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Rippleâs CEO Brad Garlinghouse claims that âBitcoin is really controlled by Chinaâ through âfour miners that control over 50%â of the leading cryptocurrency.
Rippleâs CEO Brad Garlinghouse said that âBitcoin is really controlled by China,â 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:
âIâll 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 wonât intervene? How many countries want to use a Chinese-controlled currency? Itâs just not going to happen.â
Garlinghouse also shared his opinion about BTCâs and XRPâs underlying technology, blockchain, arguing that it âwill not disrupt banks,â though âit will play an important role in the way our system works,â however âitâs a short-sighted view.â
Speaking about Rippleâs XRP, he described it as "the best digital asset for settlement." Garlinghouse said that "Bitcoin today takes 45 minutes to settle a transaction," Â 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 Rippleâs consensus protocol suggests a more centralized structure to their currency.
According to the report, BitMexâs research team conducted an internal test with Rippleâs technology. The team installed and ran a copy of Rippled, the node operated by downloading five public keys from the Rippleâs 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. âSince the keys were all downloaded from the Ripple.com server,â the report says, âRipple is essentially in complete control of moving the ledger forward, so one could say that the system is centralized.â
A new study by University of Texasâ staff released today, suggests that half of the BTC price surge in December last year was explicitly due to Tether and issuer Bitfinex. The paper describes transaction patterns, which show that Tether was âused to provide price support and manipulate cryptocurrency prices.â It is stated that purchases with Tether were âtimed following market downturns and result in sizable increases in Bitcoin prices.â
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