As the crypto marketplace has rebounded in the last few weeks, mainstream media insurance coverage of the has increased. XRP, plus much more. The televised conversation, Ripple CEO Draws Ire of Crypto Neighborhood. There’s without doubt that China is type in Bitcoin mining. The nation houses relatively cheap electricity using regions due to the large reliance on hydropower (and the next existence of many dams), plus some of the world’s greatest mining machine manufacturers are structured there.

Chinese Marketplace

This, needless to say, has sparked some problems about Bitcoin being as well reliant on the Chinese marketplace. Garlinghouse touched with this discussion in his latest interview with CNN, in accordance with a clip shared by way of a Twitter user.

In the clip, the Ripple CEO mentioned that “China handles the Bitcoin blockchain,” before elaborating there are “4 miners in China that represent 60% or even more of total mining convenience of Bitcoin, and 80% of the mining convenience of both Bitcoin and Ethereum is situated in China.”

Garlinghouse rapidly drew the ire of the cryptocurrency neighborhood in uttering this, with some stating that the executive’s comment had been factually incorrect.

Let’s see…

Previous eToro analyst and founder of QuantumEconomics Mati Greenspan mentioned: “WTF Brad! ? You understand that’s incorrect! !” The analyst continued to point out there are 4 mining pools regarded as based in China, though additional that mining pools usually do not equate to miners as you can find individuals that comprise the swimming pool.

The heat grew up by Tuur Demeester of Bitcoin alpha fund Adamant Capital. The long-term industry investor wrote in their own comment on the problem that it has been established that Chinese miners don’t already have control on the network as some have insinuated:

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For this reason studying Bitcoin’s history is indeed important.

Regardless, Some Say China’s Bitcoin Mining Dominance Still a Threat. While the simple fact is there isn’t just as much China centralization in Bitcoin mining as Garlinghouse says there’s, there remain concerns concerning the existence of plenty of hashing power in the united kingdom.


Due to the inherent volatility and regulatory nature of crypto news, they are an important source of information for traders. This post will provide a comprehensive overview of the top crypto news stories this week. There has been a lot of activity in the crypto and blockchain worlds. Here’s a quick overview of the latest crypto news that you might have missed:

The U.S. Commodity Futures Trading Commission (CFTC) has won a judicial battle against a company that ran a Ponzi scheme centered around bitcoin. New York’s federal court ordered Gelfman Blueprint, Inc. (NY) and Nicholas Gelfman, its CEO, to pay more $2.5 million in compensation and financial penalties. This was the first anti-fraud crackdown on Bitcoin by the Commodity Futures Trading Commission.

This judgement was made in connection to a civil enforcement action that the CFTC filed on Sept. 21, 2017. According to the CFTC Complaint, GBI and Gelfman, its CEO, ran a Bitcoin Ponzi scheme that fraudulently demanded more than $600,000. This was probably in connection with a civil enforcement action filed by the CFTC on Sept. 21, 2017. This was possible thanks to the computer exchanging program “Jigsaw” used by Defendants.

Intercontinental Exchange

According to Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, and the company behind Bakkt, Bakkt Bitcoin daily options contracts will officially begin exchanging on December 12, 2018.

The Bakkt Bitcoin (USD), Daily Futures Contract was also stated in the document. It is a physically-settled daily contract for bitcoin that is held in Bakkt LLC. It is stored in an ICE digital asset warehouse. Each futures contract will require delivery of one bitcoin from the Bakkt Digital Asset Warehouse. The futures contracts will trade in U.S. dollars terms. Each exchange business day will have one daily contract available for trading.

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The draft Russian law on digital assets has been rewritten in an unexpected way. The definition of crypto mining was removed from the text that contained proposals to regulate crypto assets in Russia due to confusion by lawmakers.

The new law won’t address the taxation of crypto miners, as its definition is not in the law book. However, the industry has been eagerly awaiting any move on this issue to show the Russian authorities their position on the matter. Albania will also introduce new cryptocurrency regulations. This ambitious move is intended to attract new investment opportunities and make Albania a regional hub in Cryptocurrency. Investors were informed by Ervin Koci (head of the Albanian Financial Supervisory), that no company has been licensed to issue digital currency yet because regulations are still being developed.

Crypto Fiat Exchange

Binance Uganda has launched live trading within a week of allowing withdrawals, deposits, and user authentication. This is the company’s first move in developing cryptocurrency exchange markets for a larger ecosystem that will also include fiat currencies.

The exchange currently holds pairings for BTC/UGX as well as ETH/UGX, where UGX denotes the Ugandan Shilling. Binance also announced the results from crypto donations for flood relief to Japan. Binance sees this as an opportunity to boost growth in Africa and bring crypto to new regions. In just 7 days, the company raised US$410,000 in cryptocurrency-donations. This total donation of various types of ERC20 tokens is approximately US$1,410,000. After users’ complaints about exorbitant fees charged for listing altcoins, Changpeng Zhao, Binance CEO, announced that the company would give all listings fees to charity in October.

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