Finance Expert Says Explains Why XRP Is A Scam
December 20 2023 - 1:00PM
NEWSBTC
A finance expert and Bitcoin maximalist has taken a major dig at
XRP as he labeled the crypto token a “scam.” The expert outlined
several reasons why he holds this opinion, although he seemed
misguided in some. Why XRP Is A “Scam” In a post shared on
his X (formerly Twitter) platform, finance expert Rajat Soni
mentioned XRP not being decentralized as one of the reasons he
believes the crypto token is a scam. He seemed to suggest that
Ripple Labs solely controlled the XRP Ledger as he noted that they
developed the token. Related Reading: Ethereum Bearish
Falling Wedge Pattern Appears, How Low Can Price Go? However, this
belief is false, considering that it has always been emphasized
that Ripple does not control the XRP Ledger or even the XRP token.
In fact, this was obvious when certain amendments were to be made
to the network, and Ripple’s CTO noted that they could not be
passed without the approval of the validators. Another reason
Soni mentioned was that Ripple controls a large portion of the
tokens in circulation. He also went further to assert that the
crypto firm could alter the token’s code and issue more XRP if it
wanted. However, there is no basis for this assumption, as XRP has
a maximum token supply of 100 billion. That hasn’t changed since
the token was pre-mined. The finance expert also went as far
as suggesting that XRP is a scam because it has no utility outside
the US. He stated that people around the world don’t care about the
token and that they would use the crypto token if the US cracks
down on it. It is worth mentioning that the majority of XRP
transactions come from outside the US. Token price recovers
to $0.61 | Source: XRPUSD On Tradingview.com Possible Reason For
The Attack On The Token As a Bitcoin maximalist, Soni seemed to be
using his post to put XRP down and show why Bitcoin was superior.
After he had had a go at the altcoins, he went on to compare the
crypto token with Bitcoin, highlighting why the flagship crypto
token is superior, in his opinion. He alluded to how Bitcoin’s
supply isn’t concentrated and that the network was totally
decentralized with a vast pool of miners. Related Reading:
Matrixport Says 95% Chance Of Bitcoin Spot ETF In January, Sets BTC
Price Target Furthermore, he mentioned how people are using Bitcoin
to trade regularly in “other countries because they have no other
way to transact.” Bitcoin’s value is so immense that Soni believes
that holders won’t part ways with their tokens even if Bitcoin is
banned. Interestingly, pro-XRP YouTuber Zach Rector recently
made a case for XRP against Bitcoin. He believes that the former is
the future of finance and not the flagship crypto token. One thing
he alluded to was the increasing transaction fees on the Bitcoin
network and how that was going to affect its utility. This is
unlike XRP, which has a relatively cheaper average transaction
fee. Featured image from Crypto News, chart from
Tradingview.com
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