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“The debate between Gottfried Leibbrandt and Brad Garlinghouse is something that you never would have seen if Ripple wasn't perceived as a threat to the 'Old Guard' of correspondence banking.   These banks are afraid of what Ripple represents.   Their role in obtaining enormous transaction fees from both retail and corporate clients for the privelege of moving money across borders is quickly drawing to a close, as the world decides its time to send money as fast as it can send information.”

What a wonderful paragraph to finally read. I wondered if their debate would take place and how much we would learn if it did. It was good to see them debate and to see Brad be clear and direct in his remarks.

Setting the record straight using simple math to debunk the threat of crypto volatility compared to the SWIFT current state has got to debunk this line of reasoning to many. I think there will still be lots more who will still ignore this fact because it goes against their paradigm. The good news is nobody has the same job forever; their replacement will get it.

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13 minutes ago, Roaring_Twenties said:

The good news is nobody has the same job forever; their replacement will get it. 

Thanks for the encouraging feedback. 

The irony?  I think their announcement about R3 helps XRP without hurting Ripple. 

Because their approach with R3 is to only allow it to 'initiate a payment' to SWIFT GPI, it doens't do anything to improve overall times for GPI that I can tell.  However, I'd defer to a banking expert on this; perhaps I'm missing something there. 

But given that possible conclusion, Ripple is still basically competing with SWIFT - and that's another 'competition' that's really not a competition.  B)

Either way, XRP wins, but I'd like to see it win with Ripple.  I don't know how much XRP R3 has. 

Edited by Hodor
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1 hour ago, Rey said:

the current CEO also has the role to defend the interests of the main/biggest SWIFT stakeholders

Agreed: This is what I think it was all about.  I think Gottfried Leibbrandt is quite intelligent, but he serves clients who have very little interest in giving up their role in the current correspondence banking system. 

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Great exposition @Hodor :D I have to quote my favorite part of the Brad Garlinghouse mic drop...

"When we talk about what the SWIFT network is today, it's a closed network.   It has a lot of members on it - for sure - but AOL had a lot of members.   And when we moved into the age of the Internet, and a decentralized, democratic network ...  I think what you're seeing introduced with blockchain technologies ...  and it's not just Ripple."

"When we think about interoperability, we think about interoperability between many blockchains ...  and I think that the future we see is certainly one of many networks; interoperable networks.   And reducing the friction of those payments to close-to-zero."

"And I think you're going to see a lot of innovation spawn from that.   Apart from Ripple; part of the entire ecosystem ..."

"...  It's (SWIFT GPI) a step forward when you're switching from - if I may - horse and buggy, to 'hey, can we make the horse and buggy go faster?'  Sure, but if we can just move to a Ferrari, let's do that."

                                                                            ...and share my impression of GPI...


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6 hours ago, GiddyUp said:

but if we can just move to a Ferrari, let's do that."

I got the sense that Brad Garlinghouse was really making every effort to hold back from being too hard on Gottfried Leibbrandt, but in the end, I think it was good that he just stated it matter-of-factly with that metaphor. 

The debate was something I didn't think I'd ever see, and goes to show you how seriously SWIFT is taking the competition - and that they see Ripple as a replacement for their services, not as a component that can make it better.  It speaks volumes about how the large correspondent banks don't want to lose their enormous transaction fee structures. 

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Thanks @Hodor once again a great read ,  to see the comparison between the two side by side XRP and POW , well ,there is no comparison :D. I enjoyed the panel with Brad and Gottfried,  kudos to Gottfried getting on stage with Brad and to open himself up for what he must of known to be worthy adversary,  you couldn't ask for a better moderator,  straight to the point,  didn't interupt the flow and asked the right questions , the question about volatility time 3 seconds versus 1000's of seconds for a comparison was great. Nowadays we can just go on and on with amazing developments , it's like shaking a bottle of champagne,  sooner or later the cork is going the same way the price will . Thanks for your time and effort. 

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5 hours ago, Truckdriver said:

 Here's some crazy logic :wacko2:

It's quite sad to see a really smart man get trapped in his own ideological choices.

No Andreas, it currently only takes around 2 billion dollar to pull a ETC double spend trick on Bitcoin, so bitcoin is not secure against colluding bation states, not by a stretch. It is not even secure against a single major bank or company.

I hope he sees the light one day, and acknowledge there is now smarter tech that does the same as Bitcoin, better, smarter and a million times more efficient and cheaper.

He really dropped the ball in the scaling debade, when he sided with the 1Mb core team. A big global decentralized gigabyte blockchain would at least provide some value for money.

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I think it’s impressive to come up with the mental gymnastics required to conclude that giant arrays of power guzzling ASICS are actually the green solution.  Saving the world by consumption of large amounts of green energy as a kickstarter for green enterprise.  You’re welcome, world!

Extraordinary mental agility.  A perfect Olympic 10 on the floor mat.

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