On 21st April 2020, Ripple Labs filed a lawsuit against YouTube claiming damages for allowing marketing of crypto scams on YouTube.
CEO Brad Garlinghouse, the CEO of Ripple adds himself as the plaintiff in the lawsuit. His beef is primarily with the “The XRP Giveaway” scam. In which gullible users are prompted to send “between 5,000 XRP and 1,000,000 XRP” to a the video makers impersonating as Ripple executives or other notable entities and promises up to 5x in return.
YouTube has been consistently attempting to crack down on the online crypto scams. Many a time, authentic podcasters and other information channels have been caught in the crossfire of the bans. Recently, Tone Vays’ Trading Bitcoin channel was banned by YouTube as well but soon brought back up after retaliation.
Tone Vays says Ripple’s Scam is Bigger
Vays, a derivatives trader and market analyst pointed out that Garlinghouse should remove his scammy token as well. He tweeted,
I agree, @$ security from the internet. What @ has done in 8 years is worse than these give away’s #needs to immediately remove his Scammy
Many Ripple investors will see this as harsh criticism or blindness due to Bitcoin Maximalism. However, there is still some credibility to it, looking at the past performance.
Firstly, in the past, the use of XRP in the RippleNet network has been unclear. Ripple has been continuously adding new banking and financial partners since 2015. However, what transpired out of it was nothing but a bubble, which has collapsed right on its face. Even today, apart from MoneyGram and Azimo no other partner confirms the use of XRP for their transactions.
Moreover, the biggest of them all has been the periodic unloading the $XRP tokens on the market. According to the original plan, Ripple proposed unloading 1 billion XRP to the markets since 2017 from their escrow accounts every month out of their 55 billion in holdings. Even Garlinghouse confirmed that the money is being used to fund the efforts of the company. According to XRPArcade,
The total amount of XRP in escrow has been reduced by 5.5 billion XRP so far. That is an average of 196 million per month. At this rate, it will take 252 months (21 years) for the last escrow to finish.
In many ways, this is no different than the Feds’ economic stimulus of adding printing money and adding to the markets. Overall, there is considerable lack of accountability on the usage of the tokens released every month.
The long term support to price is at 0.146, while the resistance to the upside is at $0.191 and $0.325.
Do you agree with Tone Vays or find Ripple’s model justified? Please share your views with us.
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Bitcoin S2F Founder says Current dip cannot stop Bitcoin from Adding Another Zero
- Football Clubs Look To Mine Cash Revenue With Crypto Offerings
- Fed Readying To Launch The US Crypto Policy? White House Directs Agencies To Prepare Report
- Here’s Why You Should NOT Yet Buy the Bitcoin Dip, Miner Capitulation Ahead?
- MicroStrategy (MSTR) Stock On Free Fall As SEC Rejects Its Bitcoin Accounting Strategy
- Second Consecutive Crash Day Extends Investor Loses Over $350 Billion, El Salvador Buys the Dip
- DeFi’s Liquidation Volume Hits $34.33 M ATH, The Highest Since Last year’s December
- Portugal opens First Physical Store for Buying and Selling of Bitcoin
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?