Ripple CEO Appears on CNBC, Major Tech Conference; “Couldn’t Disagree More” with Ethereum’s Vitalik Buterin
On Wednesday, Brad Garlinghouse (CEO, Ripple) appeared on both CNBC’s Power Lunch (and subsequently talked about on CNBC’s Fast Money) and an open-panel discussion at the invite-only major tech conference, Code 2018; declaring that he “couldn’t disagree more” with Vitalik Buterin (Founder, Ethereum) and his desire for a world where decentralized currency displaces the incumbent monetary system.
CNBC’s Power Lunch & Fast Money
Firstly, Garlinghouse appeared on CNBC’s Power Lunch with reporter Jon Fortt. Here, he explained how despite the XRP cryptoasset being down some 85 percent since its early-January highs, the Ripple company itself has experienced an “incredible 2018” thus far and are now “signing up more than one bank to a production contract per week.”
Later on CNBC’s Fast Money, Brian Kelly (Founder & CEO, BKCM LLC) dissected Garlinghouse’s earlier comments and what implications lie in store for the XRP virtual token; an association some of the crypto industry’s most involved members are still having trouble conceptualizing.
You have to have people start using that XRP, that Ripple currency, in substitute for foreign currency. That’s the utility. That’s the use case for Ripple.” – Brian Kelly
Kelly then explained to the Fast Money panel that the value of the XRP cryptoasset is driven by utility, and that the multitude of banks that keep signing on with Ripple (i.e., the company) “are all just verifying their transactions. So ultimately, it’s really just a big database,” at least as it currently stands.
Code Conference 2018
Also on Wednesday, Garlinghouse participated in an open-panel conversation alongside Kathryn Haun (Board of Directors, Coinbase) and Bridget van Kralingen (Senior Vice President, IBM) as part of Recode’s annual Code Conference (May 29-31).
.@bgarlinghouse, CEO of Ripple on the “holy wars” of crypto: There are people who are grounded in the ideology that we’re going to overthrow governments. The holy wars are fueled by people who are measuring their success by the price of some token. #CodeCon pic.twitter.com/XaKpOpgOlF
— Recode (@Recode) May 31, 2018
The panel, led by host Peter Kafka, conversed for over thirty minutes; discussing the regulatory uncertainty hovering over the crypto industry, the extent to which political philosophies underpin the cryptocurrency movement, and the commercial appeal (or lack thereof) of distributed ledger technologies (as distinct from privately-owned databases).
Notably, the Ripple CEO said he “couldn’t disagree more” with Vitalik Buterin upon revealing that, at a past Ripple-hosted event, when the Ethereum creator was asked who he believed to be competitors to his Ethereum ecosystem, “he pulled out a twenty-dollar Canadian bill and said, ‘this is the competition.’”
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