Ripple CEO: Transactions can not be reversed or blocked

ripple tech crunch

At Tech Crunch San Francisco, Ripple’s CEO Brad Garlinghouse discussed a range of topics with TechCrunch founder Michael Arrington. Garlinghouse also stated that it is impossible to rollback an XRP transaction or block a transaction. In addition, he talked about the future of Ripple and Arrington explained about why he chose XRP for his new crypto-fund.

At the TechCrunch Disrupt conference in San Francisco, Garlinghouse tried to eliminate a myth about XRP and Ripple. Regarding decentralization, he said that the company is “absolutely unable” to reverse or even block a transaction on the XRP Ledger. Garlinghouse said that this is one of those fake facts that people use to claim that Ripple is not decentralized.

Commenting on a question from interviewer Mike Butcher, Garlinghouse said that Ripple is sometimes referred to as the Devil and Lucifer in the crypto community. The reason for that is that Ripple cooperates with banks. However, in his view, this has a reason:

If you want to revolutionize the way payments work, if you really want to revolutionize the way transactions work in this regard, it will not happen that everyone abandons their existing infrastructure and simply switches to something new…There will not be just one ledger that will rule everyone else.

While discussing Bitcoin, Blockchain and XRP Ledger, Brad Garlinghouse emphasized (as several times in the past) that only 7% of all nodes in the XRP network are controlled by Ripple. On the contrary, three miners control over 50% of the Bitcoin Blockchain. Thus, the XRP ledger is more decentralized than the Bitcoin Blockchain.

When asked why Arrington chose XRP for his cryptocurrency fund, he said he had two reasons for the XRP token. About Brad Garlinghouse he said:

Of course I went to Brad because we became very good friends. Not everybody knows that. But Tech Crunch was originally sold to AOL and eventually became part of the Verizon because of Brad. because he was at AOL, it would not have happened without him. he was the main person passing this deal, I’m his friend.

The friendship prompted him to go to his good friend for advice. Garlinghouse was able to convey him many contacts about this like big XRP holders. As a second reason, Arrington explained:

XRP is a fantastic currency that can be used, among other things, for hedge funds. we have to move a lot of money very fast, we invest worldwide, our LPs come from all over the world. And it’s a pain to use banks to raise money.

Arrington enthusiastically revealed that they were recently able to move 50 million in XRP in three seconds across borders. It would have taken 2-3 days for a bank to do this, according to him. In addition, the transaction did cost only 20 to 30 cents. The TechCrunch founder also noted that in addition to the many traditional institutes, there are also private companies that do the job, but charge an excessive fee. He said:

There are many startups like Transferwise that could make the transaction. But of course there are also fees envolved and larger amounts that you have to calculate.

 

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