#CryptoCorner: Ripple drops, Chinese regulator skeptical of decentralization and SBI continues to expand into Crypto
#CryptoCorner: Ripple
drops, Chinese regulator skeptical of decentralization and SBI continues to
expand into Crypto
Point Roberts, WA, Delta BC – March 6, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner – March 6, 2018
By Samuel Mowers at Investorideas.com
Ripple drops,
Chinese regulator skeptical of decentralization and SBI continues to expand
into Crypto
After
reaching up to $1.08 USD on Monday, the price of Ripple (XRP) has dropped about
11 percent to $0.93 USD. Monday’s higher price was possibly influenced by
rumours that cryptocurrency exchange Coinbase was planning on adding Ripple
soon. However, this rumour was dashed when Coinbase tweeted yesterday:
“Our January 4th, 2018
statement continues to stand: we have made no decision to add additional assets
to either GDAX or Coinbase.
Any statement to the contrary is untrue and not authorized by the company.”
Any statement to the contrary is untrue and not authorized by the company.”
The price of Ripple started
to drop rapidly shortly thereafter.
According to a roughly
translated interview with China’s Securities Times, Chinese
regulator Zhang Ye, director of China Securities Regulatory Commission’s
information center, said that blockchain is promising but may not work as a
decentralized technology.
“Both the technical concept
and technical means deserve great attention,” he said. “However, there are
still some issues that need further clarification. First of all, from a
technical point of view, the absolute de-centralization of the blockchain is
not valid because the blockchain itself is a software and the software must be
centralized. As another example, an indispensable part of the blockchain is
identity authentication, and the authentication technology is PKI (Public Key
Infrastructure), which is also centralized. Therefore, how to build a
decentralized system based on a centralized structure needs further study. In
addition, the development of blockchain technology up to now, there is a
fundamental problem has not been resolved.”
Japanese financial group
SBI has invested in a Taiwan-based CoolBitX Ltd., which makes cryptocurrency
hardware wallets. The financial services division of SBI, SBI Holdings, will
have a 40 percent stake in CoolBitX as a result of this investment.
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