Renowned economist and Bitcoin maximalist Max Keiser harshly criticized XRP and the XRP community. Keiser described this altcoin project as a ‘sh.tcoin’ despite its functionality and tokenomic features.
According to Bitcoin advocate Max Keiser, this altcoin is a sh.tcoin
Max Keiser, a well-known Bitcoin maximalist, continues his offensive against XRP. In a tweet yesterday, Keiser claimed that El Salvador’s legal position on cryptocurrencies identifies XRP as a sh.tcoin. In this context, Keiser said, “This is the legal situation in El Salvador. XRP is defined as a sh.tcoin,” he said.
Specifically, a sh*tcoin is a term used to describe a cryptocurrency that has no value or credibility. It usually refers to cryptocurrencies with questionable technology, weak development teams, limited utility, or fraudulent intentions. Keiser’s recent statements came in response to a statement from Ripple CTO David Schwartz, who commented on the SEC’s legal position regarding cryptoassets.
“If the SEC’s legal position means that all tokens other than Bitcoin are securities, then it’s a question whether US people can legally participate in everything else in the crypto space,” David Schwartz emphasized. This triggered Keiser’s reaction. Prior to the Sh*tcoin announcement, Keiser launched a direct attack on XRP earlier yesterday. In a tweet, he explained that anything that is not Bitcoin is considered a security in El Salvador. He added that XRP is on the list of crypto assets classified as securities in El Salvador.
Where I live, #ElSalvador, anything *Not* #Bitcoin is a security. This would include XRP. https://t.co/JUVjXSZERr
— Max Keiser, sr. bitcoin advisor pres. Bukele 🌋🧢 (@maxkeiser) May 23, 2023
XRP supporters react to Keiser’s criticism
Not surprisingly, these latest statements received a negative reaction from the XRP community. Keiser cites comments from David Schwartz. Despite this, he qualifies cryptocurrency as a security. He expresses his displeasure at the response he received from XRP enthusiasts who criticize it.
It is worth noting that Keiser, a Bitcoin advisor to the El Salvador government, has positioned himself as a prominent critic of XRP and other altcoins. However, Keiser has recently focused more on XRP.
cryptocoin.com Last week, SEC Chairman Gary Gensler suggested that most cryptocurrencies other than Bitcoin are securities. Keiser argues that Gensler was right on this one. He also calls Ripple “cro.k” for selling unregistered securities to unsuspecting investors in the United States. Moreover, he states that the commission was justified in going after Ripple for violating US securities laws.
