cryptocurrency

Ripple CTO Punishes Vitalik Buterin for Making Fun of XRP

  • Vitalik Buterin’s criticism of XRP did not sit well with David Schwartz.
  • Buterin was referring to Ripple’s legal defense in an ongoing case against the Securities and Exchange Commission.

According to David Schwartz, chief technology officer of Ripple, who believes that eBay also creates BTC and ETH securities, the Ethereum and Bitcoin miners are like eBay shareholders.

Ethereum co-founder Vitalik Buterin attacked XRP in a discussion sparked by the recent limit of C$30,000 on altcoin purchases through two Ontario crypto exchanges, which excluded Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). David Schwartz didn’t take this kindly.

In response to the tweet, Buterin praised the Ethereum community’s opposition to laws favoring ETH over other cryptocurrencies. In response to Buterin, David Hoffman, creator of the decentralized educational and media platform Bankless, stated that he would not have objected if they restricted XRP.

When they tried to throw us under the China-controlled bus, Buterin joined the criticism of XRP, arguing that they had lost their right to protection. Twitter users following XRP faced a flurry of turmoil after noticing Buterin, and later David Schwartz, CTO of Ripple himself, entered the discussion.

The battle continues

Buterin was referring to Ripple’s defense of their ongoing legal dispute with the US Securities and Exchange Commission (SEC), in which they argue that XRP should not be classified as a security because Ethereum and Bitcoin are similar and are also known as the top two cryptocurrencies as they are managed by the Chinese. In response to the unauthorized sale and issuance of XRP tokens, the SEC has filed a safety complaint against Ripple.

Reiterating Ripple’s previous comments that ETH and BTC were safe, Schwartz contrasted the miners in the ecosystem with eBay contributors.

Schwartz said:

Do you think it is perfectly fair to compare miners in Proof of Work systems to corporate shareholders. Just as eBay shareholders gain from the remaining friction in the middle of buyers and sellers that eBay does not eliminate, so do ETH and BTC miners.

The security status of Ethereum has become a hot topic during the ongoing legal proceedings, with Ripple confirming that the SEC has a clear bias against it and supports Ethereum. In a 2021 interview, Ripple CEO Brad Garlinghouse confirmed that the Securities and Exchange Commission had helped Ethereum reform XRP as the second digital currency.

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