Bernanke Backs 'Ripple' At Blockchain Conference: "The Tech Is Promising"
Two months ago we noted former Fed chief Ben Bernanke's apparent flip-flop since leaving office as he agreed to be the keynote speaker at a blockchain conference.
Having warned in 2015 of "serious problems" with bitcoin due to its "instability" and "anonymity"...
[Bitcoin]'s interesting from a technological point of view. We're in a world where the payments system is evolving quickly and new approaches to managing payments are proliferating, and some of the ideas around bitcoin will no doubt be useful in doing that.
But I think bitcoin itself has some serious problems. The first is that it hasn't shown to be a stable source of value. Its price has been highly volatile and it hasn't yet established itself as a widely accepted transactions medium.
But the real serious problem that it has is it's anonymity, which is a feature, and is also a bug, in that it has become in some cases a vehicle for illicit transactions, drug selling or terrorist financing or whatever. And you know, governments are not happy to let that activity happen, so I suspect that there will be oversight of transactions done in bitcoin or similar currencies and that will reduce the appeal.
But Bernanke told an audience at Ripple's Swell event in Toronto today that:
"...new technology like blockchain or electronic currencies can be used to improve" global payments, and added that Ripple's technology is "promising" as they work with regulators.
As a reminder, Ripple is considerably different from Bitcoin. That's because Ripple is essentially a global settlement network for other currencies such as USD, Bitcoin, EUR, GBP, or any other units of value (i.e. frequent flier miles, commodities).
To make any such a settlement, however, a tiny fee must be paid in XRP (Ripple's native tokens) – and these are what trade on cryptocurrency markets.
In other words, Ripple runs on many of the same principles of Bitcoin, but for a different purpose: to serve as the middleman for all global FX transactions. If it can successfully capture that market, the potential is high.
Mor details on what Bernanke said to come, but for now Ripple prices are rising...
Perhaps even bigger news for Ripple today (as CoinDesk.com reports), The Bill and Melinda Gates Foundation has released new open-source software for the unbanked that utilizes technology developed by distributed ledger startup Ripple.
Announced today, Mojaloop is aimed at providing an interoperability layer between financial institutions, payment providers and other firms that offer such services to the poor and unbanked. Ripple's Interledger protocol, which is used to transact between different financial networks, is being used to help accomplish that goal.
In addition to Ripple, three other financial technology firms participated in the development of the software. The app came out of the group's Level One Project, an umbrella initiative for its work with the unbanked poor that has seen it explore technologies like blockchain.
The Gates Foundation has been weighing applications of the tech since as early as 2015, including its use as a way to bridge disconnected financial systems.
"Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally achieved a solution that can apply to any service, and we invite banks and the payments industry to explore and test this tool," Kosta Peric, the foundation's deputy director of financial Services for the poor, said in a statement.
The global elite are now fully working towards manipulating and controlling the cryptocurrency realm. Proof of such is in the fact that Bettina Warburg, of the infamous elitist warmongering bankster Warburg's, who attended both Oxford and Georgetown University’s School of Foreign Service is leading the charge for Fortune 500 companies in exploiting the cryptocurrency realm. Once again the elite seek to subvert thought and control what the public gets to know, all while enriching themselves and keeping themselves at the top of the money chain.
Bettina Warburg (Ted Talks) -
https://www.udemy.com/user/bettina-warburg/
Bettina Warburg is Co-Founder of Animal Ventures, a venture studio and consultancy focused on building startups, educating executives, and designing comprehensive strategies to help large companies, governments, and SMEs take advantage some of the most advanced technology companies coming to market. Animal Ventures focuses on tech companies operating in verticals such as Blockchain, Digital Platforms, Artificial and Augmented Intelligence, and the Internet of Things.
Bettina is a thought-leader in the emerging blockchain space and leads the blockchain practice at Animal Ventures, including research, development, and commercialization across the ecosystem of blockchain innovation. She partners her network with governments and members of the Fortune 500 to help drive the global commercialization and integration of blockchain technology. Bettina first became interested in blockchain technology’s ability to shift entire systems, disintermediating many traditional trusted parties through her research on cutting-edge governance practices.
Bettina is passionate about the convergence of technology and politics and the impact it will have on our future. She is the Executive Producer of a new tech show called Tech on Politics, interviewing some of the greatest minds in technology, media, venture capital, and government about the convergence of technology and politics. Prior to Animal Ventures, Bettina received her MSc from Oxford University and BS from Georgetown University’s School of Foreign Service, and developed a keen interest in global governance and cultural diplomacy. As a Public Foresight Strategist at the Institute for the Future, a Silicon Valley think tank, Bettina brought a futures lens to a variety of strategic initiatives with top corporations, foundations, education institutions, and city governments. While at IFTF, she also developed its future of philanthropy and future of governance research practices, looking to reimagine society for an age of planetary challenges and human responsibility.
In 2016, Bettina was invited by TED to be one the first speakers ever to unpack the topic of blockchain to a global audience. She has given talks and curated conferences such as Skoll World Forum, Salzburg Global Seminar, City Innovate Summit, Personal Democracy Forum, and numerous universities around the world. Bettina’s work has been cited in publications such as The Atlantic, Center for Public Impact, ICMA.org, and the San Francisco Chronicle.
Ripple has huge potential!
Thanks for the information sir.
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People need to start downvoting if this is correct.
It is. Check this post out - Link
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