Bitcoin Is Controlled by China, CEO Ripple Says

This is said by Brad Garlinghouse at 2018 Stifel Cross Sector Insight conference
13 June 2018   1801

Concerns about the centralization of mining have been preserved in the community since it became apparent that most of the hash-rate of the network belongs to several mining pools. CEO Ripple Brad Garlinghouse drew attention to the fact that the problem is more ambitious - many large pools are located in China. This is reported by The Street.

A number of prominent people, 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. 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.
 

Brad Garlinghouse

CEO, Ripple

Although this statement may seem sensational, the largest mining pools of Bitcoin like BTC.com, Antpool, F2Pool and BTC.TOP are really located in China. They account for about 59% of the bitcoin hash-rate. If we add to them smaller Chinese pools, then this country will have more than 75% of the computing power of the network.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   301

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.