{"id":566152,"date":"2023-12-20T18:00:23","date_gmt":"2023-12-20T18:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=566152"},"modified":"2024-06-11T08:16:18","modified_gmt":"2024-06-11T08:16:18","slug":"finance-expert-xrp-is-a-scam","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/finance-expert-xrp-is-a-scam\/","title":{"rendered":"Finance Expert Says Explains Why XRP Is A Scam"},"content":{"rendered":"<p><span style=\"font-weight: 400\">A finance expert and Bitcoin maximalist has taken a major dig at XRP as he labeled the crypto token a \u201cscam.\u201d The expert outlined <\/span><a href=\"https:\/\/bitcoinist.com\/ethereum-to-10000-programmed\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">several reasons<\/span><\/a><span style=\"font-weight: 400\"> why he holds this opinion, although he seemed misguided in some.\u00a0<\/span><\/p>\n<h2>Why XRP Is A \u201cScam\u201d<\/h2>\n<p><span style=\"font-weight: 400\">In a <\/span><a href=\"https:\/\/x.com\/rajatsonifnance\/status\/27240179?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> 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 <\/span><a href=\"https:\/\/bitcoinist.com\/xrp-ledger-achieves-milestone-hits-new-heights\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">XRP Ledger<\/span><\/a><span style=\"font-weight: 400\"> as he noted that they developed the token.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-bearish-falling-wedge\/\">Ethereum Bearish Falling Wedge Pattern Appears, How Low Can Price Go?<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, this belief is false, considering that it has always been <\/span><a href=\"https:\/\/xrpl.org\/faq.html\" rel=\"nofollow\"><span style=\"font-weight: 400\">emphasized<\/span><\/a><span style=\"font-weight: 400\"> that Ripple does not control the XRP Ledger or even the XRP token. In fact, this was obvious when <\/span><a href=\"https:\/\/bitcoinist.com\/passive-income-xrp\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">certain amendments<\/span><\/a><span style=\"font-weight: 400\"> were to be made to the network, and <\/span><a href=\"https:\/\/wncen.com\/news\/when-are-amms-coming-to-xrp-ledger-ripple-cto-gives-clear-answer\/\"><span style=\"font-weight: 400\">Ripple\u2019s CTO noted<\/span><\/a><span style=\"font-weight: 400\"> that they could not be passed without the approval of the validators.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another reason Soni mentioned was that <\/span><a href=\"https:\/\/wncen.com\/analysis\/xrp\/number-of-xrp-that-ripple-currently-holds\/\"><span style=\"font-weight: 400\">Ripple controls a large portion<\/span><\/a><span style=\"font-weight: 400\"> of the tokens in circulation. He also went further to assert that the crypto firm could alter the token\u2019s 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\u2019t changed since the token was pre-mined.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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\u2019t 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 <\/span><a href=\"https:\/\/bitcoinist.com\/highlights-ripple-xrp-report\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">come from outside the US<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/QG2V5LfS\/\" alt=\"XRP price chart from Tradingview.com\" width=\"3266\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">Token price recovers to $0.61 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">XRPUSD On Tradingview.com<\/a><\/pre>\n<h2>Possible Reason For The Attack On The Token<\/h2>\n<p><span style=\"font-weight: 400\">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 <\/span><a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-1500-against-bitcoin\/\"><span style=\"font-weight: 400\">crypto token with Bitcoin<\/span><\/a><span style=\"font-weight: 400\">, highlighting why the flagship crypto token is superior, in his opinion. He alluded to how Bitcoin\u2019s supply isn\u2019t concentrated and that the network was totally decentralized with a vast pool of miners.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/95-bitcoin-spot-etf-january\/\">Matrixport Says 95% Chance Of Bitcoin Spot ETF In January, Sets BTC Price Target<\/a><\/div>\n<p><span style=\"font-weight: 400\">Furthermore, he mentioned how people are using Bitcoin to trade regularly in \u201c<\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-all-time-countries\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">other countries<\/span><\/a><span style=\"font-weight: 400\"> because they have no other way to transact.\u201d Bitcoin\u2019s value is so immense that Soni believes that holders won\u2019t part ways with their tokens even if Bitcoin is banned.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, pro-XRP YouTuber Zach Rector recently <\/span><a href=\"https:\/\/wncen.com\/analysis\/xrp\/crypto-founder-xrp-price-22\/\"><span style=\"font-weight: 400\">made a case for XRP<\/span><\/a><span style=\"font-weight: 400\"> 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 <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-fee-surpasses-ethereums-third-straight-why\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">increasing transaction fees<\/span><\/a><span style=\"font-weight: 400\"> 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.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Crypto News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A finance expert and Bitcoin maximalist has taken a major dig at XRP as he labeled the crypto token a \u201cscam.\u201d The expert outlined several reasons why he holds this opinion, although he seemed misguided in some.\u00a0 Why XRP Is A \u201cScam\u201d 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.\u00a0 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\u2019s CTO noted that they could not be passed without the approval of the validators.\u00a0 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\u2019s 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\u2019t changed since the token was pre-mined.\u00a0 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\u2019t 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.\u00a0 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\u2019s supply isn\u2019t concentrated and that the network was totally decentralized with a vast pool of miners.\u00a0 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 \u201cother countries because they have no other way to transact.\u201d Bitcoin\u2019s value is so immense that Soni believes that holders won\u2019t part ways with their tokens even if Bitcoin is banned.\u00a0 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.\u00a0 Featured image from Crypto News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":566158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[2037,90930,3680,17209,4531,83637,13172,90929,10972,78763],"class_list":["post-566152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-finance","tag-finance-expert","tag-ripple","tag-ripple-news","tag-xrp","tag-xrp-news","tag-xrp-price","tag-xrp-scam","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\n<title>Finance Expert Says Explains Why XRP Is A Scam<\/title>\n<meta name=\"description\" content=\"A finance expert and Bitcoin maximalist has taken a major dig at XRP as he labeled the crypto token a 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