Former Ripple Director of Developer Relations Matt Hamilton weighed in on the XRP financial institution concept proposed by Jimmy Vallee, the author of the XRP buyback plan. The backstory is that Vallee advocated establishing a bank where traders could deposit their XRP and then purchase gold against them. According to his vision, if all XRP holders agreed that the worth of one token was $10,000 and all were deposited in a financial institution, the group would become one of the wealthiest.
Along with being humorous, the idea appears to be a rip-off, according to Ripple’s prior director. According to Hamilton, the market determines the value of XRP, not someone who decides to balance the books and approve it at $10,000. A prominent member of the XRP community known as Crypto Eri had the same sentiment, adding that this was not a game she needed to play with her money.
Repurchase of XRP? Unlikely
Hamilton has already disputed Vallee’s statements, claiming that neither a buyback of XRP nor a direct link to gold is realistic. The current CTO of Ripple, David Schwartz, is likely one of the architects of the XRP Ledger. Schwartz has called such offers a rip-off, stating that if someone promises high returns at low risk, they will most likely take you off.