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It is easy for me to understand how the decentralized Bitcoin network is superior to the centralized fiat network. However, I fail to see how both those are not completely left in the dust by the distributed network. Isn’t this an exact replica of the internet itself? I’ve read many times in these discussion boards that the decentralized network is the best. Can some one please explain how it is better than a distributed network?  |
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Thanks for the info, looks interesting. I set up a Ripple account but still have no XRP in it, so will try this to start me off. It's running as I type! Good to know my hashing power can help scientific projects as well as generating a little currency  When I signed up my 2 spare computers I read in a forum that you won't be able to receive XRP from the World Community Grid unless you have the minimum amount (of XRPs) in Ripple needed to activate your account. Until you do, the WCG *seems* to simply hold them for you. |
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There has been a lot of hype over at Ripple Labs, as they are working to make a platform that could change the way we trade cryptos. Their idea seems to be intact, but their business plan and timeline for meeting goals is far from acceptable. Do you think another platform will come along that will enable trades to be conducted in a better fashion and through better management?
I am sure other platforms will spring up. JPMorgan just filed a patent for some sort of payment system last week, for example. I looked over their patent, but it would take me to long time to come around the lexical learning curve to understand exactly what it says. I would guess any other competing platform will be run buy a corporate entity....and that entitiy will likely be forced to apply significantly higher fees (than Ripple) because they will have to pay for their overhead. The trading and converting interface of Ripple is as streamlined as anyone could ever hope. The only way I would improve the user experience is to bury the 'trust lines' into an Advanced features tab.....because it was (at least for me) a very puzzling concept at first. Only having it auto spring up when you deposit at a Gateway would be best. In terms of their timeline, I also wish that Ripple would push in on the gas a bit....use their connections with Google for promotion, use their connections with Coinbase to provide another gateway, etc. I'm relatively impatient, I guess. And I really hope their business plan entails untethering the value of XRP from Bitcoin and that they base it on a basket of currencies. I've not encountered anything specific about their business plan or timeline. Have you? |
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OK...I have said about ALL that I can say on this. I have spent enough time. I'm gonna get back to trying to set up my own RippleD server. I'm not gonna post anymore on this topic as there are other things that I need to learn about (Like this Digital Asset Transfer Authority that's been established!) In addition to the numerous links I've posted, here is a great article I just found a few hours ago called Ripple: Bitcoin in Business Attire It says what I've been saying.....Ripple is a great middle ground between the crypto currencies and the fiat currencies.....plus a bunch more http://web.appstorm.net/reviews/finances-reviews/ripple-bitcoin-in-business-atire/ |
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Well...it's not illegal for you to write a check for a million dollars if you don't have it in your account.
Is this some play on words where if you write the check but don't actually give it to anyone then you're in the clear? If not: It is unlawful for any person, firm or corporation, to draw, make, utter or issue and deliver to another, any check or draft on any bank or depository, for the payment of money or its equivalent, knowing at the time of the making, drawing, uttering, issuing and delivering the check or draft, that the maker or drawer of it has not sufficient funds on deposit in or credit with the bank or depository with which to pay the check or draft upon presentation.
My use of 'IOU' and 'checks' and 'credit' is merely meant to help people conceptualize what Trustlines.
For those of us who know what terms like "IOU" and "check" and "credit" actually mean, this may be counter-productive. I wouldn't call that a play on words. I would call it a tidy summation of the exact quote you just posted. I felt that you were intentionally ignoring the forest for the trees....that is an analogy, by the way (in the event you're a forest ranger), meaning that you were getting so obsessed with the specifics that you were missing the big picture....that is another analogy, by the way (in the event that you're a painter or photographer) meaning that you'd lost the plot ... which is indeed another analogy, in case you are a writer....etc., Perhaps in your excitement to read my response you overlooked the word 'conceptualize'. Perhaps I was wrong to think that you understood that I was speaking analogously. To return to the topic, if you have a legitimate, reasoned and supportable objection to any of the facts that I have laid out about how important and valuable I deem Bitcoin or how it can be better mainstreamed through the use of the Ripple system....by all means, let me know... |
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So, what's your role with Ripple? Obviously not just a patron.
A straight answer, you will not get. It's obvious this person is a part of Ripple-affiliated organization but can't say so for whatever reason. Geeze...I think I've answered this twice now, haven't I? You must be one of those Birthers still who think Obama is from Kenya. I mean, seriously....you want a urine test or what? My question is ... Why are do people intentionally slag off something they don't understand? Or, why be willfully ignorant? Study a concept THEN falsify it. Support your arguments with evidence...statistics, quotes and examples..... not opinions, heresay or conjecture..... ....and now that I've written that, it's painfully evident to me that I teach English..... |
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Yes...a check is an IOU. It is an IOU issued by my bank (it's got their name on it, not Uncle Sam's) that I can give to anyone.
Well, I guess you can use whatever notion of IOU you want. But a check is a "draft", which is an "order". It is not a "promise" or a "note" (which is what I'd consider an "IOU"). http://www.law.cornell.edu/ucc/3/3-104Given our screwed up fractional-reserve banking system this may be mostly a distinction which only matters when it comes to legal matters like check fraud and check kiting, but from a legal perspective at least, there's a huge difference between a check and an IOU. It's legal for me to write an IOU for $1 million when I don't have $1 million in the bank. It's illegal for me to write a check for $1 million when I don't have $1 million in the bank. Comparing Bitcoin and Ripple is comparing cars to a highway. I know both of them VERY well...
And I know the UCC VERY well. A check is not an IOU. Well...it's not illegal for you to write a check for a million dollars if you don't have it in your account. It's illegal of you to intentionally use that check to defraud someone....and intentional fraud, be it with TradFortress-USD in the Ripple system or with defective whoopi-cushions is a crime. Additionally, as I'm sure you noticed, none of this industry has been regulated .... YET. Thanks to thefts from various online wallets, Silk Road, etc. the hammer may be falling soon.... My use of 'IOU' and 'checks' and 'credit' is merely meant to help people conceptualize what Trustlines. They developed this term, and others like it, to cut loose baggage concepts like interest rates, overdraft fees, etc. Trustlines are technically not like checks no more than checks are IOUs. To my knowledge know one within Ripple nor any of it's Gateways would accept a check. |
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Is it possible to buy bitcoins via ripple directly from your bank, instead of going through localbitcoins (dangerous) or coinbase (takes too long)
I mean, how quick is it to set up a ripple account, and fund it from your bank, then buy BTC from somewhere? Where would you buy it from? Because I'm setup, I've been helping my friends buy BTC and XRP within minutes. If you've got a friend who's already built the infrastructure for immediate transactions, I'd recommend you go to him and try a few small amounts until you've got your feet wet. If you don't have a friend (already set up) then my experience is that it's just gonna take you time until you get everything verified and rolling (minimum of 3 days). It's the damn banks and their pokey systems that are proving to be the barrier to entry into Ripple, Bitcoin, Litecoin, etc. |
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You will accept a check, right? Checks....also known as IOUs....have been a cornerstone of the finance industry for centuries.
Checks are not IOUs. An IOU for $1 million means "I'll pay you $1 million at some time in the future". A check for $1 million means "that $1 million I have in the bank is now yours". The equivalent of a Bitcoin check is simply a 0-confirmation transaction. It hasn't cleared yet, but unless the person who signed the check has double-spent the money, it's yours. In fact, a 0-confirmation transaction is significantly better than a check, in that you can confirm to a high degree of probability that the person did have that X BTC in the account less than an hour ago, and the account can't really be overdrawn accidentally - if the payment doesn't clear the payee has probably committed fraud. There's no need for Ripple to accept Bitcoin checks. They can be accepted just like any other check. Have the check-writer show ID, and get the police to prosecute them if they write a bad check. Yes...a check is an IOU. It is an IOU issued by my bank (it's got their name on it, not Uncle Sam's) that I can give to anyone. Some places don't accept those IOUs even though they are made in dollars. It is a receipt showing that my bank owes whoever I gave it to that much in USD. Even the dollar is an IOU. Historically it's been an IOU for silver (silver certificates) or gold (until we came off the gold standard). That's the issue with fiat currency, you know...now it's an IOU for absolutely nothing. People shifted the trust that the government would give them silver/gold into just trust of the government. The government has been taking advantage of that trust by printing money like there's no tomorrow. That is another reason I really love Bitcoin...cause they ain't making any new ones. There are numerous articles online regarding the history of currency and checking. Perhaps you may wanna get a bit more historical perspective on this. Comparing Bitcoin and Ripple is comparing cars to a highway. I know both of them VERY well...that's why I started the entire post. Please look at some of the videos that I've posted and read a bit. Your comments seem to me to demonstrate that your knowledge of Ripple is about on par with your knowledge of fiat. |
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Is it possible to buy bitcoins via ripple directly from your bank, instead of going through localbitcoins (dangerous) or coinbase (takes too long)
I read yesterday of a place that you could buy XRP with a credit card. I have not vetted them myself, so I'm not recommending them. I like buying my Bitcoin through Coinbase because I've got my account verified and they let me buy them instantly. One of the Chinese gateways lets you use Paypal, but I don't know Chinese, don't trust Google translate enough with my money and have a sneaky suspicion that Paypal China is different than Paypal US. If you're American, you can wire money to SnapSwap.us and (because they don't have a wallet service) they will pump it directly into your Ripple account. But, again, I have not personally vetted them....and it takes that same ridiculous 3 days to wire money .... which is completely alleviated once your in the Ripple system. They do meet the seal of approval of the International Ripple Business Association. Bitstamp is great. And, if you're not American, I've been having a good experience with TheRockTrading (in Malta). I'm not finished doing my background check on them yet though.... |
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Just check out www.ripplescam.comFrom their site: "Ripple™: It’s highly misleading and not what you think it is. Ripple is a centralized payment system that allows the transfer of artificially printed tokens that claims to be money, like “USD” or “BTC”. OpenCoin Inc goes to great lengths to camouflage the fact that they have total control over the Ripple network, and calls themselves a distributed payment network." The true power in Bitcoin and the like is: 1) The inflation rate is known and can't be manipulated. 2) The total number of bitcoins that can ever be created is known. Central bankers don't like that...so the created Ripple, for which the number of coins can be increased at their whim. Also, the upper number could be increased at their whim. Just because they tell us there is an upper limit means nothing, since Ripple is not based on mining. They can overnight say, actually, we just created another billion coins. Just like central banks, which are printing $85 Billion per month and in the coming months they plan to increase this even further. This type of inflation is not practically possible with Bitcoin and other cryptos, unless it is done at the outset. If you notice the author of that site has not allowed publication of ANY comments since Ripple went Open Source. His information is misleading at times and he is misinformed at others. He will not allow authorization of any post that conflicts with his initial opinion. Check out some of the videos that I've posted in others comments. Also, check out some of these sites that I copied from the Ripple Federation: Official site - ripple.com Official forum - ripple.com/forum Ripple Wiki - ripple.com/wiki Ripple Blog - ripple.com/blog A list of Ripple Gateways - ripple.com/gateways Ripple network graph - ripple.com/graph Server uptime - status.ripple.com Instructional Articles and White Papers Ripple, or Bills of Exchange 2.0 by J.P. Koning (copy) OpenGateway by Bob Way (pdf) Bitcoin: A P2P Electronic Cash System by S.Nakamoto (pdf) How to Set Up a Trust Line for SnapSwap in your Ripple Wallet (copy) Ripple Security: pass-phrase and secret key by Dave Chapeskie Ripple Wallet Review by Donald McIntyre (copy) SmartPhone Penetration Argentina and Brazil More Community Pages International Ripple Business Association - XRPga.org Information on the latest giveaways - RippleGiveaway.com A good alternative Ripple forum - XRPtalk.org Chinese Ripple website with several services - ripplecn.org The 'All things Ripple/XRP' page on bitcointalk.org Chinese Ripple forum - ripplechina.net Reddit discussions - reddit.com/r/Ripple+Ripplers ORGANIZATIONS Ripple Labs - Creators of the Ripple Protocol, a peer-to-peer payment network. Visit Ripple.com for more information. International Ripple Business Association - The IRBA provides unified procedures to establish trustworthy and secure services for Ripple customers. (discussion) Ripple Federation - Nonprofit working to inform and empower users of Ripple. (discussion) GATEWAYS AND EXCHANGES Kraken - A new standard for secure, feature-rich digital asset trading. (discussion) Wisepass - Gateway offering trading in many different currencies. (discussion) Dividend Rippler - Anonymous gateway dealing in Bitcoin and Litecoin (discussion) SnapSwap - Gateway serving U.S. customers. (discussion) Bitstamp - Established Bitcoin exchange now supporting trading of many currencies in Ripple. (discussion) RippleCN - Chinese gateway offering a range of products and services. (discussion) RippleChina - Chinese gateway offering a range of products and services. XRPChina - Chinese gateway with a specialty of quotes and markets. The Rock Trading - Gateway based in Italy dealing with EUR, USD, and various virtual currencies. (discussion) WeExchange - Australian gateway dealing with Bitcoin, USD, AUD, and CAD. (discussion) Ripple Israel / Bitcoin Israel - Oldest Bitcoin exchange in Israel still in full operation, now offering Ripple services. (discussion) Justcoin - Gateway and Bitcoin exchange based in Norway. |
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I'm sorry to say, but I won't extend credit (trust) to the First National Gateway Bank of Dancupid....and I would hope you don't extend credit (trust) to the First National Gateway Bank of PirateButtercup ;-)
I won't be extending any trust to the Ripple concept - so I won't be using it. I know someone who's wife left them because she met an old fling on Facebook....he won't use FB now. I know someone who actually fell for that Nigerian email scam years ago....and they never use email now. I know someone who owned a Mac in that late 80's that broke ... he won't buy another Apple product. I understand you've got some of TradeFortress's BTC...that sucks....and I understand why you won't be using Ripple now. BTW...I recently learned of DATA (Digital Asset Transfer Authority) that is being set up to self-regulate the virtual money industry before governments start sledgehammering regulations. Bitcoin, Ripple and Ven seem to be the 3 represented bodies. It'll be interesting to see what they do to stop people like TradeFortress, or the robberies of earlier BTC sites. Wish you luck, man.... I won't be using it because I have 4 bitcoins in my ripple account that aren't real. If I add more bitcoins then I won't know which bitcoins are real and which aren't - it doesn't work, so I can't and wont use it. I'm unwilling to risk my money Oh...I understand now...sorry. Actually whenever you attempt to trade currency it will ask you which BTC you wanna use....BTC-Bitstamp, BTC-JustCoin, etc. or which dollars you wanna use USD-Bitstamp, USD-JustCoin, etc. /Users/Harpool/Desktop/Screen Shot 2013-12-13 at 11.04.18 PM.jpg (I hope that screenshot shows up....again...kinda new at this forum) Now...in terms of how to get rid of the bogus BTC completely...I dunno. I'll have to explore that myself. (Historically, it may be kinda neat that you have them.) I set up 5 or 6 accounts and started moving stuff all around, adjust trust lines, etc....just playing. When I'm finished I'm just gonna move my stuff out and let those accounts go unused. In the end, I'm thinking it may be best to have one "In" account...one "Out" account... and one that never trusts anyone (including Gateways)....but I dunno yet... |
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Ripple is a bogus, central banker-initiated, attempt at usurping the truly decentralized nature of bitcoin and similar cryptos.
Ripple is not decentralized, it is distributed, big difference. There's nothing peer-to-peer about ripple. It relies on 'trusted gateways'.
If it were bank initiated, it certainly wouldn't be open source. Actually it was initiated by the founder of Coin Base, et al and received significant seed money from the Bitcoin Opportunity Fund. If it were a scam, it would have came up during the vetting process of any of it's several rounds of raising capital. It is no way similar to any of the cryptos. It is a system of transferring and exchanging value. XRP are not designed to be a container of value. They simply lubricate the system by preventing spam and denial of service attacks. Here are some videos to help you around the learning curve and correct misconceptions: Here's an overview of Ripple ... http://www.youtube.com/watch?v=9zxA3Gt7y3cHere is an explanation of Ripple in 60 seconds ... http://www.youtube.com/watch?v=kwyIEMyMfqsHere is a video to help you understand how a Gateway works ... http://www.youtube.com/watch?v=M16ZatXbmLgHere is a video to help you understand how the consensus ledger works ... http://www.youtube.com/watch?v=pj1QVb1vlC0Perhaps this video will help you understand how the client works ... http://www.youtube.com/watch?v=06H86TNeJMwCheers! |
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Hey all, super newbie here...
I'm not using Ripple yet and I'm not sure I plan to after reading what people here have to say about it. Yet I'm genuinely curious about it and I've got a question...
Can Ripple be used to buy LTC from BTC without having XRP involved in the process? Or is the "small fee" always paid in XRP?
Also, if I don't really "trust" Ripple to put all my eggs into and have no faith whatsoever in XRP, can I still use Ripple to, say:
- transfer a tiny amount of BTC from Bitstamp to Ripple
- exchange the tiny amount of BTC into another crypto currency at Ripple
- transfer the new cryptocurrency to my wallet(s)
How long would that take?
Basically I take it that my question comes down to: even if I don't trust Ripple much, can it still be useful to convert and move small amounts to/from different crypto currencies? (hence never being exposed too much to Ripple being a scam or getting owned by the feds / DoJ or hacked or anything else that could happen to the centralized dot com server).
One XRP costs about .03 cents. There are 1,000,000 'drops' in a ripple. The system charges 10 drops.... or .000001 cents to send currency (other than XRP) from one account to another. This is required to prevent spam and denial of service attacks on the system. I believe 20 XRP are required for an active account, but there are free XRPs everywhere. Yes, you can buy and sell LTC/BTC in the Ripple system. Yes you can transfer a tiny amount of BTC from Bitstamp into Ripple. Yes you can exchange that tiny amount of BTC for any fiat or crypto currency available. (It's still in Beta, mind you.) Yes you can transfer that new crypto currency (i.e. Litecoin) back out of Ripple. (you may wanna consider using JustCoin) You will never need more than .50 cents worth of XRP in your entire life as it will cover 20,000,000 transactions. Everything that you do within the Ripple system is instant. Ripple is not on a centralized server. The consensus ledger is kept on numerous servers around the world. In fact, I'm in the process of setting up RippleD server right now. It is Open Source. ( https://ripple.com/wiki/) If you find a money swapping pair that is not available in the system....(for example Litecoin for Yen) ... then there is an opportunity for you to set yourself up as a market maker by offering that pair.... Good luck!! :-) |
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I'm sorry to say, but I won't extend credit (trust) to the First National Gateway Bank of Dancupid....and I would hope you don't extend credit (trust) to the First National Gateway Bank of PirateButtercup ;-)
I won't be extending any trust to the Ripple concept - so I won't be using it. I know someone who's wife left them because she met an old fling on Facebook....he won't use FB now. I know someone who actually fell for that Nigerian email scam years ago....and they never use email now. I know someone who owned a Mac in that late 80's that broke ... he won't buy another Apple product. I understand you've got some of TradeFortress's BTC...that sucks....and I understand why you won't be using Ripple now. BTW...I recently learned of DATA (Digital Asset Transfer Authority) that is being set up to self-regulate the virtual money industry before governments start sledgehammering regulations. Bitcoin, Ripple and Ven seem to be the 3 represented bodies. It'll be interesting to see what they do to stop people like TradeFortress, or the robberies of earlier BTC sites. Wish you luck, man.... |
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So, what's your role with Ripple? Obviously not just a patron.
Well....I've been donating a lot of processor time to World Community Grid to crunch data to cure cancer, aids, etc. They of course giveaway XRP for this. I really relish the idea of a virtual Switzerland, where I can put money that I with minimal government intrusion. I wire money around the globe frequently and hate waiting days or weeks for it to get there (depending on holidays/weekends). I travel internationally and .... if you've ever been to a currency exchange ... get sick every time I pay money to use a different money. I have a few XRP, but...honestly....I don't feel that it will ever exceed .10 cents.....maybe a dollar if it goes CRAZY. It's the ease of the system that I love, the fact that it's open source. I also LOVE Bitcoin, I love it's anti-establishment nature. But I'm afraid it may be too anti-establishment (as demonstrated by China's/France's announcements). I see the Ripple system as an excellent way to bridge the existing systems fiat with the future of cryptos, without which I'm afraid governments are gonna come out swinging ... as cryptos completely undermine the nation state. Oh...and I abhor misinformation. |
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Ripple is simply amazing!!
If you don’t know, Ripple is actually 3 different things…
1. It is an internet protocol (like FTP, HTTP, etc.) designed for the sole purpose to federate existing financial systems the same way SMTP brought all the different email companies under one umbrella.
2. It is a market place that allows for the exchange and sale of fiat and crypto currencies.
3. It is a currency created, not to hold value, but to lubricate the system. By charging .00001 XRP per transaction …. on a scale that proportionally increases to the volume of transactions the sender creates…..it prevents spam and defends against denial of service attacks.
Comparing fiat and crypto currencies to one another is similar to comparing different kinds of cars with different features. Dollars, Bitcoin, euros, litecoin, sterling….they all have something that make them stand out.
Ripple is VERY different. Ripple is the market place to buy and sell those cars and… more importantly .. the road on which they can faster than ever before!!!
I LOVE Bitcoin...that's why I'm using Ripple....I want to see Bitcoin succeed!!!!
(If you MUST have a conceptual comparison, try this: email meets bitcoin meets western union meets the forex)
 Anyone want these? They look like bitcoins don't they? You want them? just post your ripple address and trust me for 4 'bitcoins' and I'll send them to you. I tell you what, I'll write you a check for 'em. In fact, I'll write you a check for a million dollars apiece. You will accept a check, right? Checks....also known as IOUs....have been a cornerstone of the finance industry for centuries. Surely you would take my million dollar check then, right? If you can find someone stupid enough to accept 'bitcoin checks' issued by dancupid, then send them on to me when your done...I'll see what they'll take for a million dollar check....or some magic beans.... You obviously have to exercise due diligence whenever you deposit your money anywhere....an online broker, a bank, a gateway, a mutual fund, etc. A person's willingness to accept a bad check is not a condemnation of the system. But I still have these 4 'bitcoins' in my ripple account - they look the same as normal bitcoins, ripple tells me I have 4 bitcoins, but I know I have no bitcoins in my Ripple account. I cannot now use Ripple, since I cannot tell which bitcoins are real and which are not. It doesn't work, becasue it lets you store fake bitcoins and you have no way of telling which are real and which are not. I do not trust it. So I will not use it. How did you get 4 BTC that you know you don't have? It sounds like you created another account, extended trust to that account, and then sent 4 Bitcoin from one to the other. What you did was 'write a check' off of one wallet and put in another. Can you please post the trust lines that are currently in that wallet? As I tried to get at earlier, I can write a check for a million dollars issued by the Bank of PirateButtercup. But why in the world would anyone take it? You're not storing 'fake' Bitcoin. You're storing outlandish checks that you have written to yourself (or have accepted from a friend). Try to redeem your check at a gateway and you'll get nowhere. Until you understand what you're doing, it is HIGHLY recommended that you do not extend trust lines (accept checks) from anyplace other than the bank (Gateway) where you deposited your money. These are tradefortressIOUbitcoins - I bought them in this auction thread (to prove a point) https://bitcointalk.org/index.php?topic=207054.0;allAnyone can send a million spam emails telling people if they trust me for $100 I will send them 100 ripple dollars. People will just think 'ok - it can't do any harm' There is no trust involved - no one cares if they think they have $100 in their ripple account. And once they have their $100 they have no way of getting rid of that fake money and their ripple account no longer works. Fake money will sit in people accounts and they won't know what is real and what isn't. People will build lines of fake trust, becasue that's how the internet is. Interesting point. I know I have no need to trust anyone but the bank (gateway) where I deposited my money. If someone wants a loan, I'm just gonna send it to them....not open a trust line. According to the Ripple wiki they will have three levels of Gateways.... Now...in terms of the 'Ripple Dollars' you mentioned, not all dollars have the same value. (You can read about the 'free banking era' in the U.S. if you want a real extreme case of this.) The value of dollars from different gateways have different values. This is the same as how a Canadian quarter loses value the further you walk into the U.S. with it.....or how a dollar in the airport doesn't have the same value as a dollar at Walmart. Before it comes out of Beta, Ripple has posted on the wiki page that there will be a 3 tiered system of Gateways. Personally, I'll only trust those who have been vetted, maintain a super high reserve ratio and have been approved by the International Ripple Business Association (IRBA). That is no different than me saying that'll only open a checking account with a bank that is FDIC insured, and duly licensed and registered. I'm sorry to say, but I won't extend credit (trust) to the First National Gateway Bank of Dancupid....and I would hope you don't extend credit (trust) to the First National Gateway Bank of PirateButtercup ;-) |
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I think mastercoin is quite a bit better than ripple and it's gotten a lot more funding from what I've heard.
I am not well read on Mastercoin. However, it is clear that they are limited to crytpo-currencies. They do not have any systems to interact with dollars, yen, euros, sterling, etc.....let alone other value containers like frequent flier miles, starbucks credits, what-have-you. It's inability to bridge the gap between fiat and crypto currencies as well as other units of value makes it a less viable option to Ripple, as it can handle ALL of the coins, all of the fiat and anything else you can dream up. (One guy for example started a currency backed by 1,000s of silver dimes he has....called DYM if you're interested) In terms of funding, the seed money provided by Google Ventures, Andreesen Horowitz, et al has not been disclosed. The Angel funding simply isn't known. The Venture funding (the last round in November) was only $3.5. There are several articles online regarding the different types of funding as they progress if you want more information. |
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Ripple is simply amazing!!
If you don’t know, Ripple is actually 3 different things…
1. It is an internet protocol (like FTP, HTTP, etc.) designed for the sole purpose to federate existing financial systems the same way SMTP brought all the different email companies under one umbrella.
2. It is a market place that allows for the exchange and sale of fiat and crypto currencies.
3. It is a currency created, not to hold value, but to lubricate the system. By charging .00001 XRP per transaction …. on a scale that proportionally increases to the volume of transactions the sender creates…..it prevents spam and defends against denial of service attacks.
Comparing fiat and crypto currencies to one another is similar to comparing different kinds of cars with different features. Dollars, Bitcoin, euros, litecoin, sterling….they all have something that make them stand out.
Ripple is VERY different. Ripple is the market place to buy and sell those cars and… more importantly .. the road on which they can faster than ever before!!!
I LOVE Bitcoin...that's why I'm using Ripple....I want to see Bitcoin succeed!!!!
(If you MUST have a conceptual comparison, try this: email meets bitcoin meets western union meets the forex)
Anyone want these? They look like bitcoins don't they? You want them? just post your ripple address and trust me for 4 'bitcoins' and I'll send them to you. I tell you what, I'll write you a check for 'em. In fact, I'll write you a check for a million dollars apiece. You will accept a check, right? Checks....also known as IOUs....have been a cornerstone of the finance industry for centuries. Surely you would take my million dollar check then, right? If you can find someone stupid enough to accept 'bitcoin checks' issued by dancupid, then send them on to me when your done...I'll see what they'll take for a million dollar check....or some magic beans.... You obviously have to exercise due diligence whenever you deposit your money anywhere....an online broker, a bank, a gateway, a mutual fund, etc. A person's willingness to accept a bad check is not a condemnation of the system. But I still have these 4 'bitcoins' in my ripple account - they look the same as normal bitcoins, ripple tells me I have 4 bitcoins, but I know I have no bitcoins in my Ripple account. I cannot now use Ripple, since I cannot tell which bitcoins are real and which are not. It doesn't work, becasue it lets you store fake bitcoins and you have no way of telling which are real and which are not. I do not trust it. So I will not use it. How did you get 4 BTC that you know you don't have? It sounds like you created another account, extended trust to that account, and then sent 4 Bitcoin from one to the other. What you did was 'write a check' off of one wallet and put in another. Can you please post the trust lines that are currently in that wallet? As I tried to get at earlier, I can write a check for a million dollars issued by the Bank of PirateButtercup. But why in the world would anyone take it? You're not storing 'fake' Bitcoin. You're storing outlandish checks that you have written to yourself (or have accepted from a friend). Try to redeem your check at a gateway and you'll get nowhere. Until you understand what you're doing, it is HIGHLY recommended that you do not extend trust lines (accept checks) from anyplace other than the bank (Gateway) where you deposited your money. |
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