Ripple CEO: Bitcoin Under Control of Small Group of Miners From China
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Ripple CEO: Bitcoin Under Control of Small Group of Miners From China

The CEO of Ripple (XRP), Brad Garlinghouse stated at the 2018 Stifel Cross Sector Insight Conference in Boston that ” Bitcoin is really controlled by China,”.

In a recent interview, Garlinghouse plunged into a variety of topics related to blockchain technology and the crypto world where he stated that BTC is under China’s control, adding:

“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 percent of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”

Additionally, the CEO gave his insight about BTC’s and XRP’s underlying technology, asserting that it “will not disrupt banks,” though “it will play an important role in the way our system works,” however “it’s a short-sighted view.”

Speaking about Ripple’s XRP, he described it as “the best digital asset for settlement.” Garlinghouse claimed that XRP takes four seconds to settle a transaction whereas “Bitcoin today takes 45 minutes to settle a transaction,”

Trading platform BitMex released a report on Ripple and the XRP token in February, finding that the structure of Ripple’s consensus protocol proposes a more concentrated structure to their money.

As indicated by the report, BitMex’s research team directed an internal test with Ripple’s technology. A copy of Rippled, the node operated by downloading five public keys from the Ripple’s server was installed and run by the team. All these keys are assigned to Ripple.com. In order for it to be accepted four of the five keys were required to support a proposal. “Since the keys were all downloaded from the Ripple.com server,” the report says, “Ripple is essentially in complete control of moving the ledger forward, so one could say that the system is centralized.”

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.