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

“I think one of the challenges is often talked about in this space is regulatory comfort and uncertainty. And I spend, you know,”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Remember thinking about international calls Like, I had, I'm not going to say which Google executive because he's under scrutiny right now, but one was complaining about when they first got the iPhone and the international pricing.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, but everybody. Yeah, I even think, though, in the late 90s, like everybody had a lot of people had mobile phones, but sending one text message costs like 25 cents. Right. So you were very thoughtful about how many texts you send nowadays. You don't think about it.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Of phones and text message even more. So you and I both remember when sending one text message might have cost $25 to 50 cents.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Or if you're moving it through some sort of banking establishment, they're going to take a lot of that value because you're transferring kind of back and forth. And so, you know, we don't think about that when we walk to Starbucks in downtown San Francisco, but there are billions of people who are have not been brought into the financial ecosystem. And I think Any time in history, you have reduced the cost and increased the efficiency of a technology.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Well, I mean, some people say they blame the banks for the unbanked, but banks are profit-motivated entities. If they can profitably serve a segment of population, they will do so. The challenge is if you're a migrant worker between Countries and you want to carry your currency, you have to either deal with marauders who might try to steal it”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“You know, that's achievable. There's so many things that if we reduce the friction measured by cost and speed that we can unlock in terms of what's possible.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I happen to be speaking right after him at this event, and I kind of started my talk respectfully by saying Not zero, but let's talk about how do we get to 30 basis points.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“There's other ways. You can use these technologies for great benefit. One of the things I find most compelling about what Ripple's doing is there is a massive population that is either unbanked, underbanked, Or those that are the most penalized by the current system. I mean, think about it the population that is paying the cross-border remittance costs. I mean, that's the population least afforded. Right, right. And yet I was at a talk by the chief economist of the World Bank, and he said their goal was by 2030 to reduce the average remittance cost from 600 basis points or 6% to 300 basis points by 2030”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I just think there'll be different use cases for different things. I'm actually, I own Bitcoin. So I'm long Bitcoin. But Bitcoin is not going to be used for a payments problem. Bitcoin as a technology is slow in terms of transaction speed, and it's expensive on a per transaction basis. Worst of all, probably it's power consumption. I mean, I'm sure you've read about these things, but it's a little bit shocking. The percentage of global power Bitcoin alone represents almost 1% of global power consumption.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Look, I mean, you've seen what's happened in the Eurozone by bringing on some countries whose behavior with fiscal behavior has caused problems to the rest of the Eurozone because they standardized around the Euro. Unless you're going to have regulatory frameworks, I'm thinking of Greece in particular as one that obviously is problematic, where I think the Eurozone probably wishes Greece had not come in to use the Euro-mm-hmm. And that became complicated. Right. So I don't subscribe to the idea that there's going to be one currency to rule them all, whether it's fiat or digital.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Globally I mean, that's, I will, sorry. I don't think that from a sovereignty of nations point of view, right? You have the yen, you have the euro, you have the R&B, you have the rupee.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, it's interesting. The word currency has different definitions, different people. I think about currency as something that is fiat currency, meaning you can go use it as Starbucks. Right. It makes no sense, in my opinion, in the United States to go use Bitcoin or XRP at Starbucks. The dollar works. Your DC works. Now, that isn't necessarily true in some other markets and countries where holding fiat currency actually It just has a lot of inflation, and there's some currencies that are weak”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I don't really subscribe to that. I think different use cases for different. Well, what Ripple is doing around cross-border transactions, we use a technology in our tech stack called the XRP ledger, the third most valuable cryptocurrency. It's market cap, you know, well, it trades at about, I don't know, 30 to 32 cents. I don't know where it is right now. And it's part of how we manage liquidity for these financial institutions. And it allows you, instead of that pre-funding I was describing earlier, where the Bank of Kara put Philippine pesos, the Bank of Brad, you now can. Shoot off payments in real time instead of pre funding between the dollar and the peso by using XRP as a bridge currency in effect.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Well, I mean, why do you need them? It depends on what use case. Some people have taken the point of view there's going to be one set of crypto to rule them all. I don't.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Well, it's kind of the speculation of the dot-com era. Frankly, I think people Pursuit of get rich quick schemes gets people excited. They dive in. And so I think people, the speculation bubble was aggressive about 18 months ago. I think as time has passed, people are increasingly focused on are these technologies solving a real problem? And I think there will be continue to be a weeding out. I think it's actually a healthy thing for the market. I've been public and say, I think if there's roughly 2,000 different crypto tokens out there, I've said that 99% of them I think will go to zero.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it hit, I think, a high around 19,000, 20,000, and it came back down. It has been called, we're in the middle of a crypto winter, or I think some people think we're now entering the crypto spring. I don't think about... Those descriptions so much. I mean We look at this over not three weeks or three months or three years. I mean, this is a long journey.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Well, you went from illicit activity to speculation And today, you're going from speculation to utility. Right. I don't think we're fully at utility yet because there's very few companies. In fact, I think Ripple is really the only company that has production use cases of blockchain and crypto at scale.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Well, I mean, here's an interesting kind of observation about how the industry has matured. You started with Silk Road. You talked about crypto. It was about drugs and bad stuff. Prostitution. And then we went from Silk Road to speculation.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I think it's only a matter of time before these things change. We can debate whether or not Ripple will be successful, but there's no doubt in my mind that over the next 10, 15, 20 years, this will change. And it does get back to what Chris has talked about, Chris Larson has talked about from the very beginning. An Internet of Value, enabling value to move the way information moves today, I think will unequivocally happen.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Software, as well as leveraging digital assets for liquidity. So, the idea being that the way the global financial ecosystem works for those cross-border transactions is the Bank of Kara. You can be US dollar. You would pre fund pesos in my account and I would prefund dollars in your account. And those are called banking relationships, correspondent banking. And then we use those. We daisy chain them through a system so that we can hop, hop, hop. And I don't have to have a relationship with everybody because you have a relationship with people, et cetera. Every hop adds time. It adds cost. It adds the risk of errors. There's an error rate in the global financial wiring system of about 6%. Imagine if 6% of your Google searches resulted in an error.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“It's very broken, and there's an opportunity to leverage modern technologies. Blockchain technologies to enable real time settlement between financial institutions. So we've been out selling these technologies.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, I happen to bank with First Republic Bank. If I want to send money from First Republic Bank to... A friend of mine in Germany.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Exactly. Western Union is one of the right. I mean, the old version of Western Union. So, you know, look, there's a lot of parts of our global financial ecosystem that are stitched together with Very old technologies. We live in the world of the internet. Why is it that the fastest way, if you and I decided right now, let's take $10,000 to London?”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I don't even like baseball. I don't know if it's only men, but fair enough. I don't like using it because it's actually a US metaphor, which isn't a great one. You're right. I should work on that.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Democratizing fundraising is interesting as long as it's not through preying upon those that maybe don't have as much information and taking advantage of.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Correct. And so I actually think the kind of end of the ICO craze is a very healthy thing and the maturation of these technologies.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“I don't know which one is better, which one's worse. There is no doubt that I was one of the earliest people to come out and say that these ICOs are mostly scams and people should avoid them, which also made us unpopular because a lot of people loved the fact that I can't raise money up and down the traditional sandhill road circuit. So I'm going to do an ICO.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“A lot of experiments, ICOs and stuff like that. Why did it do that? Because I recall the early internet having that kind of con men-ish kind of thing, but it wasn't quite to the extent, the ridiculous extent that this extension.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“So, Ripple has had its controversies. I think increasingly people realize that these technologies are only relevant insofar they're solving real problems. There's a lot of hype in this space. There's a lot of experiments.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think part of the controversy is born of the original crypto community is very much crazy. Let's circumvent governments. Let's enable anonymous transactions. And there's still that ethos in part of the crypto community today. You know, even from the early days, Ripple took a point of view that no, no, we're going to work with the system, we're going to work with banks. And if you're in the crypto community and you're working with the people that the other parts are trying to kill”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, crypto is definitely part of blockchain and crypto is definitely part of the solution. And I think, again, because we've been focused, we've been super fortunate, we've signed up a couple hundred banks, financial institutions around the world, and it's working so far.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“A lot of it's been. Yeah. Yeah. But look, the way I think about it, you and I have both been around this ecosystem for a while. Technologies like TCP IP and HTTP were, for my putting, not literally, but figuratively born in the 90s. And I think what's happening is you have new platform technologies that are the next TCP IPs. They are the next HTTPs. And I think there are going to be lots of businesses built upon them. What Ripple's doing, I think, is compelling and that we're very focused at the anti-peanut butter of we're going to focus on one problem is cross-border payments. Right.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean. Well, so that was buying it, and then you got to be able to store it. And so you have obviously Coinbase and Bitstamp allowed you to store it, but so do institutional players like Zappo and what Wensis and team are doing. But there's also, I think, increasingly people are focused on how do you use these technologies for real utility.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, I think the earliest entrance into crypto, if you're going to enable this, you have to be able to buy them. The emergence of things like Coinbase and Bitstamp.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Fabulous. It was everyone's friend, right? Well, so I was intrigued Exactly. I was intrigued and in talking to Chris, I thought that he had a pragmatic, thoughtful way of, hey, how do we approach this as a way that can have the biggest impact on society? He talked a lot about this idea of enabling an internet of value. Why is it that we can move information completely interoperably around the world? You can access any recode podcast anywhere in the world, yet you can't move your own money from point A to cross-border efficiently. Right.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin, so I bought some Bitcoin. But the pitch around Ripple was always that there are limitations of trying to go around the government or attack the banks. And isn't there a way you could partner with? The government and with the banks and with financial institutions”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, through my friend network, I had gotten, I had invested in Bitcoin. A friend Dave Goldberg had kind of twisted my arm and said, you really should own...”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“You know, if you're from inside the system, you don't necessarily see the opportunities in the same way. And so I had some time in my hands. And so I went and spent some time with Chris. Chris is a brilliant, fascinating guy who, you know, honestly, he knows, he's heard me say this, but the first meeting I came out of, and I was like, I have no idea what he's talking about, but he might be on to something.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“And tried to wave him off, honestly, because he described what the company was doing. And I said, well, look, I don't know anything about payments. You should, you know, call. I know some people PayPal or Visa. And he said, No, no, have you ever met this guy, Chris Larson? He's a co founder of the company. He wants to hire somebody from outside of the system. Yeah. And with the idea being that...”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. And I'm frankly, I had a bunch of entrepreneurial ideas of starting a company in the shared economy space. I was talking to Uber about potentially joining the company. And, well, anyway, the only reason I tell you that story is I was driving an Uber and I got a recruiting call from a recruiter who I knew and I liked. And he said, hey, this company Ripple's looking for a COO. Have you heard of it? I lied and said I had.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“That says a lot about. I thought actually interviewing people at Ripple we should ask people for their Uber score or Lyft score. It's an interesting, like how do you treat people that people aren't looking? No. I did not have a five-star rating at the end. I did it for a month and I thought for sure I'd end up with a five-star rating, but somebody didn't like me.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“It was a shift. Computing shift, which you identified correctly. Yeah, I was probably right about the shift and wrong about direction.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“But anyway, the Think consistently, I've tried to look at what are the big macro trends happening, and I think local storage felt like it was dying and eroding. And I thought you send it had a large user base that you could potentially. But it was a turnaround. And in the face of Google Drive and Dropbox and Box, we were a pip squeak trying to swim upstream. There's the famous Buffett saying that most turnarounds don't turn. Oh.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Yahoo is the longest tenure of the jobs ahead in Silicon Valley. But it's been a bunch of interesting stuff. And Hytail, for those of you familiar with it, was a cloud-based storage. It was called something.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Well, that was, yeah, Tim did a really good job, I think, bringing in some really interesting people, people you know, I think all of Tim's direct reports probably. Sure.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Well, you're also missing another chapter which you greatly enjoy. I went to work for your friend Tim Armstrong. Oh my god.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“That's Egan, right? Egan. Egan Durbin. Although he was in London at the time. I see. You know, the guy named Mike Bingle, I looked at number deals with. And they did Skype while I was there.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“It was super interesting, though. I got to look Yeah, but the private equity guys don't call them EIRs. They call them senior advisors. It's the same”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT
“Nice lunches. They do. I agree with that as well. Yeah. So why? They hadn't yet at that point done what I would say you and I would define as an internet deals. And they obviously done a lot in the tech space, but they had looked at but not done an internet deal. And the idea was, hey, maybe I knew something about the internet and I could maybe be helpful as they were looking at things. And, you know, I think they're also, maybe they would buy something. I'd go in and run it. It's just kind of a, you know, maybe pejoratively you called it a parking lot job. It's directionally fair. Whatever.”
2019-05-20 · Decoder with Nilay Patel · Recode Decode: Ripple CEO Brad Garlinghouse · IDENTIFIED FROM THE TRANSCRIPT