A satirical petition started by an XRP skeptic to point out a major flaw in Ripple’s viability as an investment has gained traction across the crypto ecosystem, to the point where even genuine supporters of the project are signing up. The petition, started by noted XRP-basher Crypto_Bitlord, laments the fact that the value of the token keeps going down despite it being “a solid coin with major potential”, which he puts down to whales continually dumping their tokens, stating that gaining 10,000 signatures will “help support the cause and stop the price decline”, although he mysteriously fails to say how. Nevertheless, this has been enough for hundreds of people to get behind the cause, much to the delight of non-XRP fans.
🚨 Nearly 1000 signatures!🚨
“Stop ripple dumping $XRP “
If you haven’t joined the cause, do so now ✅
You can help stop the selling and together, we can pump this shitcoin to the stratosphere 🚀🚀🚀https://t.co/sXqPcUDfBd
— CRYPTO BITLORD (@Crypto_Bitlord) August 8, 2019
Whales Dumping Tokens
XRP’s centralized nature has long been a bone of contention for crypto enthusiasts, with some listing it as a major reason why they don’t like the project and others either not caring or not knowing about it. 100 billion tokens were minted when the project launched in 2013, 80% of which were given to the company, Ripple Labs. These tokens have been routinely been dumped on the market (Ripple Labs made $533 million profit from selling original XRP tokens in 2018), with the company authorized to sell up to one billion each month, although it rarely does. Crypot_BitLord’s faux petition rails again Ripple’s continues dumping of “billions of XRP on us, crashing the price!”, a message that resonated with the presumably beleaguered and famously fractious XRP Army.
Good, it’s about time the community stood up and stopped this nonsense. Ripple has owned far too much for far too long and there’s no doubt that their dumping is slowing growth in XRP’s value.
— jaynemesis (@jaynemesis) August 5, 2019
— God (@cryptoguru075) August 7, 2019
Time for a Reality Check
The petition even made it to some crypto news outlets, with little indication of their understanding of the real meaning behind the stunt. The unfortunate thing about the petition, which has close to 1,000 signatures, is that those who can’t see that it is simply a playful reminder that their coin is being heavily manipulated and will continue to be for some time are the ones who most need the wake up call. Many are so heavily entrenched (or indebted) that they can’t, or won’t, see the risks associated with the token metrics, blinded instead by promises of revolutionizing the banking world while the token price sinks lower. When you can’t tell that you’re being satirized, it’s a good time to question whether you might be too deep into something.