Pro-XRP Lawyer Says Michael Saylor’s View on Altcoins Is ‘Deeply Flawed’ – Here’s Why
Attorney and XRP supporter 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 of the legitimate talent is working on top of the Bitcoin ecosystem.”
“If you’re honest, ethical and competent, you’re building stuff on Lightning, or you’re building an application.”
Saylor also claims that other projects in the crypto market competing with Bitcoin (BTC) took the shortcut of being unregistered securities because “they’re not decentralized.”
Deaton says Saylor’s comments are “troubling.”
“The ethical comments are absurd and Saylor needs to be better than that. The problem with his analysis is that he equates every potential developer with the platform’s founders.
If he wants to criticize altcoin founders in comparison to Bitcoin, it is understandable and I take no issue, whether I agree or disagree with him.
But we’re talking about an open, permission-less distributed ledger technology. Not every developer was distributed pre-mined tokens.
What about a developer who comes along and builds an application on one of these platforms and the developer has never met or even spoken to the founders, its foundation, or anyone associated with the creation of the token or the technology? Are you really calling them unethical?”
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 supporter also disagrees with Saylor’s analysis that most crypto projects are unregistered securities.
“Saylor basically asserts that if you are aware of the law then you would ONLY build on Bitcoin because the rest of the shitcoins are securities. Saylor’s analysis of what constitutes a security is deeply flawed – which is quite surprising, considering how intelligent he is.”
Last month, Saylor said that smart contract platforms Ethereum (ETH) and Cardano (ADA) are both securities.
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