Ripple CEO: US Regulators Need To “Step Up And Lean Into Digital Currencies” Bitfury’s Bitcoin Mining Programme Allows New Institutional Investment Swiss Government Supports Blockchain Startups Offering Over $10 Million USD The Top 5 Cryptocurrencies to Mine [2020] Coldplay Bassist Launches Into Cryptocurrency, Backing New App The Coinbase Pump: OmiseGo (OMG) Sees A Massive Surge JPMorgan: Digital Currency Threat To Dollar Domination Coinbase Adopts A Remote-First Approach After Lockdown Lifts Bank Of France Successfully Launches Blockchain-Based Project Supernodes Across Europe Attacked By Cryptojackers To Illicitly Mine Monero Andreessen Horowitz On Crypto Entrepreneurs: “Excited To See What They Build”

1d
coininsider

Bitcoin Presents Good Opportunities To Short

1d
cryptodaily

Beware of False Bottoms: Comparing Bitcoin and the S&P 500 to 1929’s Great Depression

1d
bitcoinist

Never Let Another Arbitrage Opportunity Pass Again with 24/7 Bitbengrab Trading » The Merkle News

1d
cryptonewmedia

Crypto-Powered Brave Browser Launches Privacy-Centered Zoom Competitor

1d
cryptoglobe

Goldman Sachs Still Has No Love for Bitcoin, but Market Does Not Seem to Care

1d
cryptoglobe

BitGreen Initiative is Folding@Home to Fight COVID-19.

1d
cryptodaily

CryptoKitties Creator Debuts NBA Game on Its Own Blockchain

1d
cryptonewmedia

Is Bitcoin Leveraged Trading Only For Veterans and Where Should Beginners Turn to?

1d
nulltx

A High-Profile Acquisition Shows Bitcoin Demand from Institutions is Surging

1d
bitcoinist

Justin Sun: “Craig Wright is a fraud.”

1d
cryptodaily

Breaking: Goldman Sachs Includes Bitcoin Alongside Gold In Client Call

1d
coingape

Governor of France’s Central Bank ‘Pleased’ with Negative Interest Rates

1d
beincrypto

How a Trader Lost $1,200 in 100 Seconds » The Merkle News

1d
cryptonewmedia

The unpredictable nature of BTC following its halving. Could it hit $1m in the next 10 years?

1d
cryptodaily

Crypto.Com Exchange Extends Its Card To Over 30 Countries In Europe

1d
coingape

Three New Crypto Exchanges That Rival the Big Guns

1d
cryptonewmedia

RBI brings clarity to bitcoin situation in India

1d
cryptodaily

No, Goldman Sachs Doesn’t Think Bitcoin is the Next Big Thing

1d
newsbtc

Internal Struggle at the Biggest Bitcoin Mining Equipment Manufacturer Persists

1d
newsbtc

AMZN Stock Down 0.16% Now, Amazon in Talks to Buy Zoox

1d
cryptonewmedia

Bitcoin Whales Prop Up Crypto Markets As Bulls Regain $9,000

1d
zycrypto

Goldman Sachs Says Bitcoin ‘Not Suitable Investment’ in Hyped Client Call

1d
beincrypto

Bitcoin Jumps $9,100 as Dow Prepares For Massive 400-Point Open

1d
newsbtc

Coinbase Outbids Binance to Acquire Crypto Prime Broker Tagomi in All-Stock Deal

1d
cryptoglobe


Coinbase could be holding 25% of all Litecoin: Is Litecoin really decentralized?

Twitter user @TruthRaiderHQ created a controversy when he claimed that Coinbase holds 25 percent of all Litecoin (LTC) in circulation.

Crypto assets advertise by claiming that they are decentralized, i.e. not controlled by a central party, but what happens when one party seems to be controlling it? Being on a blockchain network does not ensure that the asset would be decentralized. If a certain mining pool or hodler accounts for a majority, then he would be centralizing the asset around him.

Now Coinbase, one of the most popular crypto exchanges in the world, is under suspicion of holding a quarter of all Litecoin. The exchange is well-known and has been acknowledged by Forbes Blockchain 50 List. The exchange also had a positive effect on the assets it listed, as all those assets saw an increase in price after being listed.

TruthRaider while claiming Coinbase owned 25% of all LTC also attacked John Kim, who, according to him, was a “fanboy” of Litecoin. He stated that people listening to Kim’s words would never think that the asset is “centralized af.” He then took a jab at Ripple by saying that more than 25 percent of the “shitcoin” was owned by one company.

However, it is not certain whether Coinbase owns that much Litecoin as the company’s asset portfolio is not known. Coinbase is a centralized exchange that acts as a gateway between fiat and crypto and is comparable to a bank. The platform sees huge sums of money deposited and withdrawn, so it is holding a huge sum of assets. Hence the possibility of it owning 25 percent of all Litecoin cannot be denied.

If the news turns out to be true, it might put a burden on the Litecoin network, which is already seeing a decline in its hash rate. The hash rate has fallen to where it was 12 months ago, making it susceptible to a 51 percent attack.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments