Bitcoin Forum

I read the site http://ripplescam.org/, and compared it to my own observations. Everything seemed to check out.
For example, their "source code" that's linked (https://github.com/rippleFoundation/ripple-client) in the footer is just some JavaScript UI stuff.
What are your opinions on this? It's centralized and closed source. But that doesn't necessarily mean it's a scam.

 Some folks here just have some buzz in their asses 'cause, for sure, ripple is the next big thing, but they can't be real early adopters and mine it en masse. Give them a coin or payment system you can't mine with their ASICs/GPU farms and you'll be claimed for scam. Just that. + some of them sold xpr receved in giveaway just like 18 times cheaper comparing to actual price - it made them hate the entire concept as well...

I'm not sure it's a scam but it certainly seems like a dreadful idea.

Ripple is not a coin, it's a kind of an IOU debt system, it has tokens, but that's the only similarity.

Who wants debt.

I don't know whether it's a scam, though I suppose it could be some kind of premining scam. 

It just seems it has a number of serious flaws that could very well be fatal.  I'm staying away.

No this is not a scam. The difference, ripple is controlled by a company just like paypal, payza, moneybookers, libertyreserve, webmoney, perfectmoney. They are created for profit.

Ripple is what you would get if you took away all of the positives of Bitcoin and compiled the leftover mess into a currency.

Not a scam, just a debt based system which is not needed IMO. Plus OpenCoin holds all the XRP's, they decide what to do with them and they are needed to actually use your ripple account. Calling it a scam is silly, but it is a terrible idea.

So, Ripple is not a SCAM but a Terrible idea

Why is it a Terrible idea?

I don`t get it we could possibly sell some of our bitdust for ripple? or deposit some bitdust to convert to fiat if we need it. with less in fees. I think and hope this is a legit biz  ;)

My opinion is it's a terrible idea, I don't want peoples debt or IOU's.  ;)

Ripple is no more than a promise.
And since (amost) everyone here is just trying to get richer instead of backing up a great alternative to bank world-control, Ripple is bound to be just another villain's nest... Sadly.

so Ripple is debt or IOU's  ??? why would anyone like Ripple if this is the case?? ???

The ripple network is basically a transaction system. Just like our current financial system is based on debt, so is ripple (as far as I understand it).

So you can love it, hate it, whatever, but I wouldn't call it a scam, unless you believe that our current financial system is also a scam (which I wouldn't necessarily disagree with).

Those that would argue that ripple is just some fly-by-night scam operation have not been very convincing in my opinion.

Its like PayPal. It's centralized

Short answer is yes, it is a scam.  No reason to use it

It is at the moment, but it is stated that it's in beta. People who believe in it count on the fact that it will become open source and distributed.


Do you use an exchange? The numbers you see in you balance are a 'promise'.
Just don't trust people you wouldn't trust otherwise.

From what you've guys have said (thank BTW), I've gathered that Ripple is essentially PayPal that trades in a unit that they invented and control.

Personally, I think that a lot of people here are eager to trade ripple and talk about it like it's another alt-coin/cryptocurrency.

While they're adopted a blockchain for their ledger, ripples aren't actually intended to be used as currency, and if I understand it correctly different ripples will eventually carry different values (yes as debt) within the ripple network.

I'm not 100% if that last bit is a good way to describe it, and I haven't been able to get any ripples yet.

However as soon as I do I'll be putting the Rippled client up and exploring their APIs.

The client app is currently available in source at https://github.com/rippleFoundation and they are offering bounties (in ripples) for bugs reported in the software or the system right now.

Anyways from what I've been able to sort out there's a lot of butthurt over ripple as a "scam crypto-currency" right now, when that's not what it's intended to be at all.  This consists of the accusations of "premine" and "pump and dump" and whatnot.

Those guys (The ripples founders or insiders as they're called here)are likely to become fabulously rich if this works.  There's no need to run a short con for a few million bucks. And (also if it gets going like they want) it will be the frosting on the cake of cryptocurrency.

Right now, it's just that they gave a bunch out here at bitcointalk.org and people want to speculate in them. Why not, apparently it's been quite profitable.

In the end, those 100b ripples need to be moving, to make the real money here. It's a centralized, trust based system and trying to compare it to bitcoin just because it has a blockchain is like saying "Hey this orange fruit is a really shitty apple".

Last I read you can fund an account for 200 ripples or less now, and the account reserve (unspendable ripples) is 50.  I read somewhere else you may be able to fund for as low as 100 but i didn't read that anywhere official.

Just my thoughts on it, I'm by no means an expert.  But I'm about ready to buy a few hundred ripples because what these guys are achieving with the campaign is keeping a lot of people "wondering" when they could be in there learning how it works.


I'm trying to sort it out so if you know that I'm completely wrong about something feel free to correct me. Most of what I'm saying is gleaned from their blog/forum/etc or their developer site and github.

I would say that it also offers more flexibility in that you can engage in financial transactions across borders without relying on the traditional banking system to convert currency (I think). Also, unlike paypal, there are no significant transaction fees.

Ripple is not crypto money - scam from bankers and government.
Ripple - is not open source;
Ripple - Each Ripple node is controlled by a private commercial company. It is centralized as a bank or PayPal. Not a decentralized currency.
Ripple - totally 100% with the pre-release issued by Ripple Labs, 65% were left to themselves and 35% sold;
Ripple - not anonymous;
Ripple - emission is possible in unlimited quantities;
Ripple - created by the richest states and banks of the world on the money of monopoly oligarchs, with one purpose to destroy and devalue in the public eye the world of crypto-currencies.
 It is very difficult to destroy bitokoyn, because it is decentralized. Everyone who manages the bitcoins client is peer and conducts transactions around, and everyone who picks up votes with their hashing. Bitcomoin group of kernel developers could be arrested, but new developers will just get the better.
 Take a look at all Bitcoin services that were hacked. MtGox. Bitcoinica. MyBitcoin. InstaWallet. You might lose bitkoyny, which you deposited there - debt - but if you kept the real bitkoy in their purse, they were safe. When a Ripple gateway or currency issuer is hacked, because you can only hold BTC and, for example, debt, you lose them.
   But with Ripple, all that's required is a raid-like what happened to Liberty Dollar-to kill the entire network because of its centralization. The update can be ejected to destroy all XRP and transactions - and this will work, because one object has 51% of the attack on the network. This simply can not be done with Bitcoin, if only with an international attack on mine pool operators, and when this happens, people will simply switch to solo development.
  Ripple supporters (for example, OpenCoin Inc employees who speak their own views) point to small default values that have not been disconnected from the network. Of course, this will not happen. But a sufficiently large default from the lock will lead to a crash - there is a critical mass
 States are afraid of crypto-currencies and criticize them. Ripple is not criticized by the authorities, states, politicians and bankers! You will not hear anything bad about Ripple from them.
 For several years Ripple will eat all the main crypto-currencies - this is the black hole of the crypto-currency market, launched by states and banks. The total capitalization of the crypto-currency market will remain insignificant, and the Ripple capitalization will grow due to the exhaustion of money from other crypto-currencies. When banks artificially depreciate the world's major crypto-currencies, with the help of Ripple, there will then be an unrestricted release of the Ripple (because of its centralization) and the owners' funds will also be depreciated with the help of huge inflation, and subsequently unlimited emissions Ripple will be completely destroyed by banks and their governments.
This will allow states to declare crypto money outlawed and never allow to return to private money and crypt.

Most of the people who are claiming ripple is a scam are the ones who didnt bought when it was too cheap,too much hate in the coin because you didnt hold it until today.

I'm agree with this post. Obviously ripple is a scam, it just was bumped and a lot of dumb people start buy it. Look at the price now , it became fall down. However we all can be wrong, and right now we are losing our possibility to earn some money.

XRP is the absolute outrageous scam out there.
I dunno who is buying this shit  ???

Ripple Inc. selling XRP which have cost next to nothing to produce, that is a rip-off (scam).

More than 80% of all Bitcoins have been mined and available to trade freely.
Ripple's Distributed Ledger Database XRP token is entirely sold by a centralized company.
Of the ~38% circulating supply, most of the free gifted xrp given to banks and partners are locked by contractual agreement.

No Bank will ever buy XRP's, only sell the free gifted xrp.
The only purpose of XRP is to transfer money out of XRP 'investors' pocked and into Ripple investors pocked.

On a technical side, XRP is presumably the only Token/Coin with the genesis block not being 0, genesis ledger is Number 32570. It proves it is not a decentralized blockchain.
You can not 'loose' part of a decentralized blockchain.

This is what happens when central database servers running out of disk space
Ledger 0 to 32569 lost for ever and Genesis at 32570 (https://ripple.com/build/ripple-info-tool/)

by contrast proper revolutionary new world changing blockchain technology
Genesis  at 0 (https://blockexplorer.com/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f)
https://i.imgflip.com/1sbbkz.jpg (https://imgflip.com/i/1sbbkz) (https://imgflip.com/memegenerator)

• The fact is that xrp genesis ledger is Number 32570 and not Number 0 and consequently can not possible be a decentralized blockchain as it would be impossible to loose part of a chain. Loosing part of the data is possible on a ordinary centralized databases.
  It is claimed that all this happened will the Database was still company intern only, no actually securities lost. Why data got overwritten, incompetent dev. lack of funding, carelessness...? Begs the question would an intelligent dev. not have started a new Database and not move ahead with a faulty one.  
  
• Fakt is over 50% of circulating supply got released on August 2014 at a key stroke and price or volume did not move.
• Fact is that the circulating supply has decreased from time to time (laughable).
• Fact is the company gifts XRP's to strategic partners, friends or bribe sites like coinmarketcap to list the database amongst crypto-currencies
• Fact is 90% of coins are not freely available to trade.
• Fact is a handful of entities hold 33 Billion out of 38 Billion circulation but not free available tokens
• Fact, Ripple Inc has contingency plan to become a software company if xrp fails
• Fact is Marketcap is wrong, the real Marketcap is less than 1 Billion
• Fact, Banks dont need xrp and  create there one DLT based database token. (Project Ubin)  (https://www2.deloitte.com/content/dam/Deloitte/sg/Documents/financial-services/sg-fsi-project-ubin-report.pdf)
• Fact, it is 100% centralized as one company and one company only controls the XRP sales
• Fact, it is not a coin
• Fact, contractual agreements only affect Ripple and have nothing to do with xrp.
• Fact, from Ripples technical operations a single xrp works as well as 100 000 000 000 xrp
• Fact, the Ripple investors continually fleece XRP investors by convincing them their money is better stored in his pocket
• Fact, Distributed Ledger Technology is a type of database that is spread across multiple sites, countries or institutions
• Fact, it has been hacked in the past (https://cointelegraph.com/news/stellar-and-ripple-hacked-justcoin-to-the-rescue)
• Fact, Dev was gifted 1 Billion XRP Tokens (what makes him so special, the proven fact of incompetence) plus he obviously receive regular wages
• Fact, the criminals have been previously  been fined  (https://www.cryptocoinsnews.com/ripple-labs-fined-700000-fincen-non-compliance/) (you cant fine a blockchain)
• Fact, XRP carries to much heavy overheads in form of Ripple Manager bonuses at the expense of xrp security (how much was spent on xrp security last financial year?)
• Fact, Ripple Inc. investors live i expensive New York areas, XRP investors in the slums paying for the Ripple Manager bonuses
• What does happen to XRP price when Ripple Inc faces hostile takeover?
• When Bitcoins blockchain tech succeeds (and it will) Dinosaur banks will become extinct and with it Ripple Inc.
  The whole idea of Bitcoin to be your own Bank, private or corporate entity
• Fact, Full Name* the Ripple Inc advisor is a proven fraud

Full Name* = „Karl-Theodor Maria Nikolaus Johann Jacob Philipp Franz Buhl-Freiherr von und zu Guttenberg“



https://i.imgur.com/3Aw5vI4.png

Only with a central database can the circulating supply become less, on revolutionary blockchain tech this is not possible (unless you publicly 'burn' a few million token)
Clear case of market manipulation Marketcap = Price * Circulation Supply (Wrong anyway as not all free available)
https://i.imgur.com/GLVzGu8.png

What will happen when the other 90% become freely available?

Ripple is being back by various bank and many more banks are looking to join to use this technology . SO how can this be a scam. Unless you have missed this ride of the price rise and feeling bad it is fine because it will be going a long way in 2018. So even one can buy the coin now.

100% correct

People are so scared and salty that they dont own XRP.
Pathetic.

If some people actually read about Ripple they would know its huge potential and its superior tech

Considering the amount of people's trust into the coin, of those who have extensively reviewed and put in millions of dollars into it, ripple may actually be true in its own right.

There's always a big "IF" to everything though, like what IF bitcoin pops as a bubble after all?

No one really knows, and it's hard to side with information as crypto information is fairly limited.

it's surely not a scam but i don't like it.