What if Microsoft’s Skype Integrated XRP?
Crypto tribes are like factions in the era of technology. They believe wholeheartedly that their altcoin is the best, and that Bitcoin is utterly disruptive to everything.
They also petition, engage and exert a positive network effect influence of the most peculiar order.
Crypto News Cycle Borders on Misinformation, Again!
Take the XRP community for example. And, frankly I feel the crypto news cycle is very prone to bordering on fake news, and this for me is a weird case in point.
The popular telecommunication app Skype is considering the integration of XRP for micropayment. Well, that’s not exactly true. Basically XRP’s community wants Skype to consider them, which isn’t the same thing at all, right? This is where integrity and objective news fall apart in the crypto news cycle entirely, and it’s a disgrace to how the media runs in a world of algorithms.
Ripple & XRP Could be Disrupted by Stablecoins
Ripple has been putting in a lot of effort to net many partners and customers across various sectors in a bid to ensure that XRP stays afloat and popular. I get that, but it doesn’t mean XRP has a hope of being integrated into Skype. What would be the incentives for Microsoft to even consider that? Why would they not just build their own stablecoin, like Facebook is doing for WhatsApp? It makes little sense.
One XRP is worth about 3 cents, and would be an interesting way to exchange money globally on Skype. We’ll have to wait and see what happens with Bakkt, of which Microsoft is a significant partner.
I do think for global transfers, stablecoins make much more sense. I think in spite of banking partnerships Ripple could be completely disrupted in the next five years. Most cryptos born before 2017 will be, it’s just how cryptoeconomics in its infancy will work. These are early days, and even if XRP seems reputable to some, it isn’t even decentralized and probably is a security (just ask the SEC). This is because of the relationship between Ripple and XRP.
XRP Tribe Demands Skype Integration
When XRP “demands” Skype integrate XRP, it’s a Microsoft decision. It’s also not how business transactions work. You can’t strong-arm a major tech leader into doing what your own biased community wants. That sounds more like a crypto cartel than how the internet actually works.
While Microsoft does a fair job of supporting open source with the acquisition of GitHub, payments or decentralization are likely not something very high on its priority list. With Amazon, it virtually owns the enterprise cloud sector. The Cloud is the very definition of enterprise software that’s centralized.
Ripple the company, which has built technology that uses XRP to facilitate cross-border payments sort of devalues the trustworthiness of XRP. For cross border payments, it’s a crowded space and likely only to get worse. There’s virtually no incentive for Skype to give in to the request (demand) of XRP’s community. Skype is a legacy comms platform. Most people who use it are GenX or Babyboomer. Crypto on the other hand is a Millennial and GenZ phenomenon.
Why Would Microsoft not make its own Stablecoin Instead?
Microsoft is highly likely to join JP Morgan and Facebook with its own stablecoin, since it eventually needs to keep up with how younger consumers operate. If it doesn’t do it, others will, which will take market share away from it. Skype is a good pilot case study for such a stablecoin pegged to the value of the U.S. dollar, but I’m not sure XRP is.
The “XRP Army” is somewhat dubious as many of the crypto factions are, oblivious to real-world considerations. Airdrops and bounty programs created division in the crypto landscape, since many of these altcoins don’t even have products that can scale over time. When you invest in a product, you over-value its potential, that’s totally normal. But demanding BigTech adopt your solution discredits your community.
Among Crypto Factions, “XRP Army” is Unique
So a group of XRP community is expecting Skype, a global telecommunication application to integrate XRP as a micro payment system. Even more curiously, they drafted a post on Skype’s user voice (as a new idea on Skype customer feedback) and elaborated their prospect by detailing the key aspects of why and how should Skype consider XRP micropayments. What could Microsoft do? They said they would discuss it internally.
You can read their Skype idea for XRP here.
Cool idea? Or spectacular act of desperation from a crypto faction in decline. Fake News or something Microsoft would actually consider seriously?
This David Olliver is an interesting character.
Chat Apps will Integrate Crypto But Don’t Expect Skype to be Among Them
A world with competing crypto “armies” is highly problematic. Communities like these actually create more bureaucracy (as in the case of Ethereum) or more incentives for fraudulent profiteering. This includes remarkable propaganda and PR spam bordering on misinformation.
Following the detailed proposal, the Skype team responded to the post and quickly edited its title from “Add XRP micropayments to Skype” to “Add Cryptocurrency micropayments to Skype (XRP and others).”
I highly doubt the Skype or Microsoft team are up to date on the objectives of the various crypto factions or their benefits and cons as solutions.
In 2019, crypto factions are basically getting desperate because they see the null at the end of the tunnel. The crypto winter means only the best solutions will make it into the next era of cryptoeconomics and a rising token economy.
As a blockchain historian, it’s a bit hard for me to read the crypto-news cycle that’s so lacking a business knowledge perspective. The tyranny of the crowd and mob rule perverted with bounty programs and airdrops might end really badly for some Millennial and GenZ investors who believed they were ahead of the game.
Full disclosure, I have been significantly trolled by the XRP community on Twitter, so my opinions may also be biased. I’m losing faith in the crypto factions, and I’m probably not alone.
However integration chat and crypto is a strong use case that will be done by Telegram, Line, WhatsApp and many others. It’s inevitable, just not likely to have Skype as a leader among them.