Ripple’s CTO Voices Latest Twitter Reaction Against Blanket Statements Regarding “Big Banks”
The Ripple community is easily one of the strongest bonds in the cryptocurrency industry, with many of their participants jumping up to defend Ripple at the smallest inkling of a negative comment. David Schwartz, the company’s chief technology officer, is guilty of often reacting to these tweets as well, and one of his more recent rants is over a tweet that discusses the trust factor between XRP and Big Banks.
The posts began in mid-January this year, when Frances Coppola disagreed with another user’s statement, which said that “no country move too far without USD/crypto guidelines.” The rant turns to the obstacles in the way with xRapid adoption, as she adds, “Major banks often concern about the control, capacity, and FX [Foreign Exchange] risk.” She says that xRapid seems to have a problem with these factors and uses the XRP token instead as a way to fund the liquidity.
Ripple claims that it does not control XRP (I’ve just received an email about that), but that misses the point. Big banks are control freaks. They won’t trust a token that they don’t control themselves. And they are big enough to create their own payment rails.
— (((Frances Coppola))) (@Frances_Coppola) January 29, 2019
A few days later, David Schwartz had something to say as well. His post, dated February 1st, said:
Big banks are not one thing and compete with each other. Something nobody controls is way better than something your competitors control.
— David Schwartz (@JoelKatz) February 1, 2019
Just like any Ripple concern, a community member chimed in by the name of Tiffany Hayden. Hayden said:
We’ve got a real trailblazer on our hands.
“A new international payments network based on central bank digital currencies could work on an entirely pre-funded basis.”
Money would be tied up, but it’s not $XRP or @Ripple related and that’s all that matters!https://t.co/BRfF3Sr12H
— Tiffany Hayden (@haydentiff) February 1, 2019
“This ‘solution’ would expose central banks to credit risk and because TAXPAYERS BACK THE CENTRAL BANKS, any losses from loan defaults would be a taxpayer burden. How can she write about the problems lack of trusted intermediaries cause while simultaneously tweeting this?”
Hayden included a screenshot from a post that Coppola wrote in July last year, which stated,
“I think we’ve all been pointing this out. There is no reason for XRP to exist other than to enrich the founders of Ripple.”