Is XRP Decentralized? One Crypto Founder Calls the Claim Fraud

Justin Bons, founder of Cyber Capital, calls selling XRP to retail investors decentralized outright fraud. His criticism arrives as Evernorth prepares its Nasdaq debut.

The clash pits Bons against David Schwartz, and it tests how decentralized the XRP Ledger really is.

What Makes a Blockchain Truly Decentralized?

Decentralization means no single party controls participation, governance, or transaction rules. The XRP debate centers on whether validator lists give a small group real control.

Bons criticized the decision, arguing that undisclosed software changes create unnecessary security concerns for network participants and investors. The amendment could activate on October 9 if validators give enough support under the network's voting requirements.

The core criticism targets consensus. Justin Bons says XRP operates as Proof of Authority. In that model, power rests in permissioned validator lists published by Ripple and the XRP Ledger Foundation. He calls the people who control those lists kingmakers.

"That is the consequence of putting our faith in a centralized system. Eventually, that power will be abused, with dire consequences. As power corrupts & absolute power corrupts absolutely," Bons noted.