We kick off a busy day for Ripple’s Brad Garlinghouse firstly with an exclusive and explosive interview at the Economic Club of New York.
Economic Club New York has some seriously big speakers from politics & banking, previous speakers include US presidents and statesmen.
Bitcoin uses proof of work to validate transactions (mining) but its slows it down, makes it expensive. The engineers who built the XRP ledger were early Bitcoin engineers who saw Bitcoin’s scalablity issue. XRP uses the concensus algorythem, you don’t need mining to confirm a transaction, its quicker & costs far less
Brad Galinghouse - Ripple CEO
Firstly, wow, the gloves are off, Brad never pulls punches but today’s interview has shown a serious level of confidence and bursting with energy.
Is Bitcoin decentralised, yeah I’d say its decentralised. Unless you control over 51% of the network. But the very nature of proof of work means its extremely expensive. Here’s an amazing stat, 1% of global energy consumption is Bitcoin mining, that is a holy shit moment in my opinion!
Economic Club of New York is a hotbed for the global banking industry, bankers, New York Stock Execs and traders filled the room eagerly.
The room was electric, Brad had them all where he wanted them, confident enough to give a cocky smile before questions were even voiced.
Host - “You don’t think the dollar should be tokenized? ”
Brad - “It already is! I’m sure there are some bankers here in the audience and they will agree if you go to the FED window for more money you don’t get the cash you get digits in a ledger. It’s already digitized its just numbers on a screen if you want cash, more than a few thousand dollars you have to call in advance because they don’t have the cash.
The chat moved on to SWIFT, Ripple’s tech use cases and where it can improve on today’s method of international payments.
Banks don’t like SWIFT & thats good place to be at. SWIFT has a 6% error rate, can you imagine if Google failed on 6% of searches you would think the internet was broken. The way SWIFT works is like a post card I write an address, I stick it in the postbox I have no idea where it goes, if it gets there or when it gets there
The room could be heard taking a breath at some of the things Brad said, the speed at which he said them and the sheer brazen confidence.
Ripples error rate is zero, before a transaction takes place over RippleNet the banks are already chatting & communicating. It sounds like I’m shatting all over it, look, SWIFT works but it could be much better
Later today we aim to bring you the much anticipated Pompliano interview as well as a candid interview from Brad on the Ledger.
Brad G finishes off his super busy Tuesday with an exclusive interview with FOX News which we will also report on, the presenter in this interview teased a big question to be asked on this FOX special… just for you.
Watch it all yourself - MASSIVE THANKS to Alex Cobb for dropping the live feed!