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Ledger Nano X - The secure hardware wallet
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Ripple CTO Gets Into Twitter Debate Over XRP’s Use Case

13 January 2021
in XRP
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Ripple’s chief technology officer (CTO) David Schwartz got into a Twitter debate over the utility of XRP in transactions. 

Schwartz responded to a tweet by Venture Coinist founder Luke Martin, who questioned the use of cryptocurrency, including XRP for payments.

According to Martin, stablecoins offer a better solution for digital payments, while saying crypto-assets provide no utility-based incentive for holding long-term. 

what if those Tik Tok analysts are right about astronomy & $XRP actually does go to $589…

— Luke Martin (@VentureCoinist) January 9, 2021

Schwartz argued stablecoins would only provide a superior alternative if the entire world could agree upon one digital currency. 

If the whole world settled on one stablecoin, I’d agree with you. But stablecoins are always going to be tied to jurisdictions and counter-parties too. So it is unlikely one winner will emerge.

— David Schwartz (@JoelKatz) January 10, 2021



Ripple’s CTO went on to explain how it would be difficult for stablecoins to emerge as a universal asset in the absence of concentrations of liquidity.

Schwartz called one of the benefits of the U.S. dollar its ability to function as an intermediary or bridge between currencies, which he doubted stablecoins were capable of. 

He also called stablecoins, such as the rise of central bank digital currencies (CBDCs), problematic due to their reliance on local jurisdictions and counter-parties.

But I can’t see a $-denominated stablecoin being your direct connection to the rest of the world economy because it’s neither universal nor neutral. For one thing, it will only be used by people who would do business with its counterparty and who find its jurisdiction friendly.

— David Schwartz (@JoelKatz) January 10, 2021

Featured Image Credit: Photo via Pixabay.com





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