Founder Sees ‘Fundamental Flaws’ in XRP, Predicts ‘More Downside’
The founder and ordinary partner of Innoving Capital Anthony Georgiades discussed concerns about Ripple and its Aboriginal token XRP, especially about the concentration of XRP Ledger. In an interview with Yahoo Finance, He explained that XRP was running on a decentralized classification account, but in fact, Ripple Labs controlled it significantly. Ripple Labs is responsible for choosing a list of verification device for transaction, and most users rely on Ripple’s default node list.
Georgiades pointed out that this centralization has weakened XRP as a position as a truly decentralized asset, and he believes that this may be easily affected by excessive supervision. The government can control the control of transactions through specific institutions or geographical areas, which may destroy the network. This may lead to trust, the segmentation of network fork and value loss, and ultimately questioned the purpose and competitiveness of the token card compared with centralized systems.
“I think especially the shortcomings that affect Bitcoin, especially related to other altoscopic coins, especially ripples. Now, there are many positive emotions in the market. At present, there are many positive emotions for Ripple. Strategic reserves, but I, especially many basic defects in XRP, honestly, for a variety of reasons, strategic reserves supported by ripples are the demise of the network itself, “he said. (Originally)
In addition, Georgiades shared his view on the recent market changes of Bitcoin. He believes that the market has priced at several positive catalysts, such as potential regulatory changes and Bitcoin the possibility of reserve. However, he said that any fundamental change will take years to completely affect the market.
