Bitcoin Races To $10,100 While Ripple CEO Slams BTC For Centralization In China
The crypto market looks great today, with the most important coins trading in the green.
After a short correction that lasted only for a couple of days, Bitcoin is trading in the green, and what’s more important, the coin managed to surpass the important psychological level of $10k once again.
At the moment of writing this article, BTC is trading at $10,053.41.
Ripple CEO slams BTC centralization in China
Ripple CEO just claimed the centralization of BTC mining capacity in China is a massive point of weakness for the most important digital asset in the crypto space.
NewsBTC revealed that in a new CNN interview Ripple CEO Brad Garlinghouse laid out some truths regarding BTC blockchain.
His comments made uncomfortable viewing for those who are claiming that BTC is decentralized.
“China… they really, through mining power control the Bitcoin blockchain. You have four miners in China that represent something like 60% plus of the mining capacity… in many ways, China has been incredibly strategic about how they think about that.”
As a result, BTC maximalists will reportedly be livid over his comments.
Check out the video below:
"China controls the Bitcoin blockchain. There are 4 miners in China that represent the 60%+ of mining capacity and 80% of mining capacity is based in China for Bitcoin and Ether."
– Brad Garlinghouse, CEO @Ripple
#xrp #fintech #crypto #blockchain @firstmove pic.twitter.com/lW8NHFldKu
— XRP_Cro (@stedas) February 17, 2020
The feedback after this video was not really a positive one.
Someone commented: “Ripple controls ALL of xrp. They hold most of it too. And they dump Millions of dollars worth of xrp onto the market every single month.”
Another Twitter user said: “And what do miners? 1800 BTC sold every day, it’s $18 000 000 per day and $540 000 000 per month. So open your eyes, it’s really WEAK argument.”
One other person posted this: “I wonder if Brad will ever talk about how Ripple coordinates the entire XRP consensus through the default trusted UNL list. XRPL is a federated trust network, has nothing to do with a blockchain or being decentralized. Not to mention no one even has a complete copy of the ledger.”
The online publication debates the fact that Ripple CEO raised some pertinent points that the community has to address from a political point of view.
We recommend that you check out the original article in order to learn more about this.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.