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Brad Garlinghouse, Ripple CEO, answered candidly during an interview about crypto’s prospects for the future. Among other criticisms, he stressed blockchain technology is mostly hype, and that bitcoin core (BTC) is controlled by Chinese miners and has no hope of being a world currency.
Ripple CEO Bashes Bitcoin
Attendees of the 2018 Stifel Cross Sector Insight Conference in Boston yesterday were probably expecting to learn more about Ripple, the world’s third most popular cryptocurrency by market capitalization. After all, none other than company CEO Brad Garlinghouse was guest of honor for an interview with Stifel Tech analyst Lee Simpson. And while Ripple certainly was the hot topic, Mr. Garlinghouse also took the opportunity to bash its main decentralized competitor, bitcoin core (BTC).
“A number of prominent people,” Mr. Garlinghouse explained, “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.” Indeed Woz has said as much, as have Twitter and Square CEO Jack Dorsey, who predicted it would happen within the decade.
Brad Garlinghouse, 47, has held his present position since 2015. His professional background is almost all technology related. Stints with Yahoo!, AOL, working in the investment arena with the likes of Silver Lake Partners, @Ventures, @Home Network, SBC Communications, all round out his experience prior to Ripple.
His views about BTC and its eventual influence have found him very quotable of late, especially this month. He’s spent a great deal of time attempting to separate the coin aspect of Ripple (XRP) from the company itself, and this has lead to some interesting juxtapositioning in his method of argument.
BTC Blockchain Not Disruptive, Chinese in Control
During the Boston interview, he even took on the sacred cow of the corporate world, BTC’s distributed ledger technology. “There’s a lot of blockchain craziness, but there are three indicators of market winners. Blockchain will not disrupt banks […] it will play an important role in the way our system works. It’s a short-sighted view […]. Bitcoin is not the panacea we thought it would be.”
Mr. Garlinghouse then compared XRP to BTC. “This is how liquidity will be managed in the future. Bitcoin today takes 45 minutes to settle a transaction. Banks will use what is efficient and cheaper. And if you deliver a better product at a better price […] they will use it.”
An under-reported story, Ripple’s CEO insisted, is how BTC is “owned by China.” He noted, “The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. 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.”
Lastly, he assured, “I own bitcoin. Many people consider it as digital gold. I acknowledge, I’m long [on] 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. I don’t think about the digital asset market. I think about the customer experience. There are millions unbanked or underbanked. When I think about the transformation, it is fundamentally changing the way millions participate in banking. We can fundamentally change the way this works, to bring an entire population up a step in the system.”
Do you think Ripple’s CEO is correct? Let us know in the comments.
Images via the Pixabay.
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In just 3 months, the price of Zclassic (ZCL) has increased by +5,768%. In this post, I’ll give some background to what Zclassic is and try to explain what is going on with it.
Also read: The Art of Buying the Dip
A Quick History Lesson on Zclassic
Zcash (ZEC) is a privacy-centric cryptocurrency that launched Oct 28, 2016. It put cutting-edge cryptographic research in non-interactive zero-knowledge proofs (zk-SNARKs) into practice, allowing users to make transactions concealing both the sender and receiver of a transaction, as well as the amount being sent. The cryptography itself provides possibly the strongest privacy guarantees of any cryptocurrency, but part of the integrity of the protocol (specifically, preventing counterfeit coins from being issued) relies on a process known as trusted setup. Zcash launched with a founder’s reward, which for the first 4 years subtracts 20% of every block reward and distributes it to stakeholders of the Zcash Company to guarantee maintenance and development of the protocol. Zcash is an open-source project based on the Bitcoin codebase.
Since Zcash is an open-source project, there’s nothing to stop anyone from simply copying the codebase and removing the 20% founder’s fee if they wanted. That is exactly what happened, and that fork now goes by the name of Zclassic, which launched only a week after Zcash, reusing the same parameters from the trusted setup. Up until August 24 this year, Zclassic devs have been merging code updates from Zcash and issuing new releases in parallel. Since then, development on the Zclassic branch appears to have stagnated. Currently, I’m not even able to find a working block explorer for Zclassic. On Dec 14, the developer of Zclassic, Rhett Creighton proposed a relaunch and rebranding of Zclassic into “Bitcoin Private”, as a means of “revitalizing” the coin.
I would like to propose revitalizing @ZclassicCoin by migrating it to become a Bitcoin Hardfork, "Bitcoin Private" (or possibly other name).
New coinbase inputs would be airdropped onto the blockchain as a hardfork. What do you think? Should we add "Bitcoin Private" to the mix? pic.twitter.com/xOAKjCzzFk
— Rhett Creighton (@HeyRhett) December 14, 2017
This announcement caused the price to surge +2,000% in only a matter of days.
Why is this happening?
Bitcoin hard forks have become somewhat of a trend in recent months, with the first successful one being Bitcoin Cash. At the time, it was joked within the community that soon Bitcoin hard forks would cover the entire Coinmarketcap-spectrum.
— ClubCrypto (@ClubCryptoorg) August 2, 2017
The joke has turned prophetic in the sense that 3 of the top 13 cryptocurrency positions by market capitalization are now held by Bitcoin or Bitcoin hard forks (Bitcoin, Bitcoin Cash & Bitcoin Gold). One could argue that Bitcoin Diamond (BCD) should make the 11th spot if Coinmarketcap had info on the total supply (which should be around ~167M), as 10 BCD are supposedly credited for every 1 BTC as their website claims.
What does it mean for an altcoin to become a Bitcoin hard fork?
The Zlassic and Bitcoin UTXO sets will merge, creating a total of 1.8M + 16.7M = 18.5M Bitcoin Private coins upon launch. Inflation schedule will be revised so 21M cap is still kept intact.
What “Bitcoin Private” essentially will be is a coin that borrows the name and UTXO set from Bitcoin (and Zclassic) and technology from Zcash. I contend that the rebranding from Zclassic to Bitcoin Private is a stroke of genius from Rhett Creighton’s side as it is going to make traders value Zclassic in relative terms to other Bitcoin hard forks such as Bitcoin Gold and Bitcoin Diamond. It is the cryptocurrency-equivalent of putting the word “blockchain” in your company name and seeing your stock soar 394%.
The great thing for Bitcoin Private is that Bitcoin Gold and Bitcoin Diamond are both ridiculous projects. I’ve written a piece on Bitcoin Gold previously which you can read here.
Bitcoin Gold: $ 269
Bitcoin Diamond: $ 31.6 ($ 316 when adjusted to equal supply)
Bitcoin Diamond’s valuation is even more absurd, since it is traded at a valuation which would place it at the ~11th spot among cryptocurrencies worldwide right now even though background research suggests that the project may be entirely fraudulent. That didn’t prevent the valuation from reaching that high before any source code for it even existed. My theory as to why Bitcoin Diamond is trading at such a high valuation is that there’s always going to be a handful of traders that either are trading by the greater fool theory or are entirely oblivious to fundamentals when valuating Bitcoin hard forks (i.e. not understanding that the tenfold increase in supply means $ 31.6 per coin is actually equivalent to $ 316). The price of these forks is simply determined by the size of the group of irrational buyers and the free float of the coin, which for both Bitcoin Gold and Bitcoin Diamond is deceivingly small.
Meanwhile, the free float of Zclassic (ZLC) is even smaller than that of Bitcoin Gold or Bitcoin Diamond. Merely 1.8M ZLC has been mined since Nov 2016. As Zclassic essentially becomes “Bitcoin Private futures” they’ll be exposed to the same group of irrational buyers, and prices beyond $ 400 per ZLC all of a sudden doesn’t seem that unthinkable (currently trading at $ 80). What’s funny is that buying Bitcoin Private doesn’t even have to be such an irrational idea. Fungibility is one of the most sought-after additions to Bitcoin, and zk-SNARKs do provide a solution to that problem. The relaunch will increase the coin’s network effect tremendously, forcing wallet support as well as listings on a multitude of exchanges. The only thing that is ridiculous about Bitcoin Private is the notion that an altcoin can fork into becoming a “Bitcoin hard fork” just by merging the Bitcoin UTXO set.
What do you think the next coin adding the Bitcoin UTXO set and rebranding will be? Let us know in the comment section below!
Images via Shutterstock
Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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A paternity test has disproved a Spanish woman’s claim that she is the daughter of surrealist artist Salvador Dali, the deceased painter’s foundation announced Wednesday. The Gala-Salvador Dali Foundation said in a written statement that the Madrid court that ordered the DNA test informed it that Pilar Abel, a 61-year-old…
Joanna Krupa’s legal attack on a Florida strip club is ridiculous, because no reasonable person would expect to see her working the pole … according to the club itself. Pink Pony Tampa says, in docs obtained by TMZ, its use of her image to promote…
EU's Juncker snubs Greek PM after 'absurd' debt deal rebuff
BRUSSELS/ATHENS (Reuters) – The European Union's chief executive declined to speak to Greek Prime Minister Alexis Tsipras on Saturday after the leftist leader rejected as "absurd" international creditors' terms for a cash-for-reform deal to keep his country …
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While athletic feats achieved during the Super Bowl tend to become more impressive with each retelling, the mediocre questions asked on Super Bowl Media Day seem to grow more ridiculous as they are recounted through the years.
Perhaps the most cited example of Super Bowl Media Day absurdity is the infamous question that may — or may not — have been posed to Doug Williams just days before he became the first African-American quarterback to win the Super Bowl in 1988. As legend has it, Williams was asked “how long have you been a black quarterback?” As The Associated Press has it, the Washington signal caller was probably asked something more like “It’s obvious you’ve always been a black quarterback all your life. When did it start to matter?”
Wall Street Journal
The 9 Most Absurd Things Marnie Said On This Week's 'Girls'
There was plenty of fun to be had on this week's episode of "Girls," "She Said OK": there was punching, biting and karaoke galore to go around, and Hannah only participated in one of those three activities. However, the highlight of this week's episode was the …
The Girls Gut Check: Is It Ever the Right Moment for a Rent Serenade?
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