C. Edward Kelso: Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

xrp twitter steve-wozniak square ripple news n-featured jack-dorsey china btc brad-garlinghouse boston blockchain bitcoin-core 2018-stifel-cross-sector-insight-conference

Brad Garlinghouse, Ripple CEO, answered candidly during an interview about crypto’s prospects for the future. Among other criticisms, he stressed blockchain technology is mostly hype, and that bitcoin core (BTC) is controlled by Chinese miners and has no hope of being a world currency.

Also read: Crypto and Virtual Reality Meet in Ken Liu’s Science Fiction

Ripple CEO Bashes Bitcoin

Attendees of the 2018 Stifel Cross Sector Insight Conference in Boston yesterday were probably expecting to learn more about Ripple, the world’s third most popular cryptocurrency by market capitalization. After all, none other than company CEO Brad Garlinghouse was guest of honor for an interview with Stifel Tech analyst Lee Simpson. And while Ripple certainly was the hot topic, Mr. Garlinghouse also took the opportunity to bash its main decentralized competitor, bitcoin core (BTC).

“A number of prominent people,” Mr. Garlinghouse explained, “even Steve Wozniak, has said that he sees a world where Bitcoin is the primary currency. I think that’s absurd. I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense.” Indeed Woz has said as much, and has Twitter and Square CEO Jack Dorsey, who predicted it would happen within the decade.

Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

Brad Garlinghouse, 47, has held his present position since 2015. His professional background is almost all technology related. Stints with Yahoo!, AOL, working in the investment arena with the likes of Silver Lake Partners, @Ventures, @Home Network, SBC Communications, all round out his experience prior to Ripple.

His views about BTC and its eventual influence have found him very quotable of late, especially this month. He’s spent a great deal of time attempting to separate the coin aspect of Ripple (XRP) from the company itself, and this has lead to some interesting juxtapositioning in his method of argument.

BTC Blockchain Not Disruptive, Chinese in Control

During the Boston interview, he even took on the sacred cow of the corporate world, BTC’s distributed ledger technology. “There’s a lot of blockchain craziness, but there are three indicators of market winners. Blockchain will not disrupt banks […] it will play an important role in the way our system works. It’s a short-sighted view […]. Bitcoin is not the panacea we thought it would be.”

Mr. Garlinghouse then compared XRP to BTC. “This is how liquidity will be managed in the future. Bitcoin today takes 45 minutes to settle a transaction. Banks will use what is efficient and cheaper. And if you deliver a better product at a better price… hey will use it.” Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

An under-reported story, Ripple’s CEO insisted, is how BTC is “owned by China.” He noted, “The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. 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% 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.”

Lastly, he assured, “I own bitcoin. Many people consider it as digital gold. I acknowledge, I’m long crypto. I’d advise folks to only invest in crypto only what you’re willing to lose. It’s early to tell how it is going to play out. I think it’s a pretty good investing strategy. I don’t think about the digital asset market. I think about the customer experience. There are millions unbanked or underbanked. When I think about the transformation, it is fundamentally changing the way millions participate in banking. We can fundamentally change the way this works, to bring an entire population up a step in the system.”

Do you think Ripple’s CEO is correct? Let us know in the comments. 

Images via the Pixabay.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency appeared first on Bitcoin News.

Original article was created by: C. Edward Kelso at news.bitcoin.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Related Articles

pubDate Newsline
1 week ago Benefits of Blockchain to Any Industry
1 week ago Update — 12/10/2018
1 week ago Win $100 of Bitcoin Cash in Bitcoin.com’s Paper Wallet Design Contest
1 week ago The Daily: Kanye Teaches Opsec, Crypto Foes Join Forces
1 week ago The Daily: Kanye Teaches Opsec, Crypto Foes Join Forces
1 week ago Funny New Advert Shows Bitcoin Is on Google’s Mind
1 week ago Largest South Korean Exchange Launches Crypto Market Indices
2 weeks ago Bitpay Phases Out Crypto-Debit Cards for European Cardholders
2 weeks ago Airfox abroad, part 1: Germany
2 weeks ago Airfox announces internal promotions and new additions to the Boston-based team
2 weeks ago Frictionless Commerce: A Story of How Easy It Is to Start Accepting Bitcoin Cash
2 weeks ago Study Finds Growing Number of BATMs in Belgium and the Netherlands
2 weeks ago PR: Contentos Announces Investment From Binance Labs
2 weeks ago The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to Miners
2 weeks ago The Daily: Bitcoin Burns Critics, Bill Clinton Does Blockchain
3 weeks ago A Review of the New Stellarx Decentralized Exchange
2 weeks ago The Daily: Bitcoin Burns Critics, Bill Clinton Does Blockchain
2 weeks ago CEO Brad Garlinghouse Talks Internet of Value and Customer Traction at Swell 2018
3 weeks ago How Any Small Merchant Can Save Using Dash
1 month ago Square’s Big Week: Crypto Patent, Shares Leap and Lightning Plug
3 weeks ago Google Bringing Back Crypto Ads in US and Japan
1 month ago Trader Alleges Bithumb is Losing $150,000 USD Daily to Washtrading
2 months ago Apple Co-Founder: Crypto World “Like the Internet When it was Brand New”
3 months ago The Daily: Pornhub Adds New Tokens, Fcoin Defends Trans-Fee, Coinbase Goes Pro
2 months ago $37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2
3 months ago Since Twitter Won’t Stop Crypto Scammers, These Services Will
4 months ago This Week in Bitcoin: An End to 51% Attacks and Who Controls Bitcoin?

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
October 12, 2018

Win $100 of Bitcoin Cash in Bitcoin.com’s Paper Wallet Design Contest

Over the next few weeks, Bitcoin.com is hosting a paper wallet design contest to create a beautiful cold storage visual graphic for bitcoin enthusiasts around the world. The competition is open to everyone and the winning entry will receive $100 worth of bitcoin cash. Also Read: Bitcoin.com...

From: Bitcoin.com

The Daily: Kanye Teaches Opsec, Crypto Foes Join Forces

The last 24 hours has been one of those all-too-rare periods in which the cryptosphere unites against a shared enemy. We’ll detail who in The Daily, right after we’ve discussed blockchain spam, Blockfolio’s new funding round, and how we learned an opsec lesson from Kanye West. Also...

From: Kai Sedgwick

US Court Issues Emergency Order Halting a Planned Initial Coin Offering

An American court has put a stop to an initial coin offering (ICO) by a company claiming to offer “the first licensed and regulated tokenized crypto currency exchange & index fund based in the US.” The ICO promoters even invented their own regulatory authority, which seems to...

From: Avi Mizrahi

Largest South Korean Exchange Launches Crypto Market Indices

The largest crypto exchange in South Korea by trading volume, Bithumb, has launched two cryptocurrency market indices. One tracks all coins listed on the exchange while the other tracks only altcoins. Meanwhile, Upbit, the country’s largest crypto exchange by the number of coins listed, has...

From: Kevin Helms

Funny New Advert Shows Bitcoin Is on Google’s Mind

Google, which currently sits on the fence with regard to cryptocurrency, took an opportunity to throw shade at digital coins like bitcoin core and bitcoin cash during an advert for its new call-screening feature. In the minute-long segment, popular comedians dressed as Google employees mock...

From: Jeffrey Gogo

Facebook Purge Continues: 559 Pages, 251 Accounts Removed Ahead of US Elections

Facebook’s Nathaniel Gleicher, Head of Cybersecurity Policy, and Oscar Rodriguez, Product Manager, announced that “Today, we’re removing 559 pages and 251 accounts that have consistently broken our rules against spam and coordinated inauthentic behavior.” It is another decision to purge...

From: C. Edward Kelso
Upcoming ICO's
This week overview
Token Name Starts
Spotcoin (SPOT) logo Spotcoin (SPOT) 1 days
CoTrader (COT) logo CoTrader (COT) 2 days
Bountie (BNTE) logo Bountie (BNTE) 5 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $6502.21480443 0.43%
Ethereum logo ETH $205.350773842 0.56%
Ripple logo XRP $0.4563620815 0.5%
Bitcoin Cash logo BCH $449.32623853 0.7%
EOS logo EOS $5.4301806911 0.67%
Stellar logo XLM $0.2427609829 1.51%
Litecoin logo LTC $52.8864557997 0.6%
Tether logo USDT $0.982817263 0.26%
Cardano logo ADA $0.0759604767 0.85%
Monero logo XMR $105.126607859 0.42%
Tronix logo TRX $0.0241271673 0.39%
IOTA logo IOT $0.4942538851 0.79%