RippleBank Conspiracy

With the advent of BlockChain Technology, the cryptocurrencies came into existence and today they're conquering the investment market. From Small traders to Large Investors, everyone is trying to get their hands on the 'growing like a star' cryptocurrencies. At the time of writing this, Cryptocurrency market capital stands strong at $143.5 Billion and still growing. The fact is, cryptocurrencies hold a lot of potential in coming future and will be applicable into real life applications, this gives a tremendous investing opportunities to many investors.

But this potentiality also gave rise to many scams and conspiracies related to Cryptocurrencies. A few weeks back, a latest conspiracy-cum-scam came into light by the name of RippleBank.

RippleBank is potentially a new but obsolete MLM technique to lure investors into the world of Cryptocurrency.

First let's get to know Ripple (XRP) first:

Ripple is a distributed open source payment network which enables people to freely transact outside the barrier of current financial systems that are exploited with high fees and charges like Credit cards, debit cards, Paypal and more like these. Basically, Ripple wants to create decentralization in field of transaction processing so that central control will be lifted and unnecessary transaction charges will be mitigated with high transaction speed.

Ripple has 4th highest market capitalization in field of cryptocurrencies and still holding $7.9 Billion market capitalization. This is a huge number and on the basis of this, it can be said that Ripple's concept in pretty huge and potentially profitable.

Now on the basis this 'Potentiality' of Ripple, some people are trying to conspire among the people of Crypto space in order to take benefit from them. That's why RippleBank has come into existence.

RippleBank's agenda is to target the Ripple Investors and providing them a project which is actually quite vague, but promise to offer profitability in the end.

Let's have a look on RippleBank's Project:

RippleBank created a website few weeks back and welcomed people for free registration. But it's not actually free. A user or investor needs to make an initial investment of 0.33 BTC in order to sign up for RippleBank account after giving them your email address, mobile number and some necessary details. This is the first indicator of something fishy about this project. I mean Come on, which website needs an initial payment of 0.33 BTC just for the registration and it isn't clear if we would receive our money back.

Next step is to make an initial donation of 1500XRP, pretty weird right. What's the matter with donation? Have your heard about donation when you signup for an investment project?

I am pretty sure that you haven't. Now, it's going to be weirder. Next the RippleBank project offers to give you 0.7% return per day on your investment IF you bring a minimum number of people into the project weekly or monthly basis. So basically, this is just another MLM (Multi Level Marketing) scheme run in the name of Ripple which are trying to scam people. Ripple bank offers to return your money along-with huge return in 20 months which is actually a pretty long time and I guess anyone can see that company won't exist till then.

Anyone and I mean ANYONE with a sound mind and little knowledge about cryptocurrency can see that RippleBank is just another ruse and nothing will come out of it whether in short term or long term. The projects which are based on MLM scheme generally have a short life. They can benefit people in short term until they get an enormous amount of investment from them and the next second they would fly with your money.

RippleBank has nothing to do with the Ripple project. It's only a tactic in the name of Ripple to lure investors and users. Although, there are many news among social channels that it is being run by people with high names and respect in crypto space but still nothing gets clear easily in the world of crypto currency.

I would suggest anyone who is going to invest in cryptocurrency must do it with proper diligence and research because a lot of conspiracies are flying into this highly volatile world and at every next step you'll be faced with a new scam.

Thanks for reading ...!!

Author : @cryptonet

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