Forbes author and IT expert, Jason Bloomberg (JB) has dissected Ripple with situational evidence that proves the scamming nature of operations. In his in-depth analysis, the author has brought up various points that lead to the conclusion that Ripple foundation is playing in the grey area, if not black to create an elaborate scheme.
Ripple’s business model in focus. Pump and dump?
JB addresses the business model that Ripple uses as a pump and dump scheme since it tackles a lot of ways to elevate the ratings for XRP. Besides this, according to JB, Ripple has been using multiple techniques to hide these activities.
Bloomberg points out the first sign of the fraud is that Ripple distinguishes itself from XRP, and says that the billions of tokens were give-off by an independent community and not by Ripple.
He further states that the biggest partake of XRP belongs to Ripple with the latter assuring they got all these XRP coins as a gift from the team, which created XRPs. Thus, asserting that Ripple did not produce XRP.
Moreover, the fact goes against Ripple that it does have an account in deciding who can process the transactions based on XRP, making the XRP modified & centralized. Therefore, in the crypto community, it is not deemed a proper cryptocurrency.
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Other facts against Ripple:
Furthermore, JB believes that Ripple is a concealed Scam. He, further in the discussion, quotes the Ripple Net Accelerator Program (its cost is $300m), which has been operating since 2017, and has since been offering generous rewards to financial institutions who agree to offer their customers and extending Ripple Net payments.
This is how JB affirms that Ripple has so many partners and customers, major banks across the globe. In reality, the assertion here is that Ripple allegedly pays all those global banks to test its product.
Concluding his argument, JB poses the question of whether XRP has any substantial difference from PayPal and Swift, which it publicly promises to replace in the near future, leaving some food for thought.