Chris Larsen, Chair Of Ripple, Argues China Can Reverse Bitcoin Transactions

[bbc.reporter]

Funny news of the day. Hehehe I hope he is not thinking of what I think he is thinking on what his solution or alternative to bitcoin might be.


Chris Larsen, chairman of Ripple

Larsen cities an article on how China has more than 65% of the global bitcoin hashrate, although the University of Cambridge Centre for Alternative Finance (CCAF) that conducted the report explained the overall hashrate in the study “may not be fully representative”. The CCAF commented their study “...represents only a little more than a third of the total hashrate” and all the data is provided by three Bitcoin mining pools that are all headquartered in China. The CCAF hopes to provide a more in-depth report in the future that can “...add data from major mining regions such as Siberia in Russia, Washington and New York States in the US, Québec and Alberta in Canada in upcoming reports”.

Still, Larsen argues in his opinion piece to policymakers the dangers that exist were China to take over the Bitcoin protocol. “It's not hard to imagine a dystopian future. A U.S. defense payment to an ally could be blocked or reversed”, says Larsen.

Source https://www.forbes.com/sites/jasonbrett/2020/08/23/chris-larsen-executive-chair-of-ripple-argues-china-can-reverse-bitcoin-transactions/

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[hatshepsut93]

A mining pool is just a server, if it's located in China doesn't mean that all the miners that work for it are located in China too.

Reversing transactions is very expensive, so the most realistic scenario is only reversing like 3-10 latest blocks. So, in this hypothetical scenario when the US sends monetary aid to an all, it would be hard to actually cause some harm, because a lot of time can pass between the moment this transaction is confirmed and the moment the funds are used to buy something. For transactions equivalent of hundreds of millions of dollars, parties would be waiting for hundreds or a few thousands of confirmations before treating them as final. No one will ever reverse that. This is the beauty of PoW, even if miners are malicious, the costs of attacking are still there.

Now, let's ask a question, how likely is that the XRP network is centralized and its nodes can act as one entity to reverse transactions?

[mk4]

Well, they probably "can" theoretically, but some better question are: at what cost? and how likely? The earth "can" also be hit by a huge-ass meteor tomorrow and Elon Musk "can" also run for presidency tomorrow, but it doesn't necessarily mean it's going to happen.

[Darker45]

A mining pool is just a server, if it's located in China doesn't mean that all the miners that work for it are located in China too.

And Bitcoin miners could easily switch mining pools, too.

Secondly, it does not automatically mean that since a mining pool is located in China it is going to be just a puppet of China. While China is indeed autocratic, I doubt mining pools would just hand everything to the government on a silver plate immediately upon request.

It is even very wrong to say "Chinese mining pools" when in fact they're just companies based in China primarily due to cheaper electricity rates.

[achach]

This sounds very strange and improbable. In some ways, this is more politics than crypto news. I think China will certainly continue to struggle in the crypto market, but not in this form.

[pooya87]

all of this imagine this and imagine that, we don't have to imagine anything for ripple since it is already 100% centralized and they have also already reversed transactions. the rest of the nonsense regarding bitcoin mining and hashrate being "centralized in China" is an old FUD that has been spread for years starting from 2013 (maybe more). there is just no point in repeating the same responds over and over!

[davis196]

Damn,Ripple even has a chairman.Do they have a CEO and shareholders?Are they a corporation?
That's how much Ripple is centralized.
The Ripple "chairman" plays the good old "BTC miners in China can control Bitcoin" card.
Bitcoin exists for 10 years.Is there any evidence that Chinese miners are controlling Bitcoin-manipulating the price and reversing transactions?I don't know about such evidence.
This guy is making himself into a clown just for the sake of shitting over Bitcoin.

[Charles-Tim]

I will not be surprised if Chris Larsen, the Chair Of Ripple can say bitcoin transaction can be reversed by China, why should this be surprised us when

1. Chris Larsen is even not a decentralized blockchain developer
2. Ripple is so centralized
3. Ripple is not even designed to be a true cryptocurrency by standard
4. It has no mining or miners but centralized and hidden

So, how can someone that developed ripple know anything about bitcoin which is better and also surpass Ripple. He knows nothing about bitcoin and he is absolutely wrong in all ways. Maybe he is even trying to make people divert from bitcoin to using ripple.

Did we all know also that ripple is a scam
Ripple is a form of legit scam, many newbies do not know about ripple reserve, when we send ripple to a new noncustodial wallet the first time, he will hold 20 Ripple in reserve which is not sendable forever. For example, if you send 100 Ripple to such wallet, you will be able to make use of 80 Ripple, but this only happened in the first payment. The remaining 20 Ripple will be in the reserve forever. Did we know how many millions of dollars this people are holding this way. And the fund claimed to be in reserve could have been transferred to the Ripple central authority as the ripple ledger is not decentalized but hidden to public.

[cryptomaniac_xxx]

Pretty obvious that Chris Larsen would like to silently send a message that bitcoin is going to break in the future and that Ripple could be the best coin out there. hehehe. Thanks but no thanks though, this kind of narrative should not be entertain as each mining pool are not going to break the protocol, and you also have to consider the cost of doing such reversal, so it doesn't make sense to have a thinking like that unless you have some intentions behind to say this specially if you are a chair of Ripple.

[stompix]

Just how a BMW factory in Munchen is owned by BMW and not by the German government the same stands for the mining gear in China.
Second, mining pools situated in China having 60% of the hash rate doesn't mean that 60% of the gear is physically located there.
Nobody, no matter how the studies are done and how much of a bright analyst the moron trying to do so considers himself, will ever be able to find out precisely where that gear is located.

But far more important, the US could shut down ripple in an instant, just arrest this moron who let his mouth talk without getting permission from his brain and xrp is dead. Far easier to do, right? And far more productive!

[bitsurfer2014]

But far more important, the US could shut down ripple in an instant, just arrest this moron who let his mouth talk without getting permission from his brain and xrp is dead. Far easier to do, right? And far more productive!

Ripple's somewhat stagnant price over the past few months only indicate that investors are somewhat cautious to hold bags of XRP's and its like there could be no more room for its growth aside from having low transaction cost.

I think the crypto community had already awakened over Ripple's ability to move forward and this press release clearly shows that its proponents are trying to discredit other projects like BTC instead of focusing on developing more on their product. Its a red flag I must say. Imho.

[boredomking55]

https://i.imgur.com/iasFwaw.jpg

[dothebeats]

And, let me guess, he thinks that a centralized cryptocurrency, namely Ripple, would be able to combat this non-problem?

China having >60% of the current hash rate of the world does not necessarily mean that they want to alter any transactions that they want. The blockchain being transparent helps in getting things known to the world before it gets buried, but even if that happens, people will still know, hence altering and reversing transactions not really worth it on the side of the Chinese.

Doing this would result to bitcoin losing its value in an unprecedented scale seeing the vulnerability unfold before our very eyes.

[pawanjain]

Funny news of the day. Hehehe I hope he is not thinking of what I think he is thinking on what his solution or alternative to bitcoin might be.


Chris Larsen, chairman of Ripple

Larsen cities an article on how China has more than 65% of the global bitcoin hashrate, although the University of Cambridge Centre for Alternative Finance (CCAF) that conducted the report explained the overall hashrate in the study “may not be fully representative”. The CCAF commented their study “...represents only a little more than a third of the total hashrate” and all the data is provided by three Bitcoin mining pools that are all headquartered in China. The CCAF hopes to provide a more in-depth report in the future that can “...add data from major mining regions such as Siberia in Russia, Washington and New York States in the US, Québec and Alberta in Canada in upcoming reports”.

Still, Larsen argues in his opinion piece to policymakers the dangers that exist were China to take over the Bitcoin protocol. “It's not hard to imagine a dystopian future. A U.S. defense payment to an ally could be blocked or reversed”, says Larsen.

Source https://www.forbes.com/sites/jasonbrett/2020/08/23/chris-larsen-executive-chair-of-ripple-argues-china-can-reverse-bitcoin-transactions/

I guess he is just trying to play some dirty politics here. Ripple itself is a shitcoin we should not wonder why it's chairman might speak shit too.
Even though China might have the biggest hashrate it will still struggle to accumulate the total hashrate together and use it to control the bitcoin protocol.
The overall procedure to reverse a bitcoin transaction itself would be so costlier that the person would rather think to keep the transaction as is.

[target]

Can't imagine what will happen to all of us if they really can reverse bitcoin transactions. CZ once mentioned about the pool to reverse a hacker's transaction, he must be serious when he tweeted it. Knowing China had done the impossible things and what they have accomplished today for thier one belt road initiative, I might actually beleive it.   

Okay, let's sell our BTC!

[Argoo]

This sounds very strange and improbable. In some ways, this is more politics than crypto news. I think China will certainly continue to struggle in the crypto market, but not in this form.

Most likely, the Chinese government will start trying to supplant bitcoin by popularizing its digitized yuan. Therefore, I do not think that China will fight bitcoin by administrative methods in the near future. But they will definitely try to interest the inhabitants of their country with their digitized yuan. I also think it will be a private success. In any case, in the first period.

[BrewMaster]

Ripple's somewhat stagnant price over the past few months only indicate that investors are somewhat cautious to hold bags of XRP's and its like there could be no more room for its growth aside from having low transaction cost.

it mainly indicates that Ripple foundation is again pouring money into their centralized shitcoin to prevent or at least slow down its demise this soon while making a ton of money milking the banks they sell their technology to so that they can create their own centralized private ledger.

[kerjakuat]

Ripple's somewhat stagnant price over the past few months only indicate that investors are somewhat cautious to hold bags of XRP's and its like there could be no more room for its growth aside from having low transaction cost.

it mainly indicates that Ripple foundation is again pouring money into their centralized shitcoin to prevent or at least slow down its demise this soon while making a ton of money milking the banks they sell their technology to so that they can create their own centralized private ledger.

That why i hate Ripple so much. There was no public ledger to be see. Their armys must be from a newbies that hear they are backed by bank and jump to invest there. Im still suprises this coin still exist after the dump that they make to their own armys.. What a money printing machine ripple are. The fast way to be burn go to  with ripple.. To get a bright future stay with bitcoin then. Bitcoin are decentralized and the anonymous transaction is the favorite most the traders.. stay away from tax guys!. 

[wxa7115]

And, let me guess, he thinks that a centralized cryptocurrency, namely Ripple, would be able to combat this non-problem?

This is as simple as that, whenever you read something that doesn't really make a lot of sense and you wonder what are you reading the only thing that you need to do is to think about what that person is set to gain by having such an opinion.

And in this case this is very obvious, the chairman of ripple is giving his opinion about this supposed risk for the bitcoin blockchain and while he does not say it explicitly he is obviously implying that the solution to this is for the United States government to support ripple so they can send transactions all over the world without the risk of the Chinese government blocking them, which is completely ridiculous.

[20kevin20]

Does anyone besides magnate lovers even care about this guy though? Does he even have any influence..? And if yes, how is someone who's launched a coin so many years after BTC more influential than BTC devs and influencers?

It's funny how you create the decentralization's enemy and then start talking pure nonsense about something decentralized being centralized. What...?

Yeah, if China wanted to take all those farms, nationalise them or forcefully take them over, that can happen. But I think banning Bitcoin is more realistic than this scenario. Then, even if that happens, does this guy Larsen know that we have enough geniuses developing BTC who could immediately find a way to prevent this from happening again as soon as China tries it?

It's just non-realistic, and it's honestly mostly a noob's fear. This says a lot about Larsen.