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It is a true currency. You would use it as opposing to holding it for value. It is complimentary to Bitcoin in that you would rather have something like Freicoin as a medium of exchange rather than the limitation posed by the 'value' of Bitcoin which we all know is fairly volatile.
There have been many well measured responses to the questions and concerns posted and yet people seem to blatantly ignore that and continue to misrepresent Freicoin. Time will show it's ultimate value as a means of trade which is something Bitcoin may not be well suited for. It be great if people actually did a bit of research before simply regurgitating misinformation. I get that there is a learning curve with Freicoin but once you read more about the potential it has then more people would likely adopt it. Yet to see any argument that has not been addressed with a reasonable and well thought out counter.
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I think people are assuming this is the next Bitcoin, and they want to get in at the ground floor... without realizing that XRP is one reserve change away from flooding the market at any point in the forseeable future, even after all the OpenCoin giveaways are over. No reasonable person would ever want to use XRP as a store of value under those conditions.
+1 Voice O' Reason. |
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Wow... how about we just post here and guess the time it drops... simple and easy.
Start a thread with a clear title or re-title this one with easy to follow guide so everyone including the nubs can follow like me. Thanks.
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Q: How many OpenCoin representatives does it take to explain why Ripple isn't a premine?
A: CLASSIFIED
Geek humor? Sad. |
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At this rate you might beat BFL to market.
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The problem of carbon dioxide - a little more far-fetched than the full. The ocean can absorb much more CO2 than we can provide. Also, all organic, which we burn, when it grew by assimilating carbon dioxide in the past.
And what happens when the oceans do that... please continue. |
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The thing that amazes me the most is the nature of his language. He seems to over-promise at every single opportunity. Take his Feb 21st update for example: "We should hopefully have more information on that later tonight or tomorrow". And yet (2 days later), there is no follow up post. Could he not simply say "We will update you as soon as we have more information?". There is no reason to volunteer a micro deadline like that.. It's a common pattern through every single one of his updates.
+1 You need to school him on expectation management. |
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I came up with the idea not long ago, and I already got one one buyer. I want to open another clothing line, CryptoClothing. Anyways, here's the shirts: You can get the design and shirt in any color, just PM me if you want to buy, find on me on BTC-E, or freenode irc. All Tee's $12.50:            Pump & Dump Tee $15.50 Front:  Back:  Luke-Jr Tee, says "Hating on everything besides Bitcoin since 2008" $16.50  Pump & Dump Tee GDP symbol $15.50 Front:  Back:  Gonna accept Litecoins, Bitcoins, Credit Cards, BTC-E/MtGox BTC/USD codes, and PayPal. --Simran ... finna buy CryptoClothing.com soon!  Sweet T's. Love to see some Mocking of my favorite.. the FREICOIN! |
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I think there is a call for grant proposals right now... linked here http://www.freicoin.org/how-to-present-grant-proposals-t146.html and the foundation submitted it's paper work I do believe to get registered? And that is a great news... if we can keep pace 12 days is worth the wait. 11,834,609.99488551 FRC mined... nice. |
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I would ask how the hell is mining equitable to the majority of people on this planet?
It's equitable because people are paid in proportion to how much service they provide, that service being securing the transactions by piling computational work on top of them. It's as equitable as any other case where someone does work and gets paid for the work they do. It's fair, but it's not some magic great equalizer. How does one mine? With your hands? I am thinking equitable in the sense of access to the technology or electricity not "freedom" to mine. Without the resources to mine how is it equitable? Ripple on the other hand may be able to circumvent that as more people have devices like phones that are much cheaper and can receive XRP as opposed to the knowledge, expense and electricity required to mine. That alone gives Ripple a greater potential to distribute more equitably. Much more democratic than Bitcoin by far. |
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And Jody is the General Manager. Unfortunately, in small organisations job titles often bear little resemblance to actual areas of competence or responsibility. Josh is clearly not the project leader and he appears to be getting much of his information second-hand. Jody's last blog post was ridiculous coming from a General Manager. If Josh doesnt know, he should keep his mouth shut and stop making bold claims and promises he cant keep. Not too mentions bets he will lose. But more importantly, its his damn job to know or find out. What are they paying him for otherwise? And remember, you are paying him. As for Jody, she promised shipment in June or something, didnt she? I wouldnt be too surprised if she turned out to be correct. There needs to be one person giving updates and that person needs to be someone who actually knows what the fuck is going on rather than someone who's been cast in the role of community liaison because they run a mining pool and can "relate" to miners. If Josh is going to be given that role, then the project lead needs to be giving him regular, accurate information about where things are at rather than Josh always chasing information. I don't get the impression that Josh is the one setting deadlines at all. My impression is that he makes extrapolations based on the information given to him by others and has little direct control over anything. Honestly, Josh seems to be acting like I did on my first job 15 years ago, when my idea of project management was acting as a go between between developers and customers, sugar coating the bad news to the customer, giving it to him little by little, begging the devs to hurry up and never see a delay coming until after it had happened. I had no clue what I was doing, and I failed to realize the devs were acting to me just the same way i was acting towards the customer, and no one was really managing anything. The only thing i managed was customer frustration and it definitely was my fault that neither I or my customer had a realistic view throughout the project. Project management is all about managing risks. You cant manage a bloody thing if you cant even identify the risks. This is all the more important if you are subcontracting most things out and have no direct control over it. It's quite odd given that the original plan was for Josh to personally walk the chips through all the remaining steps once they left the fab, but perhaps that plan was more something which Josh hoped to do rather than something which was actually approved. I'm not sure how you can oversee a technical project if you don't know - for instance - that blank alignment wafers even exist and that not having one will slow down the bumping process. Exactly. Now Im not an electrical engineer either, but im not sure how he expects chips and PCBs to be fully tested and qualified the very same day they might arrive at the testing facility. My perception is that it's easy for the people who are actually responsible to hide behind Josh
Josh is actually responsible. He may not be able to speed up anything, and whatever he does, maybe there wont even be a single shipped asic until summer and that might not be his fault, but its his fault for not knowing this and keep failing to deliver on his promises. [/quote +1 Yuuup! |
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I would ask how the hell is mining equitable to the majority of people on this planet?
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OpenCoin’s decision to go with an 80%/20% distribution, similar to Freicoin except we give our 20% to the miners, and the discussions which have occurred since have caused me to start thinking about the philosophy of this choice. I have come to the conclusion that a pre-mined distribution, as long as it is done fairly, is more decentralized than Bitcoin’s mining subsidy.
Bitcoin’s mining subsidy guarantees that a very small number people will have Bitcoin: those who are technically capable and have a low self-evaluation of the value of their immediate time. I understand that may seem harsh or a difficult opinion to read. This is not to diminish the efforts of Bitcoin miners, because from the Gold Mines of Alaska to the Oil Fields of Texas some of America’s greatest wealth was made by people fitting this description. However, if your goal is to distribute a new currency to a broad cross-section of the world’s population then this is not the way to do it.
Mining subsidy is a design choice and not a moral certainty. There is no scientific principal by which a person can claim the original design for Bitcoin subsidy is superior to a "premined" coin with a fairly administered initial distribution. A choice to award X units of currency to the person who mines a block is completely arbitrary. The block reward should fundamentally be understood, by all Bitcoin users, to be one of the most obvious and common changes made to a new cryptocurrency. Altering this scheme should not be thought to be fraud unless there is direct proof that the scheme declared is unfair by definition.
Subsidy is so important in mining it promotes the creation of large mining pools which increase the centralization of Bitcoin. It turns out, with the subsidy being the reason for Bitcoin’s existence for many, that the culture around Bitcoin has organized itself around collecting the subsidy and nothing more. I am describing the meta-stable arrangement where all of the mining power is concentrated in the hands of just a few web-savvy administrators, or mining pool operators. With the arrival of ASIC miners this situation is expected to become even worse. Miners are encouraged to pool their computing power for no reason but to lower the variance of the subsidy. There isn't any other technically justifiable reason for pools. For example, we do not see mining pools with protein folding computer services. Clearly this is not a possible end state for Bitcoin and services like p2pool are part of the remedy to this problem. A new definition for cryptocurrency is another possible solution.
Just to be completely clear, Freicoin is not anti-miner: Freicoin's strategy is to initially distribute with low mining subsidy, and to reward miners long-term with a demurrage award of 5% of the currency per year.
I hope the discussion in this post has helped to explain why Freicoin, and by extension OpenCoin’s Ripple, has chosen to distribute some of the coins without mining. I believe that Freicoin’s distribution will be done in a fair manner, and believe at the moment that OpenCoin has the same intentions.
Let's be generous. 10,000 miners vs. 7,000,000,000 billion people on the planet. 1 in 700,000 people on the planet actually mine. Of that a smaller percentage and that can be calculated I guess get the lion share of coins and that number will continue to drop as ASICs come online. Fewer and fewer people with more concentrated hash power on machines that are virtually useless for anything else but mining bitcoin. Compare that to XRP where they can distribute XRP to a much wider range of people in different languages and via different platforms like phones, tablets etc. I bet they can and will distribute the coin over a wider base faster and more economically than Bitcoin simply do to the electricity that has already been consumed for the mining. If you dispute it give me the exact numbers for bitcoin and then tell me how anyone with half an idea couldn't distribute coin more equitably? Even if you distributed every account on say Facebook an equal number of XRP you would still do better than bitcoin. Alot better infact even with the massive number of double accounts. |
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Why should I participate in an economy that is dominated by the few who are in a position to invest heavily. Its techno-elitism, which is poisonous to non-geeks i.e. 95% of the population.
It always has been. There are billions who have no access to clean water, proper housing and food. Mining BTC has always been techno-elitism, now it is even more rarefied. 99.999% of people on the planet have never mined a bit coin and probably never will and that is the perspective I like to use. Asics for poverty reduction I say. |
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Ripple Me Softly:
rLcNVaMhhrkwMfMksyXoQX9FCEBMWEmgHe
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Getting closer and closer to difficulty drop... can't be soon enough for me.
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You can put words in front of someone, but you cannot make them read it.
It would be simpler to create a new account than go through this re-education.
Lazy Canadian won't even take free re-education if it cuts into his Hockey Night in Canada time. |
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well this would be a good idea in a way.
Imagine if a alt-currency only worked upon CPU,
then everyone in the world with computers can jump at it
and earn a piece of the decentralized currency.
Define "everybody". |
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