- “The expertise simply would not appear to matter”
- Schwartz’s latest Bitcoin takes
David Schwartz, Ripple’s newly appointed CTO Emeritus and co-creator of the XRP Ledger, has described Bitcoin as “a technological lifeless finish.”
He argues that the world’s largest cryptocurrency not depends on technological innovation for its success.
Schwartz just lately revealed that he had offered almost all of his Bitcoin holdings for $7,500.
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“The expertise simply would not appear to matter”
The remark got here in response to a query from an XRP neighborhood member who requested if Schwartz had thought-about engaged on Bitcoin improvement once more. The previous Ripple CTO, nonetheless, has bluntly rejected the thought.
“Not likely. I believe bitcoin is essentially a technological lifeless finish for a similar purpose the greenback is,” Schwartz wrote. “The expertise simply would not appear to matter all that a lot to its success, at the least not on the blockchain layer.”
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The implication is that Bitcoin has fossilized right into a financial customary the place “upgrades” are secondary to stability.
Schwartz’s latest Bitcoin takes
Schwartz has ceaselessly challenged the narrative that Bitcoin is solely decentralized and permissionless.
“In additional than a decade, no XRP transaction has ever been censored or handled unfairly whereas bitcoin miners routinely delay transactions they disfavor for any purpose in any respect,” he acknowledged in December.
Just lately, he additionally famous that the main cryptocurrency had had at the least two incidents that confirmed far more centralization than the XRPL genesis glitch.
In November, he argued that each one blockchains, together with Bitcoin, depend on human intervention throughout crises. “Any downside with XRP could be mounted by XRPL’s governance, as Bitcoin needed to do in 2013. And it is going to be as a result of each chain’s governance cares,” he wrote.
He has additionally raised considerations about Bitcoin’s proof-of-work consensus eh algorithm. He outlined a possible loss of life spiral state of affairs the place “folks actually need bitcoin to stay PoW as a result of they see that as a part of its core worth,” however excessive costs and low transaction volumes create a safety vacuum.