{"id":605330,"date":"2023-02-06T20:49:23","date_gmt":"2023-02-07T02:49:23","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/06\/ripple-cto-sounds-alarm-on-controversial-xrp-buyback-proposal-labels-it-a-scam\/"},"modified":"2023-02-06T20:49:23","modified_gmt":"2023-02-07T02:49:23","slug":"ripple-cto-sounds-alarm-on-controversial-xrp-buyback-proposal-labels-it-a-scam","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/06\/ripple-cto-sounds-alarm-on-controversial-xrp-buyback-proposal-labels-it-a-scam\/","title":{"rendered":"Ripple CTO Sounds Alarm On Controversial XRP Buyback Proposal, Labels It A \u201cScam\u201d"},"content":{"rendered":"
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\"XRP\"<\/figure>\n<\/div>\n
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The XRP buyback theory is a proposition proposed by Jimmy Vallee of Valhill Capital in 2021, who backed XRP to become the world\u2019s reserve currency. Vallee stated that in the future, the global financial system would require a scalable digital asset to address the issue of massive national debts.<\/p>\n

However, he said that in order for this to happen, governments would need to possess a substantial number of XRPs, which would have to be purchased from retail holders. Vallee intimated that an XRP repurchase could be conceivable if the SEC action is resolved in Ripple\u2019s favor.\u00a0<\/p>\n

The speculative idea, however, did not impress everyone.\u00a0<\/p>\n

Matt Hamilton, a former Ripple director of developer relations who has been a vocal opponent of the buyback idea, accused Jimmy Vallee of bribery.<\/p>\n

Let\u2019s explore.<\/p>\n

Ripple CTO Speaks Out\u00a0<\/strong><\/h2>\n

Ripple\u2019s CTO, David Schwartz has clarified his views about the proposal in his tweet. He mentions that he hasn\u2019t looked at it very closely but it seems like a scam to him. He also reminds everyone about 2012 and 2022 and about what can be learned from it that if anyone is promising high returns with low risk is almost certainly going to rob you.<\/p>\n

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I haven’t looked at it very closely. But what I have seen looks an awful lot like a scam to me. If we’ve learned anything from 2012 and 2022 it’s that anyone promising high returns with low risk is almost certainly going to rob you.<\/p>\n

\u2014 David “JoelKatz” Schwartz (@JoelKatz) February 5, 2023<\/a><\/p><\/blockquote><\/div>\n<\/figure>\n

Clients who trusted Shaver\u2019s to manage their money\u2019s investments allegedly contributed 764,000 bitcoins to his Bitcoin Savings & Trust (BTCST) in 2012, which were worth about $4.5 million at the time. He claimed to use market arbitrage techniques and offered returns of 7% weekly, or 3,641% a year.<\/p>\n

However, he used the funds from new investors to repay previous investors. Some funds allegedly were invested in MtGox, which was the world\u2019s largest bitcoin exchange. He also allegedly spent money on extravagant personal products and expenses. Investor losses were estimated at around $1.23 million at the time.<\/p>\n

Certain details about the proposed terms for the purchase of XRP tokens from participating token holders seem to have leaked recently.\u00a0<\/p>\n

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Is this what the people who have promoted and interviewed Valle are wanting the #XRP<\/a> community to sign up to? I\u2019d appreciate your comment. https:\/\/t.co\/8Mx3KVr9eX<\/a><\/p>\n

\u2014 ????Crypto Eri 220k+ Followers (Beware of Imposters) (@sentosumosaba) February 3, 2023<\/a><\/p><\/blockquote><\/div>\n<\/figure>\n

Deaton Reacts Negatively\u00a0<\/strong><\/h2>\n

John E. Deaton, an attorney, has said categorically that he is not affiliated with Jimmy Vallee\u2019s XRP buyback proposal and has made it clear that he would not accept anything in exchange for his work on the Ripple and LBRY matters.\u00a0 The lawyer acknowledges <\/a>that his efforts have cost money, but he claims that this hasn\u2019t stopped him since he can afford to pay for them and because it\u2019s the proper thing to do.<\/p>\n

Community reaction\u00a0<\/strong><\/h2>\n

The community has emphasized the statements made by David Schwartz and called it a scam. They don\u2019t seem to believe in the buyback proposal and are cautious about it.\u00a0<\/p>\n<\/div>\n

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Was this writing helpful?<\/h4>\n

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\n Sohrab Khawas<\/p>\n","protected":false},"excerpt":{"rendered":"

The XRP buyback theory is a proposition proposed by Jimmy Vallee of Valhill Capital in 2021, who backed XRP to become the world\u2019s reserve currency. Vallee stated that in the future, the global financial system would require a scalable digital asset to address the issue of massive national debts.However, he said that in order for<\/p>\n","protected":false},"author":1,"featured_media":605331,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25213,1342],"tags":[],"class_list":{"0":"post-605330","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ripple","8":"category-sounds"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/605330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=605330"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/605330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/605331"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=605330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=605330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=605330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}