The world of cryptocurrencies is filled with intrigue and strategy, as demonstrated by recently unsealed internal communications between Ripple executives and team members from 2018. The Ripple-SEC lawsuit revealed these emails and in doing so, unveiled the calculated efforts of Ripple in disseminating the narrative that Bitcoin is controlled by China, often referred to as the “China FUD” theory. This article delves into this intriguing affair and the implications it has in the crypto world.
The Ripple Strategy in Pushing ‘Bitcoin China FUD’
Ripple’s questionable tactics come to the forefront in an email titled ‘4) China + Bitcoin,’ which contains an explicit directive to propagate the idea that Bitcoin is controlled by the Chinese. These instructions appeared to be consistent with the public sentiments expressed by Ripple CEO, Brad Garlinghouse. The same message indicated the adoption of a strategy to create an ‘insights post’ comparing XRP’s merits with other cryptocurrencies, alluding to Ripple’s strategic intentions.
The communication further indicated a significant pause in Ripple’s promotional activities involving exchanges, reaffirming the concerted effort to shift focus onto the narrative of Bitcoin’s control by China.
These exchanges, dated July 16, 2018, revealed the meticulousness with which Ripple strategized the framing of Bitcoin’s alleged centralization issues. The aim was to publicly highlight Bitcoin’s supposed vulnerabilities linked to Chinese mining pools and promote XRP as decentralized.
Leaked Emails and Ripple’s Stance on US Strategic Bitcoin Reserve
These leaked emails surfaced around the time when the US President Donald Trump announced the US Strategic Bitcoin Reserve. Internal communications revealed Ripple’s opposition to a Bitcoin-only strategy, lobbying instead for a diverse approach to encompass other digital assets like XRP, Solana (SOL), and Cardano (ADA). The evidence points to Ripple CEO Brad Garlinghouse meeting with the Trump Administration to advocate for this diversified inclusion.
While it’s publicly known that Ripple has been active in shaping crypto-friendly regulations, critics argue that the leaked emails reveal Ripple’s anti-Bitcoin agenda behind the scenes.
Ripple’s Anti-Bitcoin Marketing History
Ripple’s history of targeting Bitcoin is noteworthy. Ripple’s co-founder and executive chairman, Chris Larsen, has consistently advocated for shifting Bitcoin’s consensus mechanism from Proof of Work (PoW) to Proof of Stake (PoS).
In March 2022, Larsen funded a $5 million Greenpeace USA campaign, named ‘Change the Code.’ This initiative aimed to pressure Bitcoin developers and prominent industry figures to alter Bitcoin’s mining protocol. Despite the high-profile advertising, the campaign did not achieve its intended effect and instead faced severe push back from the Bitcoin community.
FAQ: What is Ripple?
Ripple is a technology company that provides the most efficient solutions for sending money globally using the power of blockchain technology.
FAQ: What is the “China FUD” theory?
The “China FUD” theory is a narrative that Bitcoin is being controlled by China, spreading fear, uncertainty, and doubt about Bitcoin’s supposed decentralization.
FAQ: What is Bitcoin’s consensus mechanism?
Bitcoin employs a consensus mechanism known as Proof of Work (PoW). This protocol ensures that all participants have a consensus on the transactions and the order in which they were made.
FAQ: What is Greenpeace USA’s ‘Change the Code’ campaign?
Greenpeace USA’s ‘Change the Code’ is a campaign funded by Ripple’s co-founder that pressurizes Bitcoin developers and key industry individuals to change Bitcoin’s mining protocol.
The Plot Thickens Around Ripple and Bitcoin
Discussions surrounding Bitcoin’s intrinsic nature and its links to China are not new in the crypto space. However, the recently disclosed internal emails from Ripple have added a new dimension to these conversations.
While Bitcoin continues to thrive, trading at $81,593 at the time of writing, the debate over centralization and the ethical implications of Ripple’s actions continue to bubble under the surface. This intriguing tale serves as a vivid reminder of the strategic maneuvering that takes place behind the scenes in the ever-evolving digital currency landscape.
