- Beginning with a tweet on the inability of Bitcoin to be adopted by institutional investors, Dr. Craig had a heated conversation with David Schwartz.
- When Schwartz called the system “dumb”, Craig commented that the former is unfamiliar with the system of finance and investments.
- Schwartz tweeted that Craig had been talking on a different subject when the latter started lecturing on the flaws of XRP.
David JoelKatz Schwartz, the Chief Technology Officer (CTO) at the crypto exchange Ripple Labs, recently engaged in a heated conversation with the Australian computer scientist Dr. Craig S Wright.
Previously, on December 24, Craig tweeted that “Bitcoin cannot ever be adopted by institutional investors until the system is able to be recovered under a legal court order”.
Subsequently, in response to Craig’s tweet, Schwartz addressed the system as “dumb”:
Why are ‘institutional investors’ the target market for peer-to-peer digital cash? And which jurisdictions should have their court orders respected?
In the early hours of December 25, Craig, mentioning Schwartz’s response, tweeted that the latter may not be familiar with the system of how “finance works” and “people invest in commodities”.
Further, he claimed that Schwartz doesn’t have any idea about the legal structures and frameworks that “allow for Court orders to be perfected across jurisdictions”.
Soon, Craig came forward with a new tweet in which he argued that for anyone involved with XRP, it would be impossible to “debate anything logically”.
Thereafter, in a series of tweets, he introduced a couple of arguments against Schwartz and XRP, the native token of Ripple. Using the topic “scale,” he stated that though XRP claims to be capable of 1500 transactions per second, in reality, it manages to have only 100 TPS.
In addition, he commented:
JoelKatz couldn’t achieve 100,000 transactions per second in his wildest dreams on any platform that he could ever think of designing let alone 1 million.
As a response to the previous tweet, Schwartz commented that the topic of the scale itself was a discovery by Craig. He added that though their conversation wasn’t about scale or XRP, Craig “attempted to back up his nonsensical claims with irrelevant ad hominem”.