David Gokhshtein, the Market Manager for Global PAC and founder of Gokhshtein Media, went to twitter to ask the crypto community there as to what the worst form of crypto they ever got into. Much to the surprise of the XRP community, David Schwartz, the CTO of Ripple, stated that the worst crypto project he’s ever invested into would be Rustbits. This stands as a coin designed to operate as “gaming fuel” or otherwise serve as a trading token when it comes to transactions relating to video games.
What’s the worse #crypto you went and got into?
— David Gokhshtein (@davidgokhshtein) September 9, 2020
Amusement And Curiosity
In general, Crypto Twitter found Schwartz’s response as an amusing one. One of the Twitter users did ask, however, if the Ripple CTO had crypto holdings outside of XRP. Schwartz responded with a positive.
In his tweet, he highlighted that his most significant holdings are in Bitcoin and XRP. Alongside this, he held a small amount of both ETH and BAT, as well as very small amounts of other, undisclosed cryptocurrencies.
Schwartz had already disclosed to the public of his ownership of Ethereum, Bitcoin, as well as other forms of cryptocurrencies, and typically receives criticism from the XRP community from these statements. The XRP community has even publicly accused him of not being bullish for XRP, but being so for Bitcoin.
In his most recent statements, however, Schwarts has made it clear that he was still bullish for BTC, this time, but has opted to reduce his holdings in Bitcoin to 5% of its initial investment.
The Ripple CTO has been asked on another occasion whether or not he was changing his XRP to BTC, he stated he was doing the contrary. While still bullish for BTC, the level of risk has forced Schwartz out of the coin, for the most part.
The Expanding Need For Decentralized Finance
In other news, the current CTO of Ripple argued alongside Stefan Thomas, the current CEO of Coil, and formerly the CTO of Ripple. The current CTO and his predecessor had spoken in the second part of a program going by the name of “Why Unifying Payments Infrastructure Will Boost Financial Inclusion.”
Both Thomas and Schwartz highlighted the need to start changing the current financial system. Thomas, in particular, stressed that the current financial system doesn’t much help those that have no bank accounts, nor does it really assist with cross-border payments or the use of micro-transactions.
Thomas highlighted this by explaining that the central authorities typically don’t care about the needs of marginalized populations. As such, Thomas highlighted how a decentralized system is better suited for serving for the more obscure types of use cases, due to the self-help approach people can take with it.
As such, Thomas made a comparison between the current financial system and the beginning stages of the Internet. Back then, various communications companies did their own thing, before ultimately integrating themselves into a generic infrastructure for communications. With this comparison, Thomas highlighted the growing need to implement a global, generic payment solution.