XRP Buyback Frontman Offers to Create Bank, Ex-Ripple Official Alerts Scam

Former Director of Developer Relations at Ripple Matt Hamilton commented on the $XRP bank concept voiced by Jimmy Vallee, author of the $XRP buyback proposal. The background is that Vallee proposed creating a bank where investors would deposit their $XRP and then buy gold against them. As he envisioned it, if all $XRP holders agreed that the price of one token was $10,000 and all of them were deposited in the bank, the organization would become one of the wealthiest.

In addition to being hilarious, the idea also looks like a scam, the former director at Ripple said. The price of $XRP is determined by the market, not because someone decided to cook the books and approve it at $10,000, Hamilton argues. A prominent member of the $XRP community under the nickname Crypto Eri held a similar opinion, stating that this was not a game she wanted to play with her assets.

Doesn't matter whether $XRP or BTC, you can't just decide "oh we are going to say it is worth $10k". The price is dictated by the market.

— Matt Hamilton (@HammerToe) March 26, 2023

Buyback of $XRP? Unlikely

Hamilton has previously challenged Vallee's claims, stating that neither a buyback of $XRP nor linking the token to gold directly is possible. The current CTO at Ripple, David Schwartz, who is one of the architects of $XRP Ledger, holds a similar view. Schwartz has explicitly called such offers a scam, saying that if someone promises high returns at low risk, they are probably going to rip you off.