy XRP, all you get are some digital coins. That’s a commodity. This is quite an essential difference between financial entities that somebody who claims to be an expert in economics should understand very well. Yet, it seems Dr. Wright doesn’t.
And there are already antecedents. SEC hasn’t cleared XRP yet, but it’s already pronounced itself about both Bitcoin and Ethereum, declaring that they are not securities at all, but that they do have the potential to be real currencies. So why all this insistence in XRP being a security?
It’s not that different from all other digital assets. The main difference with Bitcoin is that XRP is not mined, but sold by Ripple at the rate of a billion coins per month.
So yes, a lot of XRP is part of Ripple’s actives, but that doesn’t mean that the tokens will give you a piece of the company. It’s like saying that if I buy Bill Gates’ chair, I am getting a piece of Microsoft.
Other objections in the community are that Dr. Wright just spits out personal opinions that are never backed up by hard data, research, or even a basic understanding of cryptography and blockchain technology. And in this particular case, of Ripple’s and XRP history.
Also, Dr. Wright has claimed in the past to be Satoshi Nakamoto, which is a ‘very hard’ claim to prove, and it hasn’t gone well with many enthusiasts in the cryptosphere. And so far, we don’t know he’s shown any kind of definitive proof.
So is he the mythical Satoshi Nakamoto? Is he right about Ripple? You’ll have to do your own research and reach your own conclusions. But to us, that doesn’t look to be the case.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…