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!
Topic: Chris Larsen, Chair Of Ripple, Argues China Can Reverse Bitcoin Transactions - page 2. (Read 245 times)
August 27, 2020, 06:16:33 AM
August 27, 2020, 06:04:31 AM
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.
August 27, 2020, 03:00:03 AM
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.
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.
August 27, 2020, 01:10:24 AM
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.
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.
August 27, 2020, 12:14:09 AM
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!
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.
August 26, 2020, 11:02:08 PM
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.
August 26, 2020, 10:56:42 PM
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.
August 26, 2020, 10:43:12 PM
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?
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?
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/
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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