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Bitcoin (bitcoin) vs Ripple (XRP) – the no competition competition

The bitcoin vs ripple debate is a great example of the tribalism that gets created in periods of massive innovation, disruption, and societal evolution

This is my reply to a series of tweets ending here:

Here’s my reply:

Thank you for an intelligent response… I’ll do my best to respond equally 

You’re right to correct me… I shouldn’t have phrased XRP as being restricted to the banking system 

Of course it’s not, it can be applied at multiple levels/angles 

That’s blockchain tech for you, and XRP is awesome tech… beats the hell out of SWIFT 

Please tell me more about what you know about the SWIFT echelon… I’m all 👀 ‘s

Blockchain will proliferate not only throughout the financial system but society as a whole… unfortunately you only provided financial examples of what Ripple is doing… I’m sure it can be applied elsewhere… provenance, supply chains, charities, and even self organising systems such as DAO’s (although this might not be in the spirit of a privately owned company)

Blockchain is a trojan horse to the hierarchical nature of our society and will gradually remove all middle layers of industries and lower layers too leaving massive financial institutions being run by very few people and a bunch of software engineers… this is the natural digital evolution

Regarding energy usage its first worth understanding why mining was created in the first place… it was intended so that anyone with a computer could become part of the network… that hasn’t panned out exactly as Satoshi Nakamoto perhaps envisioned however it still forms the backbone of why Bitcoin is unquestionably regarded as the most secure blockchain to this day… game theory explains this… the energy used is a massive cost to any mining operation so there is a natural incentive to get cheaper energy… there is no cheaper energy than renewable energy… this is just pure and simple business

It doesn’t matter how much energy you consume if you’re getting directly from the sun or the perpetual flow of water

Regarding Scaling and Price… It’s worth acknowledging that innovation doesn’t stand still… there’s also priorities… Bitcoin’s priorities are 1) Security 2) Efficiency of code… right now there is the Lightning Network that can do 7000 TPS compared to XRP’s 1500, but can also scale to millions/billions per second and almost zero cost…

Yes the Lightning Network is “off chain” but if it’s secure and it works, it works… Lightning Network will also see competitors come into this market

Bitcoin will get faster itself, thats just innovation… XRP will also get faster too, thats just innovation 

Both are providing solutions that are massive improvements on the existing system… one is providing solutions within the current system and builds bridges outside of it… the other provides solutions outside the current system and builds bridges into it

Bitcoin is a protocol for an alternative financial system… one that is leaderless, one that promotes self sovereignty… Ripple has a board of directors so the question of decentralisation is highly questionable

There is no competition between them… neither can be the other 

No matter what Ripple (or XRP) does it can never be Bitcoin (or bitcoin)… and visa versa 

Both are wanting to improve society

I hope this goes somewhere to building bridges

With respect

Chiefmonkey