Ripple’s chairman, Chris Larsen, wrote in an article in a popular newspaper, warning American politicians of the threat from China.
Ripple’s co-founder and chairman of the board, Chris Larsen, said that the popular D.C. wrote an article in his newspaper The Hill.
“The technology cold war is here – and the US is not winning,” was the title of Larsen’s article. The Ripple leader states that the US should not overlook the threat from China in terms of digital currencies and blockchain technology by focusing only on 5G and artificial intelligence. Larsen says the Chinese government is subsidizing the massive amount of energy needed to feed cryptocurrency miners. According to him, “at least 65 percent of cryptocurrency mining is concentrated in China, which means that the Chinese government retains the majority needed to gain control over the protocols and can effectively block or reverse transactions.”
Larsen bases his claim that China controls more than 65 percent of the global Bitcoin hash rate, based on a study published by Cambridge University in recent months. However, the research may not be accurate. Because, the result is reached over just over a third of the total hash rate. All data is provided by three Bitcoin mining pools headquartered in China. The researchers aim to provide a more in-depth report by adding data from major mining regions such as Siberia in Russia, Washington and New York states in the USA, Quebec and Alberta in Canada.
Yet Larsen continues to highlight the danger, “It’s not hard to imagine a dystopian future. US defense payment to an ally can be blocked or reversed. ” says.