[2018-06-13] China Controls Over 50% Of Bitcoin Claims Garlinghouse Ripple CEO

[bitzamp.com]

During an interview with Lee Simpson, Stifel Tech Analyst, Brad Garlinghouse Ripple CEO, revealed that over 50% of Bitcoin is owned by China”. He made this remarks at Stifel’s Cross Sector Insight Conference. He also claimed that “blockchain will not disrupt banks.” “it will play an important role in the way our system works. It’s a short-sighted view…”

Read More: https://news.bitzamp.com/china-controls-over-50-of-bitcoin-claims-brad-garlinghouse-ripple-ceo/

[1713871597]

1713871597

[gentlemand]

Chinese mining does indeed rule all however the users and developers are overwhelmingly not Chinese and I'm pretty sure they're absolutely aching for a reason to dispose of China. The Chinese know this and as every attempt to rock the boat so far has failed hopefully they've learnt their lesson.

If they haven't then everyone else will be delighted to teach them one. He's probably right about banking not being usurped. He still lords over a pile of worthless penis though.

[slaman29]

It's a silly claim, even if it may not be very far from the truth. But yeah, if they should ever try to assert their influence and control, the lessons from last year's forks should show them just how much success they will have, which is very little. Meanwhile no one needs to claim that Ripple controls over 50% of Ripple. If not more. This is pot calling the kettle black.

[gentlemand]

It's a silly claim, even if it may not be very far from the truth. But yeah, if they should ever try to assert their influence and control, the lessons from last year's forks should show them just how much success they will have, which is very little. Meanwhile no one needs to claim that Ripple controls over 50% of Ripple. If not more. This is pot calling the kettle black.

Mining should be a service industry and nothing but. If they do try to assert further power then they'll find that's exactly what they are when their contract is terminated by the users.

Ideally of course the users should be the miners but that's an idea that's forever toast. The next best option is for miners to defer to the will of the users.

[odolvlobo]

This article seems to be part of a campaign of FUD orchestrated by Ripple. Over the last week, there have been a flurry of negative articles quoting Ripple executives.

[richardsNY]

This article seems to be part of a campaign of FUD orchestrated by Ripple. Over the last week, there have been a flurry of negative articles quoting Ripple executives.

Nothing really new. First bcash, then ripple. In both cases we have characters thinking they are faketoshi. It only reminds me of how filthy this crypto market actually is if you take out Bitcoin. I expect one of the aforementioned camps to have something to do with a recent change in the main Wikipedia page of Bitcoin.

The first sentence stated: Bitcoin is a cryptocurrency widely believed by economists to be a speculative bubble.

It's corrected now, but this just shows how ill minded some characters in the crypto space are. It's purely meant to target the noobs, which is quite sad actually. The overall sentiment in the crypto space has never been this toxic, or at least in the years that I have been here.

[hatshepsut93]

This article seems to be part of a campaign of FUD orchestrated by Ripple. Over the last week, there have been a flurry of negative articles quoting Ripple executives.

It only reminds me of how filthy this crypto market actually is if you take out Bitcoin.

This whole market is just a swarm of copycats that want to grab tons of money from idiots who are stupid enough to believe that they are buying "the next big thing". They seriously think that the shitcoin they've just bought is going to show similar growth that Bitcoin had since it's launch, and they don't want to buy Bitcoin because they think that it's not going to go up anymore. They blindly ignore the fact that Bitcoin dictates the prices for the whole market and that alts only rally when Bitcoin rallies. But the worst part is that people don't bother learning cryptography/computer science/networking and believe everything that altcoin marketers tell them.

[odolvlobo]

This whole market is just a swarm of copycats that want to grab tons of money from idiots who are stupid enough to believe that they are buying "the next big thing".

To be fair, Ripple is not a copycat. It's earliest incarnation precedes Bitcoin.

[gentlemand]

To be fair, Ripple is not a copycat. It's earliest incarnation precedes Bitcoin.

Indeed. Which makes its ongoing absolute uselessness quite astonishing. A fully centralised operation fully focused on tickling business hasn't gained any actual usage in getting on for 15 years. Incredible.

And even more incomprehensibly, how the fuck did it end up in the crypto markets in the first place? It has nothing to do with any of them.

[darkangel11]

He just wants a piece of the pie. It's a great time for shitcoins like Ripple to gain value because some BTC investors got scared and are now sitting on a pile of fiat money. If by talking shit mr. CEO is going to bring some of that fiat to his cause it will be a huge success.
Unfortunately even his coin depends on BTC and if that money doesn't go back to BTC at some point ripple won't get pumped. Outflow of money from BTC means the same for the whole crypto market.

[Variogam]

Ripple CEO forgot to say any Ripple ever in existence was created by the Ripple company out of thin air. Yeah, thats 100% of Ripples.

[Lucius]

Maybe China miners have 50% control on total mining operation at this moment, but this number should go down since many of them have left or have plans to leave China. That would be very good news, a country that opposes BTC in all possible ways should not have any impact on something so important like mining.

When I read this article it is obvious that this looks like a paid advertisement for Ripple. Just check part about Austraila bank or comment about Steve Wozniak opinion - Garlinghouse point out how bank say it is good he chose name without "bit" and "coin" , so bank chose Ripple just because name - is this make any sense?

The only thing with which I can agree with Garlinghouse is his statement that cryptocurrency and blockchain are in early stages of development, but if 1 mile is take 10 years then 26 mile looks pretty far away.

[gentlemand]

Maybe China miners have 50% control on total mining operation at this moment, but this number should go down since many of them have left or have plans to leave China.

It doesn't really matter where they relocate to, they'll still be Chinese owned and operated. Obviously they'd be able to shrug off immediate Chinese edicts, but they'd still have many ties to China itself so could be influenced by their government.

[ruthbabe]

This article seems to be part of a campaign of FUD orchestrated by Ripple. Over the last week, there have been a flurry of negative articles quoting Ripple executives.

You're right. Maybe, they're manufacturing face news. And I don't believe the majority of what Garlinghouse have said it's 100 percent speculations as it's not supported by any document or proof. Like when he states, “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% of Bitcoin” he said referring to the enormous power controlled by mining pools like Antpool.

[stompix]

This is why we should ban garbage blogs like this bitzamp crap...

The real news and the real discussion was like this:
https://www.thestreet.com/investing/bitcoin/ripple-ceo-speaks-at-stifel-financial-conference-14619614

He continued by 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% of Bitcoin"

It's one thing to own and one other to control, he wasn't saying Chinese miners have 8.5 million coins, he was talking about the hashrate.

And second and this is far more important:

"I own bitcoin," said Garlinghouse. "Many people consider it as digital gold. I acknowledge, I'm long crypto. I'd advise folks to only invest in crypto only what you're willing to lose. It's early to tell how it is going to play out. I think it's a pretty good investing strategy."

Case closed!!!!

[TraderTimm]

This is rich coming from a guy that has main validation nodes -- about five or so -- called Ripple Server 1, 2, 3, 4, etc..

It is a centralized shitcoin that happens to have garnered legacy support -- but it doesn't mean they'll be dominant.

Its like the last gasp of the walled garden and control-freeak suits before crypto devours the world.

[hv_]

Classical finger pointing tactic. Won't help, sounds rather desparate.

[XFlowZion]

I disagree. If they had it  then they could easily kill bitcoin and the whole market when the China ban got implemented. I know that those Chinese have hoarded a lot of bitcoin but half of the supply is very unrealistic.

[Signaturan]

Chinese mining does indeed rule all however the users and developers are overwhelmingly not Chinese and I'm pretty sure they're absolutely aching for a reason to dispose of China. The Chinese know this and as every attempt to rock the boat so far has failed hopefully they've learnt their lesson.

If they haven't then everyone else will be delighted to teach them one. He's probably right about banking not being usurped. He still lords over a pile of worthless penis though.

I think the Chinese sold most of the coins because of the policy set by the Chinese government on 4 September last year.