Hamilton Responds to “Bank Idea”

New developments continue to occur on the front of the blockchain company Ripple, whose case with the Securities and Exchange Commission (SEC) continues. Former Director of Developer Relations at Ripple, Matt Hamilton, commented on the Ripple bank concept as voiced by Jimmy Vallee, author of the Ripple (XRP) buyback proposal.

In a statement on his Twitter account, Matt Hamilton stated that the idea in question, besides being funny, also looks like a hoax.

“Hahahahaha. This is hilarious. So it is now a bank? In which he is going to cook the books to say that XRP is worth $10k? And now somehow use that to by gold? Despite everyone else thinking XRP is worth the market value? He is basically describing a scam.

In his statement, Matt Hamilton stated that the price of XRP is determined by the market, not because someone decided to increase the sale of his books and approved it at $ 10,000. However, Matt Hamilton has previously challenged Jimmy Vallee’s claims and stated that neither the buyback of XRP nor the token can be directly tied to gold. Finally, John Deaton, whom we know from Ripple’s lawsuit with the SEC, recently offered to establish a partnership to reduce Ripple’s money transfer fees.

“Doesn’t matter whether XRP or BTC, you can’t just decide “oh we are going to say it is worth $10k”. The price is dictated by the market.”