Ripple’s XRP is one of the most tongue lashed cryptocurrencies. Not long, a contributor on Forbes condemned the digital asset calling it a scam without any worthwhile use case other than imitation of traditional remittance companies which Ripple, the company behind XRP, claims to be putting on their toes.
As we are drawing out of the relics of the Forbes articles, Tone Vays, a Bitcoin maximalist came out of his shell to raise opprobrium on the digital asset, its perceived creators.
During a fireside chat with Block TV at the Consensus 2019, Tone Vays claimed Ripple’s XRP is a totally useless, irrelevant asset manipulated by Ripple Inc., the company behind the creation of XRP.
He said: “I’m not even sure why people consider Ripple a cryptocurrency. There’s nothing decentralised about Ripple. To me Ripple is just a stock of the Ripple corporation.”
Vays, who sees no reason why XRP should have ever existed, said people bought into XRP because it is trading on many crypto exchanges,” however, the cryptocurrency “is totally useless, totally irrelevant.”
Vays branded Ripple’s XRP a “Penny stock”, saying he’s expecting the outcome of the court case where they will rule that Ripple issued an unlicensed security. He alleged that Ripple holds around 70% of the total XRP token.
#WEEKINREVIEW: "I'm not even sure why people consider Ripple a cryptocurrency…To me Ripple is just a stock of the Ripple corporation…It is totally useless, totally irrelevant." – @ToneVays. @Joe_Saz https://t.co/0w3UT5wC8J pic.twitter.com/aEeoDjYw5k
— BLOCKTV (@BLOCKTVnews) May 19, 2019
In the past, Ripple Inc. has clarified that it did not create XRP. Ryan Zagone, director of regulatory relations for Ripple once explained that “XRP is open source and it was not created by our company, so that existed as an open source technology.”
“We didn’t create XRP,” he added.
Ripple’s XRP Community Roars.
XRP community were taken aback by the comments made by Tone Vays at the Consensus 2019. CryptoEri, a popular YouTuber with special focus on XRP called Tone Vays to attention, saying his assertions are totally useless.
She said: “Hey Tone! Ripple Expands its product xRapid & you said it’s totally useless? Tell that to thousands of workers living overseas from the Philippines, Brazil and Argentina sending their hard earned money home to their families at reduced cost.”
Hey Tone! Ripple Expands its product xRapid & you said it's totally useless? Tell that to thousands of workers living overseas from the Philippines, Brazil and Argentina sending their hard earned money home to their families at reduced cost. #XRP @ToneVays https://t.co/Bu2vpoTXSi
— CryptoEri (@sentosumosaba) May 20, 2019
LoveForCrypto, another XRP enthusiast, said Vays statement is nonsense, and shows Tone is a typical Bitcoin maximalist.
He said “@ToneVays you do realise the public and especially the people who matter are not susceptible to this nonesence anymore, let me know when you make it to a proper event where your opinion is actually valued in high regard..You just sounded like a little uneducated bitc”
Maybe when I feel like breaking all kinds of Financial Laws, print $100 Billion worth of useless $XRP tokens & make up all kind of bullshit as to why it should exist I can get a seat at that table, so not holding my breath.
— Tone Vays [Bali – Financial Summit] (@ToneVays) May 19, 2019