Caitlin Long, founder and CEO of Avanti Financial Group, recently criticized Ripple during her appearance on the 'Gold Goats 'n Guns' podcast, triggering significant responses within the XRP community.
Caitlin Long's Criticism of Ripple
Caitlin Long pointed out that banks have always been suspicious of XRP Ledger due to its centralized nature. She stated that Ripple had failed to make substantial progress in over a decade, adding, 'It's not going to take over. If it were going to take over, it would have taken over a long time ago.'
Long's Arguments Regarding XRP
Long noted that Ripple's pivot to the stablecoin market is 'an admission' that the XRP Ledger did not achieve the level of adoption they desired. She criticized the project’s tokenomics, arguing that entities extracting money upfront can never be trusted. It is notable that Ripple never had an initial coin offering (ICO), yet 100 billion XRP tokens were premined, leading to controversy.
Ripple's Response and Community Support
David Schwartz, Ripple's CTO, expressed his willingness to discuss facts about Ripple and the XRP Ledger in response to Long's claims. XRP community proponents pointed out that XRP had no value when it was first created, and that the XRP Ledger is indeed decentralized. A Twitter user additionally emphasized that Ripple never did an ICO and all 100 billion XRP were placed into the genesis account.
Caitlin Long's criticism has sparked a discussion regarding the centralization of XRP and the impact of the stablecoin market on Ripple's perception. Such debates highlight the importance of transparency and trust in the crypto industry.
