Is Crypto Community Tribalism Optimal for Investors? Ripple’s David Schwartz Shares His Insights
Ripple’s resilience as a blockchain project and its XRP token performance has earned it attraction across the crypto community and investors. David Schwartz, the company’s Chief Technology Officer (CTO) recently shared his sentiments about the ongoing tribalism within the cryptocurrency community. He was being interviewed via a podcast known as ‘Internet History Podcast’ sponsored by Matlab.
The CTO believes that blockchain & crypto projects need to work together as opposed to having a ‘winner take all home’ approach towards the new industry. David emphasized this terming the approach similar to ‘religious’ battles;
“They’re very much like religious battles. You have influential people who are committed to a position that like one digital asset is the best and they can’t acknowledge any of the strengths of others or the weaknesses of their own, which makes it difficult for people to make good decisions about you know which assets to use or what to use them for.”
David also explained the Ripple goal of facilitating global payments in future. However, he was sceptical on consumer adaption at the moment stating that the firm’s main market is financial institutions. Furthermore, the CTO defended the decentralized nature of XRP while expressing confidence in the fundamental value of Ripple’s ledger in supporting global payments.
On the issue of crypto wars and bias towards certain project’s, David quoted social media platforms such as twitter having the most impact in fuelling the competition.
“Tribalism, it’s chasing a lot of people out of the space because of some platforms, particularly Twitter, is just extremely hostile and I think we need to fix that. Again, if the crypto markets are sending us any signals is that we’re all in this together and we need to work together to grow.”
These allegations are evident based on the marketing activities within the crypto markets. A couple characters including influential figures have openly expressed bias towards certain projects while criticizing others. It is clear that some of the statements made by such market players are not genuine given the diversity of crypto and blockchain projects. David argues that the crypto community should acknowledge the strengths and weaknesses of all projects based on facts in order to achieve the consumer adaption dream sooner.