New BitMEX Research: Retail Banking, Payment Systems Might Be Safe from Next Financial Crisis Threat

Many companies have developed research papers for various aspects of the crypto community. Most of the time, reputable teams have thoroughly investigated these studies, helping both investors and developers to make educated choices.

However, a paper that BitMEX researchers published this year is coming under fire after multiple discrepancies have come to like.

As a result of the publications nearly a year ago, David Schwartz went into attack mode on Twitter, starting with the idea that the Bitcoin network had more resilience than XRP, citing the proof-of-work (PoW) protocols as their reasoning. Instead, Schwartz said,

“You have got to be kidding me! 51% of hashing power can shut the network down by double spending. It’s not clear how you fix this with bitcoin. With Ripple, it’s clear – honest nodes change validators. PoW is worse, period.”

BitMEX Research seemed to concede the point. Now, even though it has almost been a year, the post was brought back up by two XRP community members – Tiffany Hayden and “ecent.” Hayden believes that the “error-filled research” by BitMEX Research was not corrected in time, adding that the hassle of dealing with misinformation is tiring, considering how it has become abundant in cryptocurrency.

Ecent tells a different narrative, saying that their discussion with the Ripple CTO caused BitMEX to change their claims about the XRP Ledger. He joked that the speed of their changed stance was “comical,” comparing the fast transition to Star Wars and that they “have found Yoda.”

BitMEX responded quickly, asking to point out the errors. Hayden seemed almost surprised by the request, saying, “Have you scrolled up at all?”

When Schwartz participated in an Internet History Podcast interview, he called the PoW protocol an “adversarial system.” However, he believes that the whole point of Ripple’s XRP ledger was to forgo PoW in the first place. Considering the lack of conflict in the XRP ledger, he believes that it is a much better system than the competitive nature of BTC’s system.

[FREE] Get Our Best Crypto Trading, Mining & Investing Hacks:

*Action Required* Enter Your Email To Get Insight For Trending Coin News & Reviews

I will never give away, trade or sell your email address. You can unsubscribe at any time.


Please enter your comment!
Please enter your name here

seventeen − 6 =