‘XRP is Bitcoin 2.0’ According to Cory Johnson
Ripple may be causing waves in the industry with the impending launch of xRapid, but Cory Johnson’s “XRP is bitcoin 2.0” comment at the ChainXChange conference in Las Vegas this August surely raised a lot more eyebrows.
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Krugman, Johnson, and Tom Lee Panel at Mandalay Bay
The discussion might have been par for the course given the lineup of identities. Nobel Laureate Paul Krugman reaffirmed his commitment to crypto caution, repeating his persistent “What problem does it solve?” question.
Fundstrat’s Tom Lee argued that in the early days of mobile internet, growth and adoption developed because of “sports, gambling, or pornography… the subversive side,” and the same is proving true of cryptocurrency. Eventually, Lee argued:
“Mainstream use will surpass dark usage.”
Jessica VerSteeg, CEO of Paragon Space, a cannabis co-working space, made the somewhat senseless argument that if you like bitcoin, then it has already succeeded. While met with audience applause, the assertion was hardly a stirring call to action to adopt cryptocurrencies.
Ripple Labs’ Cory Johnson Fired Shot of the Night
Perhaps he meant it to sound humbler than it came out, but Johnson fired the shot of the night with his “XRP is bitcoin 2.0” statement.
The panel was discussing use cases. Johnson agreed with the crypto antagonists that speculation, use in crime due to perceived anonymity, and hoarding bitcoin as a store of value was not going to drive mass adoption of cryptocurrency. The store of value argument, he posited, was little more than the greater fool theory.
Johnson was–and presumably remains–more interested in functionality. And on that point, Ripple Labs certainly has some credibility. XRP, as he claims, “will do two-to-four thousand transactions per second”, making bitcoin relatively “unusable” for small transactions in a modern economic setting, as he argued.
Johnson identified an adoption curve on the bumpy ride that has been crypto prices over the past decade.
“We’ve got to get to a point where we’re not talking about storage of value, or speculation, but actual use cases of companies trying to solve problems. Moving money around the world isn’t terribly hard… but there are other problems that our global financial systems have that our current systems haven’t fixed. And I think XRP is a better solution.”
This is part of a series of panels and interviews from ChainXChange coming in the next few days, so stay tuned for more talks and information by subscribing and enabling notifications for the Bitsonline YouTube channel.
Is Johnson right? “XRP is bitcoin 2.0” is quite the statement. Do you agree?
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