Exploring the XRP Ledger Controversy and Ripple’s Response
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The Ongoing Debate over XRP Ledger’s Early Records
The XRP Ledger (XRPL) and Ripple find themselves at the center of renewed scrutiny, challenging the common perception that blockchain records are permanent and immutable. The focus has shifted to the initial phase of XRPL, where a technical error led to the loss of the first 32,569 ledgers. This incident has reignited discussions about transparency and trust within the blockchain community, drawing direct responses from Ripple’s Chief Technology Officer (CTO), David Schwartz.
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Ripple CTO Addresses Concerns over Missing XRP Ledgers
The XRP Ledger has come under intense examination as recent concerns have emerged regarding the disappearance of its earliest transaction records. A comprehensive report shared on social media platform X pointed out that thousands of transactions were lost due to a technical glitch during XRPL’s early development phase. This mishap resulted in the erasure of the first week of activity, with ledger #32,570 now considered the network’s genesis or starting point.
The controversy gained momentum when a crypto enthusiast, “RandomEyesER,” highlighted these missing ledgers and raised questions about transparency and potential fraud. This discourse coincided with Schwartz’s comments on the conviction of former FTX founder Sam Bankman-Fried and the implications of the newly enacted GENIUS Act. Schwartz emphasized that no good intentions could excuse the proven misconduct of SBF and his now-defunct firm.
RandomEyesER’s remarks drew parallels between Schwartz’s views and the missing ledger history of XRPL, suggesting a possible double standard in accountability. Ripple has consistently maintained that the absence of the early ledgers does not compromise the network’s integrity or performance.
According to Ripple, resetting the ledger’s index to zero was considered but ultimately dismissed to maintain network continuity. Schwartz confirmed that recovering the lost information is not feasible and attributed the issue to a software bug.
While the missing ledgers have been a known issue for years, their reemergence has sparked criticism from some in the crypto community, raising deeper concerns about the reliability and immutability of blockchain technology and the standards of accountability these networks are held to.
The Supply Concerns Arising from the XRPL Missing Ledgers
Another voice in the crypto community, Wazz, has also highlighted the absence of XRPL’s 32,569 ledgers, casting doubt on the network’s supply transparency. Wazz provocatively suggested that if 99% of XRP’s supply is controlled—potentially by early holders or its founders—it indicates their wealth is such that they do not need to offload tokens onto the market.
Instead, Wazz claims they can strategically extract small profits during each market cycle, turning XRP into what he calls an “infinite money machine.”
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