A finance expert and Bitcoin maximalist has taken a major dig at XRP as he labeled the crypto token a “scam.” The expert outlined several reasons why he holds this opinion, although he seemed misguided in some.
Why XRP Is A “Scam”
In a post shared on his X (formerly Twitter) platform, finance expert Rajat Soni mentioned XRP not being decentralized as one of the reasons he believes the crypto token is a scam. He seemed to suggest that Ripple Labs solely controlled the XRP Ledger as he noted that they developed the token.
However, this belief is false, considering that it has always been emphasized that Ripple does not control the XRP Ledger or even the XRP token. In fact, this was obvious when certain amendments were to be made to the network, and Ripple’s CTO noted that they could not be passed without the approval of the validators.
Another reason Soni mentioned was that Ripple controls a large portion of the tokens in circulation. He also went further to assert that t
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