KEY POINTS
- Messari’s annual theses report said XRP and XLM are enticing beginners because of their low prices
- CEO Ryan Selkis said traders of the coins should “hold themselves to slightly higher standards”
- Litecoin has a tight coupling with Bitcoin
Ryan Selkis, the founder and CEO of intelligence firm Messari, is taking some heat from holders and fans of cryptocurrencies after he labeled the digital assets as “toxic.”
The company recently released its year-end “Crypto Theses” report, which included forecasted developments, cryptocurrencies to watch out for and people to take note of in 2021. On page 39 of the 139-page report, Selkis labeled XRP and XLM (Stellar Lumens) as “toxic waste” and others as “useless.”
Selkis said XRP and XLM are old coins that traders still trade because of their staying power and low prices, which entice beginners “stupid enough” to buy them. He also remarked that traders of the coins should “hold themselves to slightly higher standards.”
The CEO said that while many may think he’s “bitter” for missing out on the trade (XRP almost hit $1 in November in a massive price rally), he just doesn’t want to trade cryptocurrencies that he does not believe in.
“These are toxic assets propped up by regulatory capture, and they go against everything that got me into cryptocurrency,” he said.
Along with XRP and XLM, he labeled Litecoin and Bitcoin forks like Bitcoin Cash (BCH) and BSV as “piles of s—” that are “useless.” He, however, did say that Litecoin is “somewhat interesting” because of its tight coupling with Bitcoin. Litecoin was originally referred to as the silver to Bitcoin’s gold.
Not everyone was in agreement with Selkis, or at least with his choice of words. While Selkis defended his words as “humor,” XRP fans did not buy that explanation. “‘Humour’ is an odd way to describe poor quality writing,” one Twitter user replied.
Bitstamp Exchange, which originally shared the report on Twitter, deleted the tweet after facing backlash and said it regretted posting it. It also distanced itself from the report, saying that Messari’s theses do not reflect the exchange’s views or values. Selkis said it’s disappointing that Bitstamp is taking heat for supporting Messari’s theses.