On Saturday (5 November 2022), American lawyer John Deaton, the owner of the Deaton Law Firm (which is based in East Providence, Rhode Island), explained why he believes it is wrong to claim that only Bitcoin can solve the problem of “instantaneous global micro transactions at scale”.
It all started on Saturday when crypto investor and advocate Anthony Pompliano (aka “Pomp”) made the following “interesting” claim after Tesla and SpaceX CEO Elon Musk’s takeover of Twitter (which had led to rumors of Musk wanting to turn Twitter into a “super app” that could do a lot more than micro blogging):
Pomp was quickly corrected by “Crypto Eri” (the owner and host of the highly popular YouTube channel “Crypto Eri“), who pointed out that it is “crazy” to say that only the Bitcoin network could help Twitter deal with the problem of “instantaneous global micro transactions at scale”.
Another prominent member of the XRP who also schooled Pomp was American lawyer John Deaton, who has been closely following and commentating on the SEC’s lawsuit against Ripple. Deaton is also the founder of the website CryptoLaw, which “was launched in 2021 to be a clearinghouse of information, news and analysis on key U.S. legal and regulatory developments for digital asset holders”, as well as the host of the YouTube channel CryptoLaw.
Anyway, yesterday, shortly after Pomp sent out his tweet about Twitter using the Bitcoin network for payments, Deaton took to Twitter to explain in detail why Pomp’s claim was incorrect:
Deaton went on to say that in May 2014 the U.S. Government Accountability Office (GAO) called XRP a “virtual currency” and that XRP holders “have been utilizing this peer-to-peer decentralized payment system ever since – including on Twitter”. He also mention the XRP TipBot, which XRPArcade described in May 2020 as “a multi-platform application that monitors social media posts on Twitter, Reddit, or Discord, and allows one person to send another person XRP” and which got banned by Twitter in January 2020.
Deaton also said that one should not forget about SpendTheBits, which is “a cryptocurrency payment app built on top of XRP Ledger that will enable users to spend their cryptocurrency at low cost & fast speed”.
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