The Chief Technology Officer (CTO) of Ripple, David Schwartz thinks “the crypto sector is akin to the search engine industry in the year 2000.”
Ripple CTO said XRP may not perform well because of the widespread uncertainty surrounding the space. At the beginning of new year, he wrote on the twitter thread that suppose if he “worked at Google in 2000 and he was telling everyone how search was going to be the next big thing and would eventually make billions of dollars of new wealth. At that time many of us may not believe him.”
“The markets sure didn’t believe that then. But maybe I could convince you and you might become a true believer. Maybe you join Google. And you’d be in the right place at the right time. Gradually the markets come to believe it too.
“And many millionaires were made that way. But I could have said the same things at about the same time and been working at ask, ask jeeves, altavista, lycos, and many other companies. They were also in the right place at the right time.”
“That’s where I think crypto is now. The markets are still trying to figure out if crypto is going to be the next big thing. They aren’t ready to figure out who will be the Google and who will be the AskJeeves. So prices tend to move together as people become more or less convinced that គ្រីប will be the next big thing. Eventually, as crypto matures, markets will be more ready to figure out which cryptos will be successful.”
“But as I said, this is just my sense. I can’t back it up with proof. But I do think it’s consistent with the evidence that I do have and it feels about right to me, for what that’s worth. You are, of course, free to disagree.”
Additionally, Ripple CTO wrote in his recent tweet about empty threats that “The problem with sending a ridiculous empty threat like this is that when you don’t follow through with it, everyone will know how full of it you are. And if you actually are dumb enough to follow through with it, the same thing happens even more dramatically.”
He further said about the lawyer and called the lawyer “a big mad that people are criticizing him on Twitter and making threats that cannot possibly succeed under US law. Everyone, including many lawyers who practice in that area, are pointing this out to him and he is reacting hilariously.”
Source: https://www.thecoinrepublic.com/2023/01/04/ripple-ctos-statement-and-his-comparison-of-crypto-to-internet/