{"id":2645,"date":"2024-11-14T03:32:37","date_gmt":"2024-11-14T03:32:37","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2645"},"modified":"2024-11-14T03:32:37","modified_gmt":"2024-11-14T03:32:37","slug":"ripple-cto-reveals-why-the-payment-business-hasnt-caught-on-in-a-big-way","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2645","title":{"rendered":"Ripple CTO Reveals Why The Payment Business Hasn\u2019t Caught On In A \u2018Big Way\u2019"},"content":{"rendered":"
\n

In an exchange on X (formerly Twitter), Ripple\u2019s Chief Technology Officer David Schwartz, also known as \u201cJoelKatz\u201d, addressed criticisms about his company and the XRP Ledger.<\/p>\n

Has Ripple Failed With Its Payments Business?<\/h2>\n

User @188ape challenged Schwartz by questioning the uniqueness of the XRPL in today\u2019s market, stating that it seems like \u201cmost new layer 1s can do what the XRPL can do, plus more.\u201d In response<\/a>, Schwartz emphasized the XRPL\u2019s distinctive features, highlighting that it offers functionalities like stablecoins, non-fungible tokens (NFTs), and a decentralized exchange (DEX) without exposing users to the risks associated with smart contracts.<\/p>\n

He stated: \u201cI don\u2019t think there\u2019s any other blockchain that has features like stablecoins<\/a>, NFTs, a DEX, and so on that doesn\u2019t expose you to the risks of smart contracts where your wallet has no way to know what the things you agree to are actually doing.\u201d<\/p>\n

The conversation intensified when another user, @dr_wonder589 (Dr. Wonder Bread), remarked that despite these features, they don\u2019t seem to translate into market value. \u201cOver-engineering something doesn\u2019t mean it\u2019s valuable to the market,\u201d he noted.<\/p>\n

Addressing this skepticism, Schwartz expressed surprise at the slow adoption of the payments business<\/a> by Ripple. We focused very heavily on payments in the early design stages. Using cryptocurrencies or blockchains for payments hasn\u2019t really caught on in a big way anywhere yet. I find that quite surprising,\u201d he admitted.<\/p>\n

When pressed further about the reasons behind this lack of widespread adoption, Schwartz cited several factors. He mentioned regulatory uncertainty and the difficulty of providing a good user experience as significant hurdles. According to him, users with access to traditional financial services prefer to use their banks, while those without such access lack the discretionary funds to experiment with new technologies.<\/p>\n

\u201cUsers with good access to financial services would rather just use their banks. Users without good access to financial services don\u2019t have a bunch of \u2018fooling around\u2019 money they can tolerate not having good access to and need to be able to easily pay bills with their money. Two-sided market problems and difficulty forming closed loops. One-sided flows that are inefficient because you can\u2019t net out external flows. And so on,\u201d Schwartz elaborated.<\/p>\n

The dialogue took a critical turn when Dr. Wonder Bread suggested that Ripple\u2019s challenges serve as a convenient excuse for its stagnation while it continues to fund itself through XRP sales<\/a>. He insinuated that this might be a tactic to indirectly influence the price of XRP and maintain its stability.<\/p>\n

In defense, Schwartz reiterated Ripple\u2019s transparent strategy since 2014. \u201cRipple very publicly chose to focus on payments in 2014 and was completely open about our strategy and why we chose it. I don\u2019t think anyone in the space was more successful at it than we were,\u201d he stated.<\/p>\n

Unsatisfied, @188ape pressed Schwartz for concrete examples of a XRP success. \u201cWhere is the success, David? Give us an example of XRP being a success story\u2026 I\u2019ll wait,\u201d he demanded. As of the time of writing, Schwartz has not publicly responded to this query.<\/p>\n

Another user, @hesu_krypto, observed that Schwartz was referring to Ripple, not XRP specifically. However, @188ape countered by suggesting that the community was led to believe otherwise. Echoing this sentiment, Dr. Wonder Bread accused Ripple of manipulating<\/a> the market through indirect means, implying that this could be considered securities fraud.<\/p>\n

At press time, XRP traded at $0.70.<\/p>\n

\"XRP<\/div>\n","protected":false},"excerpt":{"rendered":"

In an exchange on X (formerly Twitter), Ripple\u2019s Chief Technology Officer David Schwartz, also known as \u201cJoelKatz\u201d, addressed criticisms about his company and the XRP Ledger. Has Ripple Failed With Its Payments Business? User @188ape challenged Schwartz by questioning the uniqueness of the XRPL in today\u2019s market, stating that it seems like \u201cmost new layer […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2645","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2645"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2645\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}