Jed McCaleb recently termed 90% of crypto projects, including TRON, as BS and garbage in an interview. He also spoke about a number of other issues.
When Jed McCaleb speaks, the crypto community hears attentively. He is one of those prominent voices in the space of crypto who have earned their name by founding some great projects. As co-founder of Ripple and Stellar he has earned his credibility by delving deep into the code. He still serves as CTO of Stellar, so when he recently spoke to Yahoo! Finance during an interview on New Year’s Eve, he was paid the attention that he deserves. And he said some interesting things, which we’re going to explore here.
First of all, McCaleb termed a majority of crypto projects (including TRON) as BS and garbage, adding that he would want that to change in 2019. When asked about his outlook for 2019, he said:
“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.”
It’s interesting to see that McCaleb decided to pick on a particular project while stating his points, and he chose a project that is consistently taking aim at Ethereum. In the recent days TRON has significantly upped its ante against Ethereum. Justin Sun and his other team members of TRON Foundation have been constantly lambasting Ethereum network for its shortcomings and lack of scale. Most recently TRON achieved the milestone of a million users, which was again seen with a lot of suspicion by critics. McCaleb, of course, is one of those critics. Given below is what TRON’s Justin Sund responded to his comments:
We don’t think @StellarLumens is our competitor at all since they have extremely low transaction volume, centralized&non-democratic system and 0 Dapps. #TRON will take their place within 2019 anyway. #TRX $TRX #XLM https://t.co/kPuTIwiI0r
— Justin Sun (@justinsuntron) January 1, 2019
At the same time, however, McCaleb also made it clear that Bitcoin, Ethereum and his own Stellar are not one of those BS projects. He made this point while stating that he doesn’t believe in an all-in-one kind of solution for all woes, and would like to see the multiple crypto projects co-existing in a peaceful environment as long as they offer some value. He said:
“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.”
McCaleb also commented on a number of other things during the interview, which are given below.
2018 a year of calming down
McCaleb also played down the bear phase of 2018 as he painted an optimistic picture for 2019. He said that what happened in 2018 was not a bear phase but the market actually “calming down” after the great bull run of 2017. He said:
“One of the nice things that comes with the market calming down—I still say it’s not a bear market—it means there’s less of that.”
Now it will be interesting to see in 2019 whether things have calmed down enough or not.
Stellar a poorly marketed product
McCalleb also feels that Stellar has been marketed poorly. When asked if people know what Stellar actually is, he said he doesn’t think so. He said:
“I don’t think they do. We’ve done a pretty poor job of marketing it and telling the world what Stellar is about. I think they have a vague notion that it’s for payments, but I don’t think they know the details and the real power of it. We’re hoping to change that in 2019, but it’s a process.”
However, that is not applicable to Stellar alone. Research has shown time and again that most people don’t understand Bitcoin and blockchain even, let alone Stellar. Majority of people also don’t have any interest in blockchain-based bank offerings.