Ripple and XRP fans are countering a scathing op-ed in Forbes that questions whether Ripple is a scam.
The president of IT research and analysis firm Intellyx Jason Bloomberg says that, at its core, “the Ripple business model is a pump and dump scheme, as it undergoes numerous activities to increase the value of the XRP cryptocurrency (crypto).”
“One of the strongest indicators that Ripple is a going concern is the dozens of customers it touts. Look more closely, however, and most such companies are ‘partners,’ not customers – and to make matters worse, Ripple pays companies to become partners.
Ripple calls this arrangement the RippleNet Accelerator Program. ‘Starting [October 13, 2017], Ripple will offer a unique reward for financial institutions that are the first in their markets to process and promote commercial payments on RippleNet,’ according to a Ripple blog post. ‘The reward will come in the form of rebates through the new RippleNet Accelerator Program.'”
The XRP community was quick to fire back, calling the claims baseless FUD (fear, uncertainty and doubt) and accusing Forbes of promoting a stream of attacks on XRP.
Is Forbes a scam? – At its core, the @Forbes business model is an obsolete model that relies on FUD. (Not financial advice). #xrp #xrpthestandard #XRPcommunity #xrpthebase @digitalassetbuy @XRPTrump @haydentiff @XRPcryptowolf @SgtObiWan @C3_Nik @marvin_xrp @Ripple @nbougalis pic.twitter.com/wGkujXCtd7
— Oskar Arnarson (@oskararnarson) March 1, 2019
The new Forbes article also triggered a discussion on Reddit, with the top comment pointing out that Jason Bloomberg has been negative on all of crypto in the past, and penned an article last May called “We Need To Shut Bitcoin And All Other Cryptocurrencies Down. Here’s Why.” Redditors also crafted a point-by-point review of Bloomberg’s argument.