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.
Ripple’s questionable business model.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.
Ripple calls arrangement this 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,”a Ripple blog post. “The reward will come in the form of rebates through the new RippleNet Accelerator Program.”
Since we’re offering the incentives in XRP, we anticipate seeing an added benefit of building an easy on-ramp for institutions to use XRP in their payment flows to lower liquidity cost in the future,”Monica Long, SVP of marketing at Ripple. “Early reception of these XRP incentives in a test phase has been very positive.”
Garlinghouse, however, is confusing ‘equity’ with ‘security,’ and then obscuring his argument with the ‘Ripple doesn’t control XRP’ canard.
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