Vays Expresses Discontent with Ripple and XRP

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Prerna Sengupta
Prerna Sengupta is a writer for Thecoinrepublic. She is a law student at NALSAR University of Law, Hyderabad. She is interested in Tech Law and is especially keen on cryptocurrency, blockchain, and Bitcoin. She hopes to pursue this field in the future as a lawyer.
Vays Expresses Discontent with Ripple and XRP
  • Tone Vays has expressed negative sentiments towards Ripple and XRP on Twitter and Youtube.
  • XRP is only a security masquerading as a cryptocurrency, says Vays.
  • He also believes that XRP has no real utility and in reality, is not decentralized.
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Cryptocurrency trader and analyst Tone Vays has expressed negative sentiments on various social media platforms like Twitter and Youtube towards Ripple and its native token XRP.

He believes that XRP is only a security masquerading as a cryptocurrency. To quote him,

“$XRP is a token created & controlled by Ripple Labs (aka Ripple the Corporation). They have tried to dissociate from $XRP but smart people know better. I believe $XRP has always been an unlicensed/unregistered/uncompliant security of Ripple Labs.

In all honesty, it is hard to swallow Ripple’s protests that it has no control over XRP, when it continually dumps tons of them on the market.

Ripple will have to respond to the new filing put forward by the claimant that argues the monthly escrow release of XRP makes it an ongoing securities sale in the ongoing lawsuit which is scheduled to continue on December 4th.

He also believes that XRP has no real utility.

“The utility of $XRP is completely fictional. There is absolutely no need to have a volatile currency and/or security in the middle of sending data within the company or even sending data between two companies. In addition this volatility is created by speculation & trading on non-compliant exchanges,”

he says. Vays also questioned the utility of XRP after a partnership was announced between Ripple and BitPay to enable XRP for payments.

Vays believes that XRP is, in fact, not decentralized. He says,

“The claim that anything related to Ripple Labs or the $XRP token technology & its nodes being decentralized is totally laughable. If $XRP is discovered to be used in illicit markets it would be shut down over night with a phone call from US Authorities to the Ripple CEO.

Vays also tweeted back in May that XRP is “NOT decentralized or trustless” and that it is “NOT even a blockchain.”

In contradiction to his statement many people said  that the XRP ledger would continue to exist if Ripple was shut down, hence it was decentralized. However Vays quashed this idea in a later post.

He also highlighted the fact that when Iran turned to Bitcoin last year to avoid US sanctions, no Government was able to do anything about it. Vays opined that had it been XRP that Iran used instead of Bitcoin, Ripple would’ve been coerced by Government officials to use of XRP. This, he says, is what “defines the difference between Bitcoin, and centralized shitcoins.”

He also says that Ripple’s business plan is dishonest. To quote him,

“the only reason for $XRP to exist is for a few people to get super rich and have competitive advantage over their more honest competition that chose not to print their own money, or create unregistered securities providing the same service. With this money, they are able to buy influence with government officials, hire former SEC heads as their lawyers, promote with former US Presidents, and buy into failing companies like MoneyGram to pump $XRP.

This is not the first time Tone Vays has spoken out about his concerns regarding Ripple and its own currency, XRP. In 2017, he spoke about Ripple’s apparent founder, Jed Mcaleb, and the project’s value proposition was questionable . In the end, it was concluded that, “the Ripple system doesn’t have a clear need for XRP”.

 

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