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Ripple’s David Schwartz talks about how he fell in love with Bitcoin [BTC]

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Ripple's David Schwartz talks about how he fell in love with Bitcoin [BTC]
Source: Flickr

David Schwartz recently spoke at the SXSW Conference and covered all things cryptocurrencies, including Bitcoin [BTC], Ripple, and XRP. He also gave a rare insight into how he came to discover Bitcoin and how he was fascinated by its technology that paved way for decentralization.

The CTO of Ripple, David Schwartz, explained that he was working on cryptography for secure messaging and cloud storage for a few clients when he discovered Bitcoin.  He stated,

“When I first saw Bitcoin… it was love at first sight. I saw the technology and I thought, there is really something here. I wanted to learn everything I possibly could about it  “

Schwartz said that he encountered a problem with software performance and was offered bounties to solve them. Since Schwartz was fascinated by the technology, he explored the source code with an intention to solve the issues and claimed the bounties.

Schwartz added,

“I fell in love with Bitcoin because of the lack of need for a central operator or a central point of trust.”

Further, he said that Bitcoin’s idea was to disrupt the flow of cash/funds like the internet disrupted the flow of information. However, Bitcoin was yet to achieve it, he said.

Commenting on Bitcoin’s technology and Proof-of-Work, Schwartz said that people confused PoW as the “secret sauce” of Bitcoin. He added,



“The secret sauce of Bitcoin is that all of the stated information is public, the ledger is completely public, you can see every transaction, every balance… and that was the sort of decentralization magic and proof-of-work was just the way it solved the double spend problem.”

@XRPMr, a Twitter user, commented,

“Great job Sir! You deliver amazing knowledge without mixing it up in a word salad. We are all so lucky to have you. 😎”

Another Twitter user, @CidVicious 2, added,

“Yes in fact, if you could get a head shot of every person in there and record the whole session and paste in each slide you see from the presentation, that would be great. Thanks!”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
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Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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