some crypto influencers or exchanges endorsed it. I don’t really want to see us repeating the same mistakes over and over again – Let’s build a better future, not just another copy of the old banking system.
Crypto has been gaining a lot of attention lately, especially during the SEC lawsuit involving Ripple’s XRP token. While the lawsuit has been settled, it is important to remember that XRP is a heavily centralized project, no matter if it is a security or not. The consensus mechanism running on the network is essentially just proof of trust – relying on all participants being doxxed and using a bunch of bank owned servers. This isn’t really innovative blockchain technology, it is just the same old banking system trying to use the term “blockchain” as a marketing tool.
While I understand why the crypto community is showing XRP some love, I believe we should really think twice before we support projects that are just another copy of the old banking system. Ripple has also been known to fight against decentralized cryptos like Bitcoin and Ethereum in the past, without ever apologizing for it. For example, Ripple CFO Brad Garlinghouse claimed in 2020 that Bitcoin was controlled by China ([source](https://gizmodo.com/ripple-claims-bitcoin-is-chinese-controlled-while-annou-1845932148)) and Vitalik Buterin also noted that Ripple has made similar claims against Ethereum ([source](https://zycrypto.com/vitalik-buterin-faults-ripples-decentralization-claim-says-the-platform-is-completely-centralized/)). Additionally, they funded a FUD energy campaign that tried to push Bitcoin towards Proof-of-Stake consensus ([source](https://decrypt.co/96298/ripple-co-founder-backs-controversial-campaign-change-bitcoin-code)).
It’s understandable that the crypto community has been showing XRP some love due to the SEC lawsuit, but it’s important to remember that XRP is a heavily centralized project and isn’t the only one. We should strive to build a better future where we don’t just repeat the same mistakes over and over again. If we want to make real progress in the world of crypto, we should be focusing on building real decentralized technology instead of just another copy of the old banking system.