The past year hasn’t been kind to the digital asset space. In 2018, the majority of digital assets tumbled sharply after falling victim to the bear market. The value of all virtual currencies has dropped to $125 billion from $825 billion in the past year alone. This collapse has resulted in a loss of faith in the system by the mainstream media claiming that the end of crypto is at hand. However, one crypto proponent has a different view.
Stellar (XLM) Price Today – XLM / USD
Jed MacCaleb: Users Shouldn’t be Worried by Claims That Crypto is Down
Jed McCaleb, who founded Ripple and Stellar speaking to Yahoo Finance, claimed that consumers don’t have to worry about claims that crypto is slowly coming to an end. According to him:
“It is funny when some people say crypto is going down because it is still way up.”
The crypto entrepreneur and Stellar co-founder further explained that while the digital asset prices were evidently down due to the market crisis from their peak only thirteen months ago, this industry is, however, stronger now than it had ever been. The Stellar (XLM) creator also added that it had not affected business as much as portrayed, noting that it really does not matter very much, echoing a sentiment touted by some “BUIDLers.” Yet, MacCaleb admitted that a bull run would bring in more eyes, with a more free-flowing capital incentive to drive innovation in the space.
“90% of Crypto Projects Are Unserious
Although McCaleb showed a positive outlook overall, he highlighted that the industry has become hype-driven, due to the rapid rate at which that it has seen growth over the past decade. The industry insider also further noted that at least 90% of all the crypto projects are “unserious,” adding that he is looking forward to a time when the team of the industry will shift. McCaleb called out Tron (TRX) specifically, claiming that it is B.S, but people still continue to “put money into it,” despite the fact that the product doesn’t work in full.
The cryptocurrency bull added that in most cases, the usage of existing crypto projects, like XLM and BTC, is actually enough.
About Jed McCaleb Co-founder of Stellar
Jed McCaleb is one of the big guns in the crypto space. He is a legend in the industry after foraying into cryptocurrencies when it was essentially just Bitcoin (BTC) that called the shots. McCaleb is responsible for launching the first version of Mt. Gox in 2007. After leaving Mt. Gox, Caleb started to work on the Ripple (XRP) protocol. This new venture initiated by the developer spawned the XRP token into existence and led MacCaleb to subsequently on-board Chris Larsen and David Scharwtz, who are now prominent executives at Ripple.
Following MacCaleb’s stint at the crypto startup, which has now outperformed most of its peers in 2018, the entrepreneur who is also a crypto-centric left to co-found the SDF (Stellar Development Foundation). The Stellar Development Foundation is behind Lumens (XLM). Since launching the Stellar protocol in 2014, McCaleb has completely committed most of his time into developing the Stellar network, as the XLM digital token continues to sit among the top on the cryptocurrency leaderboards.