David Schwartz, Ripple’s Chief Technology Officer, said the ban on Bitcoin and Proof of Work algorithms, or the branding of Ethereum Security, could be “disastrous” for Ripple.
This is comically ridiculous.Either of these two things will be disastrous @ Ripple.. https://t.co/7iebCt66Hl
— ????????????? (@JoelKatz) January 16, 2022
He said so in response to the theory by Nick Carter of Castle Island Ventures. So he argued that Ripple was “lobbying” to strategize the above agenda.
In the past, Ripple CEO Brad Garlinghouse and former CEO Chris Larsen have both argued that Bitcoin should move away from PoW due to its environmental impact.
You may have seen me and others advocating that Bitcoin move away from PoW to tackle energy consumption in the long run. The general backlash is that miners never participate in this. Well, today I’m proposing a solution to that! 1/2 https://t.co/U8YstHPZOA
— Chris Larsen (@chrislarsensf) December 9, 2021
Even while Garlinghouse agrees that Bitcoin is an “exceptional store of value,” he Insisted That,
“A single Bitcoin transaction is equivalent to burning 75 gallons of gasoline.”
It also explains that as Bitcoin prices rise, so does energy consumption and proof-of-work carbon dioxide emissions. On the contrary, Ripple is proud of its sustainability measures and aims to reach carbon neutrality by 2030.
That said, both the Ripple and Ethereum communities are always selling to each other.
So-called hostility began when Ripple filed a request for the Information Disclosure Act with the SEC because of improper treatment. Regulators are said to have given Ethereum a go-ahead while XRP was curtailed. This also gave Ethereum some of the advantages of the innovator in a large cryptographic space.
Recent decisions in the Ripple v. SEC case also include a decision on Ethereum and former director William Hinman’s 2018 speech. In it, he thought Ethereum wasn’t secure because it was well decentralized.
Ripple is currently using it as part of its legal strategy to fight the SEC. In the past, John Deaton, a crypto lawyer representing XRP holders, said:
“Ironically, in the case of SEC, XRP and ETH are on the same side, whether we like it or not.”
This essentially means that the CTO sees Ripple as part of the thriving cryptocurrency. With both Ethereum and Bitcoin.