Ripple’s CTO Responds To Vitalik Buterin’s Criticism At XRP

Ripple’s CTO Responds to Vitalik Buterin’s criticism at XRP, and was not at all amused by the comments made by the Ethereum co-founder.
buy wellbutrin generic wellbutrin without prescription online

This was in regards to a response from Buterin on annual cap policies by Canadian crypto exchanges.

Ripple’s CTO Responds To Vitalik Buterin’s Criticism At XRP

Ripple’s chief technical officer, David Schwartz, was not amused by Ethereum co-founder Vitalik Buterin’s jab against XRP. In response to the recent $30,000 cap imposed by the Ontario crypto exchange on altcoin purchases excluding Ether (ETH), Litecoin (LTC), and Bitcoin Cash, a controversy erupted (BCH).

Buterin praised the Ethereum community’s resistance to policies that favor ETH over other lawful cryptocurrencies in a cited reaction to a tweet. Buterin was reacted to by David Hoffman, the founder of the decentralized media and education portal Bankless.eth, who claimed he wouldn’t have minded if they had restricted XRP.

XRP already lost their right to protection when they tried to throw us under the bus as "China-controlled" imo:https://t.co/t6cbMtjsEV

— vitalik.eth (@VitalikButerin) August 17, 2022

Buterin Joins XRP Slam

Buterin joined the XRP slam, alleging that they forfeited their right to protection when they attempted to “throw us under the bus as China-controlled.” Buterin’s remark sparked outrage among XRP users on Twitter, and the argument was eventually joined by Ripple CTO David Schwartz himself.

Buterin was referring to Ripple’s defense in their ongoing court battle with the United States Securities and Exchange Commission (SEC), in which they claimed XRP should not be considered a security because Ethereum and Bitcoin are similar in nature, and even referred to the top two cryptocurrencies as Chinese-controlled. The SEC has filed a security complaint against Ripple for the unauthorized sale and issue of XRP tokens.

Schwartz Stands His Ground

Schwartz echoed Ripple’s past assertions about ETH and BTC being secure, and compared ecosystem miners to eBay stockholders. He stated:

“I do think it’s perfectly fair to analogize miners in PoW systems to stockholders in companies. Just as eBay’s stockholders earn from the residual friction between buyers and sellers that eBay does not remove, so do miners in ETH and BTC.”

Schwartz ended his tweet by asking Buterin whether the security argument should be decided by the government or the market.

Do you think this debate should be settled by the government or the market, @VitalikButerin? This quotation wasn't pulled from some attempt by Ripple to get the government to regulate ETH, was it?

— 𝙳𝚊𝚟𝚒𝚍 𝚂𝚌𝚑𝚠𝚊𝚛𝚝𝚣 (@JoelKatz) August 18, 2022

The security status of Ethereum has been a heated subject throughout the ongoing court procedures, in which Ripple claims that the SEC has a blatant bias against them and favors Ethereum. In a 2021 interview, Ripple CEO Brad Garlinghouse said that the SEC assisted Ethereum in overtaking XRP as the second most valuable cryptocurrency.

Due to a lack of regulatory rules, the security of cryptocurrencies has long been a source of contention. The majority of regulators throughout the world see Bitcoin as an asset, whereas the status of Ethereum is still being debated owing to pre-mine and initial coin offers (ICO).

Check out today’s news.