The cryptocurrency industry bashes Ripple CEO Brad Garlinghouse after he recently spoke to CNN in an interview touching various different subjects. The interview included Brad’s comments on the growing need for regulatory clarity for the cryptocurrency sphere in 2020. But as the saying goes, not all can always be well, so is the case of this interview.
In the interview, Garlingouse discussed the Bitcoin and Ethereum hashrate giving away stats that have been questioned by industry experts Mati Greenspan and Turr Demeester.
During the interview, Brad explained that China is almost in control of the Bitcoin hashrate since and, in turn, the blockchain as well. He explained that almost four miners are controlling 80 percent of the Bitcoin mining capacity, which is coming from China. Moreover, he added that over 60 percent of the mining capacity for both Bitcoin and Ethereum blockchains is based out of China.
Industry bashes Ripple CEO Garlinghouse
The stats shared enraged Greenspan, who happens to be a cryptocurrency trader, academic, and analyst. He quickly called out Garlinghouse on the inaccuracy of the stats shared during the CNN interview.
But to the Ripple chief’s relief, Greenspan quickly dismissed his own tweet with the comment that it may have been a slip of the tongue.
"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 (Not trading advice) (@MatiGreenspan) February 17, 2020
The industry bashes Ripple CEO Garlinhouse saga didn’t stop there. Following in Greenspan’s footsteps, and mocked Garlinghouse with the comments that “this is why studying Bitcoin’s history is so important.”
This is why studying Bitcoin's history is so important. Chinese miners _tried and failed_ to control the Bitcoin blockchain in 2017 (B2X hard fork), but in reality never changed one iota of the code. Also, a mining pool =/= a miner, and only ~60% of total hashrate is in China. https://t.co/PT2obxUGSS
— Tuur Demeester (@TuurDemeester) February 17, 2020
Demeester explains that Chinese miners actually tried to control the hashrate back in 2017 but failed given the intricate nature of the Bitcoin blockchain.
A slip of the tongue or not, Garlinghouse has given a new feud to the cryptocurrency sphere to discuss, but that has been rather quickly dismissed. But such events help us understand the importance of cross-sectional studies before making trading decisions and developing a proper understanding rather than following influencers.
Featured Image by BradGarlinghouse