In a conversation with CNN, Ripple CEO Brad Garlinghouse said that only four Chinese miners control 60% of the hashrate of the first cryptocurrency network. Ethereum, he said, is also extremely centralized.
INTERVIEW PART I ??
“Once regulators understand you’re not circumventing regulatory frameworks they get very comfortable very quickly,” @Ripple CEO @bgarlinghouse explains why he’s on a mission to educate regulators around the world. pic.twitter.com/2PMVvj3PZU– Julia Chatterley (@jchatterleyCNN) February 17, 2020
“China controls the Bitcoin blockchain – four local miners account for more than 60% of the mining power. Overall, 80% of the hashrate of Bitcoin and Ethereum is concentrated in China. ”– said the head of the California startup.
Matum Greenspan, the founder of QuantumEconomics, expressed his indignation at the fact that Garlinghouse confused miners with pools and thereby clearly overestimated the degree of centralization of the first cryptocurrency 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 ?!
– Mati Greenspan [tweets are not trading advice] (@MatiGreenspan) February 17, 2020
“” Four miners control 60% of the mining power of bitcoin? ” I think you meant four mining pools ??? It was probably just a reservation ?! ”
According to a recent CoinMetrics study, the XRP token is one of the most centralized assets – more than 85% of coins are concentrated at the largest addresses:
Bitcoin has a much better situation with this – about 11% of the total cryptocurrency supply is stored on the addresses of the largest whales:
Recall, according to Whale Alert, the former Ripple technical director Jed McCaleb sold 1.05 billion XRP coins from 2014 to 2019.
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