Bitcoin Forum

Auctioning off 20,000 Ripples

-Payment must be made in BTC
-Min. bid is .1BTC
-Payment will be due within 12 hours of auction end.



Auction ends 12:00pm 4/19

What are Ripples?

Let's start it off

0.1

https://en.bitcoin.it/wiki/Ripple_currency_exchange

.11

0.12

12pm what time zone?

Eastern

Same dev team that made edonkey and mtgox quite interesting fellows i'm subscribed for the livefeed :)
https://ripple.com/blog/

Try reading the link in my sig.

Thanks. I had no idea. I retract my bid.

No problem.

Please from here on out, know what you are bidding on.

I'll withhold the bid for now as well see how the API develops but good points will hold a bit more caution

That said I will check upon one precedent on your scam url
Regarding the Liberty coins and dollars
Well that was a scam since it was  based on the American dollar directly
http://www.fbi.gov/charlotte/press-releases/2011/defendant-convicted-of-minting-his-own-currency
However with ripples not sure if its really a precedent of own mintage regarding the Federal Reserve Definition of MSB's which states
http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
  A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB under FinCEN's regulations.8 Such activity, in and of itself, does not fit within the definition of "money transmission services" and therefore is not subject to FinCEN's registration, reporting, and recordkeeping regulations for MSBs.9
However the Ripple foundation would be a MSB
 An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN's regulations, unless a limitation to or exemption from the definition applies to the person.10 FinCEN's regulations define the term "money transmitter" as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means."11

That said the article has specific rules related to Centralized Virtual Currencies and Decentralized Virtual Currencies which require reading on to explain well

That said I agree an raid might break it need to look into the data more and your points are very valid
http://www.businessinsider.com/even-if-it-crashes-bitcoin-may-make-a-dent-in-the-financial-world-2013-4
Looks like a cash model so will hold judgement but take your words as a caution nonetheless and keep watching
That said according to business insider they keep 25% not 50% can you clarify your source
OpenCoin is expected to start handing out Ripples to the public in May. It has created 100 billion, a number it promises never to increase. To give the new currency momentum, OpenCoin plans eventually to give away 75% of the supply. Anyone opening an OpenCoin account will receive five Ripples; existing Bitcoin users will get more.
The 25% retained by OpenCoin will give it a huge incentive to make sure that the Ripple is strong: the higher its value, the bigger the reward for OpenCoin’s investors when the firm cashes out. On April 10th several blue-chip venture-capital firms, including the ultra-hip Andreessen Horowitz, announced that they had invested in OpenCoin.


Read more: http://www.businessinsider.com/even-if-it-crashes-bitcoin-may-make-a-dent-in-the-financial-world-2013-4#ixzz2QsrQLU4x

Thanks for the info though :)

The battle between a decentralized virtual currency and a centralized virtual currency is still unsettled and the dust has yet to clear as ripple seems like the most viable centralized currency around atm and bitcoin is definitely the strongest decentralized currency I'll hedge a bit on the XRP and bid it's a small cost for a high risk could be a total loss only time will tell if it succeeds after all.
So offer 0.11 since Ipxtreme retracted a bid as that's the highest current bid

I'm closing this out. Not sure what happened but this thread is a mess now.

0.3BTC
If you accept

0.35 BTC :)

Why would you do business with someone labelled a scammer?

Free 50,000 Ripples here: https://bitcointalk.org/index.php?topic=145506.0

Oh. Didn't notice the scam label. Thx for that. Refuse my bid! :/

Yes he scammed me too...for just .25 BTC but still not cool.  I'm glad other people recognized this and he has that label now.

I'm sorry for that :/ Thanks for the information!

Scamfuck

Escrow, escrow, escrow or trust !