February 20, 2020

As a Part of Speech With CNN, Ripple СEO Said That Bitcoin and Ethereum are Controlled by China

During the conversation with CNN, Brad Garlinghouse, the head of Ripple, noted that only four Chinese miners control 60% of the hash rate of the BTC — first cryptocurrency network. as he said Ethereum is also extremely centralized.

“China controls the Bitcoin blockchain – 4 local miners account for more than 60% of the mining power. Overall, 80% of the bitcoin and Ethereum hashrate is concentrated in China.” — announced the head of startup.

Mati Greenspan, the QuantumEconomics founder, expressed his indignation at the fact that Garlinghouse confused miners with pools and thereby clearly overestimated the degree of centralization of the BTC network.

“4 miners control 60% of bitcoins mining capacity?”
I think you meant 4 mining pools???
Perhaps, this was just the slip of the tongue?! 

According to the CoinMetrics study, XRP token is the one of the most centralized assets — over 85% of coins are concentrated at the largest addresses:

The situation with Bitcoin is better – about 11% of the total BTC supply is stored on the addresses of the largest “whales”:

Also according to the Whale Alert information, Jed McCaleb, a former Ripple CTO, sold 1.05 billion XRP coins starting from 2014 till 2019.

Full video:

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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