In most countries, including the US, pump and dumps, Ponzis, and scams send you directly to prison. Have you seen any top executives from Ripple, Stellar, or Nem being charged or verbally accused of any scams? No? Then these three represent genuine technologies.
You can’t deny that Ripple, Nem, and Stellar have a real blockchain technology behind them and have real teams, some of which consist of prominent executives. What’s the purpose of their activity? It’s described in their whitepapers.
If you check Ripple’s investors, you can find Accenture, SBI Group, Google Ventures, CME Ventures, Santander, Standard Chartered and Seagate or Andressen Horowitz. Do you even realize what kind of venture capital firms these are?
If you look into Ripple’s partners and the companies that use Ripple’s system, you can find over 100 companies worldwide using its network.
ANZ, Bank of America, Bank of England, Royal Bank of Canada, IBM are a few of these companies. Can these behemoths be involved with a scam? These are the world’s most powerful entities, so they simply work on a payment system that defends their interests.
Yes, Ripple is not a decentralized system. Yes, its price fell from its peak by about 67% as of February 9. However, all this doesn’t mean Ripple is a scam. It is just a technology that favours banks and big players of the financial world.
Nem and Stellar are genuine technologies too. They represent real blockchain solutions that are open to the general public, unlike Ripple.
Stellar has partnered with IBM for a payment system in the South Pacific region. Would IBM collaborate with scammers?
These projects are not ponzis, they’re not scams, they are not pumps and dumps – they simply joined the crypto and blockchain space with some creative ideas. If some of them rise and fall – it’s just part of the crypto game.