RT – February 14, 2018: In time most digital currencies will be worthless, according to the head of the centralized cryptocurrency ripple, CEO Brad Garlinghouse. (BATTLEFORWORLD: His opinion is shared by others. And the concept of 24/7 mining of cryptocurrencies into profitability is abusing energy resources. On one hand you have movements talking about energy efficiency being one of the easiest and most cost effective ways to help combat climate change, but yet you have the cryptocurrency boom using energy hungry computers to make money out of thin air.)
The hindrance is that a majority of cryptocurrencies can’t be used as transactional currency, and because of that they are being traded like assets, he says. Ripple and the company behind it are arguably the most criticized digital assets, as the whole idea of Bitcoin as the first cryptocurrency was that it should not be regulated. But Garlinghouse advocates that the best way of using cryptocurrency is to “work within the system,” not become an opposition to government regulation and traditional financial institutions.
“It’s not clear what the use case is. It’s not clear what the value proposition is. Long-term value will be dictated by the utility of that asset,” Garlinghouse said.
Ripple peaked at $3.31 in January and fell to around $1.00 this week. The idea of the token is to act as a bridge between international bank transactions, not to become the alternative for fiat currencies. The majority of ripple tokens are held by the parent company, meaning that it can regulate their price.
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