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

Zionatin

sr. member

Activity: 906

Merit: 263

Quote from: wxa7115 on August 27, 2020, 12:53:59 PM

Quote from: dothebeats on August 27, 2020, 07:11:54 AM

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

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.

mr.smith

jr. member

Activity: 119

Merit: 6

Quote from: wxa7115 on August 27, 2020, 12:53:59 PM

Quote from: dothebeats on August 27, 2020, 07:11:54 AM

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

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.

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

Quote from: LogitechMouse on August 28, 2020, 07:35:58 AM

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 Cheesy

.

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.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

Quote from: dothebeats on August 27, 2020, 07:11:54 AM

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

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.

LogitechMouse

legendary

Activity: 2576

Merit: 1043

Need A Campaign Manager? | Contact Little_Mouse

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 Cheesy

.

Wawa2013

sr. member

Activity: 1666

Merit: 268

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.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: bbc.reporter on August 26, 2020, 10:26:56 PM

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/

Quote

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! Roll Eyes

DarkDays

legendary

Activity: 2030

Merit: 1189

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.

Becky666

full member

Activity: 756

Merit: 231

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

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? Grin

.

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.

20kevin20

legendary

Activity: 1134

Merit: 1598

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.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: dothebeats on August 27, 2020, 07:11:54 AM

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

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.

kerjakuat

full member

Activity: 346

Merit: 100

Quote from: BrewMaster on August 27, 2020, 11:33:03 AM

Quote from: bitsurfer2014 on August 27, 2020, 06:54:14 AM

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!.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

Quote from: bitsurfer2014 on August 27, 2020, 06:54:14 AM

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.

Argoo

sr. member

Activity: 2352

Merit: 245

Quote from: achach on August 26, 2020, 11:56:37 PM

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.

target

legendary

Activity: 2282

Merit: 1041

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. Cheesy

Okay, let's sell our BTC!

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

Quote from: bbc.reporter on August 26, 2020, 10:26:56 PM

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.

ABCbits

legendary

Activity: 2870

Merit: 7490

Crypto Swap Exchange

China probably can do it 1-2 times (on transaction with very few confirmation) before miners decide to use pool that located outside China.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

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

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.

boredomking55

newbie

Activity: 2

Merit: 0

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

bitsurfer2014

hero member

Activity: 924

Merit: 520

Quote from: stompix on August 27, 2020, 06:16:33 AM

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.

Topic: Chris Larsen, Chair Of Ripple, Argues China Can Reverse Bitcoin Transactions (Read 245 times)