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Bitcoin Is Controlled by China: Ripple CEO Tears Into Bitcoin

For as long as we’ve known him, Brad Garlinghouse has not been one to mince words when talking about the world’s biggest cryptocurrency. He has continuously branded it as the Napster of cryptos, a pioneering platform whose technology and approach made it impossible to achieve success in the face of new and better technologies such as Spotify and Pandora. In his latest attack, the Ripple CEO claimed that Bitcoin will never become the primary cryptocurrency and that no major economy would allow that to happen. He further claimed that Bitcoin is controlled by China, making it even more unsuitable as a primary crypto for the future.

An Underreported Story

Garlinghouse was speaking at the 2018 Stifel Cross Sector Insight Conference and talked about various issues regarding the crypto industry’s current state and what the future holds. However, what stood out were his strong views on Bitcoin. He was adamant that Bitcoin can’t be the primary global currency, stating that no major economy would allow that to happen.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 PERCENT 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.

Garlinghouse revealed he owns Bitcoin but was quick to urge the audience not to take his opinions as investment advice. Unsurprisingly, he expressed his confidence in Ripple’s native asset, XRP, which he described as superior to Bitcoin. While Bitcoin can take up to 45 minutes to settle a transaction, XRP transactions are settled in 2-4 seconds.BANKS WILL USE WHAT IS EFFICIENT AND CHEAPER. AND IF YOU DELIVER A BETTER PRODUCT AT A BETTER PRICE… THEY WILL USE IT.

Garlinghouse doesn’t value Ripple and XRP through the usual metric of market price. Rather, the value that Ripple unlocks is what’s most important to him. Ripple is changing the lives of the many unbanked or underbanked people across the world by giving them access to finance.

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.

Ripple has come under scrutiny, with allegations that its XRP currency should be classified as a security. The company’s chief strategist, Cory Johnson, has refuted those claims, as have other senior executives at the San Francisco-based company. This has done little to quell the rumors that the SEC will ultimately categorize it as a security. This would force most of the crypto exchanges that currently list it to delist it or apply for additional licenses.

Bitcoin and Ether, in contrast, have both been deemed to not be securities by the U.S. Securities and Exchange Commission. The SEC chairman was the first to clear Bitcoin before the regulator’s Director of Corporate Finance later came forward to clear Ether. XRP is still not cleared, and the XRP community is eagerly awaiting word from the regulator.

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Craig Wright now claims Bitcoin is his intellectual property

Craig Wright claimed that Bitcoin is his intellectual property and that all of those that infringed on it (i.e. Bitcoin Core developers) are about to be legally prosecuted. The self-proclaimed Satoshi Nakamoto outlined other equally ridiculous ideas in his blog post, including that all nodes and miners in the Bitcoin network are his personal agents.

Wright puts Bitcoin Core and Bitcoin Cash developers on notice

Craig Wright is back in the news again, but this time it isn’t connected to his ongoing trial with Ira Kleiman. Instead, the self-proclaimed Satoshi Nakamoto is making headlines for his blog post, in which he threatened to sue the developers of Bitcoin Core and Bitcoin Cash.

In a Feb. 13 post on his website, Wright discussed, in length, his “original vision” for Bitcoin and how its forks have strayed from it. According to the post, as the “sole creator” of Bitcoin, he owns the full rights to the Bitcoin registry. That means that the software can be forked and alternative versions of it created as long as the underlying database is left intact, he explained.

Wright then went on to say that both Bitcoin and Bitcoin Cash, which he called Bitcoin Core (Core) and Bitcoin ABC (ABC), have sought to use his database without permission.

This, he said, is about to come to an end.}“Those involved with the copied systems that are passing themselves off as Bitcoin, namely BTC or CoreCoin and BCH or BCash, are hereby put on notice,” he said in the post. “Please trust me when I say that I’m far nicer before the lawyers get involved.”

Bitcoin’s decentralization claim is “cherry-picked out of context”

In a bid to provide backing to his ridiculous claim over the ownership of Bitcoin, Wright said that Bitcoin’s centralization is oversold. According to him, the abstract of the Bitcoin whitepaper, the one he claims to have written, is “cherry-picked out of context” and often leads to a false view—one that Bitcoin is a completely decentralized system with no point of ownership.

What Bitcoin is, he alleges, is a distributed registry whose property rights belong solely to him. Code, if you were to believe Wright, isn’t the law after all.

Screengrab showing the abstract of the Bitcoin whitepaper
Screengrab showing the abstract of the Bitcoin whitepaper

Throughout the blog post, Wright kept implying that the only ownership over the network was his. The nChain scientist quoted section 15 of the U.K. Databases Regulations of 1997, which said that the maker of a database is the first owner of a database, not its subsequent members. As such, he explained, miners and nodes have no rights.

“Nodes and miners are thus subcontracting in accordance with the initially constructed set of rules that I created. That is, they are following a set of rules and acting as my agents,” he wrote.

We are yet to see whether Wright goes ahead with the lawsuits against Bitcoin Core and Bitcoin

Cash developers. Having previously seen several of his lawsuits dismissed due to lack of jurisdiction, Wright seemed to have explored this issue in depth. He noted in the blog post that as senior partners in the Bitcoin Core and Bitcoin Cash “partnerships” reside within Europe and the U.K., which presents the opportunity to incorporate them in the lawsuit without any “jurisdictional challenges.

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Bitcoin moves toward 10K again but this time to the downside

  • Bitcoin trades 4% higher abut has just met some resistance.
  • The price moved higher as the US traders came back to market following Presidents Day on Monday.

BTC/USD 1-Hour Chart

Bitcoin trades 4% higher on a good day for cryptos.

Now BTC/USD has met some resistance just ahead of 10,300.00.

There could be some intraday support at 10,100.00 as it has been used in the past.

If that breaks then the next level on the downside is 9,700.00.

The buy-side volume has been good but the selling volume on this last candle is growing at the time of writing.

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Additional Levels

BTC/USD

OVERVIEW
Today last price10156.94
Today Daily Change456.97
Today Daily Change %4.71
Today daily open9699.97
TRENDS
Daily SMA209755.69
Daily SMA508816.25
Daily SMA1008188.37
Daily SMA2008884.61
LEVELS
Previous Daily High9966.66
Previous Daily Low9469.94
Previous Weekly High10511.86
Previous Weekly Low9707.96
Previous Monthly High9568.13
Previous Monthly Low6856.63
Daily Fibonacci 38.2%9659.69
Daily Fibonacci 61.8%9776.91
Daily Pivot Point S19457.72
Daily Pivot Point S29215.47
Daily Pivot Point S38961
Daily Pivot Point R19954.44
Daily Pivot Point R210208.91
Daily Pivot Point R310451.16

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Bitcoin to Secure Bullish Rally as Candlestick Pattern Confirms

While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin.

Bitcoin cannot stable is itself above the key level- $10,000- for a long time but plunged back. BTC performed opposite the claim of many maximalists as they predicted about the price value breaking the resistance level of $10,500. However, the technical analysis of the coin shows the formation of the golden cross- that may end up in the long-term bullish rally.

Last week, Bitcoin witnessed a great move and touched the figure of $10,500- the highest since the start of the year. But it started retracing back and recorded a 10% down in value. On the contrary, the analysts are obsessive with bullish predictions for the next coming days.

Formation of Golden Cross- Bullish Pattern

While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin. Bitcoin cross usually makes when the short term moving average crosses the long-term moving average in an upward direction. Currently, it is clearly seen on the one-day BTC chart where 50-day MA is approaching the 200-days MA.

The speculation following the golden cross is not hypothetical but is pertaining to the past data. In April 2019, the BTC value was surged by almost 170% in three months after the formation o f the bullish pattern- the golden cross.

Not everyone is inspired by the particular candlesticks pattern as the crypto trader Shitcoin Riddler believes that we cannot predict whether it will pump the price or not as there are 55% chances for such happening.

He said:

‘’If we take the past odds and project it into the future, there is a 55% chance for $BTC to act as “expected” on the golden cross event. golden/death cross events don’t have a significant impact on bitcoin‘s price. People just try to fit coincidence in their bias

Bitcoin has outperformed major traditional assets as there is a disruption in the world economic markets due to Coronavirus outbreak but the digital gold is going up with other cryptocurrencies. According to many analysts, it is due to the interest of investors who are turning to bitcoin to experiment with their assets.

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