As the year closes on an uncertain and frankly disappointing note for Bitcoin, Jed McCaleb, the co-founder of Stellar, has noted that most crypto projects are useless and that Bitcoin will not gain widespread institutional adoption. According to him, not many banks and financial institutions will ever decide to embrace and use Bitcoin (BTC). In a more sensational comment, McCaleb has opined that 90% of the crypto projects that come up are nothing but “BS”.
The said comments were made by McCaleb while answering questions in an interview of his by Yahoo Finance, dated 31st December, 2018.
McCaleb, while calling out the problems with the rampant mushrooming of crypto projects everywhere, also struck an optimistic note about the scope of fintech. He argued passionately and straightforwardly in favour of using permissionless and open blockchain networks in the finance sector. To quote his rather direct statement,
“It doesn’t need to be the bitcoin blockchain, but if it’s not a public chain, then you’re missing the point.”
McCaleb, who has been intimately associated with projects like Mt. Gox or even Ripple earlier also lashed out against most cryptocurrencies that were not one of the top ones, such as Bitcoin, Ripple, Ethereum or his very own Stellar.
“Ninety percent of these projects are B.S. I’m looking forward to that changing”, he said.
He further went on to say that:
“Things like Tron, it’s just garbage. But people dump tons of money into it, these things that just do not technically work.”
Of late, Tron, under the leadership of Justin Sun, has been quite active in terms of publicity, trying to outshine the Ethereum blockchain network. While he lashed out against Tron, he admitted that the market needs a multiplicity of cryptocurrencies to meet various needs. He said:
“There are some things bitcoin is good at, some things Ethereum is good at, and some things Stellar is good at.And none of them can do all the things well. That’s just not how software works.”
However, all things said and done, McCaleb’s overall outlook was quite bullish for the new year that is upon us now.
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