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During a panel discussion at the Recode Code conference, where blockchain, digital assets and crypto coins were on the show, Ripple's CEO cited Bitcoin as an idea that technology has passed.

As reported by Techcrunch, a panel of four people met to discuss what the role of regulation around the blockchain and the cryptomoeda will be and when it will happen. Kathryn Haun, a professor at the Stanford Graduate School of Business and a board member of Coinbase and HackerOne, took the position that there is a parallel between the time when crypto-coins are currently found and the internet in its early stages.

Huan pointed out that in the early days of the internet there were requests for a single regulator, just as it is happening now with the crypto-coins, and that if the regulations had been developed last year they would already be outdated due to the increase in the initial offerings of currencies (ICOs, in the acronym in English).

"WE DO NOT WANT REGULATION TO EXCEED UNDERSTANDING," SHE SAID.

Brad Garinghouse, CEO of Ripple, made headlines when he described Bitcoin as an idea that has already been passed down by technology. He called Bitcoin a transformer and gave credit for his pioneering cryptomootics revolution, but he will probably end up becoming the Napster of criptomoedas (Napster was one of the first tools to share music on the internet).

"WE CAN SAY THAT BITCOIN IS A NAPSTER SPECIES OF DIGITAL ASSETS, IT'S A TRANSFORMING TECHNOLOGY, BUT THE SPOTIFY AND ITUNES AND PANDORA DOMINATE TODAY BECAUSE THEY BROUGHT WITH REGULATORS TO SOLVE A REAL PROBLEM," SAID GARLINGHOUSE, IF THE REGULATORY PROBLEMS THAT COUNTRIES THROUGHOUT THE WORLD ARE STILL FIGHTING WHEN IT'S ABOUT CLASSIFYING BITCOIN.

Garlinghouse also criticized the utility of Bitcoin as currency. He pointed out that slow transaction times and high rates make it impossible for Bitcoin to be a substitute for fiduciary money. He told the audience:

"PEOPLE TALK ABOUT THE USE OF BITCOIN TO BUY COFFEE. BITCOIN'S AVERAGE TRANSACTION CAN TAKE UP TO 20 MINUTES. AND THE COST OF TRANSACTION WILL FOLD THE PRICE OF YOUR COFFEE. "

Source: https://en.wikipedia.org/wiki/Brad_Garlinghouse