Rip(ple) off???

By Soneghet | SONEGUECKO | 28 Jan 2021


OMG, here we go.

Another lawsuit against Ripple. BTW (by the way), IMO (in my honest opinion), that is not great news that XRP seems to be the most untrustworthy crypto asset out there. By that I mean, for a very long time.

From the very start of the Ripple company, when its idea was just about innovating the system of international bank transfers, namely SWIFT, it just seemed like another cheap strategy. Eventually, after a certain failure in achieving their initial goals, the company got taken over by investors. So, with the greediest eyes on the promising future of Bitcoin and its fellow crypto siblings, they came out with idea of creating the XRP. 

The creepiest part in all of this is that more than half of the XRP coins created were (hmm hmm... and still are) held by the shareholders of Ripple. That's enough to make this whole idea smell really rotten fishy.

As I am starting to manifest my opinions over the crypto universe with this starters/amateur blog, more and more, you will be able to notice that I have a pretty strong stand about digital currencies - it is supposed to be decentralised, with the 'many' having the power of decision, instead of the 'one' central bank greedy system.

To me, Ripple was, from the start, created by and for, the banking and financial market sharks. But as I still believe that the traditional centralised economic system is bound to fail, the karmic consequences of Ripple and XRP will probably just follow suit.

Well, if it wasn't enough the whole SEC drama that happened at the end of 2020, we just got a new episode in the 'Rip(ple) off' saga.

This time it seems to be just like a very little fish swimming in the pretty blue waters of Florida. A dude called Tyler Toomey, who is moving an action worth US$ 400 against Ripple Labs and the mighty CEO Brad Garlinghouse. His moving arguments are based on the fact that he lost a whole amount of US$48.

Jeeeeeez, man! I'm actually jealous of this guy. He's got ballzzzz.  I actually lost quite a bit more than that with the entire XRP speculation. In the end all I did was to shrug and say 'why did I still invest on that crap when I could already smell the fishy aroma in the air from the beginning?'

Let's also take notice of facts like Grayscale getting rid of all its XRP funds and Coinbase (together with some other smaller players) delisting the coin from its exchange platform.

Anyway, let's continue digressing about fish and fishy things...

So, this Nemo guy, who apparently swims in Florida, is causing a really mysterious stir.

He claims that, in November, he bought a whole mighty amount of 135 XRP tokens, at the price of US$ 0,724, investing a total sum of US$ 97,80. When the news came up from the SEC lawsuit against Ripple last December, and the already expected and fishy XRP devaluation, Mr T. 'Nemo' Toomey happened to loose almost 50% of his assets, having to sell his entire XRP 'empire' for US$ 49,24. He claims that the devaluation of XRP was manipulated by Ripple itself (HOHOHO, Merry tuna Xmas....). Now he is claiming values that surpass the value of 5.000.000USD.

“The Defendants (Ripple) sold millions of dollars (or more) of XRP tokens, which are securities under Florida law, to Florida investors without registering the same either with federal or Florida authorities. Defendants began their unregistered and unlawful sale of XRP in 2013, despite having knowledge as early as 2012 that XRP could be considered an ‘investment contract’ under federal and, by extension, Florida law,” the official filing states.

"On numerous occasions, Defendants made public statements claiming that XRP was not a security, when in fact it is," the lawsuit claims. "Defendants actively concealed from investors the true nature of XRP."

Bearing in mind that this is a class-action, so that is clearly expected that a whole school of fish will join in the Nemo bait so to feast on the more than just defeat from Ripple. 

But what I found the funniest, and to say 'fishyiest', is that, the judge presiding the claim happens to have the very same uncommon surname of our Mr. Nemo - he is called Joel B. Toomey........

The Ripple community does not seem to know what to do with the case, with some sounding really offended while others believe it is just a joke. A certain Twitter user offered $ 200 in XRP for 'Nemo' to withdraw from the process.

New Jersey attorney Jess Hynes suggested that the law is to blame for allowing such senseless actions.

I'd love to hear your thoughts about Ripple, XRP and what could be the next chapter from this intriguing novel. So yeah, please leave your comments.

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