YouSaid · the spoken record

Brad Garlinghouse

lines on the record: 110
first: 2019-05-20
most recent: 2019-05-20
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Cheap then. Yeah, whatever. I know it was. Thank you very much. Karen Swisher threw away. I probably like threw it out in the garbage with my peanut butter sandwiches and things like that. Anyway, I'm not going to be doing any cryptocurrency investing as I do not do any technology investing.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Are you solving a real problem, or are you just a catnip for an investor to say, I'm a crypto company, I'm a blockchain company. No, these technologies are profound. I think will impact many things, but focus on one thing. Don't try to peanut butter and...”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I think making a caution against. I'm not, well, I was a little bit cautious, but I would lean into that. I think there's, as we talked about at the very, very beginning of these conversations, there's macro trends happening. And I think blockchain is a macro trend that I think is not going away. It's going to impact lots of parts, lots of industries in the same area of the internet impacted lots of industries. And so becoming expert in this space is a really good thing. There's going to be more and more companies launched addressing different use cases. My only counts, I guess, since I have cautionary notes, is, you know, Focus on the substance, not the hype As it happened in the internet, people added.com. In this, you had people adding blockchain this. And it's just like.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, that's what I say to them all the time. You made it. I love every time one of them, it's always marked. Like, we need to work on this together. I'm like, I'm not working on this. I've got things to do. I got to go, you know, get the cat vaccinated. You can handle this. You started it. You know what I mean? I'll take care of my stuff. But anyway, it's just an interesting problem. Do you have any advice again? Last thing for people who really want to get into this as an industry, for entrepreneurs. What's the thing you're...”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“No, it's been fixed, but I acknowledge they have a hard problem, but. You created the problem, you got to own the problem.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Now they do, and these are new problems. And yes, I'm not commenting on the hate is a problem. And look I personally am not a big social media user, and there's a lot of reasons for that. But I do think those platforms have a more of an obligation than they embrace to correct these things. I actually did tweet something out, which again, I don't do a lot of, but I have people impersonating me on these various platforms. I shouldn't have drawn your attention to that.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I think it's just, for example, your stuff is going to sort it out better because you've been in a regulatory environment to start with. Cars are a regulatory environment. All that's going to be a lot faster and more innovative because it's already within a regulatory scheme work. That may have to change, obviously, but people are used to it. Healthcare. That's why they're so much slower, too, in a weird way. And the stuff that hasn't had all the problem are without any regulation.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. And I mean, look, for better or for worse, which smart people can debate, I think that some of the largest players have invited that regulatory scrutiny and there will be regulation, I expect, coming out of that. I don't know if that's good or bad. I”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Maybe if I may keep it at a macro level, I think. We all in Silicon Valley, and frankly, more broadly, I think we have a responsibility to be good citizens. And I think that manifests itself in lots of ways. And I think there are examples I can point to where I think some of the companies that you and I have known, you know, like, would I have done it that way? Maybe not.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“In general, mackerel. Everyone ignores everything Facebook does, but Bitcoin. We're not on it. Yeah, they're not. No, what face? I know that. I know. Let me finish with that. What do you think about all that? Having worked for all these companies?”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“You have the storage layer we already talked about, and the exchanges, there's hundreds of exchanges around the world now. Some of them are doing really, really, really well. Some of them have gotten into trouble because they haven't been as regulatory On point government.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“They support a couple different, I can't remember exactly what they support, but yes, you'd have to own a digital asset in order to facilitate those transactions. But my point being, that's the application layer.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“That's pretty much it. I mean, I think about it as you have the application layer, the software to make it work. You have an application layer, Ripple's and application layer around correspondent banking. You have, I think, as an example, a compelling company called BitPay. It's, I think, the leading kind of consumer payments. So you can use your Bitcoin to buy things on the internet. And it's part of the checkout process. It's still small, but not everyone's taking bits. You'd be surprised. BitPay is doing incredibly well.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“It's early. It's early in there. So the companies in this thing, if people are thinking about it, is the actual currencies like Bitcoin. And the holding companies to store and buy them Then the software to make it work, and what else? That's”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“There is no doubt in my mind that digital assets are here to stay. Digital assets are going to be solving real problems and how the global transactions occur and having exposure, I wouldn't go all in on any of them. Now, I happen to. Unobjectively say, I think what we're doing in the XRP ecosystem, what I see other companies doing the XRP ecosystem is very interesting. But that's also like saying, you know, why didn't Lycos win and why did Google, you know, it's just early. It's early in the.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“And if you had involved kind of equally, it would have worked out great. Your IRR on that investment would have worked out really well. I have told my friends, I think about what's going on in crypto somewhat similarly. I can't say with certainty how this is going to play out”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I remember him? He had a house that was totally. Yes, he had a house. He's a funny guy. He had a house that was totally wired before everybody else. Like he pushed a button and like, you know, one of those digital lighting, everything. Everything in the house was like that.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Well, I mean, I do subscribe to the idea of just from a portfolio allocation. When friends of mine ask me, hey, should I invest in crypto? The story I often tell them, which you'll appreciate. In 1999, it was not obvious that Google was going to win. Had you bought a basket of the 10 search engines, which included Lycos and Infoseeq and Lycos.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I do. What are you talking about? They hold everything. I don't know. Diamonds, art? Lots of things. Right, art for sure. That's what Liza Foreign wants to tax, my friend, in case you're interested. The art, the wine, all the other thing you rich people have.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Booillion, whatever the hell. My point being that the use case for Bitcoin, maybe it's a store of value that allows people, it's the next, it's digital gold”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Compared to everything else. Now, do I think Bitcoin, I mean, I don't think about Bitcoin as a currency back to my scalability. Bitcoin, could it be digital gold?”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Traditional transactions I think in the United States, the dollar works. Your visa is not that expensive. And I think it's not in my lifetime. I think we're going to see any erosion of the dollar.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Meaning that you have a currency there that you may not want to hold because it's very inflationary. You have a very high credit card fee cost where it's six, seven hundred basis points for a small, that is expensive. In that context, you could see crypto actually Impacting, you're starting to infiltrate.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“So, I think that question goes back to what we're talking about earlier, and we referenced Winces Casaris, a very talented guy from Argentina. I think the consumer use case in Argentina, I can get my head around.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“There's so many examples where this friction exists, and I think the fastest way for Ripple to impact that isn't to try to go get people to onboard.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I was paying someone a larger amount the other day, and I was like, I cannot believe this is, I couldn't do, I had reached my limit for this month. And I was like, why? And why? Like, why is that my limit for this month if I have the money? Like, what's that? You're a sketchy operator. I know I am. I run a serious, you know.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“If you look at the FAQs on PayPal for how to move money from PayPal to Venmo, you have to move the money from Venmo to your bank.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, look, I was on stage with Dan Schulman, who I respect immensely recently, PayPal CEO. And, you know, there's an interesting iron. PayPal owns Venmo.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Crypto people talking. They called me before this. I just think that in the scale of global financial infrastructure, banks and big payment providers, like the... That's where it's at. And I'll give you an example. A big oil company wanted to meet with us because they have truck drivers in Nigeria who don't have bank accounts and they need to pay them. They have Mpeza accounts. Well, you can't, from, you know, this is a big oil company and they bank at some of the biggest banks. But those banks can't settle a transaction to Mpeza. Or to PayPal or to OliPay or to we fundamentally look at the world and say, how do we stitch this together in an interoperable way so that sending a payment from city to Mpeza or somebody else, that's just happened?”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“But really, you know what I mean? Yeah, banking has been slower in that regard. But I think the banks continue to provide a very important role. And you may call me a bank apologist. I just think that.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I mean, shifting people off of the things they normally do. Well, that's happened again and again in the internet space thing. Everyone had a phone in their house. I just found a story the other day. I wrote a column about it in the times where I had a landline phone. Who the hell has a landline phone? Some people do, but really. You know what I mean? Like, it shifted quickly. It shifted quickly on public phones. It does shift quicker than you think. People do change their behaviors.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Well, that is an interesting question. I mean, many people have thought Ripple could do that. So think about what that means. That means every customer we have, we have to go through the KYC, know your customer process, and you have to Enforce all of those regulatory frameworks. If I were to go into that directly, I think our success and fundamentally changing the way this works, rewiring it more quickly. Would go much more slowly. So, the benefit to that Filipino worker would take longer to reach as opposed to say, no, no, no, let's go, the banks already have the customers. I mean, we. I have been fond of saying if you want to enable an internet of value, you have to connect the repositories of value. The repositories of value are the banks”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“That's what teased Silicon Valley. Yeah, I mean, I think you know I grew up in Kansas and when my mom asked what I do, very simplistically, I sell software to banks.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, that's true. But I thought you were going to go. They still have to enforce regulatory frameworks very globally. In various countries around the world, you're seeing more and more entrepreneurial efforts around launching new kinds of financial institutions, payments. I mean, here locally, SoFi, lots of people are Going into this space, and maybe that's because some financial institutions have been relatively slow to evolve.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I mean, you have digital first banks, right? I mean, mobile only banks, I don't have the list in front of it, you know, that you are seeing lots of activity in this space, the slower the incumbents are to Evolve, the more you're going to see competition ent”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Get the money there. Yeah, like that is crazy. And I just think that if Amazon were to aggressively enter this market, and you asked the question earlier, what is the incentive for the biggest of the big, the cities, to lean in? Well, if they don't, and Amazon launches... Or fill in blank. Right. Where does that leave them”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“And cost, you know, actually, a gentleman who used to work at Ripple sent me an email this week, he had invested in a company in Europe. And he had a 4% fee, you know, it was an investment, so it wasn't a small check, a 4% fee by the time that it's all settled.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I mean, you know, obviously, Apple has announced some things recently with Apple Pay. Amazon has made some noises and partnered with Chase in some things. I think you're going to continue to see digital first companies lean into this space and to the extent it can be done better. Then I think you're going to see companies like Amazon say, you know, I have a ton of respect for Amazon. And I think if Amazon were to offer Solutions around payments, do you think it would take four days to send a payment to London?”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“We went to change the system by working with the system, and I think trying to hold on to ideas that are counter to fundamental tenets of the current system, or it's just going to slow adoption down. These are profound technologies that can really benefit society in lots of ways. We can reduce the friction of global commerce. We can allow people globally more access to economies around the world to compete. I think that's actually a really good thing.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Swiss banks. I mean, not anymore. Swiss banks in the last 20 years has changed dramatically. And so I just think it pierced.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, you make a really important point. It's important to me that people understand this is not one big group. Even in Washington, there's various kind of lobbying organizations that have come together. And a lot of them we won't join because their members... That is not going to fly Not with regular.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I don't think again, some in the crypto community would argue with this point, but I don't think governments go away. If governments don't go away, banks aren't going to go away. Banks are applying a very important regulatory framework that I actually think is important for society. I think I personally believe that banks will continue to serve that role. They're good at it. I mean, sure, maybe they can be better at it and we can point to lots of ways that they have maybe could have been better. But there's lots of ways I think banks will continue to be part of the solution in this. I think this is a new set of technologies that they can benefit from to grow their business.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Do you lean into these technologies going to happen? How long do you wait to adopt them and how much market share do you lose? By waiting. So I think some big money center type banks are actually leaning into these technologies because they see this is the future and they want to make sure that they are on board. And if they can go to cities customers and say, hey, I can enable these global transactions for you and reduce the cost significantly.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Because they have the most liquidity they've pre funded around the world, Deutsche Bank, JPM. These are the big kind of money center banks that other banks use.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“So, Wells Fargo is not considered a tier one money center bank. So, if you're going, they certainly work with a city to reach certain corridors. And depending on where you're sending money City is taxing wells. Wells doesn't love the idea they're paying City. So it turns out 99% of banks love what we're doing because we're democratizing something that's controlled by a small number of banks. They're competitors”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Well, that's a good point, but it lies how the banking system works at that level. There's a small number coming, oligopoly of what we call money center banks. They are the global banks that make money. Citibank made about $8 billion last year.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I mean, look, we have had an unbelievably positive reception. I mean, 2018, which people call the crypto winner, was a phenomenal year for us as a company. Q1, we hit all of our goals for the quarter. Things are going extremely well. And it's because we're solving a real problem. So do we have a long way to go in the kind of journey we're on of really enabling an internet of value? 100%.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“These were important steps, and we'll go through the same important steps in making sure that these new technologies are used constructively in a way that helps society.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“You're busy with me I was like, I can't do better than that I think any new technology can be used for illicit purposes, and we need to make sure”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Probably 20 to 25 percent of my time flying around the world meeting with regulators globally, more often than not, that's simply education. They hear the word crypto and they go to that Silk Road place. I quickly explained to them, Ripple enabled technologies. Ripple enabled transactions. All of them are KYC, meaning know your customer. All of them are checked for AML anti-money laundering. All of them are checked for OFAC compliance. Name your acronym for financial regulation. And we what Ripple is doing is not circumventing any regulatory frameworks. And so once regulators understand, they're like, oh, okay. The challenge is that when you hear crypto, they don't necessarily assume that. And so there's a journey. Frankly, the reason I'm in a tie today, which I'm not sure of last time you saw me in a tie. Never.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT