Amidst XRP’s ownership discussion on Twitter, David Schwartz, Ripple’s Chief technology officer reacts to simultaneous tweets. He shouts at a tweet that points out the trust factor of XRP across Big Banks.
XRP Troll Continued
It all started from Jan 21, 2019, by a Twitter user David Gerard who talks about XRP army and Bitcoin Maximalist. And it hits the mainstream when a famous journalist, Frances Coppola responds to the ongoing discussion. During the discussion, Coppola disagrees to a statement that says
‘No country move too far without USD/Crypto guidelines’.
She then talks about the biggest obstacles to xRapid adoption, a product of Ripple. According to her, XRP token relies on around foreign exchange (FX) risk. Likewise, she adds, ‘major banks often concern about the control, capacity and FX risk – which appears an obstacle for xRapid’s emergence across banks. To note, xRapid uses XRP token to fund real-time liquidity.
And XRP is more unstable than any major currency., Coppola said
The actual shot by David Schwartz, Ripple CTO hit after Coppola notes, Big banks won’t trust XRP because they are control freak. In her tweet she says, Ripple in an email claims that it doesn’t control XRP. With this, coppola continued;
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.
In response, David Schwartz shouts;
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
However, it is important to note that Ripple itself holds 60 percent ownership of XRP supply which quite often falls into criticism.
It’s Not Over Yet
Social media, particularly, Twitter and Reddit have very active members of the XRP community that sneaks at the point of every discussion relating to XRP, Ripple and its underlying products. Correspondingly, the XRP army quickly responds their opinion to the discussion. As such, one such active member, Tiffany Hayden quoted Collopa’s earlier article which talks about XRP and the regulatory concerns.
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
Furthermore, Tiffany pointed out a snap of Coppola’s tweet where she looked more optimistic towards XRP and says;
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?