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Ripple CTO Sees Light At End Of Tunnel Despite Warren’s Crypto Warning

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David Schwartz, CTO of Ripple, reluctantly concurs with Senator Elizabeth Warren’s warning about cryptocurrency. In terms of regulating cryptocurrencies, he thinks the Massachusetts senator might actually be on to something.

Warren worries that if there is no adequate oversight, cryptocurrency might end up bringing down the economy in recent op-ed published by The Wall Street Journal.

The senator admits that cryptocurrencies may eventually lead to a more inclusive financial system, but she also emphasizes the fact that history is “littered” with a variety of dubious financial schemes that were promoted by “criminals and charlatans.”

The Justice Department should employ its “full range of resources,” according to Warren, because cryptocurrency executives who violate the law are no different from those who use other platforms.

The legislator continued by saying that the US Securities and Exchange Commission also needed to “suit up.” Warren also criticized cryptocurrency mining companies for putting a load on the electrical infrastructure and raising greenhouse gas emissions.

She has emphasized that cryptocurrency must adhere to the same regulations as traditional financial industries.

Schwarz from Ripple says that given Warren’s recognition of the significance of reforming cryptocurrency law, this is not “an bad position to work with.” This, he continues, is crucial for establishing proper crypto rules.

Ripple Looking To Consider Deals For FTX Assets

The demise of the reputable exchange FTX has continued to have a negative impact on the cryptocurrency economy. Many organisations have expressed interest in helping Sam Bankman-failing Fried’s company from the outset. Binance first considered throwing a life jacket but eventually changed his mind. At about the same time, Justin Sun of Tron asserted that he was developing a plan with FTX to “initiate a pathway ahead.”

However, as of late, the blockchain payment giant Ripple has expressed interest in purchasing some of the assets of the struggling cryptocurrency exchange FTX.

The Sunday Times reported that former FTX CEO Bankman-Fried called Ripple CEO Brad Garlinghouse two days before the company declared bankruptcy in an effort to gather investors to save it. The two then talked about if there were any FTX-owned companies that Ripple “would want to own.”

Garlinghouse further stated,

“Part of my conversation [with SBF] was if he needs liquidity, maybe there are businesses that he has bought or he has that we would want to own. Maybe there’s investments that we would want own. Would we have bought some of those from him? I definitely think that was on the table.”

“Ripple Might Fail But Not XRP”- David Schwartz

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Ripple CTO David Schwartz was asked if the blockchain firm along with XRP would go down in the same way as FTX. Schwartz replied that “bad things can happen to Ripple as it’s a company, after all”.

But have a hard time picturing the same with XRP, unless there is a catastrophic failure of the ledger. The chief executive was questioned by a user on the likelihood of future acquisitions of Ripple by businesses like Apple or Microsoft.

He responded, “I don’t think it’s particularly likely. It’s hard for me to see how it would fit”. Schwartz then laid out two scenarios in the advent of a takeover.

One possible scenario is if such a company buys Ripple without the XRP, the blockchain firm would divide the token proportionately among its stockholders. “That solves that problem, but I still don’t see why it would happen,” he said.

Could a company want RippleNet so much that we split that off and sell it to them? Then XRP and RippleX would remain a separate company without RippleNet. I guess that’s theoretically possible. But still, I don’t see any reason for it.

Recently, Schwartz made a sarcastic tweet that the firm was planning to acquire the troubled FTX exchange but could not go ahead owing to encountering a problem with a sudden cash crunch, referring to the $8 billion FTX missing to stay afloat.

Ripple CTO Says Doors Are Open For FTX Employees

The top executive also made a suggestion that FTX staff members might consider a career in the blockchain payments company. An earlier version of this offer was made by Schwartz to Twitter employees, who were laid off as a result of the management.

FTX, a once-dominant crypto exchange is mired in a struggle with insolvency and is currently attempting to acquire around $9.4 billion in capital to keep solvent as the Binance merger failed.

According to a tweet from the exchange’s official Twitter accounts, it has already secured a line of credit from Tron to provide liquidity for tokens tied to TRX.

On-chain data indicated that the exchange has resumed processing withdrawals. The embattled firm through a tweet yesterday, made it clear that it is adhering to Bahamian regulations, the cryptocurrency exchange has, however, restricted withdrawals to its Bahamian customers.

Ripple CTO Might Be Satoshi But Not Entirely

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Ripple CTO David Schwartz reignited Satoshi rumors after saying he could have been part of the group that created Bitcoin.

The top exec was speaking on the recent lawsuit where self-proclaimed Satoshi Nakamoto Craig Wright lost against Hodlonaut when a Norwegian judge ruled that public comments ridiculing Wright’s claims were not unlawful or particularly offensive.

Schwartz said, “There is nothing defamatory about saying that Craig Wright is not Satoshi, just as there is nothing defamatory about saying that I am not Satoshi. There is nothing inherently wrong with not being Satoshi”.

“His choice to tie his reputation to a claim cannot turn to deny that claim into defamation or anyone could make denying any claim defamation,” he added.

Amidst the rant, one user popped the old question asking if he was anyways related to Satoshi. It was then the CTO of Ripple replied that he could have been part of “Satoshi” — a small group of people that created Bitcoin, but sadly he only found out about the world’s first cryptocurrency back in 2011.

One of the major crypto-industry mysteries is the identity of Satoshi Nakamoto, the developer of the pseudonymous cryptocurrency Bitcoin, who vanished exactly 12 years ago, in December 2010.

Nearly all of Satoshi’s accomplishments, according to Schwartz, were within his capacity despite his prior denials of being Satoshi.

The bitcoin community is still divided over the mystery surrounding Nakamoto’s identity,

Ripple CTO As The Satoshi, More theories Emerged

The CEO of Blockstream, Adam Back, who is one of the likely Satoshi candidates, also had David Schwartz, as one of the contenders. Besides the two, the list also included the late Hal Finney and Nick Szabo.

According to a patent document released by an XRP influencer, XRP Ledger, Schwartz’s most significant invention, may have established the rough concept for the network as early as 1988.

In addition to that, since its introduction, XRPL has not been hacked or shut down, which has contributed to its reputation as “the greatest asset ever created.” Due to this, a lot of supporters think the current Ripple’s top exec would make a great candidate to be the enigmatic bitcoin creator.

Here’s What XRPL Creator Said On Ripple Exec’s Resignation

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One of the leading architects of the XRP ledger and current Ripple CTO David Schwartz spoke on Nik Bougalis’s stepping down from his role as a director of engineering at the blockchain firm.

Describing the move as bittersweet, Schwartz said although he would no longer work with him, he is still glad of Bougalis’s decision to move forward.

“And I would hate to think that someone was stagnant in their life journey out of loyalty to me, Ripple, or both,” he added.

There has been speculation about Schwartz’s own resignation from Ripple due to a recent confession of a lack of passion. But the rumors subsided as he later clarified of having no such intention as there are numerous exciting projects in the pipeline.

Besides, he mentioned that Ripple has been working on a new organizational strategy compared to how it had worked before that. Before 2018, he stated, “Ripple was all about OR” – making choices constantly, as Schwartz explained. Now, “Ripple is about AND.”

Instead of choosing between producing one product or the other, they are attempting to produce both, and they are not picking between catering to one target market or another.

In order to create new products for new customers, Ripple is attempting to mix new technologies with new products, Schwartz claimed.

That said, XRPL might have its roots as early as 1988.

XRPL is 33 years old?

One of his most significant contributions was the XRPL, which is now among the most widely used blockchain networks for real-world payment applications thanks to its On-Demand Liquidity [ODL], which enables businesses to use XRP as a bridge currency for swifter, less expensive international transactions.

Notably, it is well known that Schwartz, Jed McCaleb, and Arthur Britto collaborated to create the network in 2011. Nevertheless, a patent document provided by XRP influencer King Doggo IV suggests that Schwartz may have created the network’s basic idea as early as 1988.

David Schwartz created the XRPL way back in 1988 when they didn’t even had a name for the blockchain. Since they launched it with the name ‘XRPL’ it never got hacked nor being halted. XRP was made to become the greatest asset ever created.

As the BitBoy vs. Atozy Lawsuit Came to an End, Ripple CTO Sheds His Views

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BitBoy vs. Atozy has several people including Ripple CTO talking about it. Ben Armstrong, the creator of Bitboy Crypto, declared that he is dropping his defamation case against fellow YouTube content creator Erling Mengshoel Jr., better known by his stage name Atozy.

In response to the November 2021 video “This YouTuber exploits his following…,” Armstrong formally sued Mengshoel on August 12. Armstrong was charged with dishonestly promoting fraudulent assets to his audience, such as PAMP, for his own gain, according to “Bitboy Crypto.” He also demanded  $75,000 in compensation.

However, Armstrong did hint during a live webcast on Wednesday that he is now dropping the accusation now that Mengshoel has amassed more than $200,000 for his defense.

Ripple CTO stated that BitBoy was misled by his lawyers

In response to the legal conflict between well-known crypto YouTuber Ben Armstrong (BitBoy) and Erling Mengshoel (Atozy), Ripple’s CTO David Schwartz has chimed in.

“So, about the BitBoy andAtozy lawsuit: It looks like everyone is doing the right thing now. And as I suspected, it seems Ben was misled by his lawyers who *definitely* should have known better. Yay for happy endings.”

Mengshoel was able to unite the crypto community behind him and launch a successful GoFundMe campaign to pay for his legal costs. 

He claimed that he was being sued for nothing more than expressing his viewpoint. Additionally, the frequency of YouTube videos accusing Armstrong of unethical crypto advertising has increased.

Armstrong claims that if he had realized the lawsuit would garner such attention, he would not have filed it.

The crypto YouTuber clarified that he initially filed the complaint to get Mengshoel to take down the video, and he hinted that he had no intention of actually going through with the legal procedures.

Atozy now has enough money to cover legal costs, according to BitBoy, and the conflict has grown more complicated than he had anticipated as a result of a well-known crypto trader like Cobie, who donated $100,000.

Ripple’s CTO Says Holders With ‘Life-changing’ Amounts Of Coins Should Consider Selling

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The chief technology officer of the blockchain platform Ripple, David Schwartz says that it is now time to “seriously consider”offloading coins from the bag.

The cryptocurrency market has been roaring yet again. The collective market cap was currently towering at $2.22 trillion while Bitcoin’s price drove well above $64K for the first time ever as Coinbase awaits its debut on Nasdaq.

While some might argue that this is not a time to sell, and rather side with the ongoing accumulation trend despite the high prices on the charts, Ripple exec, on the other hand, asserted that buying is not “morally superior” to selling and that selling is not selfish. His tweet read,

“This is probably going to be my least popular tweet ever, but: If you have life-changing amounts of cryptocurrency, please take some time to seriously consider selling some to reduce your risk and exposure. This is not any kind of prediction about what the market will do.”

Schwartz went on to acknowledge that he has been consistent in “de-risking” for many years now. While he wishes that it had not been the case, the exec poined that Bitcoin, Ethereum, XRP, Stellar, and probably many more are currently at prices that mean people might have “life-changing amounts at risk”.

Having said that, the Ripple CTP did clarify that he was not making any kind of predictions regarding the cryptocurrency market.

“I definitely was not making any kind of future prediction there. I have no particular sense of what the market is going to do. I wish I did.”

Ripple-SEC Tussle

XRP
Ripple's CTO Says Holders With 'Life-changing' Amounts Of Coins Should Consider Selling 2

XRP has been performing exceptionally well in the market and even established a three-year high. The crypto-asset was currently priced at $1.81 after amassing gains of more the 93% over the past week. It has remained fairly unfazed by developments with respect to Ripple and the Securities and Exchange Commission [SEC].

Just yesterday, Judge Sarah Netburn had reportedly granted a motion to dismiss SEC’s request that sought years’ worth of financial records belonging to the executives of the blockchain company.

Ripple’s David Schwartz is Confident that a Sustainable Cryptocurrency Ecosystem is Only Way Forward

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Ripple and its subsidiaries have been making waves in the cryptocurrency world ever since it adopted the mindset of bettering the cross-border transactions ecosystem. The San Fransisco based organization has also made it a point to utilize its proprietary technologies to create a seamlessly integrated cryptocurrency platform.

In a recent interview with the Information Age, Ripple Chief Technology Officier David Schwartz spoke about the challenges in fintech as well as the impact it will have on future generations. Schwartz has played an instrumental role in elevating Ripple to what it is today, with an added focus on sustainability and growth.

During the interview, Schwartz spoke about how the COVID-19 pandemic had changed the way the world works with several traditional methods being rendered obsolete. He added that the payments crisis was further exacerbated by the lack of an effective payment infrastructure as made evident in developing nations. The Ripple official also pointed out the advantages that users can avail when they use RippleNet, specifically the native ODL. Schwartz reiterated:

“It’s more important than ever that we are able to support our customers – and their customers who are relying on being able to send money — to minimise the negative impact of the pandemic and lower the cost of remittance payments where possible.”

According to supporters of the cryptocurrency industry, one of the biggest concerns at the moment was about climate change and the effects current processes have on it. Ripple was one of the few companies going out of their way to lower emissions and that has been evident from their approach towards partnerships. Ripple has already partnered with the Energy Web Foundation, a tie-up that has resulted in the creation of EW Zero.  EWZ is an open-source tool that is designed to help any blockchain decarbonize itself through the purchase of renewable energy.

Schwartz did not hold back his words when he said that mining cryptocurrencies like Bitcoin and Ethereum is one of the key reasons for the industry’s excessive energy consumption. Mining cryptocurrencies makes up a large chunk of the emissions generated within the industry and companies like Ripple have been suggesting alternatives for quite some time now. The Ripple CTO has urged other companies to take a closer look at growing problems and create their own solution matrix to tackle them.