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Ripple CEO Brad Garlinghouse: 99.9 Percent of Crypto Trading Is Speculation 

  • Alex Dovbnya
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    The CEO of Ripple voices a shocking statistic about the crypto market to signify the importance of coins with real use cases (such as XRP)

Ripple CEO Brad Garlinghouse: 99.9 Percent of Crypto Trading Is Speculation 
Cover image via u.today
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On Oct. 8, Ripple CEO Brad Garlinghouse made a bold Peter Schiff-like statement about 99 percent of cryptocurrency trading being the result of price speculations during his interview at The Economic Club of New York

"About $40 to $50 bln a day is trading in crypto. [...] That is a very liquid market. There is a lot of trading out there, but most of it is just speculations."    

Galringhouse claims that the hype got ahead of reality while commenting on the previous bull run, but he points out that crypto is still in the early stages of its development. 

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Solving a real-world problem

He further adds that the value of any digital asset will be related to its utility in the world given that it aims to fix "slow and expensive" cross-border payments. The existing solutions like SWIFT fail to solve this problem, according to the Ripple boss, which subsequently puts his company in a great position. 

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No need for SWIFT

While some might argue that Ripple's price volatility might prevent its adoption by financial institutions, Galringhouse says that their transactions are so fast that there is no need for a hedge like SWIFT. 

"With XRP, it's happening so fast that you don't really need to hedge it because you're in and out of it in a few seconds."      

Galringhouse admits that he didn't look at the price of XRP before the interview. During his appearance with CNN, he insisted that Ripple could control the price of its token in the price of manipulation accusations. 

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The centralization problem

Galringhouse doesn't deny that Bitcoin is decentralized, but this word comes with an asterisk given that 80 percent of mining operations are based in China, the authoritarian country that attracts miners with its cheap electricity. The BTC Blockchain could be changed if somebody pulls off a 51 percent attack. 

However, as reported by U.Today, Bitcoin Core developer Greg Maxwell said that the 51 percent couldn't be fixed without making Bitcoin more centralized. 

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
Cover image via www.123rf.com
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According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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