Craig S. Wright, an Australian Computer Scientist, and the person who claimed to be behind the pseudonym “Satoshi Nakamoto” had a heated argument with Ripple’s CTO, David Schwartz over the adoption of Bitcoin (BTC) by institutional investors.
The argument started with Wright’s Twitter post, where he stated that institutional investors could not adopt bitcoin unless the system is recovered under a legal court order.
Bitcoin cannot ever be adopted by institutional investors until the system is able to be recovered under a legal court order.
— Dr Craig S Wright (@Dr_CSWright) December 24, 2022
David, thereafter, commented on Wright’s post stating that Wright’s opinion is dumb based on so many reasons.
He further went on to ask Wright to explain why institutional investors are the relevant market for peer-to-peer digital cash, and which jurisdiction should have their court orders respected.
The argument proceeded with Wright attacking David for having little knowledge in areas of expertise. Wright claims that David does not understand how Bitcoin works adding that David thinks Ripple is related to blockchain. He further went on to say that David has no idea about the legal structure that gives court permission across jurisdictions.
The ugly banter then took another dimension when Wright stated that David designed Ripple’s native token, XRP, which is the most useless “pump-and-dump scheme” in the crypto industry. David then told Wright that he would have sued him for making such statements if he was a despicable coward who sues someone for sharing their opinion of him.
Wright then added a follow-up argument that he was going to conduct a research paper in 2023 that will dissect the US/UK laws and regulatory issues associated with XRP and Ripple.
Ripple’s Interests in FTX
After the collapse of the insolvent FTX platform which made investors lose billions of dollars stuck with the exchange, Ripple’s CEO, Brad Garlinghouse revealed in a report that his company is interested in buying part of the insolvent firm.
The CEO claims the buyout will strategically scale the firm which intends to keep growing in the face of the current crypto winter.
It was also announced that Ripple will soon allow developers to create smart contracts to achieve decentralization using Ripple’s blockchain, the XRP Ledger. An anonymous Twitter user claimed that the payments network XRP has no use cases but a member at Ripple, Matt Hamilton countered the Twitter user, stating that smart contracts are in the works at Ripple.
Well, most functionality needed (fungible tokens, NFTs, escrows, multisig, DEX) are all built in.
But yes, smart contracts are in development
— Matt Hamilton (@HammerToe) December 22, 2022
In addition, Hamilton claims web monetization, non-fungible tokens (NFTs), and foreign payments, are among the frequent uses of XRP. The banter between the dup of Wright and Schwartz is considered a clash of personalities that many see as unnecessary.
