Pour one out for the droves of sad Ethereum muchachitos. XRP was ahead of ETH for a short while this week by market cap. First, ETH’s price plummeted last week as cries of pain and agony from troubled souls filled the forums of /r/Ethereum. You know things are bad when the magical, peace-loving, unicorn-riding tokenboi collective filling the forums with familiar rally cries of “decentralization”, “ASIC-resistant”, and “sharding”, stop talking about “the future” and begin talking about spot price, market cap, and how to stop the bleeding.
ETH Jefe Vitalik Buterin recently touched on this issue with statements about how the cryptocurrency industry was no longer in its infant stages, explaining that explosive gains like we saw in early 2018 would not be possible from now on. But recently, prices have gone up, but the unthinkable has happened! Ripple overtook Ethereum as the second most valuable coin by market cap! Even though it only lasted for a few hours, this event created a wave of depression amongst Ethereum fanboys, who maintain that their token-platform coin, ETH, has value apart from being tradable on an exchange.
Ripple is a company that has a product called XRP which is not a cryptocurrency but a token created for banking operations. That is why it gathers the hate of most tokenboi futurologists who see XRP as an instrument of Sanatás that permits banks to leverage the power of “blockchain tech” without losing complete control over the funds being transferred. And the reasons that doubled its price in a single day are just as suspicious and mysterious as the token itself.
In the last weeks, there has been a curious stream of news shilling the use of Ripple technology for international payments and remittances. The National Commercial Bank of Saudi Arabia, PNC in America and even the development of a new app to make payments called MoneyTap in Japan. But nothing specific seems to reveal to a real reason for this drastic price pump.
There are great banking interests and a lot of money behind Ripple, and that could also be playing in its favor. But for the cryptocurrency community, it is worthless. It is a token created by a company for aiding banking operations, and that is a big no-no for purists who champion decentralized p2p electronic cash. That is why Ethereum and other tokenbois are so deeply hurt inside. And we must understand them. For a short while, a centralized bank-token was at a higher market-cap than their beloved gas-guzzling, decentralized platform for creating decentralized tokens for stuff.
Some questions remain: has token fatigue finally set it? Will tokenbois realize “decentralization” is not an end-in-itself? Will they ever return to building on the p2p electronic cash chain? How many heads will explode if a centralized banker-token reaches number one by market cap?