Satoshi Declares XRP “The Most Useless Pump-and-Dump Scheme”

Craig Wright, the self-proclaimed Bitcoin creator, and Ripple CTO David Schwartz have gotten into a heated debate. The two clashed over the legitimacy of XRP, a cryptocurrency linked to the blockchain firm Ripple Labs.

The debate started when Schwartz criticized Wright’s perspective on Bitcoin’s institutional adoption. The self-proclaimed Satoshi then retaliated against Schwartz, accusing him of ignorance in finance, legal frameworks, institutional investment banking, and Bitcoin in general.

When Wright accused the company of running a “useless pump and dump scheme,” tensions began to rise. “Then again, he designed XRP… the most useless pump and dump scheme in the history of this entire industry,” he tweeted.

Wright, according to Schwartz, is abusing the legal system to steal intellectual property rights and defame those who disagree with him on Bitcoin. Wight, according to the Ripple executive, is a “despicable coward” who sues people for expressing their opinions.

In response to such allegations, Wright maintains that any claim made about him must be supported by factual evidence or be considered defamation.

The discussion then shifted to XRP and its legitimacy, with Wright accusing Ripple of failing to demonstrate how their technology is used outside of paid trials.

Wright then made a bold claim that he intends to come up with a “academic analysis of XRP” in 2023, which “will show how dishonest the system is”. Wright also predicts that Ripple will lose its case against the Securities and Exchange Commission of the United States.