is ripple the devil? ceo under fire at disrupt sf | the ......∠ is ripple the devil? ceo under...
TRANSCRIPT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 1 of 18httpsthefintechtimescomripple-disrupt-sf
Home Blockchain Newsang
Is Ripple The Devil CEO Under Fire at Disrupt SFang
Blockchain News Cryptocurrency News
Is Ripple The Devil CEOUnder Fire at Disrupt SFby thefintechtimes September 13 2018
SHARESHARE
Written by Martine Paris
Cue the Rolling Stones
When Ripple CEO Brad Garlinghouse took the stage
$
amp $ ( ) 0
$ ( )
Get newsGet news
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 2 of 18httpsthefintechtimescomripple-disrupt-sf
at Disrupt SF last week he was met by TechCrunchrsquos
Mike Butcher with an unrelenting line of questioning
into the activities of the controversial fintech
company It was a masterful interview focused on
clarifying whether Ripple has been manipulating the
market to boost the XRP price which is now down
90 from its 2018 high
Ripple Labs which offers enterprise global payments
on the blockchain is the issuer of XRP the worldrsquos
third largest cryptocurrency by market cap The
company has been sued for securities fraud by irate
investors who lost money in the recent crash and
allege that Ripple created the XRP token to fund its
operations and the development of the XRP
ecosystem Under the Howie Test based on investor
expectations and how it was marketed XRP could be
ruled an unregistered security in violation of SEC
regulations
Are you in fact the devil
ldquoIrsquom not the devilrdquo Garlinghouse replied laughing
ldquoPeople who say that Ripple is somehow the devil
itrsquos because wersquore partnering with the man Cross
border payments today are slow and expensive
Ripple invented a series of technologies built upon
the XRP ledger that allows institutions banks and
even in some cases government to dramatically
accelerate the nature of transactionsrdquo
Mike Arrington Founder of TechCrunch and
Arrington XRP Capital agreed ldquoXRP is a fantastic
currency to use for among other things funds We
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 3 of 18httpsthefintechtimescomripple-disrupt-sf
need to move a lot of money very quickly We make
investments all over the world Using banks to move
money is a pain Have you ever sent money in an
international wire You gotta call did you get it And
what No I didnrsquot get it It takes a day or two to move
money around the world With XRP our very first
close was $50 million We moved that money in like
three seconds and I think it cost 20 or 30 centsrdquo
Arrington discussed his longtime friendship with
Garlinghouse ldquoWhen TechCrunch originally sold to
AOL and eventually became part of the Verizon
behemoth Brad was at AOL Hersquos the primary person
that make that deal happen He made me wealthy
not as wealthy as him but wealthy And it turns out
now hersquos the fifth richest person in California or
something When Brad first joined Ripple I went to
him for advice and he helped me raise the fund by
introducing me to most of our large LPs that hold
large amounts of XRPrdquo Arrington noted that Ripple
isnrsquot an LP and XRP is now only a small part of their
portfolio
How much is too much
Garlinghouse tops the Forbes list of crypto
billionaires along with Ripple founders Chris Larsen
and Jed McCaleb (also the founder of Mt Gox and
Stellar)
Ripple has not only been in the news for lawsuits itrsquos
also been in the news for charity Ripple investor
Ashton Kutcher of Sound Ventures has been
speaking on behalf of the company announcing high
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 4 of 18httpsthefintechtimescomripple-disrupt-sf
profile donations by Ripple to celebrity-backed
charities like Madonnarsquos Raising Malawi campaign
and Ellen Degeneresrsquo Wildlife Fund On March 26
Ripple made history with the largest single
cryptocurrency donation ever giving away a stunning
$29 million in XRP to fund all 35647 campaigns on
DonorsChoose benefiting 16500 schools and over
28000 teachers
Butcher questioned whether the XRP infusion was
truly philanthropic or merely a desperate attempt to
pump excess XRP from the pre-mine into the
ecosystem to boost prices ldquoSo you come up with a
fantastic ability to move money around the planet
but XRP prices are crashing Yoursquore trying to get the
banks to use the actual currency Theyrsquore using the
Ripple protocol but theyrsquore not using XRP are they
You pre-mined all this currency and made a heck of a
lot of money Yoursquore trying to get people to use XRP rdquo
Butcher said
Garlinghouse responded ldquoSilicon Valley doesnrsquot do
enough to give back We may be accused of being
the devil in terms of how we partnered with the
system Irsquove never been accused of being the devil
for you know being philanthropic and supporting
causes that are actually good for the planetrdquo
When asked Arrington said he was never offered
free XRP to seed his fund
Butcher then asked Garlinghouse if he paid social
media influencers to hype XRP ldquoWhatrsquos going on with
the XRP fanboys on Twitter Are you paying them to
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 5 of 18httpsthefintechtimescomripple-disrupt-sf
shill Are they just trying to boost the currencyrdquo
Garlinghouse replied ldquoWe donrsquot pay themWe have a
lot of advocatesrdquo
Arrington added ldquoOne of the most interesting books
Irsquove read is Guns Germs and Steel We are naturally
tribal and form teams Fanboys for Bitcoin and
Fanboys for XRP are saying almost the same thing
theyrsquore actually enthusiasts who have changed their
lives and the lives of their familyrdquo
Butcher continued ldquoYour criticism of Ethereum is itrsquos
got a big developer network and yoursquore trying to
boost the amount of developers using XRP with
Xpring Yoursquore trying to boost the market do you
think
Garlinghouse replied ldquoThe observation Irsquod make
about the Ethereum ecosystem today is that there is
a lot of experimentation Therersquos not a lot of
successfully deployed solving real problems Therersquos
one project that I find very interesting called Augurrdquo
Regarding Ripple Garlinghouse said ldquoRipple has
very specifically decided to go very deep in a
particular vertical with a clear customer a clear value
proposition in solving a clear problemrdquo He discussed
his Peanut Butter Manifesto which he wrote at Yahoo
about companies that spread themselves too thin ldquoI
was meeting with some of the IBM team and they
were talking about using a blockchain to track flower
freshness I donrsquot get it More often than not a
database is going to be more efficient than a
blockchain People use words like blockchain and
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 6 of 18httpsthefintechtimescomripple-disrupt-sf
crypto as catnip for the investorsrdquo
Pointing at EOS Arrington said ldquoI think that these
projects that come out and raise a lot of money in
some cases billions of dollars donrsquot need that much
money and so I always think thatrsquos odd If you look at
the history of Silicon Valley there are as far as I
know zero examples of companies that have raised
massive amounts of funding before launching a
product and being successfulrdquo
About that air gap
Garlinghouse went on to explain why XRP could not
be considered a security ldquoA security is something
that represents ownership in a company that gives
you rights to dividends gives you rights to
governance XRP and Ripple are two separate things
We have shareholders we have investors that
include Google Ventures we have banks that have
invested their own share of Ripple the company
When you buy XRP that doesnrsquot give you any rights
to the profits or ownership of Ripple the company If
Ripple the company shutdown tomorrow the XRP
ledger would continue to operaterdquo
Responding to claims that Ripple maintains a
centralized XRP ledger he said ldquoPeople are saying
the XRP ledger is centralized Itrsquos factually not true
The XRP ledger is fully decentralized Ripple the
company cannot control the XRP ledger apart from
the fact that you control a handful of nodes We
control I think 7 of all of the public nodes on the
XRP ledger In contrast you have (three) miners in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 7 of 18httpsthefintechtimescomripple-disrupt-sf
China that control north of 50 of the Bitcoin
blockchain By any measure the Bitcoin blockchain is
more centralized that the XRP ledger People say
Ripple can block a transaction Not true Can we
rollback a transaction We actually canrsquotrdquo
And the crashhellip
Addressing concerns about the drop in XRP price
Garlinghouse commented ldquo18 months ago the entire
crypto market was worth $20 billion Today itrsquos worth
$230 billion In between it hit about $850 billion If
we drew a straight line from 18 months ago to today
yoursquod say itrsquos been a huge bull market There have
been in the last five or six years multiple crashes that
have been effectively reconsolidation Yoursquore going
to see a separation between those that are purely
speculative and those that are actually solving real
utility problems in the marketplacerdquo
Unintended consequences
Arrington shared his thoughts on what will happen if
the US continues with their lack of support for the
blockchain ecosystem ldquoIrsquom Libertarian I donrsquot like
the government in general 80-90 of our
investments are in Asia Europe and Israel right now
because theyrsquore actually countries where therersquos
enough regulatory certainty that entrepreneurs feel
safe starting their blockchain companies there Here
they donrsquot Therersquos so much regulatory uncertainty
And then add to that the tax burden and the visa
burdens of coming here And then our current
federal governmentrsquos stance on immigration in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 8 of 18httpsthefintechtimescomripple-disrupt-sf
general Theyrsquore just saying fck it and theyrsquore
staying in Singapore Israel and Europe instead of
coming here and starting companies The SEC needs
to get their act together If they had done that with
the Internet in 1994 1995 none of us would be here
Wersquod all be living in Shanghai or somewhere else
Theyrsquore single-handedly wrecking the stage of
technology developmentrdquo
Garlinghouse added ldquoThere are unequivocally bad
actors in the ICO ecosystem There have been frauds
and massive scams Hundreds of millions if not
billions of dollars have been heisted and if anything
Irsquom surprised the SEC hasnrsquot been more aggressive
going after some of those bad actors I agree that
there is a risk that a lot of this development ends up
non-US The impact on the United States economy
for having the Internet that we think of today being
very US centric has been very positive for the
United Statesrdquo
The Future Is Crypto
Butcher closed by asking Arrington to share his
thoughts on the next 10 years in crypto and
blockchain
ldquoIrsquom a little tired of the VC gamerdquo said Arrington ldquoItrsquos
all new players in crypto Itrsquos younger fresher more
interesting people from all over the world The VC
game has gotten very tiring to me Crypto moves
much more quickly than the tech world which
already moves quickly But a few months feels like a
year or two in crypto And I actually like that I think
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 9 of 18httpsthefintechtimescomripple-disrupt-sf
PREVIOUS POSTPREVIOUS POST
thefintechtimesthefintechtimes
The Fintech Times an independent
business newspaper Bringing
finance and technology together
itrsquos keeping me young Itrsquos keeping me excited And
itrsquos just a lot more funrdquo
DISRUPT SFDISRUPT SF TECHCRUNCHTECHCRUNCH
SHARESHARE $
ang
DSB to Creates Technology RoadmapDSB to Creates Technology Roadmap
$ +
Supermoney ndash Anew era ofdigitalpayments
Brickblock AndnakamotoAnnouncePartnership ToFuse Real-WorldAsset TradingWith ThePotential OfIOTArsquos TangleNetwork
Barclays StateStreet CreditSuisse Bank ofIreland amp FidelityDiscuss theFuture ofBlockchain
RELATED POSTS
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 10 of 18httpsthefintechtimescomripple-disrupt-sf
NEWSLETTER
email address
SUBSCRIBE
SUBSCRIBE TO OUR PRINT NEWSPAPER DELIVERED TO YOUR DOOR NEVER MISS
AN ISSUECorporate Subscription The Fintech Times for a year - GET FREE GLOBALTOKEN REVIEW
poundpound4500045000 poundpound1980019800
12 month subscription - 10 editions per year GET FREE GLOBAL TOKENREVIEW
poundpound32003200 poundpound25002500
BLOCKCHAIN UNCHAINED
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 11 of 18httpsthefintechtimescomripple-disrupt-sf
THE FINANCE PROFESSIONAL SHOW
WORLD ETHICAL DATA FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 12 of 18httpsthefintechtimescomripple-disrupt-sf
FINTECH CONNECT
FINOVATE FALL 2018
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 13 of 18httpsthefintechtimescomripple-disrupt-sf
WORLD TELEMEDIA MARBELLA
CRYPTO CHALLENGE FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 14 of 18httpsthefintechtimescomripple-disrupt-sf
ROBO ADVICE SUMMIT
FUTURAMA BLOCKCHAIN INNOVATORS SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 15 of 18httpsthefintechtimescomripple-disrupt-sf
FORUM FINTECH CANADA
MALTA BLOCKCHAIN SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 16 of 18httpsthefintechtimescomripple-disrupt-sf
STARTUP|BUSINESS|LIFESTYLE
LONDONLONDON
THE FINTECH TIMES
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 17 of 18httpsthefintechtimescomripple-disrupt-sf
Rocketspace 40 Islington High StRocketspace 40 Islington High StLondon N1 8EQLondon N1 8EQ
SAN FRANCISCOSAN FRANCISCO
555 Montgomery St 1501 San555 Montgomery St 1501 SanFrancisco CA 94111 USAFrancisco CA 94111 USA
DISRUPTS MEDIA LTD
DisruptsDisrupts
DisruptsTVDisruptsTV
Contact usContact us
Fintech News ArchiveFintech News Archive
Fintech News July 2018 IssueFintech News July 2018 Issue
Fintech News June 2018 IssueFintech News June 2018 Issue
Fintech News April 2018 IssueFintech News April 2018 Issue
FINTECH NEWS 2018
Email address
Name
SUBSCRIBE
NEWSLETTER
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
FOLLOW US
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$ ( )
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 2 of 18httpsthefintechtimescomripple-disrupt-sf
at Disrupt SF last week he was met by TechCrunchrsquos
Mike Butcher with an unrelenting line of questioning
into the activities of the controversial fintech
company It was a masterful interview focused on
clarifying whether Ripple has been manipulating the
market to boost the XRP price which is now down
90 from its 2018 high
Ripple Labs which offers enterprise global payments
on the blockchain is the issuer of XRP the worldrsquos
third largest cryptocurrency by market cap The
company has been sued for securities fraud by irate
investors who lost money in the recent crash and
allege that Ripple created the XRP token to fund its
operations and the development of the XRP
ecosystem Under the Howie Test based on investor
expectations and how it was marketed XRP could be
ruled an unregistered security in violation of SEC
regulations
Are you in fact the devil
ldquoIrsquom not the devilrdquo Garlinghouse replied laughing
ldquoPeople who say that Ripple is somehow the devil
itrsquos because wersquore partnering with the man Cross
border payments today are slow and expensive
Ripple invented a series of technologies built upon
the XRP ledger that allows institutions banks and
even in some cases government to dramatically
accelerate the nature of transactionsrdquo
Mike Arrington Founder of TechCrunch and
Arrington XRP Capital agreed ldquoXRP is a fantastic
currency to use for among other things funds We
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 3 of 18httpsthefintechtimescomripple-disrupt-sf
need to move a lot of money very quickly We make
investments all over the world Using banks to move
money is a pain Have you ever sent money in an
international wire You gotta call did you get it And
what No I didnrsquot get it It takes a day or two to move
money around the world With XRP our very first
close was $50 million We moved that money in like
three seconds and I think it cost 20 or 30 centsrdquo
Arrington discussed his longtime friendship with
Garlinghouse ldquoWhen TechCrunch originally sold to
AOL and eventually became part of the Verizon
behemoth Brad was at AOL Hersquos the primary person
that make that deal happen He made me wealthy
not as wealthy as him but wealthy And it turns out
now hersquos the fifth richest person in California or
something When Brad first joined Ripple I went to
him for advice and he helped me raise the fund by
introducing me to most of our large LPs that hold
large amounts of XRPrdquo Arrington noted that Ripple
isnrsquot an LP and XRP is now only a small part of their
portfolio
How much is too much
Garlinghouse tops the Forbes list of crypto
billionaires along with Ripple founders Chris Larsen
and Jed McCaleb (also the founder of Mt Gox and
Stellar)
Ripple has not only been in the news for lawsuits itrsquos
also been in the news for charity Ripple investor
Ashton Kutcher of Sound Ventures has been
speaking on behalf of the company announcing high
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 4 of 18httpsthefintechtimescomripple-disrupt-sf
profile donations by Ripple to celebrity-backed
charities like Madonnarsquos Raising Malawi campaign
and Ellen Degeneresrsquo Wildlife Fund On March 26
Ripple made history with the largest single
cryptocurrency donation ever giving away a stunning
$29 million in XRP to fund all 35647 campaigns on
DonorsChoose benefiting 16500 schools and over
28000 teachers
Butcher questioned whether the XRP infusion was
truly philanthropic or merely a desperate attempt to
pump excess XRP from the pre-mine into the
ecosystem to boost prices ldquoSo you come up with a
fantastic ability to move money around the planet
but XRP prices are crashing Yoursquore trying to get the
banks to use the actual currency Theyrsquore using the
Ripple protocol but theyrsquore not using XRP are they
You pre-mined all this currency and made a heck of a
lot of money Yoursquore trying to get people to use XRP rdquo
Butcher said
Garlinghouse responded ldquoSilicon Valley doesnrsquot do
enough to give back We may be accused of being
the devil in terms of how we partnered with the
system Irsquove never been accused of being the devil
for you know being philanthropic and supporting
causes that are actually good for the planetrdquo
When asked Arrington said he was never offered
free XRP to seed his fund
Butcher then asked Garlinghouse if he paid social
media influencers to hype XRP ldquoWhatrsquos going on with
the XRP fanboys on Twitter Are you paying them to
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 5 of 18httpsthefintechtimescomripple-disrupt-sf
shill Are they just trying to boost the currencyrdquo
Garlinghouse replied ldquoWe donrsquot pay themWe have a
lot of advocatesrdquo
Arrington added ldquoOne of the most interesting books
Irsquove read is Guns Germs and Steel We are naturally
tribal and form teams Fanboys for Bitcoin and
Fanboys for XRP are saying almost the same thing
theyrsquore actually enthusiasts who have changed their
lives and the lives of their familyrdquo
Butcher continued ldquoYour criticism of Ethereum is itrsquos
got a big developer network and yoursquore trying to
boost the amount of developers using XRP with
Xpring Yoursquore trying to boost the market do you
think
Garlinghouse replied ldquoThe observation Irsquod make
about the Ethereum ecosystem today is that there is
a lot of experimentation Therersquos not a lot of
successfully deployed solving real problems Therersquos
one project that I find very interesting called Augurrdquo
Regarding Ripple Garlinghouse said ldquoRipple has
very specifically decided to go very deep in a
particular vertical with a clear customer a clear value
proposition in solving a clear problemrdquo He discussed
his Peanut Butter Manifesto which he wrote at Yahoo
about companies that spread themselves too thin ldquoI
was meeting with some of the IBM team and they
were talking about using a blockchain to track flower
freshness I donrsquot get it More often than not a
database is going to be more efficient than a
blockchain People use words like blockchain and
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 6 of 18httpsthefintechtimescomripple-disrupt-sf
crypto as catnip for the investorsrdquo
Pointing at EOS Arrington said ldquoI think that these
projects that come out and raise a lot of money in
some cases billions of dollars donrsquot need that much
money and so I always think thatrsquos odd If you look at
the history of Silicon Valley there are as far as I
know zero examples of companies that have raised
massive amounts of funding before launching a
product and being successfulrdquo
About that air gap
Garlinghouse went on to explain why XRP could not
be considered a security ldquoA security is something
that represents ownership in a company that gives
you rights to dividends gives you rights to
governance XRP and Ripple are two separate things
We have shareholders we have investors that
include Google Ventures we have banks that have
invested their own share of Ripple the company
When you buy XRP that doesnrsquot give you any rights
to the profits or ownership of Ripple the company If
Ripple the company shutdown tomorrow the XRP
ledger would continue to operaterdquo
Responding to claims that Ripple maintains a
centralized XRP ledger he said ldquoPeople are saying
the XRP ledger is centralized Itrsquos factually not true
The XRP ledger is fully decentralized Ripple the
company cannot control the XRP ledger apart from
the fact that you control a handful of nodes We
control I think 7 of all of the public nodes on the
XRP ledger In contrast you have (three) miners in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 7 of 18httpsthefintechtimescomripple-disrupt-sf
China that control north of 50 of the Bitcoin
blockchain By any measure the Bitcoin blockchain is
more centralized that the XRP ledger People say
Ripple can block a transaction Not true Can we
rollback a transaction We actually canrsquotrdquo
And the crashhellip
Addressing concerns about the drop in XRP price
Garlinghouse commented ldquo18 months ago the entire
crypto market was worth $20 billion Today itrsquos worth
$230 billion In between it hit about $850 billion If
we drew a straight line from 18 months ago to today
yoursquod say itrsquos been a huge bull market There have
been in the last five or six years multiple crashes that
have been effectively reconsolidation Yoursquore going
to see a separation between those that are purely
speculative and those that are actually solving real
utility problems in the marketplacerdquo
Unintended consequences
Arrington shared his thoughts on what will happen if
the US continues with their lack of support for the
blockchain ecosystem ldquoIrsquom Libertarian I donrsquot like
the government in general 80-90 of our
investments are in Asia Europe and Israel right now
because theyrsquore actually countries where therersquos
enough regulatory certainty that entrepreneurs feel
safe starting their blockchain companies there Here
they donrsquot Therersquos so much regulatory uncertainty
And then add to that the tax burden and the visa
burdens of coming here And then our current
federal governmentrsquos stance on immigration in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 8 of 18httpsthefintechtimescomripple-disrupt-sf
general Theyrsquore just saying fck it and theyrsquore
staying in Singapore Israel and Europe instead of
coming here and starting companies The SEC needs
to get their act together If they had done that with
the Internet in 1994 1995 none of us would be here
Wersquod all be living in Shanghai or somewhere else
Theyrsquore single-handedly wrecking the stage of
technology developmentrdquo
Garlinghouse added ldquoThere are unequivocally bad
actors in the ICO ecosystem There have been frauds
and massive scams Hundreds of millions if not
billions of dollars have been heisted and if anything
Irsquom surprised the SEC hasnrsquot been more aggressive
going after some of those bad actors I agree that
there is a risk that a lot of this development ends up
non-US The impact on the United States economy
for having the Internet that we think of today being
very US centric has been very positive for the
United Statesrdquo
The Future Is Crypto
Butcher closed by asking Arrington to share his
thoughts on the next 10 years in crypto and
blockchain
ldquoIrsquom a little tired of the VC gamerdquo said Arrington ldquoItrsquos
all new players in crypto Itrsquos younger fresher more
interesting people from all over the world The VC
game has gotten very tiring to me Crypto moves
much more quickly than the tech world which
already moves quickly But a few months feels like a
year or two in crypto And I actually like that I think
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 9 of 18httpsthefintechtimescomripple-disrupt-sf
PREVIOUS POSTPREVIOUS POST
thefintechtimesthefintechtimes
The Fintech Times an independent
business newspaper Bringing
finance and technology together
itrsquos keeping me young Itrsquos keeping me excited And
itrsquos just a lot more funrdquo
DISRUPT SFDISRUPT SF TECHCRUNCHTECHCRUNCH
SHARESHARE $
ang
DSB to Creates Technology RoadmapDSB to Creates Technology Roadmap
$ +
Supermoney ndash Anew era ofdigitalpayments
Brickblock AndnakamotoAnnouncePartnership ToFuse Real-WorldAsset TradingWith ThePotential OfIOTArsquos TangleNetwork
Barclays StateStreet CreditSuisse Bank ofIreland amp FidelityDiscuss theFuture ofBlockchain
RELATED POSTS
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 10 of 18httpsthefintechtimescomripple-disrupt-sf
NEWSLETTER
email address
SUBSCRIBE
SUBSCRIBE TO OUR PRINT NEWSPAPER DELIVERED TO YOUR DOOR NEVER MISS
AN ISSUECorporate Subscription The Fintech Times for a year - GET FREE GLOBALTOKEN REVIEW
poundpound4500045000 poundpound1980019800
12 month subscription - 10 editions per year GET FREE GLOBAL TOKENREVIEW
poundpound32003200 poundpound25002500
BLOCKCHAIN UNCHAINED
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 11 of 18httpsthefintechtimescomripple-disrupt-sf
THE FINANCE PROFESSIONAL SHOW
WORLD ETHICAL DATA FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 12 of 18httpsthefintechtimescomripple-disrupt-sf
FINTECH CONNECT
FINOVATE FALL 2018
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 13 of 18httpsthefintechtimescomripple-disrupt-sf
WORLD TELEMEDIA MARBELLA
CRYPTO CHALLENGE FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 14 of 18httpsthefintechtimescomripple-disrupt-sf
ROBO ADVICE SUMMIT
FUTURAMA BLOCKCHAIN INNOVATORS SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 15 of 18httpsthefintechtimescomripple-disrupt-sf
FORUM FINTECH CANADA
MALTA BLOCKCHAIN SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 16 of 18httpsthefintechtimescomripple-disrupt-sf
STARTUP|BUSINESS|LIFESTYLE
LONDONLONDON
THE FINTECH TIMES
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 17 of 18httpsthefintechtimescomripple-disrupt-sf
Rocketspace 40 Islington High StRocketspace 40 Islington High StLondon N1 8EQLondon N1 8EQ
SAN FRANCISCOSAN FRANCISCO
555 Montgomery St 1501 San555 Montgomery St 1501 SanFrancisco CA 94111 USAFrancisco CA 94111 USA
DISRUPTS MEDIA LTD
DisruptsDisrupts
DisruptsTVDisruptsTV
Contact usContact us
Fintech News ArchiveFintech News Archive
Fintech News July 2018 IssueFintech News July 2018 Issue
Fintech News June 2018 IssueFintech News June 2018 Issue
Fintech News April 2018 IssueFintech News April 2018 Issue
FINTECH NEWS 2018
Email address
Name
SUBSCRIBE
NEWSLETTER
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
FOLLOW US
About Team Advertise Subscribe
$ ( )
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 3 of 18httpsthefintechtimescomripple-disrupt-sf
need to move a lot of money very quickly We make
investments all over the world Using banks to move
money is a pain Have you ever sent money in an
international wire You gotta call did you get it And
what No I didnrsquot get it It takes a day or two to move
money around the world With XRP our very first
close was $50 million We moved that money in like
three seconds and I think it cost 20 or 30 centsrdquo
Arrington discussed his longtime friendship with
Garlinghouse ldquoWhen TechCrunch originally sold to
AOL and eventually became part of the Verizon
behemoth Brad was at AOL Hersquos the primary person
that make that deal happen He made me wealthy
not as wealthy as him but wealthy And it turns out
now hersquos the fifth richest person in California or
something When Brad first joined Ripple I went to
him for advice and he helped me raise the fund by
introducing me to most of our large LPs that hold
large amounts of XRPrdquo Arrington noted that Ripple
isnrsquot an LP and XRP is now only a small part of their
portfolio
How much is too much
Garlinghouse tops the Forbes list of crypto
billionaires along with Ripple founders Chris Larsen
and Jed McCaleb (also the founder of Mt Gox and
Stellar)
Ripple has not only been in the news for lawsuits itrsquos
also been in the news for charity Ripple investor
Ashton Kutcher of Sound Ventures has been
speaking on behalf of the company announcing high
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 4 of 18httpsthefintechtimescomripple-disrupt-sf
profile donations by Ripple to celebrity-backed
charities like Madonnarsquos Raising Malawi campaign
and Ellen Degeneresrsquo Wildlife Fund On March 26
Ripple made history with the largest single
cryptocurrency donation ever giving away a stunning
$29 million in XRP to fund all 35647 campaigns on
DonorsChoose benefiting 16500 schools and over
28000 teachers
Butcher questioned whether the XRP infusion was
truly philanthropic or merely a desperate attempt to
pump excess XRP from the pre-mine into the
ecosystem to boost prices ldquoSo you come up with a
fantastic ability to move money around the planet
but XRP prices are crashing Yoursquore trying to get the
banks to use the actual currency Theyrsquore using the
Ripple protocol but theyrsquore not using XRP are they
You pre-mined all this currency and made a heck of a
lot of money Yoursquore trying to get people to use XRP rdquo
Butcher said
Garlinghouse responded ldquoSilicon Valley doesnrsquot do
enough to give back We may be accused of being
the devil in terms of how we partnered with the
system Irsquove never been accused of being the devil
for you know being philanthropic and supporting
causes that are actually good for the planetrdquo
When asked Arrington said he was never offered
free XRP to seed his fund
Butcher then asked Garlinghouse if he paid social
media influencers to hype XRP ldquoWhatrsquos going on with
the XRP fanboys on Twitter Are you paying them to
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 5 of 18httpsthefintechtimescomripple-disrupt-sf
shill Are they just trying to boost the currencyrdquo
Garlinghouse replied ldquoWe donrsquot pay themWe have a
lot of advocatesrdquo
Arrington added ldquoOne of the most interesting books
Irsquove read is Guns Germs and Steel We are naturally
tribal and form teams Fanboys for Bitcoin and
Fanboys for XRP are saying almost the same thing
theyrsquore actually enthusiasts who have changed their
lives and the lives of their familyrdquo
Butcher continued ldquoYour criticism of Ethereum is itrsquos
got a big developer network and yoursquore trying to
boost the amount of developers using XRP with
Xpring Yoursquore trying to boost the market do you
think
Garlinghouse replied ldquoThe observation Irsquod make
about the Ethereum ecosystem today is that there is
a lot of experimentation Therersquos not a lot of
successfully deployed solving real problems Therersquos
one project that I find very interesting called Augurrdquo
Regarding Ripple Garlinghouse said ldquoRipple has
very specifically decided to go very deep in a
particular vertical with a clear customer a clear value
proposition in solving a clear problemrdquo He discussed
his Peanut Butter Manifesto which he wrote at Yahoo
about companies that spread themselves too thin ldquoI
was meeting with some of the IBM team and they
were talking about using a blockchain to track flower
freshness I donrsquot get it More often than not a
database is going to be more efficient than a
blockchain People use words like blockchain and
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 6 of 18httpsthefintechtimescomripple-disrupt-sf
crypto as catnip for the investorsrdquo
Pointing at EOS Arrington said ldquoI think that these
projects that come out and raise a lot of money in
some cases billions of dollars donrsquot need that much
money and so I always think thatrsquos odd If you look at
the history of Silicon Valley there are as far as I
know zero examples of companies that have raised
massive amounts of funding before launching a
product and being successfulrdquo
About that air gap
Garlinghouse went on to explain why XRP could not
be considered a security ldquoA security is something
that represents ownership in a company that gives
you rights to dividends gives you rights to
governance XRP and Ripple are two separate things
We have shareholders we have investors that
include Google Ventures we have banks that have
invested their own share of Ripple the company
When you buy XRP that doesnrsquot give you any rights
to the profits or ownership of Ripple the company If
Ripple the company shutdown tomorrow the XRP
ledger would continue to operaterdquo
Responding to claims that Ripple maintains a
centralized XRP ledger he said ldquoPeople are saying
the XRP ledger is centralized Itrsquos factually not true
The XRP ledger is fully decentralized Ripple the
company cannot control the XRP ledger apart from
the fact that you control a handful of nodes We
control I think 7 of all of the public nodes on the
XRP ledger In contrast you have (three) miners in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 7 of 18httpsthefintechtimescomripple-disrupt-sf
China that control north of 50 of the Bitcoin
blockchain By any measure the Bitcoin blockchain is
more centralized that the XRP ledger People say
Ripple can block a transaction Not true Can we
rollback a transaction We actually canrsquotrdquo
And the crashhellip
Addressing concerns about the drop in XRP price
Garlinghouse commented ldquo18 months ago the entire
crypto market was worth $20 billion Today itrsquos worth
$230 billion In between it hit about $850 billion If
we drew a straight line from 18 months ago to today
yoursquod say itrsquos been a huge bull market There have
been in the last five or six years multiple crashes that
have been effectively reconsolidation Yoursquore going
to see a separation between those that are purely
speculative and those that are actually solving real
utility problems in the marketplacerdquo
Unintended consequences
Arrington shared his thoughts on what will happen if
the US continues with their lack of support for the
blockchain ecosystem ldquoIrsquom Libertarian I donrsquot like
the government in general 80-90 of our
investments are in Asia Europe and Israel right now
because theyrsquore actually countries where therersquos
enough regulatory certainty that entrepreneurs feel
safe starting their blockchain companies there Here
they donrsquot Therersquos so much regulatory uncertainty
And then add to that the tax burden and the visa
burdens of coming here And then our current
federal governmentrsquos stance on immigration in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 8 of 18httpsthefintechtimescomripple-disrupt-sf
general Theyrsquore just saying fck it and theyrsquore
staying in Singapore Israel and Europe instead of
coming here and starting companies The SEC needs
to get their act together If they had done that with
the Internet in 1994 1995 none of us would be here
Wersquod all be living in Shanghai or somewhere else
Theyrsquore single-handedly wrecking the stage of
technology developmentrdquo
Garlinghouse added ldquoThere are unequivocally bad
actors in the ICO ecosystem There have been frauds
and massive scams Hundreds of millions if not
billions of dollars have been heisted and if anything
Irsquom surprised the SEC hasnrsquot been more aggressive
going after some of those bad actors I agree that
there is a risk that a lot of this development ends up
non-US The impact on the United States economy
for having the Internet that we think of today being
very US centric has been very positive for the
United Statesrdquo
The Future Is Crypto
Butcher closed by asking Arrington to share his
thoughts on the next 10 years in crypto and
blockchain
ldquoIrsquom a little tired of the VC gamerdquo said Arrington ldquoItrsquos
all new players in crypto Itrsquos younger fresher more
interesting people from all over the world The VC
game has gotten very tiring to me Crypto moves
much more quickly than the tech world which
already moves quickly But a few months feels like a
year or two in crypto And I actually like that I think
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 9 of 18httpsthefintechtimescomripple-disrupt-sf
PREVIOUS POSTPREVIOUS POST
thefintechtimesthefintechtimes
The Fintech Times an independent
business newspaper Bringing
finance and technology together
itrsquos keeping me young Itrsquos keeping me excited And
itrsquos just a lot more funrdquo
DISRUPT SFDISRUPT SF TECHCRUNCHTECHCRUNCH
SHARESHARE $
ang
DSB to Creates Technology RoadmapDSB to Creates Technology Roadmap
$ +
Supermoney ndash Anew era ofdigitalpayments
Brickblock AndnakamotoAnnouncePartnership ToFuse Real-WorldAsset TradingWith ThePotential OfIOTArsquos TangleNetwork
Barclays StateStreet CreditSuisse Bank ofIreland amp FidelityDiscuss theFuture ofBlockchain
RELATED POSTS
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 10 of 18httpsthefintechtimescomripple-disrupt-sf
NEWSLETTER
email address
SUBSCRIBE
SUBSCRIBE TO OUR PRINT NEWSPAPER DELIVERED TO YOUR DOOR NEVER MISS
AN ISSUECorporate Subscription The Fintech Times for a year - GET FREE GLOBALTOKEN REVIEW
poundpound4500045000 poundpound1980019800
12 month subscription - 10 editions per year GET FREE GLOBAL TOKENREVIEW
poundpound32003200 poundpound25002500
BLOCKCHAIN UNCHAINED
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 11 of 18httpsthefintechtimescomripple-disrupt-sf
THE FINANCE PROFESSIONAL SHOW
WORLD ETHICAL DATA FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 12 of 18httpsthefintechtimescomripple-disrupt-sf
FINTECH CONNECT
FINOVATE FALL 2018
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 13 of 18httpsthefintechtimescomripple-disrupt-sf
WORLD TELEMEDIA MARBELLA
CRYPTO CHALLENGE FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 14 of 18httpsthefintechtimescomripple-disrupt-sf
ROBO ADVICE SUMMIT
FUTURAMA BLOCKCHAIN INNOVATORS SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 15 of 18httpsthefintechtimescomripple-disrupt-sf
FORUM FINTECH CANADA
MALTA BLOCKCHAIN SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 16 of 18httpsthefintechtimescomripple-disrupt-sf
STARTUP|BUSINESS|LIFESTYLE
LONDONLONDON
THE FINTECH TIMES
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 17 of 18httpsthefintechtimescomripple-disrupt-sf
Rocketspace 40 Islington High StRocketspace 40 Islington High StLondon N1 8EQLondon N1 8EQ
SAN FRANCISCOSAN FRANCISCO
555 Montgomery St 1501 San555 Montgomery St 1501 SanFrancisco CA 94111 USAFrancisco CA 94111 USA
DISRUPTS MEDIA LTD
DisruptsDisrupts
DisruptsTVDisruptsTV
Contact usContact us
Fintech News ArchiveFintech News Archive
Fintech News July 2018 IssueFintech News July 2018 Issue
Fintech News June 2018 IssueFintech News June 2018 Issue
Fintech News April 2018 IssueFintech News April 2018 Issue
FINTECH NEWS 2018
Email address
Name
SUBSCRIBE
NEWSLETTER
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
FOLLOW US
About Team Advertise Subscribe
$ ( )
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 4 of 18httpsthefintechtimescomripple-disrupt-sf
profile donations by Ripple to celebrity-backed
charities like Madonnarsquos Raising Malawi campaign
and Ellen Degeneresrsquo Wildlife Fund On March 26
Ripple made history with the largest single
cryptocurrency donation ever giving away a stunning
$29 million in XRP to fund all 35647 campaigns on
DonorsChoose benefiting 16500 schools and over
28000 teachers
Butcher questioned whether the XRP infusion was
truly philanthropic or merely a desperate attempt to
pump excess XRP from the pre-mine into the
ecosystem to boost prices ldquoSo you come up with a
fantastic ability to move money around the planet
but XRP prices are crashing Yoursquore trying to get the
banks to use the actual currency Theyrsquore using the
Ripple protocol but theyrsquore not using XRP are they
You pre-mined all this currency and made a heck of a
lot of money Yoursquore trying to get people to use XRP rdquo
Butcher said
Garlinghouse responded ldquoSilicon Valley doesnrsquot do
enough to give back We may be accused of being
the devil in terms of how we partnered with the
system Irsquove never been accused of being the devil
for you know being philanthropic and supporting
causes that are actually good for the planetrdquo
When asked Arrington said he was never offered
free XRP to seed his fund
Butcher then asked Garlinghouse if he paid social
media influencers to hype XRP ldquoWhatrsquos going on with
the XRP fanboys on Twitter Are you paying them to
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 5 of 18httpsthefintechtimescomripple-disrupt-sf
shill Are they just trying to boost the currencyrdquo
Garlinghouse replied ldquoWe donrsquot pay themWe have a
lot of advocatesrdquo
Arrington added ldquoOne of the most interesting books
Irsquove read is Guns Germs and Steel We are naturally
tribal and form teams Fanboys for Bitcoin and
Fanboys for XRP are saying almost the same thing
theyrsquore actually enthusiasts who have changed their
lives and the lives of their familyrdquo
Butcher continued ldquoYour criticism of Ethereum is itrsquos
got a big developer network and yoursquore trying to
boost the amount of developers using XRP with
Xpring Yoursquore trying to boost the market do you
think
Garlinghouse replied ldquoThe observation Irsquod make
about the Ethereum ecosystem today is that there is
a lot of experimentation Therersquos not a lot of
successfully deployed solving real problems Therersquos
one project that I find very interesting called Augurrdquo
Regarding Ripple Garlinghouse said ldquoRipple has
very specifically decided to go very deep in a
particular vertical with a clear customer a clear value
proposition in solving a clear problemrdquo He discussed
his Peanut Butter Manifesto which he wrote at Yahoo
about companies that spread themselves too thin ldquoI
was meeting with some of the IBM team and they
were talking about using a blockchain to track flower
freshness I donrsquot get it More often than not a
database is going to be more efficient than a
blockchain People use words like blockchain and
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 6 of 18httpsthefintechtimescomripple-disrupt-sf
crypto as catnip for the investorsrdquo
Pointing at EOS Arrington said ldquoI think that these
projects that come out and raise a lot of money in
some cases billions of dollars donrsquot need that much
money and so I always think thatrsquos odd If you look at
the history of Silicon Valley there are as far as I
know zero examples of companies that have raised
massive amounts of funding before launching a
product and being successfulrdquo
About that air gap
Garlinghouse went on to explain why XRP could not
be considered a security ldquoA security is something
that represents ownership in a company that gives
you rights to dividends gives you rights to
governance XRP and Ripple are two separate things
We have shareholders we have investors that
include Google Ventures we have banks that have
invested their own share of Ripple the company
When you buy XRP that doesnrsquot give you any rights
to the profits or ownership of Ripple the company If
Ripple the company shutdown tomorrow the XRP
ledger would continue to operaterdquo
Responding to claims that Ripple maintains a
centralized XRP ledger he said ldquoPeople are saying
the XRP ledger is centralized Itrsquos factually not true
The XRP ledger is fully decentralized Ripple the
company cannot control the XRP ledger apart from
the fact that you control a handful of nodes We
control I think 7 of all of the public nodes on the
XRP ledger In contrast you have (three) miners in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 7 of 18httpsthefintechtimescomripple-disrupt-sf
China that control north of 50 of the Bitcoin
blockchain By any measure the Bitcoin blockchain is
more centralized that the XRP ledger People say
Ripple can block a transaction Not true Can we
rollback a transaction We actually canrsquotrdquo
And the crashhellip
Addressing concerns about the drop in XRP price
Garlinghouse commented ldquo18 months ago the entire
crypto market was worth $20 billion Today itrsquos worth
$230 billion In between it hit about $850 billion If
we drew a straight line from 18 months ago to today
yoursquod say itrsquos been a huge bull market There have
been in the last five or six years multiple crashes that
have been effectively reconsolidation Yoursquore going
to see a separation between those that are purely
speculative and those that are actually solving real
utility problems in the marketplacerdquo
Unintended consequences
Arrington shared his thoughts on what will happen if
the US continues with their lack of support for the
blockchain ecosystem ldquoIrsquom Libertarian I donrsquot like
the government in general 80-90 of our
investments are in Asia Europe and Israel right now
because theyrsquore actually countries where therersquos
enough regulatory certainty that entrepreneurs feel
safe starting their blockchain companies there Here
they donrsquot Therersquos so much regulatory uncertainty
And then add to that the tax burden and the visa
burdens of coming here And then our current
federal governmentrsquos stance on immigration in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 8 of 18httpsthefintechtimescomripple-disrupt-sf
general Theyrsquore just saying fck it and theyrsquore
staying in Singapore Israel and Europe instead of
coming here and starting companies The SEC needs
to get their act together If they had done that with
the Internet in 1994 1995 none of us would be here
Wersquod all be living in Shanghai or somewhere else
Theyrsquore single-handedly wrecking the stage of
technology developmentrdquo
Garlinghouse added ldquoThere are unequivocally bad
actors in the ICO ecosystem There have been frauds
and massive scams Hundreds of millions if not
billions of dollars have been heisted and if anything
Irsquom surprised the SEC hasnrsquot been more aggressive
going after some of those bad actors I agree that
there is a risk that a lot of this development ends up
non-US The impact on the United States economy
for having the Internet that we think of today being
very US centric has been very positive for the
United Statesrdquo
The Future Is Crypto
Butcher closed by asking Arrington to share his
thoughts on the next 10 years in crypto and
blockchain
ldquoIrsquom a little tired of the VC gamerdquo said Arrington ldquoItrsquos
all new players in crypto Itrsquos younger fresher more
interesting people from all over the world The VC
game has gotten very tiring to me Crypto moves
much more quickly than the tech world which
already moves quickly But a few months feels like a
year or two in crypto And I actually like that I think
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 9 of 18httpsthefintechtimescomripple-disrupt-sf
PREVIOUS POSTPREVIOUS POST
thefintechtimesthefintechtimes
The Fintech Times an independent
business newspaper Bringing
finance and technology together
itrsquos keeping me young Itrsquos keeping me excited And
itrsquos just a lot more funrdquo
DISRUPT SFDISRUPT SF TECHCRUNCHTECHCRUNCH
SHARESHARE $
ang
DSB to Creates Technology RoadmapDSB to Creates Technology Roadmap
$ +
Supermoney ndash Anew era ofdigitalpayments
Brickblock AndnakamotoAnnouncePartnership ToFuse Real-WorldAsset TradingWith ThePotential OfIOTArsquos TangleNetwork
Barclays StateStreet CreditSuisse Bank ofIreland amp FidelityDiscuss theFuture ofBlockchain
RELATED POSTS
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 10 of 18httpsthefintechtimescomripple-disrupt-sf
NEWSLETTER
email address
SUBSCRIBE
SUBSCRIBE TO OUR PRINT NEWSPAPER DELIVERED TO YOUR DOOR NEVER MISS
AN ISSUECorporate Subscription The Fintech Times for a year - GET FREE GLOBALTOKEN REVIEW
poundpound4500045000 poundpound1980019800
12 month subscription - 10 editions per year GET FREE GLOBAL TOKENREVIEW
poundpound32003200 poundpound25002500
BLOCKCHAIN UNCHAINED
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 11 of 18httpsthefintechtimescomripple-disrupt-sf
THE FINANCE PROFESSIONAL SHOW
WORLD ETHICAL DATA FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 12 of 18httpsthefintechtimescomripple-disrupt-sf
FINTECH CONNECT
FINOVATE FALL 2018
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 13 of 18httpsthefintechtimescomripple-disrupt-sf
WORLD TELEMEDIA MARBELLA
CRYPTO CHALLENGE FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 14 of 18httpsthefintechtimescomripple-disrupt-sf
ROBO ADVICE SUMMIT
FUTURAMA BLOCKCHAIN INNOVATORS SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 15 of 18httpsthefintechtimescomripple-disrupt-sf
FORUM FINTECH CANADA
MALTA BLOCKCHAIN SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 16 of 18httpsthefintechtimescomripple-disrupt-sf
STARTUP|BUSINESS|LIFESTYLE
LONDONLONDON
THE FINTECH TIMES
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 17 of 18httpsthefintechtimescomripple-disrupt-sf
Rocketspace 40 Islington High StRocketspace 40 Islington High StLondon N1 8EQLondon N1 8EQ
SAN FRANCISCOSAN FRANCISCO
555 Montgomery St 1501 San555 Montgomery St 1501 SanFrancisco CA 94111 USAFrancisco CA 94111 USA
DISRUPTS MEDIA LTD
DisruptsDisrupts
DisruptsTVDisruptsTV
Contact usContact us
Fintech News ArchiveFintech News Archive
Fintech News July 2018 IssueFintech News July 2018 Issue
Fintech News June 2018 IssueFintech News June 2018 Issue
Fintech News April 2018 IssueFintech News April 2018 Issue
FINTECH NEWS 2018
Email address
Name
SUBSCRIBE
NEWSLETTER
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
FOLLOW US
About Team Advertise Subscribe
$ ( )
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 5 of 18httpsthefintechtimescomripple-disrupt-sf
shill Are they just trying to boost the currencyrdquo
Garlinghouse replied ldquoWe donrsquot pay themWe have a
lot of advocatesrdquo
Arrington added ldquoOne of the most interesting books
Irsquove read is Guns Germs and Steel We are naturally
tribal and form teams Fanboys for Bitcoin and
Fanboys for XRP are saying almost the same thing
theyrsquore actually enthusiasts who have changed their
lives and the lives of their familyrdquo
Butcher continued ldquoYour criticism of Ethereum is itrsquos
got a big developer network and yoursquore trying to
boost the amount of developers using XRP with
Xpring Yoursquore trying to boost the market do you
think
Garlinghouse replied ldquoThe observation Irsquod make
about the Ethereum ecosystem today is that there is
a lot of experimentation Therersquos not a lot of
successfully deployed solving real problems Therersquos
one project that I find very interesting called Augurrdquo
Regarding Ripple Garlinghouse said ldquoRipple has
very specifically decided to go very deep in a
particular vertical with a clear customer a clear value
proposition in solving a clear problemrdquo He discussed
his Peanut Butter Manifesto which he wrote at Yahoo
about companies that spread themselves too thin ldquoI
was meeting with some of the IBM team and they
were talking about using a blockchain to track flower
freshness I donrsquot get it More often than not a
database is going to be more efficient than a
blockchain People use words like blockchain and
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 6 of 18httpsthefintechtimescomripple-disrupt-sf
crypto as catnip for the investorsrdquo
Pointing at EOS Arrington said ldquoI think that these
projects that come out and raise a lot of money in
some cases billions of dollars donrsquot need that much
money and so I always think thatrsquos odd If you look at
the history of Silicon Valley there are as far as I
know zero examples of companies that have raised
massive amounts of funding before launching a
product and being successfulrdquo
About that air gap
Garlinghouse went on to explain why XRP could not
be considered a security ldquoA security is something
that represents ownership in a company that gives
you rights to dividends gives you rights to
governance XRP and Ripple are two separate things
We have shareholders we have investors that
include Google Ventures we have banks that have
invested their own share of Ripple the company
When you buy XRP that doesnrsquot give you any rights
to the profits or ownership of Ripple the company If
Ripple the company shutdown tomorrow the XRP
ledger would continue to operaterdquo
Responding to claims that Ripple maintains a
centralized XRP ledger he said ldquoPeople are saying
the XRP ledger is centralized Itrsquos factually not true
The XRP ledger is fully decentralized Ripple the
company cannot control the XRP ledger apart from
the fact that you control a handful of nodes We
control I think 7 of all of the public nodes on the
XRP ledger In contrast you have (three) miners in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 7 of 18httpsthefintechtimescomripple-disrupt-sf
China that control north of 50 of the Bitcoin
blockchain By any measure the Bitcoin blockchain is
more centralized that the XRP ledger People say
Ripple can block a transaction Not true Can we
rollback a transaction We actually canrsquotrdquo
And the crashhellip
Addressing concerns about the drop in XRP price
Garlinghouse commented ldquo18 months ago the entire
crypto market was worth $20 billion Today itrsquos worth
$230 billion In between it hit about $850 billion If
we drew a straight line from 18 months ago to today
yoursquod say itrsquos been a huge bull market There have
been in the last five or six years multiple crashes that
have been effectively reconsolidation Yoursquore going
to see a separation between those that are purely
speculative and those that are actually solving real
utility problems in the marketplacerdquo
Unintended consequences
Arrington shared his thoughts on what will happen if
the US continues with their lack of support for the
blockchain ecosystem ldquoIrsquom Libertarian I donrsquot like
the government in general 80-90 of our
investments are in Asia Europe and Israel right now
because theyrsquore actually countries where therersquos
enough regulatory certainty that entrepreneurs feel
safe starting their blockchain companies there Here
they donrsquot Therersquos so much regulatory uncertainty
And then add to that the tax burden and the visa
burdens of coming here And then our current
federal governmentrsquos stance on immigration in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 8 of 18httpsthefintechtimescomripple-disrupt-sf
general Theyrsquore just saying fck it and theyrsquore
staying in Singapore Israel and Europe instead of
coming here and starting companies The SEC needs
to get their act together If they had done that with
the Internet in 1994 1995 none of us would be here
Wersquod all be living in Shanghai or somewhere else
Theyrsquore single-handedly wrecking the stage of
technology developmentrdquo
Garlinghouse added ldquoThere are unequivocally bad
actors in the ICO ecosystem There have been frauds
and massive scams Hundreds of millions if not
billions of dollars have been heisted and if anything
Irsquom surprised the SEC hasnrsquot been more aggressive
going after some of those bad actors I agree that
there is a risk that a lot of this development ends up
non-US The impact on the United States economy
for having the Internet that we think of today being
very US centric has been very positive for the
United Statesrdquo
The Future Is Crypto
Butcher closed by asking Arrington to share his
thoughts on the next 10 years in crypto and
blockchain
ldquoIrsquom a little tired of the VC gamerdquo said Arrington ldquoItrsquos
all new players in crypto Itrsquos younger fresher more
interesting people from all over the world The VC
game has gotten very tiring to me Crypto moves
much more quickly than the tech world which
already moves quickly But a few months feels like a
year or two in crypto And I actually like that I think
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 9 of 18httpsthefintechtimescomripple-disrupt-sf
PREVIOUS POSTPREVIOUS POST
thefintechtimesthefintechtimes
The Fintech Times an independent
business newspaper Bringing
finance and technology together
itrsquos keeping me young Itrsquos keeping me excited And
itrsquos just a lot more funrdquo
DISRUPT SFDISRUPT SF TECHCRUNCHTECHCRUNCH
SHARESHARE $
ang
DSB to Creates Technology RoadmapDSB to Creates Technology Roadmap
$ +
Supermoney ndash Anew era ofdigitalpayments
Brickblock AndnakamotoAnnouncePartnership ToFuse Real-WorldAsset TradingWith ThePotential OfIOTArsquos TangleNetwork
Barclays StateStreet CreditSuisse Bank ofIreland amp FidelityDiscuss theFuture ofBlockchain
RELATED POSTS
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 10 of 18httpsthefintechtimescomripple-disrupt-sf
NEWSLETTER
email address
SUBSCRIBE
SUBSCRIBE TO OUR PRINT NEWSPAPER DELIVERED TO YOUR DOOR NEVER MISS
AN ISSUECorporate Subscription The Fintech Times for a year - GET FREE GLOBALTOKEN REVIEW
poundpound4500045000 poundpound1980019800
12 month subscription - 10 editions per year GET FREE GLOBAL TOKENREVIEW
poundpound32003200 poundpound25002500
BLOCKCHAIN UNCHAINED
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 11 of 18httpsthefintechtimescomripple-disrupt-sf
THE FINANCE PROFESSIONAL SHOW
WORLD ETHICAL DATA FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 12 of 18httpsthefintechtimescomripple-disrupt-sf
FINTECH CONNECT
FINOVATE FALL 2018
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 13 of 18httpsthefintechtimescomripple-disrupt-sf
WORLD TELEMEDIA MARBELLA
CRYPTO CHALLENGE FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 14 of 18httpsthefintechtimescomripple-disrupt-sf
ROBO ADVICE SUMMIT
FUTURAMA BLOCKCHAIN INNOVATORS SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 15 of 18httpsthefintechtimescomripple-disrupt-sf
FORUM FINTECH CANADA
MALTA BLOCKCHAIN SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 16 of 18httpsthefintechtimescomripple-disrupt-sf
STARTUP|BUSINESS|LIFESTYLE
LONDONLONDON
THE FINTECH TIMES
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 17 of 18httpsthefintechtimescomripple-disrupt-sf
Rocketspace 40 Islington High StRocketspace 40 Islington High StLondon N1 8EQLondon N1 8EQ
SAN FRANCISCOSAN FRANCISCO
555 Montgomery St 1501 San555 Montgomery St 1501 SanFrancisco CA 94111 USAFrancisco CA 94111 USA
DISRUPTS MEDIA LTD
DisruptsDisrupts
DisruptsTVDisruptsTV
Contact usContact us
Fintech News ArchiveFintech News Archive
Fintech News July 2018 IssueFintech News July 2018 Issue
Fintech News June 2018 IssueFintech News June 2018 Issue
Fintech News April 2018 IssueFintech News April 2018 Issue
FINTECH NEWS 2018
Email address
Name
SUBSCRIBE
NEWSLETTER
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
FOLLOW US
About Team Advertise Subscribe
$ ( )
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 6 of 18httpsthefintechtimescomripple-disrupt-sf
crypto as catnip for the investorsrdquo
Pointing at EOS Arrington said ldquoI think that these
projects that come out and raise a lot of money in
some cases billions of dollars donrsquot need that much
money and so I always think thatrsquos odd If you look at
the history of Silicon Valley there are as far as I
know zero examples of companies that have raised
massive amounts of funding before launching a
product and being successfulrdquo
About that air gap
Garlinghouse went on to explain why XRP could not
be considered a security ldquoA security is something
that represents ownership in a company that gives
you rights to dividends gives you rights to
governance XRP and Ripple are two separate things
We have shareholders we have investors that
include Google Ventures we have banks that have
invested their own share of Ripple the company
When you buy XRP that doesnrsquot give you any rights
to the profits or ownership of Ripple the company If
Ripple the company shutdown tomorrow the XRP
ledger would continue to operaterdquo
Responding to claims that Ripple maintains a
centralized XRP ledger he said ldquoPeople are saying
the XRP ledger is centralized Itrsquos factually not true
The XRP ledger is fully decentralized Ripple the
company cannot control the XRP ledger apart from
the fact that you control a handful of nodes We
control I think 7 of all of the public nodes on the
XRP ledger In contrast you have (three) miners in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 7 of 18httpsthefintechtimescomripple-disrupt-sf
China that control north of 50 of the Bitcoin
blockchain By any measure the Bitcoin blockchain is
more centralized that the XRP ledger People say
Ripple can block a transaction Not true Can we
rollback a transaction We actually canrsquotrdquo
And the crashhellip
Addressing concerns about the drop in XRP price
Garlinghouse commented ldquo18 months ago the entire
crypto market was worth $20 billion Today itrsquos worth
$230 billion In between it hit about $850 billion If
we drew a straight line from 18 months ago to today
yoursquod say itrsquos been a huge bull market There have
been in the last five or six years multiple crashes that
have been effectively reconsolidation Yoursquore going
to see a separation between those that are purely
speculative and those that are actually solving real
utility problems in the marketplacerdquo
Unintended consequences
Arrington shared his thoughts on what will happen if
the US continues with their lack of support for the
blockchain ecosystem ldquoIrsquom Libertarian I donrsquot like
the government in general 80-90 of our
investments are in Asia Europe and Israel right now
because theyrsquore actually countries where therersquos
enough regulatory certainty that entrepreneurs feel
safe starting their blockchain companies there Here
they donrsquot Therersquos so much regulatory uncertainty
And then add to that the tax burden and the visa
burdens of coming here And then our current
federal governmentrsquos stance on immigration in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 8 of 18httpsthefintechtimescomripple-disrupt-sf
general Theyrsquore just saying fck it and theyrsquore
staying in Singapore Israel and Europe instead of
coming here and starting companies The SEC needs
to get their act together If they had done that with
the Internet in 1994 1995 none of us would be here
Wersquod all be living in Shanghai or somewhere else
Theyrsquore single-handedly wrecking the stage of
technology developmentrdquo
Garlinghouse added ldquoThere are unequivocally bad
actors in the ICO ecosystem There have been frauds
and massive scams Hundreds of millions if not
billions of dollars have been heisted and if anything
Irsquom surprised the SEC hasnrsquot been more aggressive
going after some of those bad actors I agree that
there is a risk that a lot of this development ends up
non-US The impact on the United States economy
for having the Internet that we think of today being
very US centric has been very positive for the
United Statesrdquo
The Future Is Crypto
Butcher closed by asking Arrington to share his
thoughts on the next 10 years in crypto and
blockchain
ldquoIrsquom a little tired of the VC gamerdquo said Arrington ldquoItrsquos
all new players in crypto Itrsquos younger fresher more
interesting people from all over the world The VC
game has gotten very tiring to me Crypto moves
much more quickly than the tech world which
already moves quickly But a few months feels like a
year or two in crypto And I actually like that I think
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 9 of 18httpsthefintechtimescomripple-disrupt-sf
PREVIOUS POSTPREVIOUS POST
thefintechtimesthefintechtimes
The Fintech Times an independent
business newspaper Bringing
finance and technology together
itrsquos keeping me young Itrsquos keeping me excited And
itrsquos just a lot more funrdquo
DISRUPT SFDISRUPT SF TECHCRUNCHTECHCRUNCH
SHARESHARE $
ang
DSB to Creates Technology RoadmapDSB to Creates Technology Roadmap
$ +
Supermoney ndash Anew era ofdigitalpayments
Brickblock AndnakamotoAnnouncePartnership ToFuse Real-WorldAsset TradingWith ThePotential OfIOTArsquos TangleNetwork
Barclays StateStreet CreditSuisse Bank ofIreland amp FidelityDiscuss theFuture ofBlockchain
RELATED POSTS
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 10 of 18httpsthefintechtimescomripple-disrupt-sf
NEWSLETTER
email address
SUBSCRIBE
SUBSCRIBE TO OUR PRINT NEWSPAPER DELIVERED TO YOUR DOOR NEVER MISS
AN ISSUECorporate Subscription The Fintech Times for a year - GET FREE GLOBALTOKEN REVIEW
poundpound4500045000 poundpound1980019800
12 month subscription - 10 editions per year GET FREE GLOBAL TOKENREVIEW
poundpound32003200 poundpound25002500
BLOCKCHAIN UNCHAINED
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 11 of 18httpsthefintechtimescomripple-disrupt-sf
THE FINANCE PROFESSIONAL SHOW
WORLD ETHICAL DATA FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 12 of 18httpsthefintechtimescomripple-disrupt-sf
FINTECH CONNECT
FINOVATE FALL 2018
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 13 of 18httpsthefintechtimescomripple-disrupt-sf
WORLD TELEMEDIA MARBELLA
CRYPTO CHALLENGE FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 14 of 18httpsthefintechtimescomripple-disrupt-sf
ROBO ADVICE SUMMIT
FUTURAMA BLOCKCHAIN INNOVATORS SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 15 of 18httpsthefintechtimescomripple-disrupt-sf
FORUM FINTECH CANADA
MALTA BLOCKCHAIN SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 16 of 18httpsthefintechtimescomripple-disrupt-sf
STARTUP|BUSINESS|LIFESTYLE
LONDONLONDON
THE FINTECH TIMES
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 17 of 18httpsthefintechtimescomripple-disrupt-sf
Rocketspace 40 Islington High StRocketspace 40 Islington High StLondon N1 8EQLondon N1 8EQ
SAN FRANCISCOSAN FRANCISCO
555 Montgomery St 1501 San555 Montgomery St 1501 SanFrancisco CA 94111 USAFrancisco CA 94111 USA
DISRUPTS MEDIA LTD
DisruptsDisrupts
DisruptsTVDisruptsTV
Contact usContact us
Fintech News ArchiveFintech News Archive
Fintech News July 2018 IssueFintech News July 2018 Issue
Fintech News June 2018 IssueFintech News June 2018 Issue
Fintech News April 2018 IssueFintech News April 2018 Issue
FINTECH NEWS 2018
Email address
Name
SUBSCRIBE
NEWSLETTER
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
FOLLOW US
About Team Advertise Subscribe
$ ( )
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 7 of 18httpsthefintechtimescomripple-disrupt-sf
China that control north of 50 of the Bitcoin
blockchain By any measure the Bitcoin blockchain is
more centralized that the XRP ledger People say
Ripple can block a transaction Not true Can we
rollback a transaction We actually canrsquotrdquo
And the crashhellip
Addressing concerns about the drop in XRP price
Garlinghouse commented ldquo18 months ago the entire
crypto market was worth $20 billion Today itrsquos worth
$230 billion In between it hit about $850 billion If
we drew a straight line from 18 months ago to today
yoursquod say itrsquos been a huge bull market There have
been in the last five or six years multiple crashes that
have been effectively reconsolidation Yoursquore going
to see a separation between those that are purely
speculative and those that are actually solving real
utility problems in the marketplacerdquo
Unintended consequences
Arrington shared his thoughts on what will happen if
the US continues with their lack of support for the
blockchain ecosystem ldquoIrsquom Libertarian I donrsquot like
the government in general 80-90 of our
investments are in Asia Europe and Israel right now
because theyrsquore actually countries where therersquos
enough regulatory certainty that entrepreneurs feel
safe starting their blockchain companies there Here
they donrsquot Therersquos so much regulatory uncertainty
And then add to that the tax burden and the visa
burdens of coming here And then our current
federal governmentrsquos stance on immigration in
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 8 of 18httpsthefintechtimescomripple-disrupt-sf
general Theyrsquore just saying fck it and theyrsquore
staying in Singapore Israel and Europe instead of
coming here and starting companies The SEC needs
to get their act together If they had done that with
the Internet in 1994 1995 none of us would be here
Wersquod all be living in Shanghai or somewhere else
Theyrsquore single-handedly wrecking the stage of
technology developmentrdquo
Garlinghouse added ldquoThere are unequivocally bad
actors in the ICO ecosystem There have been frauds
and massive scams Hundreds of millions if not
billions of dollars have been heisted and if anything
Irsquom surprised the SEC hasnrsquot been more aggressive
going after some of those bad actors I agree that
there is a risk that a lot of this development ends up
non-US The impact on the United States economy
for having the Internet that we think of today being
very US centric has been very positive for the
United Statesrdquo
The Future Is Crypto
Butcher closed by asking Arrington to share his
thoughts on the next 10 years in crypto and
blockchain
ldquoIrsquom a little tired of the VC gamerdquo said Arrington ldquoItrsquos
all new players in crypto Itrsquos younger fresher more
interesting people from all over the world The VC
game has gotten very tiring to me Crypto moves
much more quickly than the tech world which
already moves quickly But a few months feels like a
year or two in crypto And I actually like that I think
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 9 of 18httpsthefintechtimescomripple-disrupt-sf
PREVIOUS POSTPREVIOUS POST
thefintechtimesthefintechtimes
The Fintech Times an independent
business newspaper Bringing
finance and technology together
itrsquos keeping me young Itrsquos keeping me excited And
itrsquos just a lot more funrdquo
DISRUPT SFDISRUPT SF TECHCRUNCHTECHCRUNCH
SHARESHARE $
ang
DSB to Creates Technology RoadmapDSB to Creates Technology Roadmap
$ +
Supermoney ndash Anew era ofdigitalpayments
Brickblock AndnakamotoAnnouncePartnership ToFuse Real-WorldAsset TradingWith ThePotential OfIOTArsquos TangleNetwork
Barclays StateStreet CreditSuisse Bank ofIreland amp FidelityDiscuss theFuture ofBlockchain
RELATED POSTS
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 10 of 18httpsthefintechtimescomripple-disrupt-sf
NEWSLETTER
email address
SUBSCRIBE
SUBSCRIBE TO OUR PRINT NEWSPAPER DELIVERED TO YOUR DOOR NEVER MISS
AN ISSUECorporate Subscription The Fintech Times for a year - GET FREE GLOBALTOKEN REVIEW
poundpound4500045000 poundpound1980019800
12 month subscription - 10 editions per year GET FREE GLOBAL TOKENREVIEW
poundpound32003200 poundpound25002500
BLOCKCHAIN UNCHAINED
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 11 of 18httpsthefintechtimescomripple-disrupt-sf
THE FINANCE PROFESSIONAL SHOW
WORLD ETHICAL DATA FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 12 of 18httpsthefintechtimescomripple-disrupt-sf
FINTECH CONNECT
FINOVATE FALL 2018
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 13 of 18httpsthefintechtimescomripple-disrupt-sf
WORLD TELEMEDIA MARBELLA
CRYPTO CHALLENGE FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 14 of 18httpsthefintechtimescomripple-disrupt-sf
ROBO ADVICE SUMMIT
FUTURAMA BLOCKCHAIN INNOVATORS SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 15 of 18httpsthefintechtimescomripple-disrupt-sf
FORUM FINTECH CANADA
MALTA BLOCKCHAIN SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 16 of 18httpsthefintechtimescomripple-disrupt-sf
STARTUP|BUSINESS|LIFESTYLE
LONDONLONDON
THE FINTECH TIMES
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 17 of 18httpsthefintechtimescomripple-disrupt-sf
Rocketspace 40 Islington High StRocketspace 40 Islington High StLondon N1 8EQLondon N1 8EQ
SAN FRANCISCOSAN FRANCISCO
555 Montgomery St 1501 San555 Montgomery St 1501 SanFrancisco CA 94111 USAFrancisco CA 94111 USA
DISRUPTS MEDIA LTD
DisruptsDisrupts
DisruptsTVDisruptsTV
Contact usContact us
Fintech News ArchiveFintech News Archive
Fintech News July 2018 IssueFintech News July 2018 Issue
Fintech News June 2018 IssueFintech News June 2018 Issue
Fintech News April 2018 IssueFintech News April 2018 Issue
FINTECH NEWS 2018
Email address
Name
SUBSCRIBE
NEWSLETTER
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
FOLLOW US
About Team Advertise Subscribe
$ ( )
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 8 of 18httpsthefintechtimescomripple-disrupt-sf
general Theyrsquore just saying fck it and theyrsquore
staying in Singapore Israel and Europe instead of
coming here and starting companies The SEC needs
to get their act together If they had done that with
the Internet in 1994 1995 none of us would be here
Wersquod all be living in Shanghai or somewhere else
Theyrsquore single-handedly wrecking the stage of
technology developmentrdquo
Garlinghouse added ldquoThere are unequivocally bad
actors in the ICO ecosystem There have been frauds
and massive scams Hundreds of millions if not
billions of dollars have been heisted and if anything
Irsquom surprised the SEC hasnrsquot been more aggressive
going after some of those bad actors I agree that
there is a risk that a lot of this development ends up
non-US The impact on the United States economy
for having the Internet that we think of today being
very US centric has been very positive for the
United Statesrdquo
The Future Is Crypto
Butcher closed by asking Arrington to share his
thoughts on the next 10 years in crypto and
blockchain
ldquoIrsquom a little tired of the VC gamerdquo said Arrington ldquoItrsquos
all new players in crypto Itrsquos younger fresher more
interesting people from all over the world The VC
game has gotten very tiring to me Crypto moves
much more quickly than the tech world which
already moves quickly But a few months feels like a
year or two in crypto And I actually like that I think
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 9 of 18httpsthefintechtimescomripple-disrupt-sf
PREVIOUS POSTPREVIOUS POST
thefintechtimesthefintechtimes
The Fintech Times an independent
business newspaper Bringing
finance and technology together
itrsquos keeping me young Itrsquos keeping me excited And
itrsquos just a lot more funrdquo
DISRUPT SFDISRUPT SF TECHCRUNCHTECHCRUNCH
SHARESHARE $
ang
DSB to Creates Technology RoadmapDSB to Creates Technology Roadmap
$ +
Supermoney ndash Anew era ofdigitalpayments
Brickblock AndnakamotoAnnouncePartnership ToFuse Real-WorldAsset TradingWith ThePotential OfIOTArsquos TangleNetwork
Barclays StateStreet CreditSuisse Bank ofIreland amp FidelityDiscuss theFuture ofBlockchain
RELATED POSTS
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 10 of 18httpsthefintechtimescomripple-disrupt-sf
NEWSLETTER
email address
SUBSCRIBE
SUBSCRIBE TO OUR PRINT NEWSPAPER DELIVERED TO YOUR DOOR NEVER MISS
AN ISSUECorporate Subscription The Fintech Times for a year - GET FREE GLOBALTOKEN REVIEW
poundpound4500045000 poundpound1980019800
12 month subscription - 10 editions per year GET FREE GLOBAL TOKENREVIEW
poundpound32003200 poundpound25002500
BLOCKCHAIN UNCHAINED
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 11 of 18httpsthefintechtimescomripple-disrupt-sf
THE FINANCE PROFESSIONAL SHOW
WORLD ETHICAL DATA FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 12 of 18httpsthefintechtimescomripple-disrupt-sf
FINTECH CONNECT
FINOVATE FALL 2018
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 13 of 18httpsthefintechtimescomripple-disrupt-sf
WORLD TELEMEDIA MARBELLA
CRYPTO CHALLENGE FORUM
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 14 of 18httpsthefintechtimescomripple-disrupt-sf
ROBO ADVICE SUMMIT
FUTURAMA BLOCKCHAIN INNOVATORS SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 15 of 18httpsthefintechtimescomripple-disrupt-sf
FORUM FINTECH CANADA
MALTA BLOCKCHAIN SUMMIT
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 16 of 18httpsthefintechtimescomripple-disrupt-sf
STARTUP|BUSINESS|LIFESTYLE
LONDONLONDON
THE FINTECH TIMES
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 17 of 18httpsthefintechtimescomripple-disrupt-sf
Rocketspace 40 Islington High StRocketspace 40 Islington High StLondon N1 8EQLondon N1 8EQ
SAN FRANCISCOSAN FRANCISCO
555 Montgomery St 1501 San555 Montgomery St 1501 SanFrancisco CA 94111 USAFrancisco CA 94111 USA
DISRUPTS MEDIA LTD
DisruptsDisrupts
DisruptsTVDisruptsTV
Contact usContact us
Fintech News ArchiveFintech News Archive
Fintech News July 2018 IssueFintech News July 2018 Issue
Fintech News June 2018 IssueFintech News June 2018 Issue
Fintech News April 2018 IssueFintech News April 2018 Issue
FINTECH NEWS 2018
Email address
Name
SUBSCRIBE
NEWSLETTER
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
FOLLOW US
About Team Advertise Subscribe
$ ( )
91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 9 of 18httpsthefintechtimescomripple-disrupt-sf
PREVIOUS POSTPREVIOUS POST
thefintechtimesthefintechtimes
The Fintech Times an independent
business newspaper Bringing
finance and technology together
itrsquos keeping me young Itrsquos keeping me excited And
itrsquos just a lot more funrdquo
DISRUPT SFDISRUPT SF TECHCRUNCHTECHCRUNCH
SHARESHARE $
ang
DSB to Creates Technology RoadmapDSB to Creates Technology Roadmap
$ +
Supermoney ndash Anew era ofdigitalpayments
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copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
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Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
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THE FINTECH TIMES
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copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
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THE FINTECH TIMES
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91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
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SAN FRANCISCOSAN FRANCISCO
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91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
FOLLOW US
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91318 1117 AMIs Ripple The Devil CEO Under Fire at Disrupt SF | The Fintech Times
Page 18 of 18httpsthefintechtimescomripple-disrupt-sf
copy Disrupts Media Limited 2018 All Rights Reserved
ABOUT US
The Fintech Times is the worldrsquos first and only newspaper dedicated to fintech Published monthlyThe Fintech Times explores the explosive world of financial technology blending first hand insightopinion and expertise with observational journalism to provide a balanced and comprehensiveperspective of this rapidly evolving industry
FOLLOW US
About Team Advertise Subscribe
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