Bitcoin Ban Would Be “Disastrous” for Ripple, Says Top Executive

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Alex Dovb­nya

Rip­ple CTO David Schwartz has fend­ed off accu­sa­tions of try­ing to under­mine the two biggest cryptocurrencies 

David Schwartz, Ripple’s chief tech­nol­o­gy offi­cer, said that the U.S. gov­ern­ment ban­ning Bit­coin would be “dis­as­trous” for Rip­ple in a recent tweet. The same applies to the Ethereum cryp­tocur­ren­cy poten­tial­ly being clas­si­fied as an unreg­is­tered security.

Schwartz’s tweet came in response to a thread post­ed by Cas­tle Island Ven­tures’ Nic Carter, in which he accus­es the San Fran­cis­co-head­quar­tered blockchain com­pa­ny of active­ly try­ing to under­mine the two largest cryptocurrencies. 

Rip­ple CEO Brad Gar­ling­house has a his­to­ry of inac­cu­rate­ly por­tray­ing Bit­coin ener­gy usage. Last April, he stat­ed that XRP was 100,000 times more effi­cient than the largest cryp­tocur­ren­cy. After fac­ing push­back from the com­mu­ni­ty, the Rip­ple boss clar­i­fied that he wasn’t advo­cat­ing for ban­ning Bitcoin.

For­mer Rip­ple CEO Chris Larsen has adopt­ed a much more aggres­sive stance when it comes to Bit­coin. Last Sep­tem­ber, he urged reg­u­la­tors to pun­ish Bit­coin min­ers, claim­ing that the flag­ship cryp­tocur­ren­cy has to fol­low Ethereum’s suit by switch­ing to proof-of-stake. In Decem­ber, he described how major U.S. min­ing com­pa­nies could ben­e­fit from the extreme­ly improb­a­ble code change in a blog post that was wide­ly ridiculed with­in the cryp­tocur­ren­cy community.

Schwartz him­self has been high­ly crit­i­cal of the proof-of-work algo­rithm, describ­ing it as “a tech­no­log­i­cal dead end.” He also argued that Bit­coin was not suf­fi­cient­ly decen­tral­ized, which makes it vul­ner­a­ble to a 51% attack.

On the reg­u­la­to­ry front, both Bit­coin and Ethereum have become the tar­gets of Ripple’s lawyers after the com­pa­ny got sued by the U.S over unreg­is­tered XRP sales by the Secu­ri­ties and Exchange Com­mis­sion last December. 

Gar­ling­house him­self claimed that Ether was able to over­take XRP because of unfair treatment.

Rip­ple believes that res­o­lu­tion of the close­ly-watched case will be able to pro­vide reg­u­la­to­ry clarity.



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