Max Keiser: GlobalCoin will annihilate XRP, David Schwartz disagrees

08 Jun, 2019
by Richard Allen
Social
Max Keiser: GlobalCoin will annihilate XRP, David Schwartz disagrees

Max Keiser, host of the Keiser Report, recently stated that the introduction of Facebook’s GlobalCoin will make most altcoins irrelevant, including Ripple XRP. David Schwartz, Ripple's chief technology officer, disagrees.

Keiser argues that since GlobalCoin’s primary purpose is to facilitate peer-to-peer payments and similar microtransactions, cryptos like XRP and Litecoin, whose primary selling points are fast and cheap transactions, would become irrelevant.

David Schwartz intervened, stating:

Schwartz’s response resulted in a debate between the Ripple CTO and Noryn Syra, a cryptocurrency enthusiast, who said Ripple should admit that it’s a permissions system, a statement Schwartz denied. Syra responded stated that validators have to choose who to put on a Unique Node List (UNL), and if you aren’t on someone’s UNL, your validator is meaningless. Schwartz said in response:

He continued, saying “Think of it like mining except you don’t get rewarded and can't censor. Why does it matter who is doing or not doing it at that point. It’s permission … to what?”

Schwartz then notes that the one problem that can’t be solved with public state and everyone enforcing every rule is ordering valid transactions received at around the same time. He continued, saying that no one really cares about it so long as it keeps working.

He concluded the debate, stating:

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