Ripple’s use-case questioned by the American economist Paul Krugman

Recently, a well-known American economist, a professor in the field, and an Op-ed columnist for The New York Times has ‘accidentally’ pulled a thread on Bitcoin Cash while trolling Ripple’s token XRP for its use-case.

Krugman said:

Paul Krugman's tweet | Source: Twitter

Paul Krugman’s tweet | Source: Twitter

XRP holds the 3rd position in the crypto-coin rankings according to its market capitalization, making it one of the biggest cryptocurrencies in the world. However, of late, Ripple has been in the news for giving away its tokens to promote a widespread ‘trading’ of XRP. This has invited external criticism as some believe that XRP is only used for speculative trading.

Krugman’s words came as a response to Nathaniel Popper’s recent article ‘Here’s Some Cryptocurrency. Now Please Use It.’ The article reported Ripple’s giveaways to potential utilizers of the token, like Snoop Dogg, who reportedly held a concert for XRP fans recently.

Moreover, Ripple, this year, had launched Xpring – a project to assist and fund startups that focus on XRP. Last year, October 2017 also saw the launch of Ripple Accelerator Program through which the company planned to create a reward system for organizations using three Ripple products. Fruitful to the efforts, several remittance services have already begun to use Ripple’s technology for cross-border transactions.

Bram Cohen, who is the creator of BitTorrent, also commented on Krugman’s tweet, saying:

“Ripple isn’t actually a cryptocurrency, it’s a centralized token accounting system, of the sort which any idiot could have set up 20 years ago.”

To this, Riccardo Spagni aka fluffy pony, the core member of Monero replied:

“Some rando, who’s accomplished precisely nothing of import, arguing with the creator of BitTorrent over whether or not Ripple is decentralised. This is truly amazing”

Crypto Joe, a Ripple follower also expressed:

“A Nobel laureate with 4.6m followers quoting an article claiming $XRP is a #Bitcoin imitator. Painful. BTC and XRP are alike like a Ford Model T and a Tesla Model S. Ask @yoshitaka_kitao if XRP won’t be used. How many years before the internet had 1mil users? Vision.”

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