{"id":183653,"date":"2018-10-16T17:00:57","date_gmt":"2018-10-16T21:00:57","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/white-house-considers-ripple-as-a-foil-to-chinas-bitcoin-dominance\/183653"},"modified":"2021-08-09T12:52:32","modified_gmt":"2021-08-09T16:52:32","slug":"white-house-considers-ripple-as-a-foil-to-chinas-bitcoin-dominance","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/white-house-considers-ripple-as-a-foil-to-chinas-bitcoin-dominance","title":{"rendered":"White House Considers Ripple as a Foil to China\u2019s Bitcoin Dominance"},"content":{"rendered":"
\"White<\/div>\n

Ripple is certainly divisive, seeming to catalyze an equal number of naysayers as it maintains influential fans. According<\/a> to Chief Market Strategist, Cory Johnson, those fans may also include the highest office in US government.<\/strong><\/p>\n

\n

Media Professional<\/h2>\n

Johnson, who joined Ripple Labs in March<\/a> this year, has an extensive background in journalism. He founded basketball magazine, SLAM, before a stint working at CNBC and 8 years at Bloomberg. One of his main tasks at Ripple has been to improve public perception of the company.<\/p>\n

In a recent interview, Johnson covered lots of ground, including a hook-up with former US President, Bill Clinton<\/a>, earlier this year. But one of the more interesting things he discussed was regarding current president, Donald Trump.<\/p>\n

\"\"<\/h2>\n

Chinese Takeaway<\/h2>\n

Chinese<\/a> domination of bitcoin (BTC) 0<\/span>0<\/span><\/span> mining has caused concern in the industry, specifically regarding how much leverage this provides China over bitcoin. According to Johnson, this concern spreads as far as The White House.<\/p>\n

When questioned over the Trump administration\u2019s feelings about Ripple, he replied that his initial low expectations were unfounded. The open-mindedness and smart questions regulators and government have asked have amazed him.<\/p>\n

Johnson said that The White House:<\/p>\n

[\u2026] seems to be thinking about what it means to have 80 percent of bitcoin mining taking place in China\u2026\u00a0When you look at XRP, there is no mining, so from a foreign-control aspect or from an environmental aspect, XRP is a very different beast. And\u2026 the administration\u2026 seem to get that and think that might matter.<\/p><\/blockquote>\n

Those Who Say \u201cNay!\u201d<\/h2>\n

Obviously, critics were quick to jump on this comment, but in a somewhat cack-handed manner. Coinmetrics.io co-founder, Nic Carter, took umbrage at his own perception that Ripplers were being painted as benevolent environmentalists.<\/p>\n

\n

I think the XRP story is a solid reductio ad absurdum demonstrating that the “PoW is costly” angle is a cynical ploy. It’s impossible to read this and think “those benevolent Ripplers are surely motivated by their environmental sensibilities.” pic.twitter.com\/ni93GiH9PG<\/a><\/p>\n

\u2014 nic carter (@nic__carter) October 16, 2018<\/a><\/p><\/blockquote>\n

The assertion that this is the implication seems a bit tenuous. Surely the lower hanging fruit is the suggestion that the Trump administration think that environmental aspects might matter.<\/p>\n

Central Criticism<\/h2>\n

One of the\u00a0more legitimate criticisms of Ripple centers on its level of decentralization<\/a>, and this was also addressed in the interview. Johnson feels that one of the keys issues is the conflation of Ripple Labs and XRP.<\/p>\n

Johnson claimed that Ripple Labs control only 10 of the 150 validators of the XRP currency, although they do own about sixty percent of the currency\u2019s tokens.<\/p>\n

Despite the criticism, Ripple continues to seal big-name partnerships, and last month even briefly overtook Ethereum as the second largest cryptocurrency by market cap<\/a>. Any endorsement by The White House could potentially be the biggest coup of all.<\/p>\n

Why is the government reportedly warming up to Ripple? Share your thoughts below!\u00a0<\/strong><\/em><\/p>\n

\n

Images courtesy of Bitcoinist archives, Shutterstock, Twitter (@nic_carter).<\/em><\/p>\n

The post White House Considers Ripple as a Foil to China\u2019s Bitcoin Dominance<\/a> appeared first on Bitcoinist.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ripple is certainly divisive, seeming to catalyze an equal number of naysayers as it maintains influential fans. 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