Yassin Mobarak, a Ripple shareholder and Dizer Capital founder, expressed dissatisfaction with the XRP token's growth and development. Mobarak claimed that Ripple sold XRP investors a dream, warning of potential significant losses for long-term holders.
Key Points:
Incentive Structures Critique: Mobarak criticized Ripple's handling of incentive structures within the XRP Ledger (XRPL), particularly questioning the notion that "the best incentive is no incentive."
Alloy Networks Exit: The departure of Alloy Networks, a prominent validator and XRPL contributor, from the XRP Ledger ecosystem raised concerns about the network's health.
Programmable Transfer of Value: Mobarak accused Ripple of neglecting the concept of programmable transfer of value, emphasizing that this idea existed before Ethereum.
Escrow Account Criticism: He criticized Ripple's utilization of the XRP escrow account, stating that it lacks meaningful benefits for the network, accusing Ripple of "milking the escrow account."
Change in Perspective: Mobarak clarified that his intention is not to undermine XRP's core value but expressed a shift in perspective, stating he no longer buys into the Ripple narrative.
Concerns for Retail Holders: Expressing concern for retail XRP holders, Mobarak emphasized the importance of Ripple's success not coming at the expense of investors.
Responding to questions, Mobarak highlighted a change in his view of Ripple's narrative. As the case between Ripple and the U.S. Securities and Exchange Commission (SEC) continues, the outlook for XRP remains uncertain.
XRP was trading at $0.5096, reflecting a 4.3% drop in the last 24 hours.
