Cryptocurrency expert, former Wall Street trader and vice president of JP Morgan Chase, Tone Vays, has questioned the centralized nature of Ripple and XRP token, pestering to know if it would be possible for embattled North Korea and Iran to make use of the remittance platform and its On-Demand Liquidity without the United States interfering.
The financial analysts, who dubbed XRP a scam coin, had in the past, criticized Ripple and its token for a number of reasons.
He said Ripple claims XRP is decentralized and uncontrollable, but if Iran or North Korea make use of XRP as a global currency and value transfer, just a mere call from the US authorities to the CEO of Ripple, Brad Garlinghouse, will make the company prevent the two countries from making use of the asset.
The recent situation between Iran and the United States must have been the basis of Tone’s opinion. Vays made the assertion to question XRP’s level of centralization once again, and its ability as a decentralized currency to help the two countries out of the sanction placed on them by the US.
I said it before & will again.@Ripple claims their $XRP scam coin is decentralized & uncontrollable but if Iran & North Korea start using #Ripple as global currency & value transfer all it will take is a phone call from the US authorities to Garlinghouse —> "Shitcoin Gone" https://t.co/DGf3Ne571d
— Tone Vays [Vegas – Unconfiscatable.com] (@ToneVays) January 10, 2020
Tone said, “Ripple claims their XRP scam coin is decentralized & uncontrollable, but if Iran & North Korea start using Ripple as global currency & value transfer, all it will take is a phone call from the US authorities to Garlinghouse.”
Tone responded to a viral interview video of the Chief Executive Officer of Ripple, Brad Garlinghouse, hosted by Julia Chatterley on CNN.
Brad spoke elaborately about the price of XRP. He said, “Ripple, as the largest owner of XRP, is the most interested party in the success of XRP.”
“Thus, despite accusations dumping XRP on the network isn’t something our best interest. We’re interested in a healthy, successful ecosystem. And so, we would never do that, and we have taken steps to lock up most of the XRP we own in escrow. Essentially, we can’t touch it.”
Brad claimed Ripple could not control the value of XRP, but the firm is interested in the broad adoption of XRP, hence, its reason for investing into big firms and startups.
“Ripple can’t control the price of XRP any more than whales can’t control the price of Bitcoin. Nobody is in a position to manipulate XRP prices.”
Meanwhile, several clarifications from Ripple reflect that XRP had existed before Ripple Labs Inc., and that XRP is not Ripple’s native digital token, but a native token of the XRP Ledger.