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Tuesday, March 13, 2018

Ripple's CEO angers Bitcoin fans...

Ripple CEO Brad Garlinghouse is taking heat from Bitcoin belivers for compairing it to the early, and now forgotten music P2P sharing program "Napster". 

Speaking to Bloomberg in Singapore, Garlinghouse said:

"Some may look back at Bitcoin and say that it is the Napster of digital assets. What I mean by that is that Napster was the first to digitize music and demonstrate that you can do a lot of cool things with that.

But ultimately they were circumventing trademark laws, they were circumventing royalty payments and then government stepped in and Napster wasn’t successful. But Spotify, iTunes, and Pandora were successful.


I think what you will find is that maybe the next generation of digital assets will end up solving some of the problems that Bitcoin set out to solve."

It's an interesting battle as Bitcoin faces criticism around issues of scaling - leaving some questioning Bitcoin's long-term usefulness as a currency, and Ripple faces criticism for lack of decentralization, one of Bitcoin's main components.
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Author: Oliver Redding
Seattle News Desk