A crypto trader has recently brought to the attention of Ripple’s CTO, David Schwartz, a curated list of misconceptions that flood the XRP community, particularly regarding XRP adoption.
Specifically, the crypto trader with X username “Clown Sniper” highlighted a list of ten fallacies about XRP adoption and called Schwartz to vouch for the authenticity of his claims against the misconceptions.
According to Clown Sniper, the purpose of the compilation is for “clarity” in the community and to rid the XRP community of delusions. “I have nothing for sale and ask nothing from anyone other than knowledge,” he added.
Ripple’s CTO consented that the claims in the compilation were accurate, except for one, which he disputed.
To my knowledge, all of these are essentially true. There are some small exceptions such as this one:https://t.co/BgtoEziiSE
— David “JoelKatz” Schwartz (@JoelKatz) November 16, 2023
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The XRP Community Misconceptions Ripple CTO Certifed
The first item on the list was the inaccurate claims that SWIFT supposedly used XRP in its payment settlement operations.
In a dated interview, SWIFT’s ex-regional Manager, Graham Bright, shared insights on the potential role of XRP in SWIFT’s payment processing. However, it is worth mentioning that, as of today, SWIFT does not utilize XRP, as the company currently lacks any established alliance with Ripple.
Furthermore, Clown Sniper pointed out that the purported BlackRock XRP ETF filing was a hoax. The Crypto Basic disclosed yesterday that the Delaware State government finally brought down the bogus filling. Notably, some people had argued for its genuineness amid its presence on an official portal.
Also, Clown Sniper mentioned that no central bank digital currency (CBDC) project of any country uses XRP Ledger (XRPL). For clarity, countries piloting CBDC programs use Ripple’s CBDC platform, which features private ledgers rather than the public XRPL.
Moreover, the crypto trader highlighted the misconception about FEDNow, an instant payment service the U.S. Federal Reserve developed for depository institutions in the United States.
While the service allows individuals and businesses to send and receive money in real-time, around the clock, every day of the year, it utilizes neither XRPL nor the XRP token.
Besides, Clown Sniper argued that the XRP Army needs to realize that XRPL needs more teams building worthwhile projects instead of hypers.
Notably, Crypto Eri, a prominent figure in the XRP community, has contented that XRPL needs 100,000 active projects to reach the level of Ethereum, the second largest crypto project.
Other points Clown Sniper highlighted were that overhyping and XRP influencers with overly insane projections have “caused more harm.”
Claim of R3 Using XRP
Per Schwartz’s disclosure, the financial services firm R3 indicated an interest in using XRP in 2018 for its Corda Settler as a first settlement mechanism. However, this was only a proof of concept (PoC). Corda now uses another digital asset, XDC.
In sum, the 2018 PoC is what some XRP community figures refer to when claiming that R3 uses XRP.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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