Perhaps one of the most maligned and misunderstood cryptos in the top ten is XRP. True believers stand by it and haters continue hating. We are XRP agnostic and are fascinated by all the cryptos. It’s been several years since CEO Brad Garlinghouse joined us on this very show. In episode 538, we are pleased to speak with David Schwartz, the Chief Technology Officer of Ripple, to go deeper down the rabbit hole. Love it or hate it, we’re here to talk all things Ripple and XRP on this “May the Schwartz be with you” episode #538 of the Bad Crypto Podcast.
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FEATURED GUEST
David Schwartz, CTO, Ripple
David Schwartz is Chief Technology Officer at Ripple. David is one of the original architects of the XRP Ledger. Prior to joining Ripple, David Schwartz was Chief Technical Officer for WebMaster Incorporated, a Santa Clara software developer. He developed encrypted cloud storage and enterprise messaging systems for organizations like CNN and the National Security Agency (NSA). Known as “JoelKatz,” he is a respected voice in the digital currency community.
Welcome back to The Bad Crypto Podcast. We’re here for part two of The Top Ten Crypto Countdown, featuring the biggest cryptocurrencies in the world. The official CoinMarketCap.com site says these are the coins and tokens with the largest market capitalization and that crypto-enthusiasts are investing in. In episode #129, we counted down coins #10 through #6. And today we’ll continue the countdown with numbers 5 through 1. The countdown begins right now.
Why are people so high on a platform that hasn’t even launched yet?
Free transactions Fast – Somewhere between 1000 and 5000 TPS An improved consensus protocol over regular PoS
4. Bitcoin Cash (BCH) The controversial Bitcoin Fork created by Roger Ver and the ‘big blockers’ in mid-2017.
Market Cap: $21 Billion
Consensus Mechanism: Proof of Work
3. Ripple – XRP Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. Fast and cheap, but it’s still a pretty centralized system, which relies heavily on trusted third parties.
About Ripple: Claims to be able to handle 1,500 transactions per second.
Ripple has been criticized for not being truly decentralized, or for using only a few core validation nodes for transaction consensus, compared to Bitcoin and Ethereum in the five digits. Bitcoin developer Peter Todd notes, “..Ripple’s technical documentation doesn’t make any of these risks clear – nowhere do they describe in detail how nodes can fall out of consensus with one another if their UNLs (Unique Node List) don’t match.”
There is some confusion within the community about the difference between Ripple as a company and the coin XRP and where the boundary lies between the two.
2. Ethereum – ETH Created by the Russian/Canadian boy wonder, Vitalik Buterin.
Ethereum is a decentralized platform that is used to run smart contracts.
Put another way…
Ethereum is an open-source, decentralized, blockchain-based network, upon which Ether and other Ethereum-based tokens reside.
Ethereum is the most popular decentralized app platform in the cryptoverse Many ICOs use Ethereum’s blockchain-based smart contracts to distribute and keep record of their tokens.
Market Cap: $70 Billion
Consensus Mechanism: Ethereum currently uses Proof of Work (PoW) but soon will be switching to a new Proof of Stake consensus algorithm under development, called Casper which is expected to be more efficient and require less mining subsidy.
1. Bitcoin – BTC The ocean that all the Altcoins float on.
The first decentralized digital currency Released as open-source software in 2009 Created by an unknown person (or maybe group of people) under the of name Satoshi Nakamoto
Market Cap: $141 Billion
Consensus Mechanism: Proof of Work
History: On 18 August 2008, the domain name “bitcoin.org” was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open source code and released it in January 2009. The identity of Nakamoto remains unknown.
The original Whitepaper: https://bitcoin.org/bitcoin.pdf
DISCLAIMER NOTE:
Neither the Bad Crypto Podcast nor Joel or Travis are making any recommendations as to investing in this or any token or crypto-currency. The information in this podcast is for informational and entertainment purposes only.
Please do your own due diligence and consult with a professional financial adviser before making any investments.
We have an affiliate code with Coinbase. If you decide to buy some crypto on Coinbase, youget $10 of free BTC, when you spend at least $100 in crypto. The Bad Crypto Podcast also gets $10 BTC, as well.
Win-Win.
Coinbase is one of the most popular and well-known brokers and trading platforms in the world. Their platform makes it easy to securely buy, use, store and trade digital currency. Users can purchase bitcoins, Ether and now Litecoin from Coinbase through a digital wallet available on Android & iPhone.
Do your own due diligence, some people have had some customer support issues. Neither Joel nor Travis can attest to that. If you do use Coinbase, once your coins clear, move it to an offline wallet or if you choose, move them over to another exchange.
Do your own due diligence and research. Joel Comm and Travis Wright are NOT FINANCIAL ADVISORS.
We are sharing our journey with you as we learn more about this crazy little thing called cryptocurrency. We make NO RECOMMENDATIONS. Don’t take anything we say as gospel. Do not come to our homes with pitchforks because you lost money by listening to us.
We only share with you what we are learning and what we are investing it. We will never “pump or dump” any cryptocurrencies. Take what we say with a grain of salt. You must research this stuff on your own! Just know that we will always strive for RADICAL TRANSPARENCY with any show associations.
More than three billion people are now connected online. But the payment infrastructure is still stuck in the 20th century. The people at Ripple hope to change that by creating the world’s only enterprise system for global payments.
And today, we welcome the CEO of Ripple.com, Brad Garlinghouse to the program. It’s a fascinating discussion about all things blockchain, as well as XRP, the cryptocurrency which has seen a rapid rise over the past month.
Let’s dig in with the token that holds the #4 spot in crypto market cap by getting answers directly from the top. It’s episode #67 of The Bad Crypto Podcast.
Feature: Interview with Brad Garlinghouse of Ripple
Brad Garlinghouse is CEO of financial technology company Ripple. He was formerly the CEO and Chairman of Hightail (formerly YouSendIt), the file sharing site. Prior to Hightail, Brad was President of Consumer Applications at AOL for two years, after his role as Senior Vice President at Yahoo! running its Communications business which included the Homepage, Flickr, Yahoo! Mail, and Yahoo! Messenger.
Neither the Bad Crypto Podcast nor Joel or Travis are making any recommendations as to investing in this or any token or crypto-currency. The information in this podcast is for informational and entertainment purposes only. Please do you own due diligence and consult with a professional financial adviser before making any investments.
We have an affiliate code with Coinbase. If you decide to buy some crypto on Coinbase, youget $10 of free BTC, when you spend at least $100 in crypto. The Bad Crypto Podcast also gets $10 BTC, as well.
Win-Win.
Coinbase is one of the most popular and well-known brokers and trading platforms in the world. Their platform makes it easy to securely buy, use, store and trade digital currency. Users can purchase bitcoins, Ether and now Litecoin from Coinbase through a digital wallet available on Android & iPhone.
Do your own due diligence, some people have had some customer support issues. Neither Joel nor Travis can attest to that. If you do use Coinbase, once your coins clear, move it to an offline wallet or if you choose, move them over to another exchange.
Do your own due diligence and research. Joel Comm and Travis Wright are NOT FINANCIAL ADVISORS.
We are sharing our journey with you as we learn more about this crazy little thing called cryptocurrency. We make NO RECOMMENDATIONS. Don’t take anything we say as gospel. Do not come to our homes with pitchforks because you lost money by listening to us.
We only share with you what we are learning and what we are investing it. We will never “pump or dump” any cryptocurrencies. Take what we say with a grain of salt. You must research this stuff on your own! Just know that we will always strive for RADICAL TRANSPARENCY with any show associations.
We have an affiliate code with Coinbase. If you decide to buy some crypto on Coinbase, youget $10 of free BTC, when you spend at least $100 in crypto. The Bad Crypto Podcast also gets $10 BTC, as well.
Win-Win.
Coinbase is one of the most popular and well-known brokers and trading platforms in the world. Their platform makes it easy to securely buy, use, store and trade digital currency. Users can purchase bitcoins, Ether and now Litecoin from Coinbase through a digital wallet available on Android & iPhone.
Do your own due diligence, some people have had some customer support issues. Neither Joel nor Travis can attest to that. If you do use Coinbase, once your coins clear, move it to an offline wallet or if you choose, move them over to another exchange.
Do your own due diligence and research. Joel Comm and Travis Wright are NOT FINANCIAL ADVISORS.
We are sharing our journey with you as we learn more about this crazy little thing called cryptocurrency. We make NO RECOMMENDATIONS. Don’t take anything we say as gospel. Do not come to our homes with pitchforks because you lost money by listening to us.
We only share with you what we are learning and what we are investing it. We will never “pump or dump” any cryptocurrencies. Take what we say with a grain of salt. You must research this stuff on your own! Just know that we will always strive for RADICAL TRANSPARENCY with any show associations.
The AltCoin is not a political movement, how much does the public know about Bitcoin?, and more free Stellar Lumens coming your way… But you gotta be fast.
All this happens on episode #13 of The Bad Crypto Podcast.
BADCOINS GIVEAWAY
Since last episode 012, we have given away over 15 million BADCOIN to our listeners for FREE. If you want some then check out last episode’s show notes.
COMMENT OF THE WEEK
“Greetings from Thailand. I’ve listen to all episodes. Fun and informative! As a result of your show, my 13-year-old son has turned his Alienware pc into a bitcoins miner…raking in bitcoin while sleeping and in school. Best part is he’s learning about Blockchain and crypto currencies at an early age!” – Jeff Fieklow, Thailand
That is EPIC, Jeff! Big shout out to Jeff and his son! Get your learn on! We love hearing this. Thanks for sharing, Jeff. Glad you are loving the show.
CALL IN QUESTION
“I’ve been listening to the show for about two weeks already, and I think you guys are doing a great job. So I’ve actually been researching about Cryptocurrencies and blockchain technology for about two to three months already…
They got me thinking about how all these cryptocurrencies exist because of blockchain technology. So my question is, ‘What is to stop all these all these industries out there, that blockchain can potentially disrupt, to making their own that makes all these other cryptocurrencies part of their own?” – Jesus
Great question, Jesus. In fact, all of these currencies are built on their own blockchain. Bitcoin uses their original blockchain, with some added changes, now. [read bitcoin fork]. Litecoin uses the same bitcoin blockchain for their coin. Ethereum has it’s own, and many other coins are built off of the ethereum blockchain.
Monero and ZCash are the only two that anonymous transactions, so if you’re worried about a government creating their own competing blockchain, one of those may be the more secure route.
[ ASK US A QUESTION BY VOICE 1-708-885-9030]
THE BAD CRYPTO NEWS
The market has been going up and down, eh? Bitcoin Cash went up to $900 and back down to $600. Some movement in Monero and some other altcoins, which is our topic this week!
Joel took an informal poll on his Twitter account, @joelcomm, asking about how much his audience knew about cryptocurrency.
We had a relevant voicemail this week about the episode we preparing…
“My question for you is I’m trying to better understand what the functional uses of all these alternative coins that are out there. You know, I understand with bitcoin. I can actually use it to purchase some product a different retail sites that are out there, but I think when it comes to all these other alternative coins.
I’m trying to just understand. What is the functional use? Obviously I could sell them for USD or sell them for other coins, but maybe you’d be helpful if you could give us some real examples of how some of these coins would be used? Thanks a lot.” – Angelo from Chicago, Illinois.
So in this episode, we describe the use of each of these altcoins.
Ethereum – Problem: Shortest term: the need for a platform to issue ICO tokens (and sell them with smart contracts); mid term: legal contracts are inefficient; long term: AI overlords
NEO – Problem: Same sort of problems that Ethereum is trying to solve. Chinese blockchain project, aiming to provide a smart contracts platform: “China’s Ethereum” – Rebranding as Neo.
Dash – Problem: Digital currencies should be consumer friendly, and there needs to be a process built into the network to allow it to fund both marketing and development of consumer friendly products.
Golem –Problem: People should be able to rent out their idle computer time for any variety of tasks. Decentralized super computer… Can’t rent out your computing power yet. Still in alpha.
Monero – Problem: Payments on a decentralized network should be anonymized.
Waves – Problem: ICOs on Ethereum are slow, they should happen on a faster, easier platform, with a decentralized exchange.
Steem – Problem: Content creators should be paid in a decentralized currency for their content posted to social media.
Ripple – Problem: The banking system is disjointed and contains thousands of ledger systems spread across the world, it’d be better if they all were on the same ledger system; Market makers park insane amounts of capital to facilitate payments where on a more efficient system they wouldn’t have to.
Stellar Lumens – Problem: Same as Ripple, early more of a focus on the underbanked. An offshoot of Ripple, aiming to connect banks, payments, and the underbanked for little cost.
“The Cheech and Chong of the Crypto world. Nice conversational podcasts. Lay down the basics very nicely for this newbie which is ideal. Makes it easy to digest.” – Unknown user review from Podbean.
We have an affiliate code with Coinbase. If you decide to buy some crypto on Coinbase, youget $10 of free BTC, when you spend at least $100 in crypto. The Bad Crypto Podcast also gets $10 BTC, as well.
Win-Win.
Coinbase is one of the most popular and well-known brokers and trading platforms in the world. Their platform makes it easy to securely buy, use, store and trade digital currency. Users can purchase bitcoins, Ether and now Litecoin from Coinbase through a digital wallet available on Android & iPhone.
Do your own due diligence, some people have had some customer support issues. Neither Joel nor Travis can attest to that. If you do use Coinbase, once your coins clear, move it to an offline wallet or if you choose, move them over to another exchange.
Do your own due diligence and research. Neither Joel Comm nor Travis Wright are NOT FINANCIAL ADVISORS.
We are sharing our journey with you as we learn more about this crazy little thing called cryptocurrency. We make NO RECOMMENDATIONS. Don’t take anything we say as gospel. Do not come to our homes with pitchforks because you lost money by listening to us.
We only share with you what we are learning and what we are investing it. We will never “pump or dump” any cryptocurrencies. Take what we say with a grain of salt. You must research this stuff on your own! Just know that we will always strive for RADICAL TRANSPARENCY with any show associations.
David Schwartz, CTO, Ripple
$BTC: Bitcoin: 3GMgCH4dFUHSLdrPnLwEsfKPVnLnoGbzGZ
$ETH Ethereum: 0x1ccE8A04fa6743eD1D24cA063c7543D43B42F328
$LTC Litecoin: LavXqTWVHebEgVhBXdg3Hue3xEAmgtxLgr
$DOGE Dogecoin: DMngvNMX1U8Sg8PkDjCC3UTS8Mmn9RqTP5
Brad Garlinghouse is CEO of financial technology company Ripple. He was formerly the CEO and Chairman of Hightail (formerly YouSendIt), the file sharing site. Prior to Hightail, Brad was President of Consumer Applications at AOL for two years, after his role as Senior Vice President at Yahoo! running its Communications business which included the Homepage, Flickr, Yahoo! Mail, and Yahoo! Messenger.
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