Ripple CTO fights Craig Wright over fraud allegations

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On December 24, a heated war of words began between Ripple CTO David Schwartz and self-proclaimed Bitcoin inventor Craig Wright. The initially innocuous discussion over the institutional acceptance of Bitcoin turned into a heated debate over the legitimacy of XRP with wild insults.

The cause of the altercation was a tweet from Wright in which he claimed that “bitcoin can never be accepted by institutional investors until the system can be restored by court order.”

In response, Schwartz called the tweet stupid: “Why are institutional investors the target market for peer-to-peer digital money? And which jurisdictions should respect their court orders? »

Wright then chastised the Ripple CTO as ignorant when it comes to finance, legal matters, institutional investment banking, and Bitcoin in general. Furthermore, he further argued that it was impossible to have a logical debate with anyone involved in XRP and accused Schwartz of running an “unnecessary pump and dump scheme.”

Wright also claimed that XRP actually only creates 100 TPS, not 1,500 TPS as announced by Ripple: “The problem with any debate with anyone involved in XRP is that none of them can actually debate what be it logical. David Schwartz should be able to provide logical answers. Yet even the cult leader can do no more than insults.

In the aftermath, Schwartz called his counterpart a “despicable coward” who sues people for sharing his opinion. He added that Wright tries to back up his absurd claims with “irrelevant ad hominem.”

Additionally, Schwartz explained that he was only pointing out a dumb point that Wright couldn’t make.

Craig, everyone can see the thread. You made a very stupid argument. I pointed out that was silly. You chose to criticize me completely irrelevant rather than defend your own indefensible absurdity. You are now on a pitiful tirade of deviation. Defend your claim or drop it.

Wright wants to support the SEC in the lawsuit against Ripple

The grand finale of the dispute was a threat by Wright to publish an “academic analysis” of XRP under a publication standard in 2023, which he will provide free of charge to the United States Securities and Exchange Commission as support in his legal battle with Ripple. .

“Basically, it shows how dishonest the system is. Enjoy what’s to come. This will stop the constant XRP scams,” Wright wrote.

Shortly after, Wright followed suit, accusing Ripple of failing to show how its technology is used outside of paid trials.

If a Ripple product is implemented between banks, the requirements are that these agreements be published within the frameworks of each of the above organizations. Where are the agreements with Ripple?

It would seem that Ripple is making literally hundreds of claims and yet no evidence of the existence of a single production system can be found.

Wright also claimed that one of Ripple’s biggest partners, SBI Holdings, gets paid for marketing. “I have dined with Kitao-san many times. No implementation of Ripple has ever been produced. Instead, Ripple made an investment,” said the self-proclaimed Bitcoin inventor.

As of press time, Schwartz had yet to respond to the allegations. However, the last word has probably not yet been spoken.

Meanwhile, the price of XRP is trading at $0.3707, up nearly 6% since Boxing Day.

XRP price, 4 hour chart

Featured image from iStock, chart from TradingView.com

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