Ripple CEO Claims Bitcoin Is Under Control Of Small Group Of Miners

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

Ripple’s CEO Brad Garlinghouse stated that “Bitcoin is truly managed by China,” speaking at the 2018 Stifel Cross Sector Insight Conference in Boston, financial news outlet blockchain technology and the crypto world, and declared that BTC is under the control of China, saying:

“I’ll inform you another story that is underreported, however worth focusing on. Bitcoin is really managed by China. There are four miners in China that control over 50 percent of Bitcoin. How do we understand that China won’t step in? The number of countries desire to use a Chinese-controlled currency? It’s just not going to take place.”

Garlinghouse also shared his viewpoint about BTC’s and XRP’s underlying technology, blockchain, arguing that it “will not disrupt,” though “it will play an important function in the method our system works,” however “it’s a short-sighted view.”

Speaking about Ripple’s XRP, he described it as “the very 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 launched a report on Ripple and the XRP token, discovering that the structure of Ripple’s consensus procedure recommends a more central structure to their currency.According to the report, BitMex’s research study group carried out an internal test with Ripple’s innovation. The team installed and ran a copy of Rippled, the node run by downloading 5 public keys from the Ripple’s server, all which were assigned to Four of the five keys were reportedly needed to support a proposition in order for it to be accepted.”Because the keys were all downloaded from the 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 brand-new research study by University of Texas’personnel launched today, recommends that half of the BTC cost rise in December last year was clearly due to Tether and company Bitfinex. The paper describes transaction patterns, which show that Tether was “used to supply price support and manipulate cryptocurrency costs.”It is stated that purchases with Tether were “timed following market downturns and result in sizabl … Read complete story on Cointelegraph Tags: Bitcoin, United States Home Committee on the Judiciary, Boston, Lee Simpson, Corporate title, Miner