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Author Topic: China's Bitcoin Dominance Is Worrying Trump's White House, Pushing It To Ripple  (Read 118 times)
Hydrogen
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October 18, 2018, 01:19:42 PM
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China is, by some distance, the undisputed world leader in bitcoin mining — with Chinese mining pools controlling more than 70% of the bitcoin network's collective hash rate, the measuring unit of the processing power of the bitcoin network.

Many in the bitcoin and cryptocurrency industry have expressed concern about how much control this gives China over bitcoin, with the Beijing-based Bitmain Technologies mining more than half the world’s bitcoins.

Now it appears U.S. president Donald Trump's White House is also worrying about China's bitcoin dominance, with a Ripple Labs executive suggesting the U.S. administration is interested in ripple (XRP) adoption to offset China's bitcoin strength.

"The White House in particular seems to be thinking about what it means to have 80% of bitcoin mining taking place in China and a majority of ether mining taking place in China," Ripple Lab's chief strategist, Cory Johnson, said in a wide-ranging interview with crypto-focused magazine Breaker. 

"When you look at XRP, there is no mining, so from a foreign-control aspect or from an environmental aspect, XRP is a very different beast. And in conversations we’ve had with the administration, they seem to get that and think that might matter."

China manufactures most of the world’s bitcoin and cryptocurrency mining equipment and its massive mining farms are supported by the country's cheap electricity prices.

Meanwhile, Ripple Labs controls 60% of the ripple supply, leading to critics of the company and the digital token suggesting it is not decentralized like many other cryptocurrencies.

September was a good month for Ripple Labs and the digital token it created XRP (which is often referred to as ripple).

Ripple's Swell event in San Francisco saw former U.S. president Bill Clinton talk up the possibilities of blockchain and cryptocurrencies and Ripple revealed it had signed up three financial services companies to its new XRP-focused product -- news of which had sent the ripple price up by over 100% earlier in the month.

The three companies – payment providers MercuryFX and Cuallix as well as cooperative financial firm Catalyst Corporate Credit Union – were announced as the first to sign up to xRapid by Ripple Labs CEO Brad Garlinghouse.

Earlier this year, global banking giant Santander launched a blockchain-based application for cross-border foreign exchange built by Ripple Labs — designed to speed up and cut the costs of sending money across borders.

Many are excited by ripple's practical use case, which has seen it work with many of the world's biggest banks and financial service companies to bring cryptocurrency's speed and efficiency to the rather clunky legacy financial systems.

"When I started to meet with people in government and regulators, I had very low expectations," Johnson added. "I have been truly amazed at the open-mindedness, number one. And number two, the smart questions, sometimes even tough questions. There’s clearly a lot of homework going on."

https://www.forbes.com/sites/billybambrough/2018/10/16/chinas-bitcoin-dominance-is-worrying-trumps-white-house-and-pushing-it-toward-ripple/

....

Does anyone think ripple could eventually become the american supported crypto currency?

I can't say I know much about XRP. Reading this forum, I have read many negative comments on XRP. The estimation of the technology and currency based on forum opinion would appear to range towards disapproval, rather than the opposite.

If the USA were looking to endorse a crypto currency are there better options than Ripple? What alt do you forsee as representing the ideal cryptocurrency for this role?

It is interesting that there appears to be some research and discussion on this occurring @ high levels. I wonder if we might see improvements in economic, financial and foreign policy as a result.

The block chain is the main innovation of Bitcoin. It is the first distributed timestamping system.
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October 18, 2018, 01:35:05 PM
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The source of the information is someone who is highly associated with ripple, for that reason I'd doubt pretty much all of it and put it down to shilling and trying to create FOMO. From an economic point of view it's hard to see Trump or anyone of significance in the white house administration being fearful of the mining within China, the only thing they're really missing out on is profit. It only becomes a fear if they're concerned about future bitcoin adoption but I'm very doubtful of that.

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October 18, 2018, 03:13:17 PM
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Does anyone think ripple could eventually become the american supported crypto currency?

Sure. What's more to love for a government than a centralized currency? But once it comes to that it would likely be less attractive to the rest of the world. What's the point of using a government controlled cryptocurrency? Might as well stick to fiat.

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October 18, 2018, 04:05:42 PM
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I don't think white house is anyway worried about China's dominance on bitcoin so I would not talk about that part. However, let me answer the below,

Quote
If the USA were looking to endorse a crypto currency are there better options than Ripple? What alt do you forsee as representing the ideal cryptocurrency for this role?

Ripple is a centralized currency system which doesn't meet the first requirement of being a cryptocurrency. We all know governments love centralization or anything centralized. So I see EOS is the only competition to ripple to become America's national crypto (I don't think it will ever happen though).

I believe the entire crypto eco system should be endorsed instead of endorsing a single cryptocurrency for greater good to the mainstream economy as well as to the crypto economy.

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October 19, 2018, 03:43:40 PM
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Does anyone think ripple could eventually become the american supported crypto currency?

I hope not but, two things are infinite: the universe and human stupidity


If the USA were looking to endorse a crypto currency are there better options than Ripple? What alt do you forsee as representing the ideal cryptocurrency for this role?

If they really want to endorse one they can simply create their own, after all, I think we currently have 3 "stable" currencies issued by American companies so it wouldn't be such a big deal to create another one government backed.


The source of the information is someone who is highly associated with ripple, for that reason I'd doubt pretty much all of it and put it down to shilling and trying to create FOMO.

What is actually bothering me is the way they put it:

Quote
China manufactures most of the world’s bitcoin and cryptocurrency mining equipment and its massive mining farms are supported by the country's cheap electricity prices.

It's not China manufacturing them its bitmain and inno, it's not China mining but Chinese companies, just how Germany is not making Mercedes cars but the actual company Daimler AG. It's really annoying to always hear this crap, bitmain might shift production to India and get bought via their IPO by the Saudi family, what would the world call them? Chinese, Indians, Saudi?





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October 19, 2018, 07:50:50 PM
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The source of the information is someone who is highly associated with ripple, for that reason I'd doubt pretty much all of it and put it down to shilling and trying to create FOMO.

Thanks, was about to point that out. I wouldn't make any assumptions about the Trump administration, and I find the statements from Ripple to be extremely dubious. Really vague and weak statements too, like "the White House seems to be thinking about..." and "they seem to think that might matter."

Total bullshit from a corporate strategy/communications guy at Ripple.

I can't believe people are still grumbling about Chinese pools. What is this, 2016? The pools don't control the rigs! Roll Eyes

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October 19, 2018, 09:41:19 PM
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The source of the information is someone who is highly associated with ripple, for that reason I'd doubt pretty much all of it and put it down to shilling and trying to create FOMO.

Thanks, was about to point that out. I wouldn't make any assumptions about the Trump administration, and I find the statements from Ripple to be extremely dubious. Really vague and weak statements too, like "the White House seems to be thinking about..." and "they seem to think that might matter."

Total bullshit from a corporate strategy/communications guy at Ripple.

I can't believe people are still grumbling about Chinese pools. What is this, 2016? The pools don't control the rigs! Roll Eyes

It's simply good business practice on their end, they know they can't compete with bitcoin in certain areas so look to gain an advantage in others. In terms of overall adoption ripple is probably the leading cryptocurrency but that is in tech not in crypto use. There is really little use in terms of XRP itself and I don't see any real reason for any government to back it, least not one with one of the strongest currencies in the world.

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October 21, 2018, 05:44:17 PM
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Ripple being a centralized currency fails to be a proper cryptocurrency. In other regards, situation mandates ripple to be the endorsed cryptocurrency in USA.
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October 21, 2018, 05:45:14 PM
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If ripple is controlled by US government it will loose its decentralization feature and investors from the rest of the world will loose interest. Not a single cryptocurrency but the whole cryptocurrency eco-system should be adapted to make a change.
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October 26, 2018, 03:37:13 PM
 #10

little like America will mine bitcoin on its territory, I think it will try to buy power from China
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