Ethereum’s founder Vitalik Buterin fired back at Ripple in his tweet for calling Ethereum and Bitcoin ‘Chinese controlled coins’ in their Ripple Wells Submission Summary. In Buterin’s post, he called XRP a ‘shitcoin’ that is ‘sinking to new levels of strangeness’.
‘Looks like the Ripple/XRP team is sinking to new levels of strangeness. They’re claiming that their shitcoin should not be called security for *public policy reasons*, namely because Bitcoin and Ethereum are “Chinese-controlled’, said Buterin.
Shitcoin is a terminology used in the crypto sphere to describe digital assets that are incompetent in the market.
Here is the full statement of Ripple mentioning Ethereum and Bitcoin:
‘XRP is a widely adopted digital asset based on open-source blockchain technology, with an extremely robust, fully-functioning currency market. XRP consistently ranks among the top three virtual currencies by market capitalization—alongside bitcoin and ether, the two Chinese-controlled virtual currencies that the SEC has stated are not securities.
Right now, Ripple Labs is facing raps from the Security and Exchange Commission or SEC due to the lawsuit filed against them for not registering the US$1.3 billion asset they accumulated. In response to the lawsuit filed by the Securities and Exchange Commission, Brad Garlinghouse disputes claims of authorities against XRP.
‘No other country has classified XRP as a security. The SEC has permitted XRP to function as a currency for over eight years, and we question the motivation for bringing this action just days before the change in administration. Instead of providing a clear regulatory framework for crypto in the U.S., (SEC Chairman) Jay Clayton inexplicably decided to sue Ripple — leaving the actual legal work to the next Administration’, he said.
Aside from their court battle from the SEC, Ripple’s value also crashed by 25%. The third-best cryptocurrency is now being pulled out from major exchange sites such as Binance, Bittrex and Coinbase. Small exchanges are also acting fast on the issue.
Meanwhile, Messari co-founder Ryan Selkis also fired at XRP and called it ‘a bad limb’ in a tweet.
His full statement read: ‘In before Ripple PR’s ‘we’re all in this together’ nonsense. No. We’re not. Amputate the bad limb when needed.’
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