The article on absurd "hostile takeover of a top 10 cryptocurrency" from a project called Valor appeared on the axios.com website.
The author, Dan Primack, who was publicly recalled by Ripple CEO and CTO for his screenplay, lights up how a certain project run by the unknown entrepreneur Vishal Harpalani, who is called Valor, has a devastating threatening plan XRP register by massively cutting the XRP token only for fork and creating a new Valor register in its place.
Ripple's CEO, Brad Garlinghouse, reprimanded the author with a request for more professionalism and benevolence in the media that cover the cryptography sector:
David Schwartz, the brain behind the ledger of the XRP has mocked the idea by underlining that such a thing is not technically possible:
The whole idea is amateur and, as Schwartz pointed out, very funny.
Read: How to buy XRP
Background: Valor was originally launched at the end of 2017 by Vishal Harpalani, who had previously worked for three years with the first investor of Ripple Flight Ventures (led by Gil Penchina).
- Harpalani's original plan was to raise $ 160 million through an initial money supply for a new cryptocurrency that would become a widely distributed source of value stored in developing countries.
- He would also collaborate with mobile portfolios and mobile operators who do business with underbanked, thus helping Valor obtain network effects (and lower conversion costs from fiat currencies).
- But the plan was not a success with investors. Harpalani maintained Valor's basic goals, but decided that the best means would be to effectively perform a hostile takeover of XRP.
How would it work:
- Valor wants to increase "tens of millions" of dollars to shorten the XRP, thus lowering the price. This would be done through a debt instrument, not an ICO.
- It would then create a "fork" or clone of the XRP network in which XRP holders (except Ripple) wanted to receive a Valor token for each XRP token.
- The value would redistribute extra Valor to its community and incentivize the owners to exchange even more their now depreciated XRP. Basically, forcing a capital flight.
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