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Thread: Ripple CEO: Bitcoin Is Controlled by China

  1. #1

    Ripple CEO: Bitcoin Is Controlled by China

    Granted he was trying to say why his product is better. https://www.thestreet.com/investing/...rence-14619614

    Garlinghouse: "Bitcoin Is Controlled by China"

    The Ripple CEO told the crowd, "A number of prominent people, 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."

    He continued by saying, "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."

    Garlinghouse: "I Own Bitcoin"

    "I own bitcoin," said Garlinghouse. "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."

    Garlinghouse paused for a moment, then added "I'm not an investing advisor - ignore everything I just said!"

    The crowd erupted in laughter.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    Quote Originally Posted by NorthCarolinaLiberty View Post
    I didn't actually read any of the thread. I now mostly just come here to mess with Zip.
    I am Zippy and I approve of this post. But you don't have to.



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  3. #2
    http://money.cnn.com/2018/02/09/tech...ada/index.html

    China's unwanted bitcoin miners may move to Canada

    Once the global hub for all things bitcoin, China is now doing its best to drive the cryptocurrency out of its territory.
    After cracking down last year on exchanges where digital currencies are traded, the Chinese government has recently been moving quietly to evict the country's vast community of bitcoin miners. That's forcing them to look into moving to other countries, with Canada attracting a lot of interest.

    Unlike traditional currencies like the dollar, the creation of bitcoin isn't controlled by central banks. Instead, it's "mined" by computer algorithms that solve increasingly complex math problems.

    People can earn money unearthing cryptocurrencies from the digital deep by running the mining software on computer systems of varying sizes, a process that requires a lot of electricity.

    About 60% of all cryptocurrency mining takes place in China, according to a study last year by the University of Cambridge. The country is a good fit for the activity because of the cheap electricity and land available in provincial areas.

    But the industry is feeling unwelcome these days.

    "It's a hard time for the mining business in China," said Jack Liao, who owns several bitcoin mines in the country.

    He said in a recent interview with CNNMoney that he's thinking about moving some of his operations overseas, with Canada, the U.S. and Iceland among the top candidates. Liao is the CEO of cryptocurrency mining firm Lightningasic, which is based in the southern Chinese city of Shenzhen.

    Five other owners of bitcoin mines in China also told CNNMoney in the past month that they were considering moving operations out of the country because of pressure from the government. Most declined to be identified by name for this article due to the sensitivity of the situation.

    The Chinese government wants cryptocurrency miners to make an "orderly exit" from the industry because their operations are bad for the environment, don't pay tax and can be a fire hazard, Liao said, citing reports in Chinese state-run media.

    China has shown its willingness to crack down on other aspects of the cryptocurrency industry.

    It forced exchanges inside the country to shutter trading operations in September. And it's now reported to be moving to block the websites of overseas trading platforms.

    The Chinese government didn't respond to requests from CNNMoney for comment on its stance on bitcoin mining and trading.

    Experts say the Chinese government, which imposed controls in recent years aimed at stopping too much money from flowing out of the country, is wary of how cryptocurrencies can enable people to move funds outside of the traditional financial system and potentially put them to nefarious uses.

    Efforts by governments around the world to take an increasingly hard line on cryptocurrencies have contributed to the recent sharp decline in their prices. After getting close to $20,000 in late 2017, bitcoin tumbled below $6,000 this week.
    More at link.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    Quote Originally Posted by NorthCarolinaLiberty View Post
    I didn't actually read any of the thread. I now mostly just come here to mess with Zip.
    I am Zippy and I approve of this post. But you don't have to.



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