That's right.

And you can't mine Ripple either. This token is in the hands of its creator and not of its users. It's not scarce and they can create as many as they want. It is the epitome of centralised money creation and massive source for potential corruption. It empowers banks, while bitcoin and other (non-pre-mined) blockchain cryptos empower people.

The saddest thing is that many people new to digital currency, without understanding the differences between blockchain currencies and Ripple, will fall for this scam.

So thanks for bringing this up. It is our duty to educate the public.