Ripple CEO warned against most crypto money

Ripple's CEO Brad Garlinghouse, one of the fastest rising crypto currencies in 2017, said that the value of many crypto-moneys would ultimately be reset

Speaking at the Goldman Sachs Technology and Internet Conference, Garlinghouse, the founder of XRP, said that most crypto-moneys do not add value and that they are traded for speculative purposes only.

According to Garlinghouse, the bitcoin is different from these circles. It will remain in circulation for a long time as a value store. There is a very simple reason behind the fact that others will disappear. These funds are not used in a business other than trading and there is no reason to exist in the long term.

The XRP, which rose at $ 3.31 a barrel in January, is now trading below $ 1. Thanks to the Ripple payment system they used, the crypto currency which attracted the attention of the investors came out to perform low-cost and fast transactions between the banks.

Ripple, which is known in the world as a bank using international money, is the third crypto currency with the biggest market volume right now.

While the total value of Ripple in the market is 40.1 billion dollars, most of these funds are kept in company reserves. For this reason, the criticized currency is different from bitcoin in that sense, as the value of inflation is evident in the rate of new money produced by miners in bitcoin.

Garlinghouse also underlined that Bitcoin is 1,000 times slower and more expensive than Ripple, and that Bitcoin will solve a "different problem"