The launch of cryptocurrencies from mainstream institutions has been the norm of the digital assets industry for some time now and the Mark Zuckerberg-led Facebook’s Global Coin has been front and center with regards to that. A recent article by Yahoo Finance that stated Facebook’s GlobalCoin would “annihilate Ripple” was doing the rounds on Twitter and even caught the eye of Ripple’s Chief Technology Officer, David Schwartz.
The article quoted the words of ‘Bitcoin expert’ Max Keiser who had claimed that the Facebook global stablecoin obviates the need for hundreds of altcoins ‘including XRP’ and that the altcoin apocalypse was high. To this, Schwartz retorted:
“I love opinions about XRP that don’t show any evidence of having any understanding of XRP. This is just bitcoin minimalist thinking that there’s bitcoin and everything else.”
This comment led to an all-out debate between Schwartz and Noryn SYra, a cryptocurrency enthusiast, who wanted Schwartz to admit that Ripple was a permissioned system, a statement denied by the Ripple official. The debate continued when Syra claimed that validators have to choose who to put on the Unique Node List and if a user was not on someone’s UNL then the ‘validator does not mean anything’. Schwartz replied:
“I don’t see how you can square that fact with the fact that there is no way to tell whether your validator is on someone else’s UNL or not and the system works precisely the same whether it is or isn’t.”
Ripple’s ‘trillion dollar man’ continued:
“Think of it like mining except you don’t get rewarded and can’t censor. Why does it matter who is doing or not doing it at that point. It’s permission … to what?”
The computer scientist further pointed out that the one problem that users cannot solve with the public state was ordering valid transactions received at about the same time. He added that no one really cared about that properly as long as it worked unhindered. David Schwarz concluded the Twitter thread by stating:
“Bitcoin costs millions of dollars a day to solve this problem and it gets mediocre finality and mediocre censorship resistance. We solve it for nearly nothing with better finality and censorship resistance. You respond that you need “permission” to have no affect on the network.”
Subscribe to AMBCrypto’s Newsletter
XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’
The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.
A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”
There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.
At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.
XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,
“Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry!”
Subscribe to AMBCrypto’s Newsletter