Ripple’s CTO and one of the original architects of the XRP Ledger, David Schwartz responded to Roger Ver’s statement on XRP. Roger Ver, the CEO of Bitcoin, popularly known as Bitcoin Jesus faced a backlash on the social media platform after he said that today it is debatable if XRP is even a cryptocurrency.
During an interview with Omar, a well-known YouTuber, Roger spoke about his investment in Ripple, the company. Roger said that technically, he is the second person to be involved in Ripple. According to him, Jed McCaleb, the Co-Founder of Ripple and Stellar Lumens, spoke to him regarding the idea behind Ripple.
The idea behind XRP was to create a better version of Bitcoin [BTC] which has no requirement of mining since Jed thought that mining was wasteful. This would use less electricity and could do everything Bitcoin can in a reliable and uncontrollable way. Since Bitcoin was unable to get the traction and the whole market cap of Bitcoin was “ten million bucks” and was trading at $2 each, Roger Ver invested in Ripple.
Furthermore, Roger said that Ripple is better than the banking system where users have to pay “35 bucks” to send a wire transaction if it winds up getting the mainstream adoption. However, it is not that much better because Ripple can freeze users’ accounts.
David Schwartz commented on AMBCrypto’s article and said:
“It is genuinely baffling to me how @rogerkver went from a person who was driven entirely by devotion to principles of individual liberty to someone who will lie and distort the truth to advance a system he is invested in. 1/2″
He further added:
“I don’t doubt that he believes that system advances his principles and that those principles are still important to him. His tactics, however, are entirely unprincipled. He’s too smart to actually believe some of those claims. 2/2”
In addition to this, Dr.T, a Ripple influencer asked Schwartz for more input on AMBCrypto Twitter handle. To which he replied:
Issuances are contracts that represent legal obligations on the XRP Ledger. Davis Schwartz clarified that XRP Ledger has a freeze feature for other assets on the XRP Ledger. The XRP Ledger allows for the trading of issuances or assets. Only the issuer of assets can freeze the assets. There are three freeze setting:
- Individual Freeze
- Global Freeze
- No Freeze
In Individual Freeze only one counterparty can be frozen, Global Freeze is where multiple counterparties can be frozen and No Freeze is where the individual gives up the authority to freeze any counterparty issued cryptocurrency permanently. The freeze feature has no effect on XRP as XRP is not issued by anyone.
Schwartz went on to say that:
“It’s just hard for me to believe that’s now how he thinks. Anyone who knew him six years ago would say the same thing.”