DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.

Today’s news is a big and direct hit to the face! Knowing the fact that US and China has Trade War going on. And this one, Ripple Labs’ Former Executive Chairman boldly argues that China Can Reverse Bitcoin Transactions! BOOM! :-)

Image courtesy of forbes.com

First thing’s first,let’s go back to the basics, Bitcoin and any other cryptocurrency are decentralized right? Answer is Yes.

Can Bitcoin Transactions reverse? No. The answer is plain NO excuse me the answer comes from the Bitcoin official website! Check it out here for yourself:

https://bitcoin.org/en/you-need-to-know

Then why does Chris Larsen here says so? Is he out of his mind already? Jeez. He must have a very big hatred towards China.

Of course, he has gathered facts, he can’t just stupidly say his statements if he has no research. Read his statements here:

“…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”.

As far as I know, according to the best of my knowledge, cryptography can’t be manipulated but if majority of miners decides a new system then they can create a fork or hard fork of that original token.

I may be right or wrong, please correct me by commenting below this article. Thanks! :-)

But if Chris Larsen says that, it means it will be possible given the fact that China has the majority control over Bitcoin mining globally! That’s monopoly in disguise?

Okay let’s continue, if what Chris Larsen says is true, then it will have a VERY, VERY negative price effect on BTC. And if, only if, he is wrong, then his favored XRP tokens, including me or you that holds/trades them will have the same result. This news is a double-edged sword! Both BTC and XRP coins prices are hammered down in the last 5 days.

I’m very nervous of what will happen next, and what will be China Bitcoin Miners’ response. This will be exciting and of course scary!

Alright, you may read the whole article. Click the link below:

Chris Larsen, Executive Chair Of Ripple, Argues China Can Reverse Bitcoin Transactions

 Thank you for reading. Stay tune for more crypto news!