Bitcoin Maximalist Davinci Jeremie Falsely Claims XRP Can Freeze Your Money Anytime

A recent tweet from early Bitcoin adopter Davinci Jeremie sparked controversy within the cryptocurrency community.

Bitcoin early adopter Davinci Jeremie recently sparked controversy within the cryptocurrency community with a tweet about XRP.

In his post, Jeremie claimed, “XRP Can Freeze Your Money Anytime! With XRP, your money isn’t truly yours. They can freeze it for no reason at any time. Who in their right mind wants their money controlled? 😱 That’s why I choose Bitcoin! 🔥”

Along with his tweet, Jeremie shared a video elaborating on his stance, asserting that XRP is a “banker coin” and accusing its users of supporting financial elites.

“Bitcoin will be the money that everybody uses in the future and it allows them for more freedom… With XRP, if they want to block you from transferring XRP, they can,” asserted Jeremy, further alleging XRP lacks decentralization.

However, Twitter's Community Notes quickly responded to Jeremie's claims, providing a fact-check that contradicted his assertions.

The note attached to his tweet stated: “XRP on the XRP Ledger cannot be frozen. Moreover, XRP is stored in user-controlled accounts and does not include any mechanism for freezing funds. This is a widely accepted technical fact documented in official XRP Ledger resources (see link).”

The note also referenced official XRP Ledger documentation, linking this resource to support its claim.

Analyzing the Accuracy of the Claims

While IOUs issued on the XRPL can be frozen by their issuers, this does not apply to native XRP transactions, which are decentralized and cannot be arbitrarily halted.

Breaking Down the Misinformation

While IOUs (IOUs) can be issued on the XRP Ledger (XRPL) by financial institutions or other entities, these IOUs represent external assets, such as fiat currencies, that are pegged to the XRPL. In these cases, the issuer of an IOU can enforce compliance measures, including freezing or blocking transactions of their issued tokens.

However, this functionality does not apply to XRP itself, which is the native asset of the XRPL and operates independently from any centralized authority. XRP transactions are decentralized and cannot be arbitrarily halted or reversed by a single entity. This is a fundamental design aspect of the XRPL.

Moreover, the claim that governments or financial institutions can stop native XRP transactions is unsubstantiated. While centralized services or exchanges that handle XRP transactions may be subject to local regulations or restrictions, these do not directly impact the underlying XRP network.

suggesting that Venezuela or Iran do not use XRP as their main transaction method due to control mechanisms is also misleading. It does not account for other factors such as regulatory barriers, economic policies, and technological infrastructure.

In summary, while IOUs or pegged assets on the XRPL can be subject to freezing or blocking measures by their issuers, native XRP transactions remain decentralized and are not affected by these restrictions.