When an XRP enthusiast brought up the subject of what precisely XRP brings to the table, a new and intense heated debate broke out in the community. A few dubious participants in the discussion criticized the chief executive officers of the cryptocurrency company, including CTO David Schwartz and CEO Brad Garlinghouse.
Among the charges leveled against the Ripple executives was their alleged push to decrease their XRP holdings in order to increase their personal bank account balances by using retail as on-demand liquidity. The portion regarding cutting holdings alludes to Schwartz’s observation regarding two possibilities for Ripple: hold as much as possible currently or cut holdings.
The CTO of Ripple spoke up when he was given the choice to either burn or give XRP to a devoted holder. As a result, Schwartz restated his February example, the XLM to XRP chart, in which Stellar’s massive burning produced no results as it carried on performing as XRP.
According to Schwartz, this is the case because XRP’s price is primarily influenced by external factors that also affect XLM.
I’ve talked before about why those options don’t really accomplish anything different from what selling accomplishes. For example, here’s one place I discussed burning: https://t.co/4pmCoAEytb
And here’s one place I discussed gifts: https://t.co/6gQLMVaE86 — David “JoelKatz” Schwartz (@JoelKatz) August 29, 2024
Regarding the topic of giving away Ripple’s XRP holdings, he continued by stating that, as he had previously stated in his speech from March, doing so is practically the same as selling it, but there is an additional risk that participants will pay $0.95 to participate in a $1 giveaway, with the majority of the proceeds going to scammers.
“We tried that, and it worked until XRP became liquid,” Schwartz said at the time.
The XRP community is still divided on the subject because so many people find Ripple’s dependence too grating. Despite all the partnerships and adoption that come with Ripple’s support, many enthusiasts view XRP as something that benefits more than just one business.