buterin to xrp: shitcoin!
after the news that ripple, one of the world’s largest blockchain companies and the launch of xrp, will be sued by the sec, various reactions continue to come from the industry. commenting on the third largest cryptocurrency by total market capitalization, ethereum (eth) co-founder vitalik buterin was one of those who made some pretty harsh statements.
harsh criticism from ethereum front to xrp front
buterin said in his post that the ripple/xrp team will defend itself directly through bitcoin and ethereum. buterin stressed that the ripple/xrp team had reached a “new level of weirdness” and would make the team’s defense that their own “shitcoins” should not be considered securities for purely political reasons.
ripple will defend itself in the lawsuit to be filed by the sec, which states that bitcoin and ethereum are “chinese-controlled cryptocurrencies.” ethereum co-founder vitalik buterin also made a sharp criticism of xrp by calling it shitcoin in his post.
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btc and eth are controlled by china
“two chinese-controlled virtual currencies, bitcoin and ether, are not securities by the sec,” ripple’s defense documents show. xrp is a cryptocurrency with open source blockchain technology, while it is consistently ranked in the top 3 by total market capitalization.
in what ripple describes as “political reasons,” he notes that innovation in the cryptocurrency sector has become entirely china-centric. ripple management, which also emphasizes that the bitcoin and ethereum networks are much closer to chinese control, says that the xrpl network is ahead of such centralized management.
can china control bitcoin?
ripple ceo brad garlinghouse had previously stated that bitcoin had become china-centric because of its mining structure. garlinghouse emphasized that more than 51% of bitcoin miners serve within china, and that the chinese administration can confiscate them at any time.
achieving hashrate of 51% and above in bitcoin mining certainly means controlling the network. but these only need to be done by a single institution or person. it is a long shot that the chinese administration will find all the bitcoin miners in the country and confiscate their hardware.
on the other hand, it is known that this is not the case for ethereum, and soon the mining infrastructure will disappear with ethereum 2.0.