XRP Users Threatening to ‘Takeover’ if Ripple Execs Continue Dumping
By Luke Flowers – Cryptocurrency Speculator
Angered at the thought of Ripple continuing to sell XRP to its clients, token holders are conjuring up various other means to retaliate.
Twitter user @CryptoBitlord, in a tweet dated August 26, made a remark to his 102,000 followers in his an attempt for a community effort, saying:
“I’m thinking about forking $XRP so we don’t have to deal with the founders dumping. — This will be a community effort.”
Many users believe Ripple sell XRP every month for incentives and to fund their operation which has caused an uproar over time.
The aforementioned Twitter user’s anger has been spilling out in the last three weeks. During that time, he started a change.org petition entitled “Stop Ripple dumping,” which has since received over 2,500 signatures at the time of writing.
Earlier in the day, Crypto Bitlord tweeted the following to Ripple’s CTO and CEO:
“Brad Garlinghouse, Joel Katz, you now have 60 days to stop dumping XRP or we will stage a community takeover. If it’s a decentralized network like you say, we have the power to do it.”
The amount of XRP held by an individual will constitute into voting power on the network. Any user looking to buy XRP will gain voting rights. However, the vast majority of XRP is held in escrow and by the founders.
It was previously reported that Ripple’s quarterly reports showed an increasing number of XRP tokens. The company is selling these to fund its investments in various firms that seemingly have the potential to grow the XRP ecosystem and also fund its operations. It’s a double edge sword as the ecosystem will develop and innovate at the detriment that coins will be sold to the market suppressing the price.
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