On 5th September, Mike Butcher hosted a show featuring CEO of Ripple Labs Inc, Brad Garlinghouse and the Founder of Arrington XRP Capital, Michael Arrington, at the TechCrunch Disrupt conference in San Francisco.
They spoke about TransferWise, a U.K based global money transfer service, currency crash, XRP’s future, speculative projects and projects which solve real problems.
During the discussion, Michael Arrington spoke about Ripple’s payment system and traditional banking systems. Comparing the two, he stated that transactions using Ripple’s payment system are much faster. He revealed that they were able to transfer 50 million in just over three seconds.
While host Mike Butcher believes that several startups like TransferWise serve the same purpose and charge excessively. Interjecting Butcher’s statement, Brad Garlinghouse stepped in to praise TransferWise. He said:
“TransferWise is a fabulous company. And they’ve done some very clever things by hacking the existing system. What transferwise does is optimize the existing infrastructure, and …in effect hack the system so they have a better outcome.”
He further added:
“What Ripple is trying to say, Look, can we reset the rail? TransferWise loves what we’re doing because if we’re successful, it makes their job actually easier.”
Mike said that the Ripple has come up with a “fantastic ability to move money around the planet.” He further spoke about Ripple’s efforts to actually make banks use the cryptocurrency, and how some use the Ripple protocol but not XRP.
He further stated that in the current scenario, the prices of XRP have come crashing all over the place. Asking further questions, Mike said:
“So how do you address that? In a way, you pre-mined all this currency made a heck of a lot of money. Let’s talk about let’s talk about that.”
To this, Garlinghouse explained that 18 months before the crypto market was worth $20 billion. At present, it is almost worth $230 billion, hitting in the middle a value of $850 billion. In his opinion, it has crashed from $850 but is a huge bull market considering a straight line from 18 months ago, to today.
Brad also pointed out that in the last five or six years the industry has undergone multiple code crashes and reconsolidation. He added:
” You’re going to see a separation, I think, between those that are purely speculative, and those that are actually solving real utility, real problems in the marketplace.”
Garlinghouse said that Arrington himself has an experience of using XRP and Ripple’s technology to solve real-world problems.
When Brad was working at Yahoo, he formulated a theory called the “Peanut Butter Manifesto”. The thesis behind this was that Yahoo was spreading itself too thin. He said the company was trying to do multiple things at once instead of being good at one specific thing.
He related crypto to his “Peanut Butter Manifesto” and said something similar was happening here too. To this, he added:
“Ripple has very specifically decided to go very deep in a particular vertical with a clear customer, a clear value proposition in solving a clear problem.”
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