Skip to main content

Ripple CEO Claims Bitcoin Is Under Control of Small Group of Miners From China



Ripple’s CEO Brad Garlinghouse said that “Bitcoin is really controlled by China,” speaking at the 2018 Stifel Cross Sector Insight Conference in Boston, financial news outlet TheStreet.com reported June 12.
In a recent interview with Stifel Tech Analyst Lee Simpson, Garlinghouse delved into a number of topics related to blockchain technology and the crypto world, and claimed that BTC is under the control of China, saying:
“I’ll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50 percent of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”
Garlinghouse also shared his opinion about BTC’s and XRP’s underlying technology, blockchain, arguing that it “will not disrupt banks,” though “it will play an important role in the way our system works,” however “it’s a short-sighted view.”
Speaking about Ripple’s XRP, he described it as "the best digital asset for settlement." Garlinghouse said that "Bitcoin today takes 45 minutes to settle a transaction,"  whereas XRP takes four seconds to settle, he claimed.
In February, trading platform BitMex released a report on Ripple and the XRP token, discovering that the structure of Ripple’s consensus protocol suggests a more centralized structure to their currency.
According to the report, BitMex’s research team conducted an internal test with Ripple’s technology. The team installed and ran a copy of Rippled, the node operated by downloading five public keys from the Ripple’s server, all of which were assigned to Ripple.com. Four of the five keys were reportedly required to support a proposal in order for it to be accepted. “Since the keys were all downloaded from the Ripple.com server,” the report says, “Ripple is essentially in complete control of moving the ledger forward, so one could say that the system is centralized.”
A new study by University of Texas’ staff released today, suggests that half of the BTC pricesurge in December last year was explicitly due to Tether and issuer Bitfinex. The paper describes transaction patterns, which show that Tether was “used to provide price support and manipulate cryptocurrency prices.” It is stated that purchases with Tether were “timed following market downturns and result in sizable increases in Bitcoin prices.”
cointelegraph

Comments

Post a Comment

Popular posts from this blog

Petro – The First National Cryptocurrency

World governments are slowly realizing that cryptocurrencies have come to stay. They are being discussed in   G20 meetings , the United States has been taking every necessary measure in order to regulate and tax cryptocurrencies and, late last year, we even saw the   first regulated ICO   in Canada. It seems progression is being made towards adoption and there are already plans to create the first ever national cryptocurrency. Dubai, the largest and most wealthy city in the United Arab Emirates (UAE), has   plans for issuing emCash , a cryptocurrency that would have become the first ever to be backed by a state or government. However, it seems they were beaten by the punch… El Petro Venezuela will become the first country to have its own national cryptocurrency, the Petro (PTR). The project is backed the president Nicolas Maduro and, according to the   whitepaper , the original idea came from the previous president, Hugo Chavez. He wanted a “strong cur...
Post a Comment
Read more

XRP THE GLOBAL STANDARD

For an evolving industry, especially one which constantly undergoes changes and improvement literally on a daily basis; it is pretty hard to keep up and maintain one's confidence in his/her decision. The media bais ( born out of sheer ignorance and lack of in-depth research) is another obstacle that individual investors and players in the field faces constantly aside the fraudulent activities associated with this space. Although it is true that most of the so-call digital assets and cryptocurrencies are nothing but mere scam as witnessed in past years, majority of the project are doomed to fail by the end of the this decade. How ever, it is only fair to state that those which will survive this time dimensional journey will eventually change the course of the human race especially in the area of finance and internet of things.  While it is known that the world financial system is not a fair play ground, it is not difficult to see the effects of these unfairness in the space.Kindl...
Post a Comment
Read more