By Daily Hodl Staff
Ripple and XRP fans are countering a scathing op-ed in Forbes that questions whether Ripple is a scam.
The president of IT research and analysis firm Intellyx Jason Bloomberg says that, 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).”
“One of the strongest indicators that Ripple is a going concern is the dozens of customers it touts. Look more closely, however, and most such companies are ‘partners,’ not customers – and to make matters worse, Ripple pays companies to become partners.
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,’ according to a Ripple blog post. ‘The reward will come in the form of rebates through the new RippleNet Accelerator Program.’”
Read the entire article at https://dailyhodl.com/2019/03/03/xrp-fans-fire-back-after-analyst-calls-ripple-a-scam-says-bitcoin-and-crypto-must-be-shut-down/
