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 âinstantaneous global micro transactions at scaleâ.
It all started on Saturday when crypto investor and advocate Anthony Pompliano (aka âPompâ) made the following âinterestingâ claim after Tesla and SpaceX CEO Elon Muskâs takeover of Twitter (which had led to rumors of Musk wanting to turn Twitter into a âsuper appâ that could do a lot more than micro blogging):
Pomp was quickly corrected by âCrypto Eriâ (the owner and host of the highly popular YouTube channel âCrypto Eriâ), who pointed out that it is âcrazyâ to say that only the Bitcoin network could help Twitter deal with the problem of âinstantaneous global micro transactions at scaleâ.
Another prominent member of the XRP who also schooled Pomp was American lawyer John Deaton, who has been closely following and commentating on the SECâs lawsuit against Ripple. Deaton is also the founder of the website CryptoLaw, which âwas launched in 2021 to be a clearinghouse of information, news and analysis on key U.S. legal and regulatory developments for digital asset holdersâ, 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 Pompâs claim was incorrect:
Deaton went on to say that in May 2014 the U.S. Government Accountability Office (GAO) called XRP a âvirtual currencyâ and that XRP holders âhave been utilizing this peer-to-peer decentralized payment system ever since â including on Twitterâ. He also mention the XRP TipBot, which XRPArcade described in May 2020 as âa multi-platform application that monitors social media posts on Twitter, Reddit, or Discord, and allows one person to send another person XRPâ and which got banned by Twitter in January 2020.