On the 23rd July 2019, David Gokhshtein, a 2020 United States House of Representative candidate debated cryptocurrency trader Tone Vays on the importance and the future of Ripple’s XRP.
The debate, which took place on Bloxlive TV featured series of discussions in support and against Ripple’s XRP.
As usual, Tone Vays started by saying Ripple’s XRP token is useless and created unnecessarily by Ripple Inc.
Tone stated he has no problem with Ripple Inc., however, he’s sure the digital currency has no use case since banks are not going to make use of the digital token.
Tone Vays said XRP is an unregistered security. He notes that Ripple Company created XRP to get money from thin air and use the fund for whatever use they desire.
He said Ripple Inc is finding a way to separate themselves from XRP token because it does not make any sense to the ecosystem.
Speaking on the importance of Ripple’s XRP, entrepreneur David Gokhshtein first said banks do not necessarily have to use XRP.
Here Tone Vays asks what gives XRP community the belief that banks will use XRP, why they have to use it when they don’t necessarily need to use it?
When Tone was told that banks are starting to use xRapid, he said it is a mere speculation since no banks have come out to say they are. Tone said he has watched many videos on YouTube but has not seen banks coming to say they are using the digital currency.
Speaking on that, David said banks are beginning to use xRapid to cut the cost of cross-border remittance. He said Ripple as known, is working with banks.
Tone said it is impossible because he considered Ripple’s XRP as an unregistered security. He said Ripple created a hundred billion token, which they use for whatever they desire purposely to create value for Ripple Inc.
David said xRapid saves banks of 30% on transaction, and if banks use XRP, they save another 30%. He said XRP as a universal asset saves banks of 60%.
While Tone did not agree, he said SWIFT can do the whole of what XRP was created to do. David said XRP works and xRapid saves transaction cost.
At some point, Tone said he likes Facebook Libra more than Ripple’s XRP. However, David said Tone Vays disliked XRP because of the distinct product it created.
Tone said he has no problem in efficient movement of funds, but where the problem lies is creating a token unneccesarily when SWIFT its competitor did not.
He said using a volatile currency like Bitcoin or Ripple XRP to transfer fund is not necessary.
When David said the difference between Ripple’s XRP and Facebook’s Libra is that one is centralised and the other is decentralised.
Tone responded, saying Ripple’s XRP is a product of a corporation, which attests to the fact that it is centralised.
Tone went forward saying he understands why Bitcoin is fluctuating in the market, but he does not understand why Ripple’s XRP is fluctuating in the market despite the fact that it is trading in unregulated exchange.
David Gokhshtein, a serial entrepreneur, and a member of the Forbes Financial Council who is also a 2020 candidate in the U.S House of Representatives for New York District 1, said he’s sure Tone has a bag of Ripple’s XRP.
Tone, at some point, said it is possible the digital currency returns to zero.