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Heheh, this shows you do recognise the value of Ripple, and are only worried about XRP displacing Bitcoin and miffed that Ripple doesn't have mining, totally contrary to your own assertions. Ripple, OT, Bitmessage, Zerocoin, and all kinds of other P2P tools are largely synergetic and partially competitive, and both of these are a good thing.
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Does anyone who has ever withdrawn BTC want to share the address of Bitstamp's hot wallet? I'd like to know if they're having IT problems or money problems... I think having a prominently displayed BTC address on your website should be the normal thing to do.
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Definitely a mistake.
I meant calling it a currency would have been a mistake as it could drive people away. I don't think the anti-Ripple brigade was fooled though, despite their claims. |
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I initiated a withdrawal of a small amount of bitcoin (<1 BTC) from bitstamp yesterday. The transaction shows completed in their system, yet no activity has hit the blockchain. I filed a support ticket, and almost immediately got a reply that a "System Administrator" had been notified, but nearly 24 hours later, no further reply from support, and no BTC in my wallet. What is going on?
Same thing here. Just goes to show, gateways and exchanges have to earn their trust. Only use small amounts of money, for short periods of time. |
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I'm not sure why OpenCoin marketed it as just a stamp but it functions as money the same way that Bitcoin does, except that the method of initial distribution is different.
I'm not sure either, but it's bad marketing if you are addressing Bitcoin enthusiasts, and maybe not such a hot choice if you are trying to coexist with the USG for long enough to get Ripple established. |
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XRP are stamps. They're only used for mailing transactions from one location to the other.
Yeah, but the only thing the anti-Ripple brigade are worried about is that XRP will become more than just stamps, soar in value, displace Bitcoin and make all their BTC worthless. They don't fear XRP will become worthless, they're just trying to scare people into believing that, while they believe or at least fear the exact opposite. |
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Actually "premined" although something of a misnomer is a very accurate term considering the history of alt-coins.
It's very appropriate for alt-coins, but not for XRP. And even for alt-coins premining doesn't make it a scam, as long as you don't try to mislead people into believing no premining took place. Perhaps a more correct term would be "self-issued." But everyone understands the term pre-mined so its going to be here to stay.
Sure, but it's still misleading. If the Ripple system consisted only of XRP then I would consider it a useless alt-coin. But Ripple does other things so it may turn out that having all the XRPs self-issued works in the end.
Not quite useless, because of the faster confirmation and the lower resource requirements. Whether that would be enough to establish a decent market share without the rippling system is an open question. In fact, it's still an open question whether it will even with the rippling system. I'm not investing XRP yet, but I'm using Ripple to buy BTC. |
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Read the paper, it's addressed.
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It can involve small amounts for short periods or big amounts for long periods. It really depends on how you use it.
Yes, but for the purpose we are talking about it means small amounts and short periods, and then your objections don't apply. I'd advise anyone against transferring large amounts of money through gateways or keeping any non-trivial amount inside the Ripple system for the foreseeable future. I don't see how XRP is a solution to the trust problem, as it is a premined cryptocurrency controlled exclusively by a private corporation.
Premined is a nonsensical term when applied to XRP, which doesn't have a concept of mining. Investing in XRP right now is very risky, just as BTC was in the beginning. In the longer term that may change, as to a degree it did with BTC. |
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Of course, but that involves small amounts for short periods.
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 Excellent. Now how long before the XRP bubble pops... See, this demonstrates the only thing people dislike about Ripple is that there is a risk it may make their bitcoins and mining rigs worthless. Ripple is more decentralised than OT! I think Bitmessage is great, and I've been running it for a while and advocating greater integration with Bitcoin. All these systems are partially synergetic and partially in competition with each other and both are great. OT can offer real untraceability, just like Zerocoin on top of Bitcoin. |
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People are interested in it because they believe OpenCoin will release the source as they have said they would. I doubt they will get people to pay very much for XRP before the code is released.
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I still don't understand why that matters if all you want to do is to buy or sell BTC, rather than trying to lend money.
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And in my opinion very unwise... just from giveaways alone it is easy to pump + dump the thin internal markets, not even counting the reserves opencoin has.
XRP might have their uses but I would not recommend on using them as value store. Similar to Bitcoins by the way, which are also held quite centralized and are traded on comparatively thin markets.
Absolutely, in the near future. But I think the success scenario is one where XRP sees wide adoption as a currency. |
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That begs the question of why anyone would want to hold XRP in the first place, and contradicts claims that XRP is not a direct Bitcoin competitor.
I think it is both hugely synergetic (through the Ripple interface with fiat) and a direct competitor (XRP). I think both are good a thing. |
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For most users, probably nothing.
Using it to make payments with XRP would be very useful for most users. |
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in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
Simply not true, not for making payments in Ripple and not even for trading IOUs. |
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That's a healthy amount of money you have there misterbigg!
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