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Ripple

Ripple CTO Responds To Dev’s Decision To End XRP Contribution

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ripple Labs Chief Technology Officer (CTO) David “JoelKatz” Schwartz has weighed in on New Dev Null Productions’ choice to cease its contribution towards XRP and its ecosystem, offering perspective on the development.

Ripple CTO Advocates For XRP

On Tuesday, Dev Null Productions announced its decision to discontinue its contribution to XRP and its ecosystem, which the company dubbed “The end of an era,” triggering speculations within the community.

Related Reading: Ripple CTO Explains What Drives The XRP Price

The company stated that one of its reasons for cutting ties with the payment firm boils down to faith or rather the absence of it. Additionally, the decision of Ripple’s top leadership to sell its XRP at the cost of retail investors served as the major driver for the firm’s action.

Dev Null believes that by taking this step, Ripple has demonstrated that the people in charge do not have enough faith in XRP to give up short-term financial benefits that come at the expense of the hardworking community. 

Even though the leaders talk well in front of cameras or an audience, Dev Null believes they still lack transparency and accountability to the people they owe their success to, noting that actions speak louder than words.

Responding to the firm’s claims, Schwartz stated that even if you wish to hold XRP, selling the coin is almost impossible to avoid. David Schwarts then drew attention to a previous post regarding the tax implications involved in obtaining XRP from the company.

Offering an instance, Schwarts noted that if Ripple awarded him a bonus of 1 million XRP tomorrow, he would be forced to sell roughly half of it right away. This is because he has a marginal tax rate of nearly 50% on earned income from both Federal (Fed) and California (CA) states. 

Without a doubt, Dev Null Productions has been a significant contributor to the XRP ecosystem, supporting several events and developments within the ecosystem. In the past six years, the company has been a sole supporter of the NYC/XRP meetup, Ripple Swell event, Ripple Drop Interview, Rippled source code, Xrpintel – the first independent XRP data and analytics projects, San Francisco Blockchain Week, and among others.

Difficulty In Distribution The Crypto Asset

Addressing the concerns about XRP’s distribution, the Ripple CTO claims the process is somewhat challenging. According to Schwartz, there is a common complaint among community members that the distribution is too concentrated, followed by complaints that there is too much distribution. Thus, this tends to remain this way as there is nothing more that can be done, and there are no available options.

Related Reading: Ripple CTO Addresses XRP Price Suppression Accusations

However, the community seems to disagree with Schwartz as a member offered an option saying the company should purchase something else that moves and makes money.

“In the event that we take no action with our XRP, the distribution stays concentrated,” Schwarts responded, since the concentration of XRP with Ripple is a common and valid complaint within the community.

XRP
XRP trading at $0.6141 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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