Craig DeWitt on Payment Networks, Ripple, and NFT Payments | Ep. 237

There is an interview with Craig DeWitt, Co-Founder of Supermojo, about the future of alternative payment methods using blockchain technology. He discusses creating new payment networks separate from ACH, and automatically creating wallets and self-custody options. Craig has a background in financial technology and has worked at Ripple and Bloomberg. He talks about how companies can use alternative payment methods to stay competitive while also staying within Federal regulations. The interview covers a range of topics including the future of alternative payment methods using blockchain technology, improving alternative payment methods in crypto, and the highlights of the interview. The interview is available in full transcript form. Craig also talks about his work on creating a new payment network separate from ACH, which is a legacy payment network that is slow and inefficient. He explains what his squad was trying to create to make a more efficient solution.The text describes a conversation between Craig DeWitt and Matt Zahab about the lack of innovation in the payment industry. Craig explains how the current system is essentially the same as the one developed by the Medici family during the Renaissance era, with a few modifications. He also mentions that most payment innovations are at the app level, while the underlying infrastructure remains the same.

Craig goes on to discuss how hedge funds move their operations physically closer to data centers to gain an advantage in trading, due to the time it takes for electrons to propagate to their trading machines. However, settlement of trades still takes several days, which is a regulatory issue, as governments use control over when money is able to be moved as a tool to make policy.

Craig laments the lack of financial access for people in developing countries due to regulatory reasons, but sees a solution in Bitcoin, which allows anyone with an internet connection to send money instantaneously anywhere in the world. Because there is no central operator, governments cannot shut it down, providing financial access to those who would otherwise be pushed out.

The conversation ends with Craig mentioning his meeting with Chris Larson, who had developed billing XRPL at the time, leading to Craig’s involvement in the development of the technology.The conversation is between two people, Matt Zahab and Craig DeWitt, discussing how Craig got into the payment sector. Craig explains that it was less about payments specifically and more about financial empowerment and transparency. He was studying at UC Berkeley during the 2008 financial crisis and saw firsthand the pain it caused. He was infuriated by the collusion of the system and the behavior of the government apparatus in saving the banks with taxpayer money. Craig then talks about his time at Bloomberg, where he was fascinated with the financial aspect of things and the promise of transparency. This led him to cryptocurrency, specifically payments, which he believes is the best application of cryptocurrency.

The conversation then shifts to Ripple, where Craig worked during its early years. He mentions the smart contract layer called Codius that Ripple was experimenting with and how Vitalik, who later developed Ethereum, was an intern at Ripple. Craig shares some inside stories about Ripple that are not widely known.The text is a conversation between two individuals discussing the early days of Ripple and the use of cryptocurrency in alternative payment methods. The conversation touches on topics such as meeting with central banks, the counterculture of the cryptocurrency industry, and the challenges of using crypto while adhering to federal regulations. The conversation ends with a discussion on how companies can use cryptocurrency to make more efficient payments while staying competitive and safe. The text is written in HTML format.The conversation is about the difficulties of creating a payment solution that can compete with existing systems. In the past, it was possible to create a good UI and accounting system to handle payments without changing the infrastructure. However, with the introduction of new technologies like FedNow, it’s becoming harder to compete. The US Federal Reserve has been hesitant to offer new features because they don’t want to compete with commercial banks. There’s a lot of power and leverage at the top of commercial banks, with billionaires and C-suite executives running the show. The Fed is starting to offer faster payment experiences with FedNow, but it will be difficult to differentiate oneself in the payment space. One way to do so is by finding ways to leverage crypto to make payments more efficient, but this must be done on a regulatory basis to avoid being targeted by the DOJ. Large banks are closely monitored by government regulatory bodies, who may charge them with a huge fine or impose a deferred prosecution agreement if they fail to screen transactions properly. Banks have become honey pots of information for the government, and in many cases, they act as agents of the federal government. This can be scary, as it can result in the government cutting off access to bank accounts based on political actions.The text is a conversation between two people, Matt Zahab and Craig DeWitt, discussing various topics. Craig mentions that he keeps something close to his chest for business reasons, because it was related to Michael Jordan, who famously said “even Republicans buy sneakers.” They then discuss the banking system in Canada and how it can blacklist individuals in the crypto industry, forcing them to use boutique banks with higher fees. They also talk about the debt ceiling debate in the US and the potential consequences if the US hits the debt ceiling. Craig explains the history behind the US being able to infinitely print money and how it relates to World War II and the gold standard. They end the conversation discussing the concept of seigniorage, which allows governments to create value by printing money.The text discusses the concept of seigniorage, which refers to the power of printing money and is essentially a tax. The author believes that the printing of money by the US government will eventually lead to other countries seeking alternatives to the US dollar and turning to supranational entities like cryptocurrency. However, the author also acknowledges that this transition may come at a cost, including deep human suffering and potentially catastrophic global events. The author suggests that ending the ability of governments to print money could potentially lead to the end of global conflict, as wars are often financed through credit.This is a conversation between two people, Matt Zahab and Craig DeWitt, discussing Supermojo, a platform for minting NFT collections and allowing purchases with just a credit card. They talk about how NFTs allow digital ownership of assets outside of currencies and how Supermojo makes it easy for creators to issue NFTs with actual utility to their users. Craig DeWitt explains that Supermojo is a way of letting folks experience the magic of digital assets without having to know anything about NFTs. They discuss how NFTs can be used by brands to get closer to their users and how it’s a brand new medium for a lot of these corporates and brands to reach out to individuals on. Craig DeWitt gives the example of Coca Cola and how NFTs would allow them to have a direct line to their customers and be able to deliver other digital assets like tickets and redemption for physical merch.The text is a conversation discussing NFTs and their potential use in advertising. Matt Zahab and Craig DeWitt talk about how NFTs can be used as loyalty programs to increase customer engagement and loyalty. They also discuss how NFTs can turn superfans into evangelists, promoting a brand and its products. The conversation also includes the origin of the name “Supermojo” and how it represents the magic and potential of NFTs. The conversation acknowledges the negative stigma surrounding NFTs due to speculation and toxic behavior, but also recognizes their potential for positive impact in various industries.The text is a conversation between two people, Matt Zahab and Craig DeWitt, discussing various topics including Twitter, dormant accounts, and Ripple case. They also mention the possibility of integrating blockchain as a payment network and the potential benefits of such integration. Craig shares his hot take on the Ripple case and predicts that XRP will be cleared as a non-security in the United States. Matt takes notes and suggests that integrating blockchain could be easier with Ripple’s documentation. The conversation concludes with the two discussing the next segment of their show, “hot take factory.”This is a conversation between Craig DeWitt and Matt Zahab about the potential impact of the SEC’s actions against decentralized coins. Craig expresses excitement about the irony of the situation and the regulatory barriers it creates for other coins. Matt suggests that Craig’s storytelling skills could make for an award-winning show or movie. They joke about who would play Craig in the hypothetical production. The conversation ends with Craig sharing information about Supermojo and his Twitter handle. Matt thanks the team and listeners and encourages them to subscribe.

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