Mark Yusko is the CEO of one of the largest cryptocurrency hedge funds. And in his latest statements, he said that “Ripple and Stellar are too centralized”.
Morgan Creek Digital rejects centralization
Mark Yusko, CEO of Morgan Creek Digital, confirmed that his policy regarding the two main altcoins in the crypto market will remain unchanged. Ripple (XRP) currently ranks third and Stellar Lumens (XLM) ranks 13th in terms of market capitalization.
“We don’t have Ripple and Stellar Hodl because they are too central. That was our policy to stay away from central crypto.”
Express rk Yusko, CEO of Morgan Creek Digital.
Centralization in this sector has always been a problem for those who reject projects that are not fully decentralized. XRP and Stellar have been watching the hurricane of decentralization for years.
Ripple and Stellar are too centralized
As everyone knows, Ripple, the company behind this large old coin, is the largest XRP Hodl with around 6.5 billion XRP under its power.
In addition, this cryptocurrency continues to cause controversy over its incredible centralization. The constant sales of XRP that they made have flooded the market and continued to drop the price. This situation has even prompted some users to request that this be stopped, or even a possible hard fork.
These types of guidelines mimic what the S&P 500 does because it doesn’t list companies that are too centralized and can easily fall victim to market manipulation.
“Tesla is a company whose size is simply astronomical. It could be listed in the S&P, but you can’t deny that they’re very centralized and their price can be manipulated. ”
In January, Brad Garlinghouse, CEO of Ripple, replied to allegations that the company could “manipulate” the XRP price and compared its position to Bitcoin’s largest whale.
For this reason, neither XLM nor XRP are listed in the Morgan Creek Digital hedge fund.
Morgan Creek Digital Policies
In addition, Mark Yusko said that his policy also excludes crypto that cannot be easily traded, such as Bitcoin (BTC), Ethereum (ETH) Dash, or Monero (XRM).
“There is nothing wrong with utility tokens or ‘shitcoins’ as they are fondly called. There is nothing wrong with them, it is just that 99% of them are zero because they are only venture capital.”
We want to know your opinion. Do you have problems with XRP or XLM? Do you think Ripple and Stellar are too central?