An epic battle between two bitcoin 2. Michael Craig bitcoin arrest a securities industry attorney and an author.
Business Deals of All Time. But with a long string of failed companies, broken hearts, and legal problems in his wake, time will tell if legit outfits like Stripe and Wells Fargo will bet on the man who created companies like Mt. Gox, which turned out to be the biggest fraud in crypto history. There’s an epic battle for the future of money, and the outcome is murky. It might have several winners. It might have no winners.
But one thing is crystal clear: The most exciting battle in this long war is taking place in San Francisco, and the town isn’t big enough for both Ripple Labs and Stellar, two of the contenders hoping to replace not just Bitcoin but the almighty dollar. On one side are governments, fiat currencies and the world banking industry. On the other side are hundreds of young companies backed by brilliant cryptographers, complex programming and security protocols and varying degrees of anti-establishment fervor. The United States government, European Union and other currency-creating governments will use every means to keep control of money. Likewise, banking giants such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are strongly invested in the status quo.
The result of this fight will decide, among other things, the fate of developing economies, access to financial services, inflation, terrorism, all forms of economic crime from insider trading to drug dealing, the ability of governments to spy on citizens’ financial transactions, tax collection and the relationship between governments and the governed. The best-known cryptocurrency is Bitcoin. Bitcoin has a massive head start and has already developed significant brand equity. But among aficionados, there is wide consensus that the weaknesses in Bitcoin are fatal and unfixable. We’ve already seen two major breaches: Mt. This article focuses on two of those cryptocurrencies, Ripple and Stellar. Ripple, founded in 2011, is a relative veteran in this business.
It garnered publicity and presumptive credibility inside the industry from its anti-establishment rhetoric, high-profile advisors and derivation from Ripple. Ripple’s currency units are XRPs. Stellar’s currency units are STRs. Bitcoin’s currency units are BTCs.