Brad Garlinghouse on Ripple control: “Saudi Arabia owns a lot of oil — that doesn’t give them control of oil”

The cryptocurrency Ripple focusing mainly on fast cross-border payments (at the press time, it costs $0.47 on Coinmarketcap) has been criticized by experts for its resemblance with classic securities. Rejecting this, Ripple Labs head Brad Garlinghouse has noted that just because Saudi Arabia owns a lot of oil doesn’ mean it controls all oil on the planet.

Furthermore, Brad Garlinghouse told that the American crypto exchange Coinbase possesses all tools to implement the support of Ripple, additionally implying that the digital asset of Ripple Labs does not offer an actual corporate share in Ripple Labs and thus cannot be considered a security.

An unknown last-year insider has correctly predicted the listing of Bitcoin Cash on Coinbase, but less attention was paid to the mentioning of Ripple as one of possible options in the same set of posts. The latter rumor has proven to be untrue. Several months later, messages on Ripple proposals have shown that the insider was right about the process of talks, but wrong about the actual outcome. This may serve as a good illustration on how to perceive rumors.

Image: Christopher Michel / Wikimedia Commons