Founder The Block Says XRP Community Is Unhealthy, Accuses Ripple Team Of Price Manipulation
One of the topics being discussed during the talk was crypto-community spaces, whereby the duo dissected the issue, looking at both the good and the bad. Mike Dudas said that:
“In the crypto ecosystem, people come with, and you’ve heard this before, I’m not saying anything particularly novel in this area, but with almost a religious belief and an anchoring and a strong bias and as strong a tribal nature to associating with specific projects as I have ever seen.”
Mike, who’s also a Bitcoin maximalist, considers Bitcoin and Ethereum to be great examples of good community spaces, saying that a lot of developers are going towards Ethereum.
However, Mike Dudas was quick to state that, while some fan bases come across as great, some could be an outright curse. He has seen plenty of “unhealthy communities” in his experience, and that of Ripple is one of them. He was quoted saying that:
“The obviously canonical example of that is Ripple. Ripple has a centralized structure. Ripple Corp basically says, “hey, we put our tokens in escrow” but still, you know they’re obviously under their control and they’re released over a period of time.”
And when it comes to bots, he said that Ripple has a lot of real people who genuinely support the project, but there’s also tens of thousands of bots associated with it. He further stated that the corporate team have exceptional professionalism and are talented, agreeing that the project is backed by individuals striving to see it succeed.
Ripple Encouraging Unhealthy Strategies
However, Mike could not help but accuse Ripple’s team of encouraging its prominent tweeters to pursue what he called “mini-celebrity game”, adding that such kind of strategies were unhealthy even if they are meant to support the XRP token price.
Mike wrapped up the discussion by answering a question by Anthony Pompliano about how companies big as Ripple could drive value to themselves. He said that:
“I think one way that they could basically eliminate all doubt is to say, “hey, instead of compensating ourselves in this token XRP” — which the founding team has, the leadership has and David Schwartz has. They could choose to basically renounce those tokens. And take more value in the equity of Ripple the corporation, which clearly has a connection to XRP the token. But it would reduce questions, as to whether there are ulterior motives when they are announcing things. That’s just one simple thing.”