Jed McCaleb calls 90% of crypto projects "B.S." in new interview

31 Dec, 2018
by David Borman
Opinion
Jed McCaleb calls 90% of crypto projects B.S. in new interview

Jed McCaleb, known for cofounding Mt.Gox, Ripple, and most recently Stellar, gave an interview to Yahoo! Finance in which he generally spoke on the future adoption of crypto, the merits of Stellar, and took some time to claim that he felt most projects out there are "B.S.," taking the time to call out TRON specifically.

Early in the interview, he discusses the adoption of blockchain technology and how he doesn't think it likely banks will use Bitcoin, but some form of open distributed ledger technology is the way to go. He says private chains are "missing the point."

He then points out there is room in this space for multiple projects, as not all are trying to accomplish the same thing:

"Everybody kind of lumps this whole industry into one big bucket. But really they’re all different protocols and they’re all tailored for different use cases. There are some things bitcoin is good at, some things Ethereum is good at, and some things Stellar is good at. And none of them can do all the things well. That’s just not how software works."

Moving on from here, he says he thinks that the market is calming down, but he doesn't want to call it a bear market. He aptly points out that though we are down from the highs, we are still doing amazingly well over the last several years. He thinks this "calming down" will cause a lot of the useless projects to get flushed out.

He feels that most of the market are these useless projects and even calls TRON out by name:

"Ninety percent of these projects are B.S. I’m looking forward to that changing. Things like Tron, it’s just garbage. But people dump tons of money into it, these things that just do not technically work."

He ends by saying the team behind Stellar hopes to bring it to more people in 2019.

Whether you're a fan of Stellar, TRON or neither, most of us can agree there are too many bad projects in this space. With any luck, 2019 will see the best rise to the top!

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