Imagine Being Asked, “Are You the Devil of the Cryptocurrency World?” Ripple CEO Answers
‘Are You The Devil Of Cryptocurrency World?’ Ripple CEO Asked At TechCrunch
It was an interesting conversation between Ripple’s CEO Brad Gralinghouse and the host of TechCrunch Mike Butcher. Also present was Michael Arrington who was one of the founders of TechCrunch but has since moved on to other ventures in the blockchain space. It was revealed that the Ripple CEO and Arrington have known each other from way back.
More About The Conversation
Gary was one of the inside people in AOL facilitating its purchase of TechCrunch. Some in the crypto community believe that banks will turn to blockchain naturally in order to facilitate transactions.
However, some crypto enthusiasts are adamant that the whole essence of blockchain is to eliminate the need for corporates. Consequently, any one or any organization that seems to support banks is considered evil. Therefore, it was no wonder when Mike Butcher asked Garlinghouse:
‘ …some people literally called you the devil..so are you?’
In his response, Garlinghouse pointed out that there were a lot of religious zealots around the crypto space. According to him, some people approach crypto with some sort of religious zealotry while in essence blockchain technology was devised to help provide a new way of doing things.
Ripple’s Approach To Blockchain
Ripple took a different stand in the evolution brought about by blockchain and it did so very early in the process. He explained that all Ripple did was come with an XRP infrastructure on which financial institutions, governments and other organizations could take advantage of blockchain technology.
To him, the reason Ripple is termed as the devil is because it wants to bring value and to get value you have to engage the repositories of value which are the banks.
Honestly, it seems odd that someone making a case for blockchain as a way to ensure faster transactions and then wanting banks out of it. In essence, that’s what banks strive to achieve and since they are always on the lookout for latest trends in tech, then it’s sensible for them to embrace blockchain.
Therefore, whether Ripple came in or not, someone would have eventually pop up to do exactly that. Ripples approach to working with banks is still experimental and it wasn’t fair for Garlinghouse to claim that Ethereum ‘had no solutions for real life problem and was experimental’. All in all, the TechCrunch interview helped understand much of what Ripple wall all about.