Ripple CTO and Craig Wright in War of Words Over XRP

Craig Wright, the self-proclaimed Nakamoto or the creator of Bitcoin (BTC) has been in a verbal feud with Ripple Chief Technology Officer (CTO) David Schwartz over the status of XRP. Their disagreement started over BTC adoption by institutional investors but became messier until it drifted to the XRP token utility and its legitimacy. 

Two days ago, Craig Wright released a tweet stating that Bitcoin does not stand the chance of being adopted by institutional investors until it is covered under the legal order. Ripple CTO David Schwartz called his reasoning ‘dumb’ and that was only the beginning of the chaos.

With all boldness, the Australian computer scientist Wright went on to tag XRP the most pump-and-dump scheme in the industry while trying to spite Schwartz. 

“Unfortunately, so-called experts like Mr Schwartz like to exceed their very very limited area of expertise. He is also so far from understanding anything to do a bitcoin that he thinks Ripple is related to a blockchain inn some way. Then again, he designed XRP… the most useless pump and dump scheme in this entire industry,” Wright tweeted.

Wright Predict Ripple’s Loss in SEC Lawsuit

To the amazement of the crypto community, Wright announced that contrary to what Ripple portrays to its users, XRP cannot be utilized to complete cross-border payments. He plainly called Schwartz a dishonest person for deceiving users. 

“Further, you are going to market promoting a financial product and you are misrepresenting its capabilities. That in fact as a form of financial fraud. When you have your many failures you need to tell the market if you want to be honest.”

Wright intends to launch an academic analysis into XRP in the coming year. The project is majorly aimed at showing “how dishonest the system is.” As it got tenser, the pseudo-Nakamoto predicted that Ripple was going to lose its lawsuit against the United States Securities and Exchange Commission (SEC). 

Meanwhile, the said lawsuit is now at a crucial stage with many crypto community members voicing their opinions on how they believe it would end. After both parties agreed to a summary judgement, U.S. District Judge Analisa Torres approved several amicus briefs including that of Coinbase. Some were in support of the regulator while a larger percentage are backing Ripple Labs.