Chris Larsen, co-founder and CEO of Ripple, wrote an op-ed in the popular DC news newspaper “ The Hill, ” whose audience is usually made up of US lawmakers and legislators in Washington D. C. His topic was titled Array “The technology The war without blood is here, and America is not winning. ” Ripple’s headquarters are located in the Bay Area and recently Larsen made very charitable donations in combination with Ripple to help fight the Covid-19 pandemic.
Larsen describes that a focus on 5G and AI should not overshadow the threat from China with digital currencies and blockchain technology. According to Larsen, the Chinese Government has subsidized vast amounts of energy needed to fuel cryptocurrency “miners”. According to Larsen, “…at least 65 percent of cryptocurrency mining is concentrated in China, which means the Chinese government has the majority needed to wield control over those protocols and can effectively block or reverse transactions”.
Larsen cites an article on how China owns more than 65% of the global bitcoin hashrate, the Center for Alternative Finance (CCAF) at the University of Cambridge that made the report explained that the global bitcoin hashrate. ‘examine “may not be fully representative. ” The CCAF commented in their study “. . . it is a little over a third of the general hashrate” and all knowledge is provided through 3 Bitcoin mining pools, all based in China. The CCAF hopes to provide a more in-depth long-term report that can “. . . build insight into giant mining regions such as Siberia in Russia, Washington and the States of New York in the United States, Quebec and the United States. Alberta in Canada in the upcoming reports ”.
However, Larsen argues in his opinion piece to lawmakers about the risks that exist if China takes control of the Bitcoin protocol. “It is not difficult to believe in a dystopian future. An American defense payment to a best friend can simply be blocked or canceled, ”says Larsen.
Larsen also argues that U.S. regulators should move to Silicon Valley. Seeing the region as a ‘powerhouse’ for the U.S. regulations should also be eased for blockchain technology here in the U.S. Although Larsen does not describe which ones, he explains regulators have only blessed two blockchain protocols.
Ultimately, Larsen’s argument that the “cold generation war” with China is a war that the United States will have to take seriously and bet on blockchain technologies used through American corporations would possibly be an appropriate response. Array Needless to say, it seems like Larsen’s point. The vision would be reinforced through broader studies on Bitcoin’s hash rate to give policy makers a greater understanding of this Chinese threat.
Disclosure: Bitcoin, Ethereum and XRP.
I am a former US FDIC Regulator, Treasury’s Making Home Affordable (HAMP) Compliance Examiner, and have been in
I am a former US FDIC regulator, Treasury’s Making Home Affordable (HAMP) Program Compliance Examiner, and have been active in bitcoin and blockchain since 2016. I have worked in the money markets and Department of Finance of the FDIC during the global financial crisis of 2008-2009. They run on qualitative and quantitative problems that cover IndyMac Bank, Washington Mutual, Wachovia, Lehman Brothers, AIG, Citigroup, Merrill Lynch, and Bank of America. Supported the IndyMac Bank FDIC board with deposit analysis, researched and explained artificial secured debt obligations, credit default swaps, compiled the exposure of net notional derivatives in the formula, and analyzed the new Federal Reserve formulas for stabilize the economy. on the importance of accepting as true in the monetary formula and how the United States government handles the concept of accepting as true. With the advent of the bitcoin and blockchain generation through a colleague in 2016, I entered the blockchain industry, first with the Digital Chamber of Commerce as the director of operations for policy, and then as a political ambassador for ConsenSys. Lately I am the founding CEO and president of a new non-profit organization called Value Technology Foundation, with the aim of exclusively conducting educational and charitable activities in relation to virtual assets, blockchain, distributed ledger technologies and other applicable “value” technologies. to the public welfare and economic benefits of the citizens of the United States. I graduated from Cornell University in Government (BA, 1997) and Kogod School of Business (MBA, 2009).