XRP Ripple

Is Ripple A Scam?

In my recent article on JPM CoinJPMorgan Chase JPM -0.04%’s prototype digital token, I casually mentioned that there are “indications that Ripple is essentially a scam.”

I had no idea the can of worms I was opening. At least a dozen articles popped up in the cryptosphere questioning my sources – and perhaps my sanity – in languages as varied as Japanese, Spanish, and even Turkish.

Needless to say, I had to dig deeper – and what I found out about Ripple was chilling.

Peeling Back the Layers of the Ripple Business Model

At its core, the Ripple business model is a pump and dump scheme, as it undergoes numerous activities to increase the value of the XRP cryptocurrency (crypto). Unlike most crypto pump and dumps, however, Ripple takes numerous steps to obscure this basic fact.

To clarify Ripple’s business model, I put together the chart below.

Ripple’s questionable business model.

Ripple’s questionable business model.JASON BLOOMBERG

The starting point in the chart above is the issuance of many billions of XRP tokens – essentially printing Monopoly money out of thin air, except that you can play Monopoly with Monopoly money…

Continue reading at FORBES.com

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