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Ripple CTO

Ripple CTO Vs. Craig Wright Fight Enters Round 2 Over ‘XRP Failing’ Claim

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ripple CTO David Schwartz and self-proclaimed Bitcoin inventor Craig Wright clashed for the first time around the Christmas holidays in a verbal altercation on Twitter. As Bitcoinist reported, the dispute ended with Schwartz ignoring his counterpart while Wright threatened to submit a scientific paper on XRP to the U.S. Securities and Exchange Commission as support in the lawsuit.

After a brief lull in the fight, the verbal dispute found a revival over the last two days. Wright, the leading figure behind Bitcoin SV (BSV), responded to a screenshot of a years-old tweet from Schwartz in which the Ripple CTO stated that Wright is not the inventor of Bitcoin, Satoshi Nakamoto.

Wright didn’t let that stand, saying that the Ripple CTO doesn’t understand that it’s not “just” a computer science problem. “Not banking, not economics, not law. And this is why XRP is failing,” Wright continued.

Triggered by that statement, Schwartz settled into round two of the verbal battle, asking “curiously” what his definition of failing is. “It’s certainly not market cap given that XRP’s market cap is around $17 billion and BSV’s is less than $1 billion. Maybe it’s market volume? XRP at $330 million versus BSV at about $20 million? Nope, I guess it’s not that either,” Schwartz said, adding:

It’s your minor fork of a minor fork that’s failing by every conceivable metric as you keep lashing out at everyone who forces you to confront any tiny sliver of reality.

Ripple Can’t Scale XRP

Subsequently, the discussion evolved toward Wright’s claim that the XRP Ledger cannot scale. Both competitors debated the merits and weaknesses of XRP compared to Wright’s Bitcoin alternative – BSV. According to Wright, the blockchain that can scale will prevail, which the Bitcoin SV founder says only works with larger blocks.

Related Reading: Ripple CTO Fights Craig Wright Over Fraud Allegations

The Ripple CTO countered that there are two main reasons why this is not true. “One is that I think nearly all layer 1’s will scale if there’s enough demand, whether through federation, roll ups, higher layers, or other ways,” Schwartz said.

On the other hand, Schwartz believes layer 1 doesn’t need to scale, it just needs to exist and be usable to move the vast majority of traffic to more efficient mechanisms.

[…] And my position on this has changed a few times. It’s also not a yes/no thing. It’s really a question of how much scaling will provide how much difference in value/utility. I do not believe layer 1’s will need millions of txns/sec for decades, if ever.

Calvin Ayre, Craig Wright’s verbose sidekick, countered the argument with the following words:

This is why you should stop talking…all of this can be done on chain…the tech has existed since 2009 when Craig released Bitcoin….nChain has bits of it patented now. Just shut up and watch since you clearly don’t understand.

Related Reading: Ripple vs. SEC Verdict Likely As Hinman Docs Not So Important? Lawyers Argue

David Schwartz was visibly annoyed by the wild name-calling:

You are responding to a reasoned argument with vague gibberish mixed with personal insults just as Craig does. I can see why you two get along so well.

Schwartz also ultimately rejected the idea that he instigated the whole affair, claiming that he was merely pointing out how wrong Wright was. Ultimately, he ended round two by saying:

He [Craig Wright] is only interested in XRP because he thinks that if I think he’s hurting XRP, I’ll stop pointing out that he’s wrong in public. He only started talking about it when I showed that an argument he made (that had nothing to do with XRP) was complete nonsense.

At press time, the XRP price stood at $0.3470 after seeing a long-legged Doji candle in the 1-day chart yesterday.

Ripple XRP USD 2023-01-03
XRP price, 1-day chart

Featured image from Forbes, 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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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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