Matt Hamilton, a former Ripple Director of Developer Relations, weighed in on the XRP bank concept advanced by Jimmy Vallee, the author of the XRP buyback proposal. Vallee proposed establishing a bank where investors could deposit their XRP and then use it to buy gold. He envisioned the organization becoming one of the wealthiest if all XRP holders agreed on a $10,000 price for one token and all were deposited in a bank.
According to the former Ripple director, the idea is not only amusing but also appears to be a scam. According to Hamilton, the price of XRP is determined by the market, not by someone who decides to cook the books and approve it at $10,000. Crypto Eri, a prominent member of the XRP community, expressed the same sentiment, stating that this was not a game she wanted to play with her assets.
Buyback of XRP? Unlikely
Hamilton has previously denied Vallee’s claims, claiming that neither an XRP buyback nor a direct link to gold is possible. David Schwartz, the current CTO of Ripple and one of the architects of the XRP Ledger, holds a similar viewpoint. Schwartz has explicitly called such offers a scam, claiming that if someone promises high returns at low risk, they will most likely defraud you.