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Question: Do you think Ripple is a scam and pump and dump scheme?
yes - 3 (37.5%)
no - 5 (62.5%)
I don't know - 0 (0%)
Total Voters: 8

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Author Topic: Is Ripple a scam? Shocking Forbes article about XRP !!! (POLL ADDED)  (Read 319 times)
wwzsocki
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March 06, 2019, 12:09:09 PM
Last edit: March 09, 2019, 12:47:55 AM by wwzsocki
 #1

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

 
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March 06, 2019, 12:34:10 PM
 #2

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

It already says it all? Just the name Rippel like you've said, is explicitly showing that it imitates the real ripple which is quite not sounds great. At this moment we should be aware on where to invest and avoid this one.

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March 06, 2019, 04:37:55 PM
 #3

It already says it all? Just the name Rippel like you've said, is explicitly showing that it imitates the real ripple which is quite not sounds great. At this moment we should be aware on where to invest and avoid this one.

I see that this article wakeup biggest Ripple defenders and they are screaming now on the all corners of the internet how great this project is and how misleading and lying article this is. But I have to say that all question marks and red flags found by the author looks real and there is no proper answer to this accusation until now.

Let's wait and see how this case will evolve.

 
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March 06, 2019, 04:42:57 PM
 #4

I saw a lot of negative news about the XRP project, but in spite of all this news I can only say that this project is growing better than other projects today, apparently similar advertising works like that to another.

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March 06, 2019, 06:06:16 PM
 #5

This is an interesting report about rippel and my opinion about rippel does not get better with it. I found the whole rippel project strange from the first time i read about it. That only confirms my opinion.
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March 06, 2019, 08:50:53 PM
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 #6

I saw a lot of negative news about the XRP project, but in spite of all this news I can only say that this project is growing better than other projects today, apparently similar advertising works like that to another.

This is an interesting report about rippel and my opinion about rippel does not get better with it. I found the whole rippel project strange from the first time i read about it. That only confirms my opinion.

I have to admit that I was trying to find all I can about Rippelnet and I wasn't able to find much valuable info.

There is only a brief description of the Rippelnet network and its components on the Rippel.com web page and a video.

I wasn't able to find evidence of a working product. There is a lot of questions and suspicions about the Rippelnet between community members but in fact, nobody knows nothing about and Rippelnet is a big mystery.

Despite everything, Rippelnet has nothing to do with XRP token and in fact, these two products should be seen as a separate product in my opinion.

I have found no connection between Rippelnet and XRP. Maybe XRP is used as a payment token for Rippelnet but this only my assumption and I haven't found confirmation for this.


 
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March 06, 2019, 08:57:12 PM
 #7

Ripple has been often among such news mostly revolving around centralization, negativity, founder control, fud and fear but i think ripple has still performed well over the years and has proven itself in the market with top volumes do not forget that it even achieved the number 1 volume based altcoin rank and retained for few months and that cannot happen with scam or fraud project.

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March 06, 2019, 09:00:38 PM
 #8

Ripple is a well-known scam since the beginning.

The article is written well enough and tells the truth.

The only thing they were counting on was their xrapid technology and SWIFT just denied that no bank will ever adopt any technology from Ripple.
https://dailyhodl.com/2018/11/06/swift-denies-ripple-rumors-says-platform-will-not-integrate-with-ripplenet-xrapid-or-xrp/

If banks are not going to use ripple, what good is it? You guessed right. Nothing.




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March 06, 2019, 09:05:14 PM
 #9

I think that many people understand what XRP is. I think that in the long run, Ripple will not be used by American banks, but I think that there will be a good rise in the price of the token in the future.
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March 06, 2019, 09:14:25 PM
 #10

Its a clear scam and yet people still continue to buy it.  The thing is ripple is not even a cryptocurrency.  It shouldn't  even be listed on coinmarketcap.  It is just a centralized excel spreadsheet with a huge amount given to the founders.  I don't think it will ever reach $1 again and it will descend out of the top10.
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March 06, 2019, 09:16:08 PM
 #11

Its a clear scam and yet people still continue to buy it.  The thing is ripple is not even a cryptocurrency.  It shouldn't  even be listed on coinmarketcap.  It is just a centralized excel spreadsheet with a huge amount given to the founders.  I don't think it will ever reach $1 again and it will descend out of the top10.
A single article is not enough to call top coin as a scam project. XRP is used widely but the mentioned arguments have sense. Let's wait for settled dust and everyone will get the point about this centralized coin.

 
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March 06, 2019, 09:17:38 PM
 #12

... in the long run, Ripple will not be used by American banks, but I think that there will be a good rise in the price of the token in the future...

Sorry bad this has literally no sense what you saying. If Ripple will be not used by banks why there should be a rise in the price of XRP in the future?

 
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March 06, 2019, 09:24:33 PM
 #13

First of all, I would like to be very honest I like how XRP is so quick when it comes to transfer/transaction and that is all I like about it. Not hodling XRP for sure! I exchange my coins to XRP only when I need to make a transfer and that is it. Not only the supply is too up there but the rumors about it if not fact that major hodler are just from the team itself makes me don't want to get involved with it. Personal thought  Wink
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March 06, 2019, 09:30:08 PM
 #14

... in the long run, Ripple will not be used by American banks, but I think that there will be a good rise in the price of the token in the future...

Sorry bad this has literally no sense what you saying. If Ripple will be not used by banks why there should be a rise in the price of XRP in the future?
I think that the price increase will be in the near future. At the beginning of April. But I also think that in a few years the banks will use another blockchain. Ripple is well suited for speculations.
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March 06, 2019, 09:32:33 PM
 #15

Its a clear scam and yet people still continue to buy it.  The thing is ripple is not even a cryptocurrency.  It shouldn't  even be listed on coinmarketcap.  It is just a centralized excel spreadsheet with a huge amount given to the founders.  I don't think it will ever reach $1 again and it will descend out of the top10.
A single article is not enough to call top coin as a scam project. XRP is used widely but the mentioned arguments have sense. Let's wait for settled dust and everyone will get the point about this centralized coin.
I am wondering if this is a FUD or something that like them say like that and anyway, is that right he wrote Rippel instead of Ripple? But I think it is since they use the abbreviation of XRP for Ripple then I guess it's a typo. Anyway, the post of OP does make some sense but I still doubt it since we did not hear anything yet from the Ripple team.



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March 06, 2019, 09:51:40 PM
 #16

Its a clear scam and yet people still continue to buy it.  The thing is ripple is not even a cryptocurrency.  It shouldn't  even be listed on coinmarketcap.  It is just a centralized excel spreadsheet with a huge amount given to the founders.  I don't think it will ever reach $1 again and it will descend out of the top10.
I'm not a fan of ripple but what is your basis on this? I knew there is a rumor about them being centralized but they are still claiming to be decentralized, I don't know if this is fud or real. Ripple is not just an excel spreadsheet they have their own blockchain with 1500+ TPS this quiet fast compared to others but the use cases is the most important. They have big names partners I don't know if those company didn't do an investigation on ripple.

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March 06, 2019, 09:59:02 PM
 #17

XRP is centralised, so looking for additional features like in decentralized blockchains in ripple blockchain is not understandable by my side.

 
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March 06, 2019, 10:11:55 PM
 #18

There is much more to it, otherwise this alleged scam would not have been successful whatsover.

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March 07, 2019, 08:58:25 AM
 #19

Quote
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".

Many people and myself feel that Ripple should not be considered as a crypto currency since it is centralised. Whether it is a scam or not, I can’t tell for sure. But I did see the pump and dump took place a few times during the past years.
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March 07, 2019, 11:06:25 AM
 #20

There is much more to it, otherwise this alleged scam would not have been successful whatsover.

Then tell me what is it? From where you take these informations?

Like I told I was trying to find any detailed information about their product or even tried to test if possible and only thing I found was more questions and doubts.

I wonder by myself how is it possible that 3rd biggest crypto is called a scam by major news magazines?

 
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