XRP Fights With Stellar (XLM)
Stellar ecosystem received harsh criticism from the XRP army after posting, “Imagine spending more on lawyers than developers and calling it progress,” on its official X account.
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Prominent cryptocurrency expert and Anodos Finance co-founder Panks Mekras highlighted Jed McCaleb’s involvement with Ripple by saying, “Jed played dirty and tried to crash XRP.”.
Mekras cited this as one of the main reasons he would not invest in XLM. He also called XLM an inferior copy of XRP, a sentiment shared by many in the community because it frequently mimics XRP’s market volatility.
McCaleb is well-known in the cryptocurrency industry for co-founding Ripple and playing a key role in XRP Ledger (XRPL). However, there has been an ongoing discussion about his departure from Ripple amid Stellar’s creation
A prominent point of contention in McCaleb’s departure from Ripple is the assertion that he intended to destabilize XRP after leaving the company.
According to Schwartz’s account, McCaleb aimed to “dispose of his XRP holdings rapidly,” leading Ripple to take legal action to prevent him from doing so. Schwartz posited that if McCaleb had succeeded, the value of XRP could have suffered a significant blow.
However, due to Ripple’s intervention, McCaleb’s XRP holdings eventually soared in value, surpassing the $1 billion mark.
Mekras repeated something David Schwartz, the chief technology officer of Ripple, had said earlier. McCaleb left Ripple, according to Schwartz, because the board didn’t agree with his proposed ideas.
McCaleb had “a long string of bad ideas that Ripple’s Board of Directors refused to implement,” Schwartz said, which was why he founded Stellar as a platform to follow those ideas that were turned down.
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