Bitcoin Forum

It shouldnt and here is why:

Its not BTC 2.0 its not trying to be
It is going to be one of the biggest decentrlized currency exchanges
XRP are a joke.. expect tons of this to flood the markets soon.. buy as much as you can
XRP appears to be credit rating as we know it now.. you cant borrow money without credit currently.. basicly its escrow without being escrow.
Thier system has a ton of bugs..
They are doing something that no website has ever done before
The open ledger is a blessing and a curse... tbd


Theres more... but that 2 reasons alone should get you thinking about ripple.. its not a coin....but it does use colorcoin and makes it 3d...

I know it's an exchange (of sorts) but my problem with it is that it's based on trust, so it's basically trading from margin accounts and not cash accounts. A massive speculator from Wall St can get a lot of trust from the very large financial corporations (confirmed over dinner) that most users will need to trust, and be trusted by. Then they can basically trade bitcoin for free.

What happens when that speculator takes on heavy losses and defaults? How will the ripple exchange payout? It's possible that it'll be the humble users who's wallets will be raided automatically before they even have a chance to do anything about it. The way it's setup allows exactly that scenario, and the way the world turns I don't put it out of the realm of possibility.

Don't think about what the enemy may do; think about what he can do - ancient wisdom.

The system is based on trust and there are massive financial incentives to abuse that trust.  The ability for a gateway on the brink of insolvency to sweep all of its customers accounts and then collapse is terrifying once you start talking about real world money.

I have seen companies go insolvent and the owners will try to suck out every cent before it goes under.

If Bitstamp was trusted by millions for hundreds each then Bitstamp could explode and take hundreds of millions in assets and the account owners would not even know until they woke up with worthless Bitstamp IOUs the next morning.  Most of us are old enough to remember Lehman Brothers and Bear Stearns exploding and know that brand counts for nothing when a black swan hits.

If Ripple is to succeed then the concept of trust lines needs to be refined.   I actually want Ripple to succeed but their model just seems horribly flawed.

And I know what they can do...

Ripple is credit 2.0
Banking 2.0...
the real fun is for you to explore.

Banking? Pass.

Credit is a need...unfortunately it is needed

I'll pass on ripple, thanks but no thanks.

I did explore. When I discovered what it was I decided to steer well clear of that timebomb.

This is only true if you use a gateway that does not have 100% reserves (you do this every day by having a bank account by the way).

In most western countries you are NOT allowed to do that unless you have a full banking license.

A speculator in the sense of market maker will always have to have deposited his/her funds at a Ripple gateway beforehand, the losses etc. are just the same as someone buying BTC at 1200 on MtGox and selling in a panic at 400 - it does only concern the customers of that exchange, not the funds themselves.

A gateway itself is hopefully a legal entity with regular audits and maybe even open book accounting within your reach and legislation. If they try to steal from you, sue them because they are not allowed by law to do so.

Currently Bitcoin exchanges are far more likely to make a run with your money, the way they are set up...

I don't understand it, if I don't, the public sure as hell won't

no. i visited their official website. very interesting!

http://ripplescam.org/

Proudla presented by the creator of inputs.io and coinlenders, Mr. TradeFortress! ::)

Oh good.  I thought I was the only one.  I read a few articles about it and STILL didn't get it.

http://www.imageupload.co.uk/images/2013/12/30/trust.jpg

 ;D

ip6tables -A INPUT -i eth0 -p tcp -s 3ffe:ffff:100::1/128 --dport 22 -j ACCEPT

 ::)

rule of thumb

but ...

http://ecommmarketingsolutions.com/CLIMCON/wp-content/uploads/2012/12/Rule-of-thumb2.png

relax enjoy the life .. and hodl ;)

Same here, didn't understand, and I am smart, I know because my mother told me so.

Went over their how-ripple-works page. Still don't get it. It sounds almost like bitcoin with premined coins and no mention of how you get money out of the system. They also say simultaneously that ripple is open source, and that it will soon be open sourced.

Rule of thumb for me, if something that should be able to be explained doesn't have good answers, it's a scam. I'm staying away from it.

It scares me from an angel's perspective; that one should be overly cautious to pursue business ventures and invest in something that ultimately stalls before takeoff, particularly in light of the exuberance surrounding digital currency.  In my meaningless opinion, I have always regarded the fine people behind the project to be very intelligent in a technical sense, but I have never considered their backers to be.

Anyone who invests will get laughed out of town

All I understood was getting the free giveaway and exchanging to btc ;-)

Ripple still exists... Isn't that a HYIP scam... You guys do realize it is a pay-forward leach, right...

What does ripple have to do with BTC? That is like discussing pay-pal or e-gold or CC's or FIAT here...

How the hell did Google get involved?

"Ripple Labs (originally called OpenCoin), the creator of the Ripple protocol, is backed by several investors, including Andreessen Horowitz, Google Ventures, FF Angel IV, IDG Capital Partners, Lightspeed Venture Partners, Vast Ventures, and Bitcoin Opportunity Fund."

Why did google buy boston dynamics? They want to dominate.

Ripple != XRP

Ripple itself is a distributed exchange/marketplace and payment system, XRP is the native asset there.

Google did not get involved at all, Google Ventures did invest in OpenCoin (now RippleLabs) though (see http://www.gv.com/about/ - "GV provides seed, venture, and growth-stage funding to the best companies — not strategic investments for Google."). They also invested in Buttercoin (http://www.buttercoin.com/) by the way, who strive to build a kind of "franchise" Bitcoin exchange platform.

Unlike a lot of other cryptocurrencies or distributed marketplace projects, Ripple actually is developed by a staff of more than 2 dozen developers. Their focus is not really purely on Bitcoin though (while a lot of their staff comes from a Bitcoin background), so it is not really marketed towards them. Bitcoin is so easy to use on Ripple anyways, that there is no real need to convice bitcoiners in the first place in my opinion and I am glad that they focus their efforts rather on gaining more partners who build up fiat connections, something also the Bitcoin ecosystem still heavily struggles with (ever tried to withdraw from MtGox lately?).

Google Ventures put in "less than 200k" in an early round.  So far as I am aware they have not put in any further funding.  I expect they would be a minor equity holder unless they have already exited completely. 

fuck goog ...

I know all their history as a company ... so FUCK GOOG again

Fuck goog anally

google ex guy ... AKA littecoin .. will push mem work as JAVA ... no .. man no way ... 

we can start here http://barroso.org/publications/piranha_asilomar.pdf

I'm fond of saying that Ripple is like Bitcoin for people who don't want to topple the government. If I'm still using dollars and euros in 10 years, I'd prefer to do it in Ripple. The feds should feel free to guarantee my Citibank IOUs, as they already do.

IOUs have to be paid. I'd rather trade with what I have so I know exactly where I stand. A person/institution can do a lot of trading through Ripple with NO financial investment, just trust. I don't agree with this principle. I still believe that if a large financial institution defaults then a lot of ordinary users will have their balances raided, just like what's going on now with QE. Institutions fail, people pay.

So how do you trade BTC for USD?

When you trade it's a one off it's not a come back and take my money any time you like Mt Gox. 

When I put btc into ripple where the hell does it go

It stays with the person/service you deposited to until you withdraw.

When you put BTC into MtGox, where do they go?

Fuck that

When you put BTC into http://bitlucky.io, where the hell do they go? ::)

Someone I trust, not some random network

You cannot deposit BTC to a "network" in Ripple either, everything besides XRP is tied to an issuer that needs to explicitly be either trusted or at least traded for (you can set up and fill a buy order for BTC.Bitstamp even if you don't have a trust line towards Bitstamp).

Where is the source code for bitlucky.io by the way?

So why not just send it directly? I'm trying to understand the ripple role

Send what? Your one liners don't help.

This thread I posted over a year ago. (https://bitcointalk.org/index.php?topic=133281.0)

Now everything seems to be in order, psychologically we are right on track...
FYI:
RippleLabs has 25+ employees already and more people actively developing it than there are core Bitcoin developers.
Their recent WCG giveaway lets people "mine" XRP and the crunching power is growing exponentially. The Ripple WCG team is already the fastest one on the Grid and they will be all time leader during the 3rd quarter this year by current crunching speed alone.
Bitstamps ripple adoption coincided with them becoming a major exchange and it takes just one other exchange for it to be the tipping point for a permanent Ripple/Bitcoin synergy. Once this happens ripple haters will have no other choice than to shut up, just like it happened with Litecoin.

And therein lies the problem. Btcs work because trust is not required. It is digital cash.

Ripple requires trust but fundamentally some people should never be trusted. How many times have we seen "trustworthy" characters end up ripping people off already? Too countless to mention.

I don't understand how ripple can overcome this issue. What is to stop someone who has already built up xrps from running a Ponzi scheme ala madoff style?

Plus the fact that the initial developers holding 20% of all xrps, makes me think it is ripe for an abuse of trust.

XRP isn't tied to the WOT system in any way. Trust inside ripple isn't different to trust in exchanges.


Like pirateat40?


One critique of ripple hasn't yet came up and it is almost never mentioned: It's complicated, perhaps to complicated to use for a regular user, but the same was true for Bitcoin before payment processors.

But why should I send btc through ripple when I can just send it directly? Its adding an extra step with 0 benefit as far as I can tell. They don't add chargeback capability, etc.

If Ripple scares you because you think it would get you rich, but you will miss the boat, then... buy some XRP :D

There are so many nice things about Ripple, I agree with saying that it shouldn't be compared like "another altcoin out there". Both Ripple and MasterCoin are interesting to watch, even if they are very different by philosophy (open) and carrier (Bitcoin block chain), they share some features in common especially the multi-currency aspect.

BTW, I have more BTC on my (evil, closed source) Ripple account than I have XRPs ;)

You can send any other currency. For example, you can't send or exchange USD 'directly' like you can with BTC.

Because your other party does NOT want to receive BTC (BitPay and Coinbase have hundreds, if not thousands of merchants as customers who want to allow people to pay in BTC but who want to receive USD/EUR/... instead).

Ripple is like decentralized BitPay, it is not designed as a real competitor to pure Bitcoin transactions (you could do off-chain microtransactions cheaper maybe).

I think I understand it - basically the idea is that it provides the features of Bitcoin but is specifically set up to make it easy to exchange fiat currencies. So it's kind of like if you want to trust a guy with USD he'll pay out those dollars to you for your GBP, then you can exchange that fiat instantly just like you can transfer Bitcoins instantly.

For me this limits the 'risk' people talk about when they say it 'depends on trust'. All currency exchanges depend on trust, including when you send someone bitcoin for a product - if they don't deliver it, they broke your trust and you're out of that money. Difference is, money isn't supposed to stay in ripple for long, you're probably just making an exchange for fiat.

Ok that makes sense.

Its incredibly difficult to get bitcoins out of ripple without giving some service provider your government ID. I have some bitstamp coins stuck simply because I dont want to do this.

Avoid.

This website was made by a man that is involved in the biggest frauds in bitcoin history.

A fraud knows a fraud

Guy looks like he knows his stuff. I would like to see someone refute his claims if such a thing is possible. Something more substantial than attacking the messenger.

Wrong, you can simply put a Bitcoin address in the "send to" box and send BTC from within Ripple federated anonymously by Bitstamp. No ID or anything needed.

I did, multiple times already. I stopped doing that though, since it really doesn't help anyways to eliminate suspicions (I just get called "shill" "protecting my investment in that obvious scam" and whatnot) and is not really worth my time. If you want to read a bit, feel free to check my post history here, on ripple.com or Reddit.

So how is it be open source and not open source at the same time, exactly? That at least you can surely stick around to answer.

The page is simply wrong/outdated in that regard, all code necessary to run a validator is publicly available (before that access was only granted on demand to a few dozen developers outside OpenCoin) under an MIT license (just like Bitcoin-QT) on github:
https://github.com/ripple

The server is called "rippled", the client "ripple-client" and it uses the JavaScript library "ripple-lib". Also quite a few other projects are also available in source code there (e.g. a market overview page).

There is nothing that can or will stop you from bootstrapping/running your own Ripple network or forking it other than the limitation that this can't be called "Ripple" any more (similar to Litecoin, Dogecoin, Namecoin, ...coin which use mostly bitcoin code but not the Satoshi block chain).

"shill" "protecting my investment in that obvious scam"

 :-[

Hey if you're right, you'll be rich. Many doubted Bitcoin. Stay chipper

Nah, I didn't "invest" a lot in BTC back in the day and I won't buy XRP either. I'm happy with what I got for free and rather earn money doing something productive with either system (e.g. building merchant services).

Why pay when you get XRP for free: https://bitcointalk.org/index.php?topic=397696.new#new

You have some wrong statements in there (e.g. "Ripple is funded by google"), the giveaway has been announced here multiple times and it just looks like you want to push your digitalocean refcode with this.

Now I see why Litter Coin zap out of groole ...  :P