David Schwartz, Ripple’s chief technology officer, has stated that banning Bitcoin or the proof-of-work algorithm or branding Ethereum’s security could be “catastrophic” for Ripple.
This is humorously absurd. Either that would be a disaster for @Ripple. https://t.co/7iebCt66Hl
– (@JoelKatz) January 16, 2022
He said so while responding to a theory by Castle Island Ventures’ Nic Carter, where he alleges that Ripple is “lobbying” to strategize the aforementioned agendas.
In the past, Ripple CEO Brad Garlinghouse and former CEO Chris Larsen have all advocated that Bitcoin should move away from PoW due to its environmental impact.
You may have seen me and others in favor of Bitcoin moving away from PoW to solve long-term energy consumption. A common stumbling block is that miners will never accept this. Today I propose a solution for that! 1/2 https://t.co/U8YstHPZOA
– Chris Larsen (@chrislarsensf) December 9, 2021
Even when Garlinghouse agreed that Bitcoin was a “special store of value,” he still Discuss that,
“One Bitcoin transaction is equivalent to 75 gallons of gasoline burned.”
Further explain that as the price of Bitcoin increases, so will the energy consumption and carbon footprint of the proof of work. In contrast, Ripple prides itself on its sustainability measures and aims to be Carbon Neutral by 2030.
Having said that, both the Ripple and Ethereum communities are constantly struggling with each other.
The so-called hatred started when Ripple filed a Freedom of Information Act request with the SEC, for unfair treatment. It is alleged that the regulator gave a head start for Ethereum, while XRP was held back. This also gives Ethereum a somewhat pioneering advantage in the vast crypto space.
The recent ruling in a lawsuit between Ripple and the SEC also concerns Ethereum and a decision surrounding a 2018 speech by former director William Hinman. In it, he is of the opinion that Ethereum is not a security because it is fully decentralized.
Now, Ripple has used it as part of a legal strategy to fight the SEC. Previously, the crypto attorney representing XRP holders, John Deaton, stated:
“Whether we like it or not, it is ironic that XRP and ETH are on the same side in the SEC case.”
That could essentially mean that the CTO is seeing Ripple as part of a thriving cryptocurrency. With both Ethereum and Bitcoin.