David Schwartz Fires Back At Max Keiser

September 25, 2023 2:39 pm Comments

Max Keiser has long been known as a critic of altcoin projects.

The popular crypto influencer and broadcaster recently took to the X social media platform and took aim at Ripple’s native currency, XRP.

Following the incendiary statement, at least one member of the crypto community reached out to Ripple’s Chief Technical Officer, David Schwartz, to get his perspective on Kaiser’s recent claims.

Crypto influencer and Bitcoin maximalist Max Keiser authored these online posts on September 24th that sparked the debate: “A fortune in a centralized fiat-shitcoin like XRP is meaningless.”

Crypto Potato took note of the online debate:

Ripple’s CTO also said his patent predates Bitcoin. However, he clarified that the network behind the largest cryptocurrency by market capitalization “was using proof of work to solve the double spend problem,” which his invention “doesn’t relate to.”

Schwartz was confronted by one user who echoed Kaiser’s claims and promptly responded to the arguments with a lengthy thread. Schwartz stated:

“1.Does XRP really empower the top 1% who is controlling the main XRP system.

I’m not sure I understand this claim. The top 1% of what exactly? XRP empowers anyone who want to use the ledger to track the ownership and exchange of assets. What kind of control is he talking about exactly?

2.Can the DHS hack XRP? (Department of Homeland Security)

I’m not sure what a hack of XRP would even mean. The ledger contents are public. The rules are public. Does it mean some change to the ledger contents that doesn’t follow the rules? A bug in XRPL could allow someone to do that and it would be a huge mess to rollback the ledger (as bitcoin had to do in 2013). No such bug is known, of course. And any exploited bug would be fixed and so you couldn’t hack it the same way twice.

3.Can you make a conclusion from the patent that XRP is created with a centralized design which will only benefit top 1%.

I can’t see any real connection between my patent and XRPL design. The patent was aimed at using “stranded” CPU power that would otherwise go to waste but technology didn’t evolve as most people expected it to and the patent became mostly irrelevant.

4.What came first? BTC or Schwartz’s patent?

My patent predates BTC. But the main insight in BTC was using proof of work to solve the double spend problem, which my patent doesn’t relate to.

5. Has Satoshi ever made a comment about XRP you’re aware of?

No. He did make a comment about the original RipplePay system, but a native asset (XRP) is the core technical difference between XRPL and the original RipplePay system.”

XRP is currently trading sideways after a previous rally took it to a recent high of $.90 following Ripple’s win over the Securities and Exchange Commission.

U Today explained:

XRP experienced an astonishing 700% surge in fund inflows, making it the undisputed leader among cryptocurrency-focused investment products last week.

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