Ripple CTO: Banning Bitcoin or branding Ethereum security could be ‘disastrous’ for Ripple

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David Schwartz, Ripple’s chief tech­nol­o­gy offi­cer, has stat­ed that ban­ning Bit­coin or proof-of-work algo­rithm or brand­ing Ethereum secu­ri­ty could be “dis­as­trous” for Ripple.

He said so while respond­ing to a the­o­ry by Cas­tle Island Ven­tures’ Nic Carter, where he alleged that Rip­ple is “lob­by­ing” to strate­gize the above-men­tioned agendas.

In the past, Rip­ple CEO Brad Gar­ling­house and for­mer CEO Chris Larsen have both advo­cat­ed that Bit­coin should move away from PoW due to its envi­ron­men­tal impact.

Even while Gar­ling­house has agreed that Bit­coin is an “excep­tion­al store of val­ue,” he has argued that,

“One Bit­coin trans­ac­tion is the equiv­a­lent of 75 gal­lons of gaso­line being burned.”

Fur­ther explain­ing that as the price of Bit­coin goes up, so does the ener­gy con­sump­tion and the car­bon foot­print of proof of work con­tin­ues to scale. On the con­trary, Rip­ple boasts of its sus­tain­abil­i­ty mea­sures and aims to achieve Car­bon Neu­tral­i­ty by 2030.

Hav­ing said that, both Rip­ple and Ethereum com­mu­ni­ties are also con­stant­ly pitched against each other.

The so-called ani­mos­i­ty start­ed when Rip­ple filed a Free­dom of Infor­ma­tion Act request with the SEC, over unfair treat­ment. It was alleged that the reg­u­la­tor had giv­en a go-ahead to Ethereum, while XRP got held back. Which also gave some­what a first-mover advan­tage to Ethereum in the broad cryp­to space.

The recent judg­ment in the Rip­ple vs SEC law­suit also entails Ethereum and a deci­sion around for­mer direc­tor William Hinman’s 2018-speech. In which, he was of the view that Ethereum is not a secu­ri­ty as it was suf­fi­cient­ly decentralized.

Now, Rip­ple has used it as part of its legal strat­e­gy to fight the SEC. In the past, the cryp­to lawyer rep­re­sent­ing XRP hold­ers, John Deaton, had stat­ed,

“Whether we like it or not, iron­i­cal­ly, XRP and ETH are on the same side in the SEC case.”

Which can essen­tial­ly mean that the CTO is look­ing at Rip­ple as a part of thriv­ing cryp­to-verse. With both Ethereum and Bitcoin.



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