Is Ripple a scam? Shocking Forbes article about XRP !!! (POLL ADDED)
A few days ago, a shocking article by Jason Bloomberg appeared in the Forbes magazine entitled "Is Rippel to scam?", In which the author proves that Rippel (XRP) is simply a scam.
The author thoroughly analyzed Rippel's business model and came to the shocking conclusion that it is simply a typical "scam" and "pump and dump".
I was very interested in this article because Rippel (XRP) and its protocol have long been not liked in the crypto world. Criticized many times by the community for not meeting any standards of cryptocurrency.
In spite of everything, XRP has overtaken ETH in its time and is currently in third place (right behind it) when it comes to the market cap and its price increases in relation to BTC. As we know, Rippel is successful on the exchanges and the Rippel protocol itself, which is already used by several dozen leading banks in the world to make transactions, according to the management of XRP. Recently, even the mysterious Rippel protocol has been announced as better and cheaper than the Swift bank standard which has made him an amazing advertisement and it is not surprising that banks are the main customers.
Rippel calls this protocol the RippleNet Accelerator Program. At first glance, a great project with great achievements and so far in the top three on Coimnarketcap.
So what's up? What has the Forbes journaler found so that, without hesitation, in the pages of this respected magazine, he would call Rippel a scam and pump?
To explain exactly, it will be best to quote the author. He called this investigation: Peeling Layers of the Ripple business model.
To explain the Ripple business model, I have compiled the graph below.
The starting point in the graph above is the creation of billions of XRP tokens - basically printing money to Monopoly from the thin air, except that you can play Monopoly with Monopoly money.
Essentially, Rippel's business model is a "pump and dump" scheme because it undergoes many activities to increase the value of XRP cryptocurrency. However, unlike most crypto pump and dumps, Ripple takes many steps to hide this basic fact.
One of the strongest indicators that Ripple will operate, there are dozens of customers including very large banks that it advertises. Take a closer look though, and most of these companies are only "partners", not customers - and even worse, Ripple pays these companies to become their partners.
"Starting October 13, 2017, Ripple will offer a unique award to financial institutions that are the first in their markets to process and promote commercial payments on RippleNet," according to the post on the Ripple blog. "The prize will come in the form of rebates through the new RippleNet Accelerator program".
Where, then, does the money come from for these rewards? "The RippleNet Accelerator program is funded with USD 300 million from XRP from Ripple XRP resources," he continues.
In other words, Ripple is using its share of its free XRP tokens to build the illusion it has paying customers when in fact Ripple is paying them, not the other way around.
I am curious about your opinions. What do you think about Ripple (XRP) now? Are these facts right?
A bit scary one of the biggest crypto Rippel XRP is a total scam, cash to Monopoly printed out of the thin air, says the author.
Here is the whole article: https://www.forbes.com/sites/jasonbloomberg/2019/03/01/is-ripple-a-scam/#1593fc4679a4
The author thoroughly analyzed Rippel's business model and came to the shocking conclusion that it is simply a typical "scam" and "pump and dump".
I was very interested in this article because Rippel (XRP) and its protocol have long been not liked in the crypto world. Criticized many times by the community for not meeting any standards of cryptocurrency.
In spite of everything, XRP has overtaken ETH in its time and is currently in third place (right behind it) when it comes to the market cap and its price increases in relation to BTC. As we know, Rippel is successful on the exchanges and the Rippel protocol itself, which is already used by several dozen leading banks in the world to make transactions, according to the management of XRP. Recently, even the mysterious Rippel protocol has been announced as better and cheaper than the Swift bank standard which has made him an amazing advertisement and it is not surprising that banks are the main customers.
Rippel calls this protocol the RippleNet Accelerator Program. At first glance, a great project with great achievements and so far in the top three on Coimnarketcap.
So what's up? What has the Forbes journaler found so that, without hesitation, in the pages of this respected magazine, he would call Rippel a scam and pump?
To explain exactly, it will be best to quote the author. He called this investigation: Peeling Layers of the Ripple business model.
To explain the Ripple business model, I have compiled the graph below.
The starting point in the graph above is the creation of billions of XRP tokens - basically printing money to Monopoly from the thin air, except that you can play Monopoly with Monopoly money.
Essentially, Rippel's business model is a "pump and dump" scheme because it undergoes many activities to increase the value of XRP cryptocurrency. However, unlike most crypto pump and dumps, Ripple takes many steps to hide this basic fact.
One of the strongest indicators that Ripple will operate, there are dozens of customers including very large banks that it advertises. Take a closer look though, and most of these companies are only "partners", not customers - and even worse, Ripple pays these companies to become their partners.
"Starting October 13, 2017, Ripple will offer a unique award to financial institutions that are the first in their markets to process and promote commercial payments on RippleNet," according to the post on the Ripple blog. "The prize will come in the form of rebates through the new RippleNet Accelerator program".
Where, then, does the money come from for these rewards? "The RippleNet Accelerator program is funded with USD 300 million from XRP from Ripple XRP resources," he continues.
In other words, Ripple is using its share of its free XRP tokens to build the illusion it has paying customers when in fact Ripple is paying them, not the other way around.
I am curious about your opinions. What do you think about Ripple (XRP) now? Are these facts right?
A bit scary one of the biggest crypto Rippel XRP is a total scam, cash to Monopoly printed out of the thin air, says the author.
Here is the whole article: https://www.forbes.com/sites/jasonbloomberg/2019/03/01/is-ripple-a-scam/#1593fc4679a4