
Bitcoin, Nasdaq investors are celebrating, while U.S. consumers turn gloomy
Bitcoin and Nasdaq see gains while U.S. consumer sentiment hits a record low.

Craig Wright accused Ripple's CTO David Schwartz of projecting XRP's control mechanisms onto decentralized systems like Bitcoin. Schwartz countered that maintaining a stable protocol requires active restraint against changes.
Ripple CTO David Schwartz and Craig Wright, posting under the pseudonym S. Tominaga recently, exchanged sharp arguments on X. Wright directly accused Schwartz of attempting to project control mechanisms, which he believes are characteristic of XRP, onto systems that lack centralized governance, such as Bitcoin.
The trigger for the dispute was Wright’s claim that a stable protocol does not require authority or coordination. David Schwartz called this “nonsense,” arguing that maintaining the status quo is not the absence of action but an active process.
According to Schwartz, if there are groups that want to change the system, they must be actively restrained from doing so, using the same mechanisms that could otherwise be used to implement changes.
Wright responded by accusing Schwartz of bias. He stated that Schwartz is basing his reasoning on the Ripple model, where changes are expected, coordinated and imposed, and is incorrectly presenting it as a universal standard.
According to Wright’s position, Schwartz is describing systems in which certain actors do in fact control the evolution of rules, and is projecting this experience onto protocols such as Bitcoin, which were specifically designed to eliminate the very possibility of such control.
More nonsense. To leave a system unchanged when there are those who wish to change it and when it has a mechanism people can use to enforce their chosen rules, you must prevent those who wish to change it from doing so.
— David 'JoelKatz' Schwartz (@JoelKatz) April 12, 2026
Wright emphasized that in a fixed system, changes are not “prohibited” socially, they are simply not adopted by independent participants, as has been the case for decades with the TCP protocol.
While Schwartz sees immutability as the result of “overseers,” Wright insists on the “natural inertia” of the system, which requires nothing to function in a stable manner.
Craig Wright accused David Schwartz of attempting to project XRP-style control mechanisms onto decentralized systems that do not require authority.
David Schwartz argued that maintaining the status quo in a decentralized system is an active process, countering Wright's assertion that it does not require coordination.
The main disagreement centers on the nature of decentralization, with Wright claiming it does not need authority, while Schwartz believes that active restraint is necessary to prevent unwanted changes.

Bitcoin and Nasdaq see gains while U.S. consumer sentiment hits a record low.

Bitcoin's daily Kumo breakout suggests a bullish trend with 186% average returns.

South Korea's cryptocurrency market is in turmoil with plunging values and regulatory challenges.

Crypto Week Ahead: Fed changes and corporate earnings impact Bitcoin's strength.

Analyst Michaël van de Poppe predicts altcoins could rally 100-300% after Bitcoin's recent gains.

Toobit Achieves AAA Security Rating, Ranking Among Top 10 Crypto Exchanges
See every story in Crypto — including breaking news and analysis.