{"id":6543,"date":"2018-06-17T00:00:00","date_gmt":"2018-06-17T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/06\/17\/ripples-ceo-asserts-bitcoin-is-controlled-by-china\/"},"modified":"2018-06-17T00:00:00","modified_gmt":"2018-06-17T00:00:00","slug":"ripples-ceo-asserts-bitcoin-is-controlled-by-china","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/ripples-ceo-asserts-bitcoin-is-controlled-by-china\/","title":{"rendered":"Ripple\u2019s CEO asserts Bitcoin is controlled by China"},"content":{"rendered":"

Bitcoin (BTC) is now the target of some bashing by Brad Garlinghouse<\/strong>, the CEO of the third largest cryptocurrency by market cap, Ripple<\/a> <\/strong>(XRP).<\/p>\n

Garlinghouse made several statements regarding Satoshi\u2019s coin and its supposed disruptive impact on the global economy, during the 2018 Stifel Sector Insight Conference<\/strong>. One of these asserted that the popular cryptocurrency was being controlled by China.<\/p>\n

\u201cI\u2019ll 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% of Bitcoin,\u201d <\/em>he said. \u201cHow do we know that China won\u2019t intervene? How many countries want to use a Chinese-controlled currency? It\u2019s just not going to happen.\u201d<\/em><\/p>\n

He also added that \u201cBitcoin is not the panacea we thought it would be\u201d<\/em>, implying that the pioneer of cryptocurrencies may not hold true to its original idea of becoming a global currency.<\/p>\n

\u201cA number of prominent people, even Steve Wozniak<\/a><\/strong>, has said that he sees a world where Bitcoin is the primary currency. I think that’s absurd. I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense,\u201d <\/em>said the businessman.<\/em><\/p>\n

Furthering his stance, he dismissed the idea that the blockchain technology is disruptive for banks, rather stating that it would play \u201can important role in the way our system works.\u201d<\/em><\/p>\n

What Brad Garlinghouse forgot to mention is that Ripple is a completely centralized currency,<\/strong> as if it were a fiat coin. In this way, it completely departs from the original idea of Shatosi Nakamoto, therefore the control of this currency falls exclusively on the management team of Ripple.<\/strong><\/span><\/p>\n

\"Anti-Bitcoin<\/p>\n

But what about Ripple\u2019s business model?<\/strong><\/h3>\n

Although he himself is a Bitcoin investor, he is not the CEO of Ripple for nothing. During the interview with an analyst of the aforementioned financial publication, he took the opportunity to highlight the benefits of the XRP in comparison to the BTC. \u201cBitcoin today takes 45 minutes to settle a transaction, whereas XRP could take 4 seconds to settle,<\/em>\u201d he said. \u201cBanks will use what is efficient and cheaper.\u00a0 And if you deliver a better product at a better price… they will use it.\u201d<\/em><\/p>\n

Naturally, all of his statements are to be understood as a way to sell the company\u2019s idea of using distributed ledger technology (DLT) to help financial entities to improve the efficiency of cross-border transactions. For example, a banking institution of Kuwait<\/a> recently announced the adoption of this cryptocurrency\u2019s blockchain<\/strong> for the aforementioned purpose.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) is now the target of some bashing by Brad Garlinghouse, the CEO of the third largest cryptocurrency by market cap, Ripple (XRP).<\/p>\n","protected":false},"author":3,"featured_media":6545,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,74,90],"tags":[4602,4805],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/6543"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=6543"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/6543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/6545"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=6543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=6543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=6543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}