The trend towards central bank virtual currencies is accelerating, and Ripple is becoming the player in this global effort. This poses a paradox: while he is a supporter of the decentralization of cryptocurrencies, Ripple’s central role in CBDCs suggests a move towards more centralized virtual currencies. As various governments and central banks expand CBDCs, a tangled narrative involving environmental campaigns, Bitcoin, and grassroots activism is crumbling.
Ripple is at the forefront of the CBDC revolution and collaborates with governments around the world to leverage its generation for the development of virtual currencies. In May 2023, Ripple unveiled a committed platform for central banks, governments, and monetary institutions to factor in CBDCs and stablecoins.
Ripple’s participation in the Digital Dollar Project further strengthens its role in shaping the long term of virtual currencies. The DDP, an independent nonprofit initiative, is collaborating intensively with U. S. policymakers and stakeholders to evaluate the design and implications of a potential virtual dollar.
However, Ripple’s adventure is not without controversy. A Ripple-connected individual, chairman Chris Larsen, has been linked to efforts to discredit Bitcoin via monetary for Greenpeace USA’s “Change the Code” campaign. This initiative, unveiled on March 29, 2022, thanks to Ripple co-founder Chris Larsen’s You to $5 million, aims to replace Bitcoin’s code under the guise of reducing its environmental impact.
The same day, Larsen tweeted his to Bitcoin miners like Riot Platforms for their climate efforts.
Chris Larsen X March 29, 2022
However, Larsen maintains that those efforts are his own and are similar to his interest in Ripple’s success.
Larsen tweeted on March 29, 2022
Still, the narrative stops when we take a look at the movements of the Texas Coalition Against Crypto Mining, an organization that campaigns against Riot Platforms, the world’s largest Bitcoin miner. This coalition, formed in April 2022, has actively opposed the riots in Texas, bringing increased environmental concerns.
The group’s activities include fundraising, organizing events, collecting petition signatures, testimony before the Texas Senate, and media interaction. They also won against Greenpeace USA, which publicly published its protests in October 2023.
On November 7, 2023, the Texas Coalition Against Cryptomining mentioned in an email that “Digiconomist is recently completing a comprehensive peer-reviewed study on waste and water evidence. “
This was followed by a similar article published via the BBC and in various media outlets on November 27, 2023. Alex DeVries, the Dutch central banker Digiconomist, has been a vocal critic of Bitcoin. His involvement with Greenpeace raises questions about his broader influence on the anti-bitcoin narrative.
Greenpeace USA, Ripple and Alex DeVries, also known as Digiconomist, were asked about their involvement and these initiatives. Alex DeVries responded, expressing his willingness to speak further on the issues, but a detailed reaction was not forthcoming at the time of publication.
Greenpeace United States October 2023
The leader of the “Change the Code” crusade also participated in those protests along with other members of Greenpeace, revealing the interconnected efforts between those organizations. The Texas Coalition Against Crypto Mining expressed serious concerns about the effect of the Riot facilities, saying: “These facilities are putting pressure on local networks and water systems. When the troubled miners were nevertheless asked to close, as if by magic, the network stabilized.
A Riot representative responded to this assessment by stating: “Not only does Riot use electrical power and water incredibly efficiently, it also helps stabilize the grid. When the supply of electrical power exceeds demand, miners can absorb the surplus; And when the demand exceeds the source, they return the energy to the network This is because the miners act as a surprise absorber, ensuring a smoother adventure for all citizens on the network. amount of intermittent energy resources in Texas.
This series of occasions raises questions. Through investment campaigns criticizing Bitcoin’s environmental footprint while selling its generation to CBDC, Ripple is strategically positioning itself as an apparent option. Critics claim that this two-pronged technique undermines Bitcoin while increasing Ripple’s relevance in the CBDC market.
Despite its efforts, Ripple faces challenges. Forbes called Ripple Labs a “crypto-zombie,” bringing up its low active user base and the speculative nature of its XRP token. The company’s core project to alter the global invoice system, which is governed by SWIFT, has not materialized. However, Ripple’s XRP token is still a top cryptocurrency in terms of market value, largely driven by hypothesis rather than utility.
By aligning with environmental campaigns and driving CBDC adoption, Ripple aims to transform its zombie chain into a successful network. However, the juxtaposition of its audience in favor of sustainable practices and its investment in anti-bitcoin projects presents a complex narrative that deserves scrutiny.
“CBDCs would lead to a dystopian surveillance state where the government would have the ability to see each and every transaction in our lives and wipe out anyone’s assets for political purposes,” said Lee Bratcher, president of the Texas Blockchain Council. “Bitcoin allows other people to be their own bank and own their own assets, strengthening constitutional freedoms. It is shameful to see other people trying to extract profits from taxpayers while seeking to undermine their freedom while at the same time distorting, beyond recognition, the noble cause of environmental conservation. “
The interplay between Ripple’s CBDC ambitions and its involvement in environmental crusades opposed to Bitcoin illustrates a multifaceted strategy. While selling CBDCs, Ripple’s president budgets for the efforts of Greenpeace USA, which is leading the Change the Code crusade to replace Bitcoin’s code, claiming environmental benefits. The Change the Code crusade also supports the Texas Coalition Against Crypto Mining.
Through a chain of intermediaries, Ripple’s most sensible executives fund and campaign to discredit Bitcoin mining. Ripple is positioning itself as an innovator and critic in the field of virtual currency.
Correction note: May 21, 2024
This article has been updated to show that Alex DeVries is in contact with Greenpeace, which supports the Texas Coalition Against Crypto Mining.
“>
A community. Many voices. Create a free account to share your thoughts.
Our network aims to connect other people through open and thoughtful conversations. We need our readers to share their perspectives and exchange ideas and facts in one space.
To do so, please comply with the posting regulations in our site’s terms of use. We summarize some of those key regulations below. In short, civilians.
Your message will be rejected if we notice that it appears to contain:
User accounts will be blocked if we become aware that users are engaged in:
So how can you be a user?
Thank you for reading our Community Guidelines. Read the full list of publishing regulations discovered in our site’s terms of use.