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Ripple and Ethereum Compared to Biotech Scam Theranos by Bitcoin Core Developer Peter Todd

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  • Alex Dovbnya
    📰 News

    Former Bitcoin Core developer Peter Todd draws parallels between failed bio-tech startup Theranos and Ripple, Ethereum

Ripple and Ethereum Compared to Biotech Scam Theranos by Bitcoin Core Developer Peter Todd
Cover image via en.wikipedia.org
Contents

Former Bitcoin Core developer Peter Todd says that Ripple and Ethereum have a lot of in common with Theranos, the infamous bio-tech startup that turned out the greatest disaster of Silicon Valley. 

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"Don't trust, verify"

Elizabeth Holmes, was a visionary who started a groundbreaking company when she was only 19. When she was nine, she told her parents that she wanted to be a billionaire. Her pipe dream eventually came into fruition when she became the new American darling who managed to bambooze the likes of Bill Clinton and Tim Draper and grace the covers of high-profile magazines.   

However, the house of cards fell apart after The Wall Street Journal’s John Carreyrou exposed Holmes and Theranos. The company that was valued at almost $10 bln never had a working product and relied on old Siemens machines to perform blood tests.               

Tuur Demeester of Adamant Capital claims that the fact that Holmes was able to run Theranos for 14 years proves that the vetting process for Ethereum, which debuted back in 2015, will continue. Demeester doesn't believe that Vitalik Buterin, the creator of Ethereum, doesn't have ethical integrity.            

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It wasn't supposed to be with way

In his best-selling book "Bad Blood," Carreyrou suggests that Theranos wasn't intended to be a fraud from the outset, but it eventually turned into one with constant lies, legal battles and intimidation of workers. This is true for many blockchain projects, according to Todd.       

Blockstream CEO Adam Back says that the way Theranos operated is "uncanny Ethereum-like" given that the company's management did have several generations of working products but they went too far with overselling them.  

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Birds of the same feather

According to Todd, a lot of scammy projects tend to stick together in the blockchain industry. These projects tend to be friendly with each other and dismiss all accusations.

Recently, crypto influencer BitLord accused Ripple of dumping XRP on investors to buy real-life businesses.      

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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