Citing the ability of XRP to offer faster and cheaper transactions, Matt Hamilton argued that the digital asset's use case might go beyond what banks can offer. Challenging popular YouTuber, Mark Moss, the former Ripple executive suggested that the Bitcoin-only believer is not clearly understanding XRP's purpose. Even though Ripple was often associated with advancing banking activities through faster and cheaper technology, XRP's purpose goes beyond helping banks with transfers.
The technology can be used to move real value without involving banks, as the value is moved directly from one party to another. The former Ripple executive further emphasized that this is the point of cryptocurrencies. Moss, who believes that banks should opt for Bitcoin-like solutions, contradicted Hamilton’s statement, suggesting that big financial institutions like the Fed or IMF would not handle XRP. Despite the Blogger’s opinion, some supporters criticized him of marginalizing XRP under the current situation where the industry is under increased pressure from regulators.
In response, Moss shifted the main focus to uniting the crypto community around technologies that promote private property and freedom of choice. He suggested Bitcoin is a type of a bank people can fully control and XRP the only currency serving the purpose of banks.
Cryptocurrencies have grown in popularity due to their ability to provide cheaper and faster transfers than standard banking solutions. XRP, formerly known as Ripple, is no exception to this, as it was designed as an asset to directly move value from one portfolio to another without involving financial institutions. As one of the prime advocates of XRP, Matt Hamilton confronted YouTube blogger Mark Moss and argued that the digital asset's purpose goes beyond helping banks.
Moss, who is leaning towards an ideology of Bitcoin-only for the crypto space, believes that XRP would not be used by big financial institutions like the Fed or IMF. Nevertheless, some supporters of the cryptocurrency accused him of contributing to the division of the crypto community while regulators are pushing harder on the crypto space. The YouTuber then shifted the debate to uniting people around technologies that support private asset ownership and freedom of choice. In his opinion, Bitcoin is the experience of being a bank and XRP is acting in currency for banks.
Ethan Garcia
- 2023-04-02
Matt Hamilton and Mark Moss Debates XRP’s Purpose
Matt Hamilton and Mark Moss debate about the use of XRP for cryptocurrency transfers. Hamilton argues for the digital asset to move value without involving banks, while Moss suggests that the Fed or IMF would not handle XRP.
