Co-founder Of Blockfyre Suggests 5 Of Top 10 Cryptocurrencies Do Not Deserve To Be There
Simon Dedic, the co-founder of crypto research house Blockfyre, has suggested that 5 of the top 10 cryptocurrencies by market cap do not deserve to be there.
On June 21, it has been posted in a tweet that Dedic pointed out XRP, Bitcoin Cash, Bitcoin Satoshi’s Vision, Litecoin, and EOS and said that he “can’t wait” until other assets replace them.
I will get some serious hate for that, but I stand by my opinion:$XRP, $BCH, $BSV, $LTC and $EOS absolutely do NOT deserve belonging to the TOP 10 cryptocurrencies. Actually can't wait until they vanish and clear the way for solid candidates like $VET, $LINK, $XTZ or $ATOM. — Simon Dedic (@scoinaldo) June 21, 2020
However, rather than simply kicking the hornet’s nest on Twitter and running away, Dedic instead stuck around to answer comments. Also, he was asked to expand on his reasoning.
Though Bitcoin Cash (BCH), Bitcoin SV (BSV), and Litecoin (LTC) try to replace Bitcoin (BTC), Dedic feels that Lightning Network and other scaling solutions will ultimately render them unsuccessful.
“There is no need for ‘a better Bitcoin.”
Dedic further said that EOS is unnecessary as a centralized version of Ethereum (ETH). He also feels that EOS has achieved “far from impressive” results after such a large ICO.
Likewise, while praising the adoption achieved by Ripple (XRP), Dedic feels its centralized nature goes against the purpose of the crypto space, as he went on to criticize the regular dumping of billions of tokens onto the market as the main revenue stream.
Half of the cryptocurrencies making up the top ten don’t deserve to be there, says Blockfyre co-founder https://t.co/EYjTsqckRu — Cointelegraph (@Cointelegraph) June 22, 2020
With an adoption rate that he called “hardly surprising,” Dedic said that VeChain leads the market in one of blockchain’s most important applications – supply chain.
Dedic also feels that Chainlink’s level of adoption is well-deserved:
“Trusted and unbiased third party data is becoming more and more important as this market grows, especially with DeFi rising so quickly. Chainlink does a stellar job of providing reliable market data.”
It has been analyzed that while his main money is on Ethereum, Dedic says that Tezos is also a promising infrastructure project. In particular, he believes that the governance structure is better designed than that of ETH.
Moreover, Dedic believes that Cosmos’s enabling of cross-chain transactions and Tendermint technology are promising developments for the future of the space.
Thus, that leaves one more space in Dedic’s “deserving” top ten lists.
Source: Cointelegraph | Image: Finance Monthly
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