Eric Yakes, a collegiate financial analyst (CFA) and the author of the 7th property: Bitcoin and the monetary revolution, published a forceful criticism of Ripple and his token XRP associated on February 10. Yakes, which also operates in the capital sector of Venture Venture de Bitcoin. As co -founder and managing partner of Epoch, he expressed his disapproval in X with an unusually marked language and a detailed summary of what he perceives as significant failures in the Ripple value proposal and governance.
Yakes hits Ripple and XRP
Yakes opened his mail With a broad attack on the fundamental nature of Ripple and his Token, stating: “Ripple is precisely the problem that Bitcoin was created to solve: printing false money for political profits.” In addition, he affirmed that, from his perspective, the entire company lacked a legitimate use, qualifying it as “completely delayed” and stating that he was forced to “waste an hour” investigating Ripple before a speech commitment in a finance Traditional (tradfi) Conference. In his opinion, this investigation left him convinced that the company’s technology and the tokens economy resembled the type of centralized monetary broadcast that Bitcoin was designed to eradicate.
Yakes detailed his reasoning in detail. He described the objectives of remittances and digital currency of the Central Bank (CBDC) often associated with undulation as inadequate, since, in his words, “nobody wants to use a volatile, centralized and ilechide bridge currency (XRP)” when the most options the most options appropriate for remittances – as Stablcoins or Bitcoin exist.
He also declared: “The only case of use is to deceive retail investors to pump the price of token,” which believes that it is orchestrated through marketing associations with banks, combined with political lobbying. He also suggested that the supply of Tokens XRP lacks true shortage, arguing that the main book could be fork at will and that the Foundation sells XRP to finance political agendas. Yakes said that these are precisely the types of problems that Bitcoin’s decentralized design was destined to counteract, commenting, “the whole problem was created Bitcoin to solve.”
His analysis continued to challenge the volume figures reported from Ripplenet, qualifying them as small in relation to other digital assets. He referred to the volume of total self -informed liquidation of Ripplenet of $ 30 billion from the beginning and compared it to the daily turnover of Tether ($ 50 billion) and Bitcoin ($ 40 billion), concluding that the statement of Ripple de Adoption On a large scale it was “a misleading game of smoke and mirrors.” He added that banks want the advertising of a “press release” instead of the real use of XRP, because it believes that XRP itself does not address a real need in global remittances. He also described the Ripple Network as centralized, noting that what he says was a recent unilateral off indicates a lack of adequate decentralized consensus.
According to him, a primary node operator intervened without broader coordination, and the limited number of validators cannot realistically ensure the network because they lack financial incentives to execute nodes. Yakes stressed his political argument by pointing out what he sees how Ripple’s dissonance with certain positions of the United States government, stating that “his main objective is to be a CBDC platform, drastically opposed the executive order of the Trump administration that prohibits the CBDC “.
When closing its publication, Yakes wrote: “If you want this corrupt group to achieve a political favor so that its shit is worth it, you must find a higher purpose in life”, leaving a few doubts about his personal position about Ripple and his token XRP. Ripple executives have not yet offered a formal refutation.
The XRP community reacts
The XRP community, however, did not miss the time to respond, with some voices immediately marking the statements of Yakes as wrong information. One of Matt Hamilton’s most notable responses, a developer who once worked in Ripple and has also been affiliated with protocol Labs and Bittensor. Hamilton challenged What he sees how the combination of yakes from Ripple to the company and XRP the cryptocurrency. “Ripple and XRP are different things. One is a company (like Strike), one is a cryptocurrency (like Bitcoin). The declared objectives of remittances and CBDC are specifically applied to Ripple, not XRP, ”said Hamilton.
Hamilton also backed the Yakes point on XRP’s volatility, suggesting that because transactions in the XRP main book settle so fast, the volatility factor is much less significant than Yakes implies. Hamilton said he refers to the broader ecosystem that exists in the XRP accounting book in the main book XRP (Blockchain) if you wish. ” Early is a common practice for young companies seeking liquidity, it does not invalidate the underlying utility of the protocol.
When addressing the technical aspects of the Book Mayor XRP, Hamilton emphasized that the main book did not suffer a unilateral closure. According to him, the arrest of the network that occurred last week was due to the failure in the immediate consensus, which described as a designed response instead of centralized control evidence. Hamilton declared: “The network stopped as designed because it could not temporarily arrive in consensus. This was not someone who “stopped him unilaterally.” The network then resumed once capable of doing so. ” .
Hamilton further disputed Yakes’ statements regarding Ripple’s origins and political activities, saying that Ripple is a company based in the United States, while the Ledger XRP Foundation is a separate entity recorded in Estonia that is now moving to France.
At the time of publication, XRP quoted at $ 2.48.
Outstanding image created with Dall.E, Record of TrainingView.com
