Since the creation of XRP, there has been an endless debate about its legitimacy as a cryptocurrency. There are some frequently asked questions, as well as concerns about XRP decentralization and asset classification.
While his followers have continually championed the token, most people within the cryptocurrency community still see XRP as a centralized token. Even some industry leaders and experts have questioned his credentials like a real cryptocurrency.
Outstanding cryptocurrency industry leader Tuur Demeester is the latest to criticize Ripple's XRP token. The outspoken commentator and founder of Adamant Capital published a tweet stating that "the security status of XRP is unknown, but the truth is that it is a centralized token."
We still don't know if XRP is a security. Oh well, what matters is that it’s a centralized token. https://t.co/i6zn3NlIWR
– Tuur Demeester (@TuurDemeester) May 6, 2020
Demeester's tweet attracted a lot of attention from the crypto twitter community with some of the social media users who corrected it saying that they know for sure that the ‘token’ is a security. On top of that, there was a strong deal with Demeester's views with some Twitter users who pointed out that Ripple controls most of the activo Vault ’of the digital asset, giving them more control over the network and cryptocurrency.
Demeester's views, however, were not unanswered as supporters of the third-tier cryptocurrency popularly known as ‘XRPArmy’ came out in defense of their preferred virtual asset.
How many distinct entities do I need to control / coerce to attack BTC? 3-4 mining pool operators in China.
How many distinct entities do I need to control / coerce to attack XRP? At least 28 validator operators spread across the globe.
Which of those is more decentralized?
– Matt Hamilton (@HammerToe) May 7, 2020
XRP supporters opined that there wasn't much difference between cryptocurrency and Bitcoin, since a large proportion of both assets is controlled by a small number of people.