Ripple CTO Voices Latest Twitter Reaction Against Blanket Statements Regarding “Big Banks”


Ripple’s CTO Voices Latest Twitter Reaction Against Blanket Statements Regarding “Big Banks”

The Ripple community is easily one of the strongest bonds in the cryptocurrency industry, with many of their participants jumping up to defend Ripple at the smallest inkling of a negative comment. David Schwartz, the company’s chief technology officer, is guilty of often reacting to these tweets as well, and one of his more recent rants is over a tweet that discusses the trust factor between XRP and Big Banks.

The posts began in mid-January this year, when Frances Coppola disagreed with another user’s statement, which said that “no country move too far without USD/crypto guidelines.” The rant turns to the obstacles in the way with xRapid adoption, as she adds, “Major banks often concern about the control, capacity, and FX [Foreign Exchange] risk.” She says that xRapid seems to have a problem with these factors and uses the XRP token instead as a way to fund the liquidity.

Coppola said:

https://twitter.com/Frances_Coppola/status/1090397947278344192

A few days later, David Schwartz had something to say as well. His post, dated February 1st, said:

Just like any Ripple concern, a community member chimed in by the name of Tiffany Hayden. Hayden said:

She added,

“This ‘solution’ would expose central banks to credit risk and because TAXPAYERS BACK THE CENTRAL BANKS, any losses from loan defaults would be a taxpayer burden. How can she write about the problems lack of trusted intermediaries cause while simultaneously tweeting this?”

Hayden included a screenshot from a post that Coppola wrote in July last year, which stated,

“I think we’ve all been pointing this out. There is no reason for XRP to exist other than to enrich the founders of Ripple.”

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