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Lawyer and XRP promoter John Deaton thinks Michael Saylor’s recent comments about altcoins are “absurd”.
Saylor, the CEO of MicroStrategy, recently said in an interview with Not investment advice that “all legitimate talent is working on top of the Bitcoin ecosystem.”
“If you’re honest, ethical, and capable, you build things in Lightning or create an app.”
Saylor also claims that other projects in the crypto market that compete with Bitcoin (BTC) have taken the shortcut of being unregistered securities because they are “not decentralized.”
Deaton says Saylor’s comments are “disturbing.”
“The moral comments are absurd and Saylor has to be better than that. The problem with his analysis is that it equates every potential developer with the founders of the platform.
If he wants to criticize altcoin founders in comparison to Bitcoin, that’s understandable and I have no issue whether I agree or disagree with him.
But we’re talking about an open, license-free distributed ledger technology. No pre-mined tokens were distributed to every developer.
What about a developer who comes along and builds an app on one of these platforms and the developer has never met or spoken to the founders, their foundation, or anyone associated with the creation of the token or technology? Are you really calling them immoral?’
Deaton points to a developer named Jaskaran Kambo, who created a Bitcoin payment app on the XRP Ledger called “SpendTheBits”. Deaton says Kambo didn’t know anyone from Ripple and vice versa.
The XRP proponent also disagrees with Saylor’s analysis that most crypto projects are unregistered securities.
“Saylor basically claims that if you know the law, then you would ONLY build on Bitcoin because the rest of the shitcoins are securities. Saylor’s analysis of what constitutes security is deeply flawed – which is surprising, given how smart he is.”
Last month, Saylor said smart contract platforms Ethereum (ETH) and Cardano (ADA) are both headlines.
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Disclaimer: The views expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and that any losses are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/pancha.me/Sensvector
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