Yesterday, Financial Times published an article against Ripple
Here is a part of the report
“Some banks shy away from cryptocurrencies such as XRP for fear of being “the first casualty”, Mr Ramamurthi adds. Hank Uberoi, executive chairman of cross-border payments specialist Earthport, works with Ripple to jointly offer their services to financial institutions. “Banks are hesitant to use XRP because they are unsure of the regulatory aspects of it. If money is in transition and the price of XRP collapses in that time, what happens then?” he says. Ripple’s other problem, Mr Uberoi adds, was signing up enough banks to have the scale to seriously challenge Swift. “It is only of value if everyone is connected to the network — like a fax machine, if others don’t have one, then it is not much use,” he says. Ripple says: “Enabling the internet of Value is not something we can do alone and it’s not something that happens overnight.” Cryptocurrencies – investing or gambling? Play video A former staffer, who left last year, says Ripple was sometimes hasty to announce that banks were using its technology even if they were testing several blockchain solutions. The former employee describes this as a “survival tactic”. A “vibrant and growing ecosystem of people and businesses . . . are interested in XRP”, says Ripple. It says Mexican bank Cuallix uses XRP. The anxiety of bankers that Ripple might cash in its XRP hoard recently prompted it to lock up 55bn XRP and promise to regulate supply by releasing no more than 1bn XRP every month. Regardless of whether banks use it, Ripple has benefited handsomely from XRP’s rise. Ripple sells XRP to institutions and through exchanges — $52.2m worth in last year’s third quarter, up 67 per cent from $31.3m the previous quarter. It advertises discounts for market makers who adopt early, to increase the pool of institutional buyers and sellers”
The report continues trying to show that Banks are not using Ripple, after asking 50 random banks (there are tens of thousand of banks but please don’t tell FT reporters).
But when the article has been shared on Ripple community, users started to tweet FT reporters. Few hours ago, an important partner of Ripple, EarthPort, and its executive chairman wrote the following tweet
To be clear @Ripple and @Earthport working together to deliver real solutions – TODAY not in the future. RippleNet and Earthport Hub connected and can deliver payments to any bank account in 67 countries https://t.co/0LOnsMuQcN
— hank uberoi (@huberoi) 19 gennaio 2018
Any reporter pointing out a price decline of a crypto apart from the larger market is disingenuous at best & incompetent at worst. “But none of the banks who spoke to the FT had used XRP.” Did you actually contact the ones Brad told you to this time?#badjournalism
— Hodor (@Hodor7777) 18 gennaio 2018
At the moment many users linked to Ripple started conversation with FT journalists on Twitter, but reporters refused to reply to Ripple community. They don’t want to discuss with Ripple experts or they don’t know enough about cryptocurrencies?
