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Hello this is Matt on the moon Lambo Channel here's a headline from you today Ripple CTO clears controversy around xrp And ripple naming so they're talking About none other than David Schwarz who Isn't just Ripple CTO but also one of The three creators of of xrp and The xrp Ledger and so was was the xrp name Stolen by Ripple well that's what's discussed here And so I I have over the years there Have been instances where uh topics come Up within the community I've made Various videos commenting on you know The history of the name Ripple and the History of the name xrp but what we Haven't seen or at least I I have never Seen this discussed by um anyone of note Within Ripple the company is was was the Was the xrp name taken was There was there some sort of decision Made among upper management at Ripple That perhaps was a really bad idea and Honestly you know I'm a big fan of Ripple and that's not going to change Here based on this because I mean I've Thought about this before but the answer Frankly is kind of yes Ripple kind of Did something that in hindsight probably Wasn't a very good idea now does it Change anything ultimately no has it Created a bunch of headaches and Internet arguments as a result over the Last decade because of this decision
Yeah absolutely to this date I'm making A video about this in 2024 uh yeah I Would say so but it's interesting so I Wonder to run through this this is the Only thing I'm covered in this video but Before going further I do want to be Clear I do not have a financial Background of any kind I am not offering Financial advice and you definitely Should not buy or sell anything because Of anything I say or right I'm just an Enthusiast who enjoys making YouTube Videos about crypto related topics but Just as a hobby and just for fun now I'm Sure that by this point many of you are Aware of the naming origin of xrp itself And what xrp stands for uh but it is Crucial to this story so I'm going to Run through that real quick just to kind Of set the table make sure everybody's Caught up to speed because I know not Everybody knows that of course um so Here's there's there's two things I'm Going to run through actually we'll Start with this this is from xr. org and They do explain the uh the naming of xrp And The xrp Ledger itself and they wrote The Following originally The xrp Ledger Was called Ripple for the way the Technology allowed payments to Ripple Through multiple Hops and currencies for The native asset built into The Ledger The creators chose the ticker symbol xrp From the term Ripple credits or Ripples
And the X prefix for non-national Currencies in the iso 4217 standard okay So the RP in xrp the RP does stand for Ripple that's that's what it so you can Say well does it stand for that today Well I mean at this point since things And I'll talk more about this a little Bit later in the video but I I would Kind of say at this point given that We've had a we've made a very clear Effort for over half a decade now to Differentiate between Ripple the company And xrp at this point since there's been Such a thorough rebranding xrp is just Xrp in the origin what did the RP stand For ripple at this point given that we There's been a full-on rebranding it's Happened it's taken place it's taken Hold and it's been adopted on a global Scale by almost every entity that's Intellectually honest in participating In the world of crypto it's just xrp now It just is so you can note what it meant In the past does it actually mean that Today no I mean it's just part of the History of xrp at this point so what Does The X stand for well that's what They were getting at here in the iso 4217 standard so here's the actual Iso.org Website and they were talking about this And um and I actually I I knew that There was um a standard I didn't realize That it was literally an ISO standard
Unless I knew that at some point and Just forgot that so this is kind of news To me but um even though I had looked Into this before so like I'm always I I'm not a no at all like I'm always Learning stuff here so I found this Fascinating but it's it's not just uh Some sort of loosely held common Practice there's an organization that is ISO standards which I'll just assume Most of you are familiar with at this Point uh they're for various businesses Industries so on and so forth well There's an ISO standard here for Currency codes an international standard And it has to do based on certain Parameters how you would code you know With like a ticker symbol if you will of Various currencies and so this would Apply or should apply to crypto now of Course you'll see in the world of crypto Though this this isn't exactly um Adhered to I think that's safe to say uh But anyway here they write the following People around the world rely on almost 300 different currencies to do business With each other which is why it pays to Use ISO 4217 and so the point is to have A standard so that when you're dealing With people in different geographic Regions different countries around the World you're speaking the same language Even if not literally as it pertains to The asset that you're talking about the
Currency you're talking about your at The same thing at least so there's less Confusion that's the point of this right To have international standards and then They write the standard establishes Internationally recognized codes for the Representation of currencies that enable Clarity and reduce errors currencies are Represented both numerically and Alphabetically using either three digits Or three letters some of the alphabetic Codes for major currencies are familiar Such as e for euros and so then there Was this and this is from David Schwarz And he he wrote this um the I don't if I Can see the date here maybe it doesn't Show it but it was it was several years Ago roughly um and so this was probably As um you know we we were getting to the Point where um the like the the xrp logo Changed because it was so you guys know What the Ripple logo is and I forget how To pronounce this out it's like the Triskellion trisal Tris scallion it's Something like with a t r i s k l l i o I think anyway don't me to that anyway If you're curious just try Google it I Believe that's what it's called that was Originally the xrp logo which and again At that point the RP stood for ripple so That's that's that's what that was uh my Understanding is that came first um Facts check me on that obviously xrp was Always xrp from from the beginning and
That's the point of contention in this Video we're I'm just building up to it Doing things in a particular order here As far as that logo though my Understanding is that that's the case I Wasn't around back then in the world of Crypto I didn't jump in in until 2017 so If I'm mistaken on that uh please just Drop a comment below and and let me know Uh but anyway here's what David Schwarz Wrote three-letter currency codes are Formed by appending a single letter to The twet uh country code of the issuing Country since the United States country Code is US US Dollars have the currency Code USD some non- countries still have Country codes the EU has the country Code EU so the currency code for euros Is EU of course xrp is not issued by any Country for assets not issued by any Country the first letter must be X no country codes starting with x will Be issued so for example since the Chemical symbol for gold is au Gold's Currency code is X auu Some people use BTC for Bitcoin but People who care about standards use xbt Xrp's first letter is x because xrp is Not issued by any countries yeah and so I'll note here that if you type in xbt And uh I'm sure some of you at least Will be aware of this uh it does bring Up Bitcoin like if you Google that it'll
It'll just bring up like the price for Bitcoin and ACC companying information On that so xbt and BTC are the same Things it's just that people the world Of crypto broadly speaking seem to not Give a damn it is what it is and then he Wraps up by writing in the early days we Called the ledgers native asset ripples So the natural currency code to choose Was xrp I don't think anybody calls them Ripples anymore but I have heard zurs Yeah I don't even really see people Calling them Zer anymore you see a Little bit of that uh that was more Common back in like 2017 when I jumped Into the community but um but yeah so as Far as ripples here in the early days we Called The Ledger native asset ripples So that's why the currency code was uh Was was xrp as he States here so um it's So what led to this then because mind You RI Ripple like the name of the Company it wasn't originally Ripple it Was open coin and it was new coin that Was the name the two separate names for Ripple before they became Ripple um so let's jump into this there Was a a post from Australian crypto Convention and so they're the largest Crypto event in the southern hemisphere That's how they um build themselves Anyway and they're right uh after the Having we are we still going to the Moon All aboard the coin spot rocket now
Coinspot is an exchange in the Australian market now that was reposted By attorney Bill Morgan of the xrp Community and he wrote The Good Old Australian exchange referencing coin Spot of course that will ly that that Still wrongly rather still wrongly Equates Ripple with xrp sad after all These years and then he shared a screen Grab from their their site here what is Xrp and then parenthesis Ripple uh well you shouldn't be doing That anymore because there was a Rebranding and look I understand that It's been a messy process and things Ideally shouldn't have turned out the Way they did as we're really getting Into now but play ball the whole world Has adjusted and accounted for this Xrp has been rebranded it's just Straight up xrp now get with the damn Times it's 2024 somebody named Caesar responded to Bill Morgan and said what is sad is you Not knowing the history pre2 2017 Bull Run we called them ripples not xrp go Back and look at news articles and see What they referred to the mass and Attorney Morgan said that is my point They are seven years out of date and so Yeah I'm I'm with attorney Morgan on This there is no excuse in 2024 to be Calling xrp Ripple and ripple xrp There's no excuse to be uh to be
Conflating the two you know it can be Forgiven if you're new to to crypto and You're learning stuff okay that's fine But if you're talking about an Exchange get the hell out of here with That nonsense that is completely Absurd people that do that and entities That do that it's at this point it's Intentional because they they just they Want to make xrp look more centralized That's what I think anyway that's my Speculation somebody named xrp family Wrote to attorney Morgan and said Ripple Marketed it that way this is the fault Of Ripple which is a fair thing to State even for people like me and I'm Sure many of you in the same case like We like Ripple they've been doing stuff They've been good they're a net plus for The xrp ecosystem Duh but uh you know no entity is Perfect uh David Schwarz wrote The Following to xrp family he said when we Named things this way iOS and private Blockchains literally had not yet been Conceived there's no way we could have Known it would cause confusion years Later even years after we did everything We could to get people to make the Differences clear and so David Schwarz Uh was kind of defending the what Ripple Did because again Ripple was open coin And new coin I forget which it was first It went from one to the other um but it
Wasn't Ripple and they were using xrp Which stood for X the you know like we Just went through the iso codes and then RP for Ripples um but then they decided okay so Xrp stands for Ripples and we're going To Rebrand as Ripple that is what Happened so did uh did Ripple kind of Steal the xrp Name well steel sounds such a negative Connotation with the word steel they um Chose to make it become Theirs yeah they stole it I mean they Chose to make it theirs right they kind Of did again I'm still a fan of Ripple But I'd like to just be real here that's That is what happened and um and David Schwarz is just articulating the Position that they didn't think it was Going to cause confusion they just Didn't have that type of foresight to Know that was going to happen but of Course not everybody agrees with that Here you have former Ripple employee Nick bugal responding to David Schwarz And he he he disagrees he says the Problem lies squarely with the company's Decision to unilaterally co-opt the Ripple from the protocol and network Hindsight is 2020 you might say but it Doesn't apply here it was an obviously Bad decision with long-term consequences That were clearly Articulated yeah and so I um I do find
That a bit more compelling uh nothing But respect for David Schwarz of course Gigantic fan here the guy's in literal Genius and xrp wouldn't be what it is if At all without him he's one of the three Guys that coded the damn thing so uh you Know as far as this name change business Though um you know just being Intellectually honest I do find what Nick said to be a bit more Compelling um so I don't think they Should have done It and I I just I tend to think that it Should have been easy to see I would Have thought and mind you fine I wasn't There back then so take it for what it's Worth but I would have thought that you Know you might think even back in 20 you Know 2012 2013 that you know naming your company After after a decentralized Cryptocurrency Maybe maybe it's going to make it look a Little a little less decentralized on The surface right maybe that's going to Cause a problem and then on top of that You know differentiating between the two May maybe and so and David Schwarz did Have if I could find it there was Another response um if you I don't know If he has it here but he was noting that I there was a difference between like Well he thought that they did Differentiate unless he deleted it I
Thought it was actually here I could be Mistaken though but he was he was making The point that well when they you know Started calling the company Ripple that Well yeah that is different he was I Think his argument was something along Along the lines of yeah it's different Because yeah so they took the name Ripple from xrp but then xrp was just Xrp and The xrp Ledger was just the xrp Ledger basically so oh actually oh this Is it I found it actually yeah so there Yeah let me so there's a a couple things Going on here an xrp Community member Named casha Casta wrote to Nick B Nick Balis and he said good point Nick some Reasonable confusion could have been Foreseen from day one that said if the Founders wanted the name Ripple fine but At that moment create a clear distinct Name for the protocol asset on said Protocol now at that point frankly um I Understand what cash is getting at But it's probably a little bit too late To rename xrp at that point to be honest With you um so if if if there was going To be a name change like maybe maybe Ripple just should have given up the Name of Ripple I guess uh but David Schwarz wrote in response that he said We thought we did by calling the company Ripple the token xrp and The Ledger xrp Ledger I think much of the confusion was Deliberately created by people who would
Have created confusion no matter what Decisions we made okay so that part I do Agree with so I think that it should Have been a little bit easier to kind of Foresee okay this might get messy um but I totally agree that there are people Deliberately causing confusion including Coin Spot the Australian exchange as Highlighted by attorney Bill Morgan Unquestionably and so all sorts of Bitcoin Maxi trolls have been taking Advantage of the situation since you Know like the beginning just about Basically ever since it's basically Since times of antiquity right like That's pretty much what they've been Doing uh so it did create that Opportunity unfortunately but the people Who are intellectual players in the Crypto space they're not going to They're not going to be going down that Route absolutely not so at this point Xrp is its own thing it's its own Separate thing Uh you know rebranding happens in the World cryptocurrencies have been Rebranded we don't then go back and use Their old names we we don't do that but The Bitcoin Maxi trolls they do want to Do that with xrp and ripple they just They want to conflate it they want to Keep it messy but uh the truth is with Just it's fine it's just part of the History of xrp it's not that big a deal
Now it's just kind of annoying and to Explain all this it's a little bit Annoying but uh it's fine this is not That huge of a deal xrp is xrp uh you Know the RP used to stand for ripple That's part of the origin story right Now it is just xrp to differentiate from The company which kind of just took the Name they they made it become theirs Right because if you take it it becomes Yours like that's basically what they Did that's what they did um so is what It is here it's just you can tell Basically you can kind of tell who hates Ripple and who hates xrp by how they're Behaving in 2024 because the ones that Don't and they don't have disain for our Community and for ripple they just say Xrp is xrp and then ripples a company Which is not a cryptocurrency so you Like they're they're calling themselves Out you can find out who despises you For being an xrp older you can see that They're screaming at you hey we don't Like you and we don't like Ripple Because there's no other excuse to do This they're just isn't I'm just saying Folks so you can tell me what you think I think yeah obviously in hindsight they Shouldn't have done it but even with With with without that that degree of Foresight I mean I do think it should Have been kind of obvious right isn't That fair to I think it's fair to say
That right like you you should have Known that something could have happened Like this that would be negative Potentially and it did happen uh still Not the end of the world not the end of The world you guys just tell me what you Think I've laid out all my thoughts on This you know the history now it is what It is everything's fine xrp is still Awesome sauce but tell me what you think In the comment section below I'm not a Financial adviser you should not buy or Sell anything because of anything I say Or right that would be a very very very Bad idea until next time to the Moon Lambo
