Brad Garlinghouse, Brian Behlendorf, and Joseph Lubin spoke at a panel, Ethereal Davos and had a healthy debate about what decentralization means on January 23, 2019.
Brad Garlinghouse addressed the issue revolving XRP and it being “centralized” and said that XRP Ledger is more decentralized than its mining-based counterparts. He said:
“It’s [Ripple] not a Proof-of-Stake model, so owning a lot of something doesn’t give you control over something. The XRP Ledger is an open source decentralized technology, there’s about a 100 validators that manage the network. Ripple manages less than 5% of those nodes, and we cannot enforce upon the XRPL anything that the XRPL doesn’t want to.”
He continued that there are holy wars, financial interests, and a lot of FUD around Ripple or the XRP Ledger. In addition, he said that people talk about XRP being centralized because they want to paint it that way.
Joseph Lubin stepped in at this point and decided to have a healthy debate with Garlinghouse. He asked Garlinghouse:
“XRP is a value token and it trades in an open market. If the CFTC noticed that you own 60% of the silver token, how comfortable would they be?”
“I won’t speak for the CFTC. We have in escrow 55% of all the XRP that we own. We can’t sell it, we can’t do anything with it… I think the, for the whole industry to mature we need to have transparency in the industry and Ripple is trying to lead by example.”
Lubin had a comeback to Garlinghouse’s “transparency” reply by saying that the other digital assets [like Ethereum] are decentralized in terms of the ownership of the token.
“Ownership of the token is decentralized in so far as they work on Proof-of-Stake… If its a mining based protocol then centralization is based on mining control and not on the ownership.”
@XRP_Ninja, a Twitter user commented:
“I never understood what was so wrong about Ripple selling their XRP.
They own it. They can do with it what they like – not to mention that the selling of it actually has a purpose.”
Tiffany Hayden commented:
“Ripple is the only transparent company in the BLOCKCHAIN space and they are punished for it. We should follow Brad’s lead and turn the table on these other companies who hide in opacity.
Oh! Let’s start a rating system!”
Subscribe to AMBCrypto’s Newsletter
Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
Subscribe to AMBCrypto’s Newsletter
Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019
Bitcoin Cash’s [BCH] Roger Ver accuses Tone Vays of losing BCH vs BTC bet despite ‘cheating’
EOS, Tron [TRX] and Ethereum [ETH] are top three cryptocurrencies, says China’s CCID Group
HitBTC responds to allegations of insolvency, refutes claims made by Redditors
Bitcoin [BTC] has registered consistent year-over-year growth, trumps Ethereum [ETH], XRP
Tron [TRX] announces future trading on OKEx platform from May 20
Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Bitcoin Cash’s [BCH] Roger Ver adds Coinbase and Binance to his ‘safe list’
Bittrex transfers 6,999,999 XRP to Upbit amid Ripple’s alleged report discrepancies
Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser
Satoshi Nakamoto is easy to get through; can be found by fools, claims John McAfee
XRP: Google Chrome extension to detect trustworthiness of select XRP addresses goes live
DigiByte [DGB]: Nationwide Merchant Solutions sets up DGB payments for businesses and merchants