Self-Proclaimed Satoshi Calls XRP “The Most Useless Pump-and-Dump Scheme”

A heated debate has erupted between self-proclaimed Bitcoin creator Craig Wright and Ripple CTO David Schwartz. The two argued about the legitimacy of XRP, a cryptocurrency linked to blockchain company Ripple Labs. 

The exchange began when Schwartz criticized Wright’s take on Bitcoin’s institutional adoption. The self-proclaimed Satoshi then fired back at the Ripple CTO, accusing him of being ignorant when it comes to finance, legal frameworks, institutional investment banking, and Bitcoin in general.

Tensions started to flare, with Wright claiming that the company is running a “useless pump and dump scheme”. “Then again, he designed XRP… the most useless pump and dump scheme in this entire industry,” he tweeted.

Schwartz contends that Wright is abusing the legal system to steal intellectual property rights and defame those who disagree with his opinion on Bitcoin. The Ripple executive slammed Wight as a “despicable coward” who sues people for sharing their opinions.   

In response to such accusations, Wright maintained that any claim made about him must be backed up with factual evidence or it can be considered defamation.

The debate then centered around XRP and its legitimacy, with Wright accusing Ripple of not showing how their tech is deployed anywhere outside of paid trials. 

Wright then made a bold claim that he intends to come up with an “academic analysis of XRP” in 2023, which “will show how dishonest the system is”. Wright also predicted that Ripple would lose against the U.S. Securities and Exchange Commission.