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

[Becky666]

Maybe he talked about the incident that took place in August 2010 almost ten years ago, I quote:

Luckily, the community was able to cancel all transactions following the hack and rollback the blockchain to its pre-hack state.

. How can a farmer become an electrical engineer and start to analyze what happened to 40kva generator? .

Let him face what he has created and leave Bitcoin to it existence, there's absolutely nothing a man with a centralized heart to understand what's wrong with a decentralized heart. 

[DarkDays]

Dude, he's acting like China is some sort of single entity... There are hundreds of different mining entities in China... Potentially even thousands.

That's like saying "The whole Bitcoin mining network.... if they worked together... they could reverse transactions..." DUH!

I don't know why people make these sensationalist headlines, is he trying to damage Bitcoin's rep or what?

Absolute idiot.

[figmentofmyass]

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”.

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.

ripple executives have been repeating this old tired line for years. it's just one of their selling points for having a much more centralized (reversible) consensus system. their CEO (brad garlinghouse) said something similar in a CNN interview earlier this year: https://cryptoslate.com/ripple-ceo-blasts-concentration-of-bitcoin-miners-in-china-but-his-critique-misses-the-mark/

Ripple CEO bashes Bitcoin, claims China controls BTC blockchain

In a recent interview, Garlinghouse echoed a fairly widespread critique of Bitcoin, claiming that China controls the BTC blockchain due to the heavy concentration of miners within the country.

“China controls the Bitcoin blockchain. There are four miners in China that represent the 60%+ of mining capacity and 80% of mining capacity is based in China for Bitcoin and Ether.”

to them i say, show me the 51% attack!

[Wawa2013]

I'm sure no one believes what Chris Larsen says, it's possible that only an lack of knowledge newbie believes what is said
Larsen. I expected Larsen to say this to increase Ripple's popularity, but it was very bad and ineffective way. Everyone knows
Ripple is a centralized coin, as opposed to Bitcoin. I chose to ignore it the words of the chair of Ripple.

[LogitechMouse]

2 things.

1. This is more of a politics news and its either they are destroying the reputation of both China and Bitcoin where they (Ripple foundation) can't do it since their coin is a shitcoin for others.
2. Just a random opinion coming from a not that knowledgeable person from the crypto world.

If you are long enough and you know how crypto works especially Bitcoin, we know already that transactions are irreversible right. I don't believe with this shitty opinion coming from him and I don't support their shitcoin too at all .

[bbc.reporter]

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.

I speculate that his argument will be they are both centralized so it might be better to choose the coin controlled by an entity friendly to America hehehe.

In any case, similar to Ethereums's unverifiable supply, Ripple has its own problem. The transactions cannot be traced back to the very beginning.

[Twinkledoe]

2 things.

1. This is more of a politics news and its either they are destroying the reputation of both China and Bitcoin where they (Ripple foundation) can't do it since their coin is a shitcoin for others.
2. Just a random opinion coming from a not that knowledgeable person from the crypto world.

If you are long enough and you know how crypto works especially Bitcoin, we know already that transactions are irreversible right. I don't believe with this shitty opinion coming from him and I don't support their shitcoin too at all .

I believe he gave that statement because of the item 1 you mentioned. Politics in crypto? But yes, we all know that btc transaction is irreversible so why such ignorant statement? Sometimes I really do use XRP for transfer purposes because of its cheap fee and they are fast also, but hopefully instead of attacking bitcoin, just expand their business to as many entities as they can to further increase its value in the market.

[mr.smith]

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.

Obviously it's a FUD meant to create confusion among holders and supporters of Bitcoin, in trying to salvage or keep his shitcoin in contention on the race, nobody will buy this argument if someone buys it, it will be very expensive, now people can think that he is totally ignorant of decentralization and people who still believe in his shitcoin will be disappointed for having this kind of thinking.

[Zionatin]

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.

I love what you have just said and I am going to use it. Next time I read something weird or utter dribble I will think about what the person has to gain.

I think it's just America being America again. People are always saying crazy stuff. Making up problems where none exist. I really don't think you can reverse a transaction even if you controlled the whole network. It doesn't work that way. It's a one-way system. Unless I am much mistaken it justs doesn't work that way.