2021-02-19 18:54:57
Ripple Labs Inc. is an American technology company which develops the Ripple payment protocol and exchange network.
The primary source of funding Ripple has been sales of the XRP cryptocurrency. According to its own records it sold $1,254.54 million worth of XRP between Q4 2016 and Q2 2020, to a mix of institutional investors and retail investors via sales on cryptoccurrency exchanges.
On December 22, 2020, the U.S. Securities and Exchange Commission charged Ripple and two of its executives with violating investor
protection laws.The SEC alleged that Ripple, co-founder Christian Larsen and CEO Bradley Garlinghouse, raised more than $1.3 billion through an unregistered securities offering. The government agency brought charges against Ripple for the fault of depriving the “potential purchasers of adequate disclosures about XRP and Ripple’s business and other important long-standing protections that
are fundamental to our robust public market system,” according to the complaint that the SEC filed in federal district court in Manhattan, New York.
Ripples business model is essentially an enormous pump-and-dump scheme, the company is notorious for undergoing various activities to
increase the value of the XRP token.
Their bussines model in detail:
1. Issue useless XRP token to raise money for their other developements (for example the Interledger protocol)
2. They "gifted" billions of XRP to themselves (the founders)
3. They manipulate the value of the XRP token (which has no function at all) by paying partners to sign up officially with the XRP network
4. They manipulate the public opinion and outright lie to keep their deceiving sandcastle alive
In detail:
1 & 2: An open source ‘community’ – not technically Ripple itself – was founded and issued the tokens. “XRP is open source and it was not created by our company, so that existed as an open source technology,” explains Ryan Zagone, director of regulatory relations for Ripple.
That is a lie.
Then, after over half of the total supply of the XRP tokens was "gifted" to Ripple Labs, he said:
"What we do have is we do own a significant amount of XRP, it was gifted to us by some of the open-source developers that created it,” Zagone continues.
“But there’s not a direct connection between Ripple the company and XRP.”
You do the conclusion
3: Most of the companies Ripple presents as customers of the XRP-network are called "partners" when you look closer. Ripple pays companies to be a parter!!
Ripple calls this arrangement the RippleNet Accelerator Program.
“Starting [October 13, 2017], Ripple will offer a unique reward for financial institutions that are the first in their markets to process and promote commercial payments on RippleNet,”-
This was posted at an official Ripple blog.
4: Ripple executives are only too happy to point this fact out. “We hold something like 60 billion XRP with a notion value of something like $10 billion,” brags David ‘JoelKatz’ Schwartz, CTO at Ripple.
“We want very much to increase and realize that value.”
Garlinghouse is on the same page:
“We’re driving velocity and demand of XRP,” he says. “For everything I do, I think what is in the best interest of the XRP ecosystem.” LOL
Their real agenda:
Ripple has two different ecosystems.
They have one working banking system (that works WITHOUT XRP - this is the BIGGEST misconception retail holders have about ripple. They think because some part is good it is actually associated to the token, in this case it isn't!), which is called xCurrent, This is the system they sell to banks.
At the same time they sell xRapid to the crypto enthusiasts. xRapid utilize XRP while xCurrent completely ignores XRP.
In other words... they don't fuck the big banks. They only fuck you!
On their own website, they admitted their xRapid technology
is targeted toward the unbanked population in third world countries. Their main target (top banks in first world countries) will never be the main aim of their xRapid campaign.
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