By Susan Graham
In a March 1 Forbes article, Jason Bloomberg ties the dots of a series of events that have occurred over the past few years as Ripple evolved its business model and concludes that Ripple is a scam. I would argue that Ripple changed its business model to understand what a cryptocurrency is and how a blockchain can add value in a complex financial environment while still taking into account the regulatory framework of
multiple countries. Ripple may not survive this journey, but I think it would be inappropriate to call it a scam until we determine whether Ripple is putting the farm on XRP or instead adding value via the blockchain and signing more frequent correspondent banking contracts.
Also, since the primary cost obstacles to transferring funds internationally come from legal and tax issues, Ripple may also prove to be less efficient than building a platform that tries to address those costs from the bottom-up-down approach like him carried out by Swift. So Ripple is fighting for its life and will likely change its business model again, but this is not a scam. that fights for its own life.
