David Schwartz, chief technology officer of the Ripple company, said that the Bitcoin ban would be “disastrous” for Ripple. The company’s executives criticized Bitcoin mining and suggested XRP as a cutting-edge technology. In recent statements, Schwartz claims that the bans could also exhaust the leading altcoin project. Details cryptocoin.com‘in.
Results may reflect on leading altcoin project
Schwartz thinks Ethereum, which is classified as an unregistered security by the SEC, is also included in the game. The senior executive’s January 16 tweet came in response to a thread by Castle Island Ventures’ Nic Carte accusing the Ripple company of actively trying to undermine the two biggest cryptocurrencies. The controversy is based on Ripple CEO Brad Garlinghouse’s portrayal of Bitcoin energy use as “flawed”. Garlinghouse stated in April 2021 that XRP is 100,000 times more efficient than the leading crypto. After facing backlash from the community, he explained that he is not advocating banning Bitcoin.
Former Ripple CEO Chris Larsen has taken a much more aggressive stance on Bitcoin. In September 2021, he urged regulators to punish Bitcoin miners and recommended the transition to PoS like Ethereum. In December, in a community-reaction blog post, he explained how major US mining companies could take advantage of the highly unlikely code change.
“Insufficient technology”
David Schwartz draws criticism by describing the PoW algorithm as a “technological dead end.” He also argued that Bitcoin is centralized and vulnerable to a 51% attack. On the regulatory front, corporate lawyers have targeted both Bitcoin and Ethereum, with Ripple (XRP) being sued by the SEC for unregistered sales. Garlinghouse claimed that Ethereum was able to surpass XRP due to unfair treatment. Ripple believes that the resolution of the closely watched case could provide regulatory clarity.
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