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| June 18, 2018

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Trump Approves Tariffs on About $50 Billion of Chinese Goods

June 15, 2018 |

President Donald Trump approved tariffs on about $ 50 billion of Chinese goods, people familiar with the decision said, as the U.S. ratchets up its trade fight with Beijing over China’s alleged pressure on U.S. firms to transfer technology to Chinese partners.
WSJ.com: What’s News Asia

In prelude to trade war, U.S. details tariffs on $50 billion of Chinese goods

June 15, 2018 |

President Trump announced Friday that the U.S. would go ahead with hefty tariffs on about $ 50 billion worth of Chinese goods, following through on a threat that could ignite a global trade war.

“These tariffs are essential to preventing further unfair transfers of American technology and intellectual…


L.A. Times – Business

U.S. Preparing to Proceed With Tariffs on Chinese Goods

June 14, 2018 |

The Trump administration is preparing to levy tariffs on tens of billions of dollars of Chinese goods in the coming week, perhaps as early as Friday—a move that’s likely to spark retaliation from Beijing.
WSJ.com: What’s News Asia

Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

June 13, 2018 |

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.

Also read: Crypto and Virtual Reality Meet in Ken Liu’s Science Fiction

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.

Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

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.” Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

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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The post Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency appeared first on Bitcoin News.

Bitcoin News

Chinese Firm’s Takeover of Genworth Financial Passes U.S. Security Review

June 10, 2018 |

A U.S. national security panel approved a Chinese conglomerate’s $ 2.7 billion takeover of Richmond, Va.-based insurer Genworth Financial Inc., after the companies convinced authorities they would take extraordinary steps to secure Americans’ personal data.
WSJ.com: US Business

Chinese Hackers Stole Secret U.S. Submarine-Warfare Data, Military Says

June 9, 2018 |

The Defense Department’s inspector general is investigating a security breach after Chinese hackers allegedly stole large amounts of sensitive data from a Navy contractor.
WSJ.com: What’s News Asia

Lawmakers Take Aim at Chinese Tech Firms

June 8, 2018 |

China hawks in Congress lost a battle over ZTE when the Trump administration announced a deal Thursday to resuscitate the Chinese telecom giant, but they made it clear their war against Chinese technology firms is far from over.
WSJ.com: What’s News Asia

Facebook Says It Gave 4 Chinese Companies Access

June 6, 2018 |

Days after the New York Times came out with a report alleging that Facebook improperly let other companies have access to users’ personal information comes a follow-up from the Times that reports the group included four Chinese companies—one of which US intelligence has identified as a possible national security…
Newser