Finance expert Rajat Soni (CFA) has recently targeted XRP and presented a satirical “how-to” guide on getting rich using XRP.
Soni shared his views in a tweet that has sparked both amusement and outrage within the crypto community. His post highlights the tactics often used to manipulate markets and exploit inexperienced investors, with XRP as a reference point.
“How-to” Get Rich with XRP
According to Soni, the process of getting rich with XRP involves “creating a coin out of thin air” and building an independent firm to “take ownership” of the entire supply.
Notably, Soni is satirically referencing Ripple, the payment company closely associated with XRP, as the company controls approximately half of the cryptocurrency’s supply.
Soni’s hypothetical get-rich-quick scheme with XRP also involves aggressively marketing the created tokens and selling them to investors eager to get rich fast.
According to him, the key to success is creating a narrative that positions XRP as the next big thing while simultaneously encouraging supporters to attack detractors.
“Tell them XRP is going to $100K per coin and that Bitcoin uses 75,000 gallons of oil per transaction,” Soni quips. He seeks to suggest that the belief in XRP’s prospect is based more on manipulation than on real-world fundamentals
Through his satire, Soni aligns XRP with fraudulent projects and illustrates how some initiatives could hypothetically amass vast wealth at the expense of others.
“This is guaranteed to make you a billionaire because most people are clueless and will fall for whatever lies you tell them,” Soni remarked.
Soni’s Concerns with XRP
Soni’s ongoing critique touches on what he and other Bitcoin maximalists see as XRP’s major flaws: “centralization and control by a single entity.”
In recent days, Soni has launched an intense criticism campaign against XRP, calling the project a scam. Among his most recent remarks, Soni labeled XRP fraudulent and claimed that banks would never adopt it.
His primary argument is that XRP is not truly decentralized. He often cites that Ripple controls about 50% of its supply, which he argues exposes XRP to price manipulation.
In contrast, Soni has praised Bitcoin for its decentralization and broader adoption, asserting that Bitcoin’s future is more secure compared to XRP.
XRP Army’s Reactions
However, XRP supporters have become somewhat desensitized to Soni’s negative views. There has been a noticeable decline in efforts to directly counter his critiques, as many community members seem increasingly indifferent to his narrative.
In previous instances, critics like attorney Bill Morgan have called Soni’s posts the “most ill-informed thread ever” about XRP.
Crypto author Panos Mekras also criticized Soni for lacking basic research despite his finance background. Moreover, Mekras shared a 2018 thread to help educate him about XRP.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
