Jump to content

Perspectives from New Head of the SEC on Cryptocurrencies


Recommended Posts

Basically, what bothers him about many crypto projects is exactly what bothers me about Ripple.

It pretends to be a decentralized network, but it is actually an organization that holds more than 50% of the available tokens and uses their sale to finance the company.

I can understand that the SEC, not only with Ripple, has a bad feeling about this, because the sale can be seen as a sale of an unregistered security.

Of course, with the token you don't have voting rights in the Ripple company, but still, since they hold so many tokens, you are dependent on their development and their decisions regarding the performance of the token.

Ripple Labs + Ripple Labs employees can influence the market in any direction with their tokens and that is not good for a decentralized network.

Brad always comes up with the oil comparison, but unfortunately this is very misleading, because in contrast to Ripple Labs, which as the sole company controls over 50% of the worldwide XRP tokens, there are numerous countries that own and produce oil. Russia, Saudi Arabia, Iran, Venezuela, Norway, the USA, China, Kuwait, Iraq, Mexico...the list is endless. In addition, the reserves are also spread around the world.
XRP, on the other hand, is 55% owned only by Ripple Labs or its employees and that simply can't go well.

 

Seriously, there are 45 billion XRP in escrow that belong to Ripple, in addition to the 6.4 billion they "officially" own anyway.

Finally distribute this amount among XRP holders, central banks, foundations or whatever.

Even if Ripple sells all its 6.4 billion XRP for 0.30$ they make 1.92 billion USD profit.
How much more money do you need to build your business? Finally get the XRP out of escrow or destroy it you greedy vultures.

 

 

Edited by Elysium2030
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.