In fact, it would be interesting to see how Bitcoin plays with the whole Native Canadian autonomy issue. Conceivably, the first jurisdiction to adopt Bitcoin could easily be a Canadian reserve.  Quebec here we come? |
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SD has always had transaction fees. When Mike Hearn and others are cavalier about block chain bloat, it's because there are existing solutions being worked on. The process started with the 'ultraprune' branch that became 0.8, and will continue to improve. If all of the proposed optimizations are implemented, bitcoin can and will scale to VISA-level transaction processing, while being runnable on a commodity PC. It doesn't make sense then to devote valuable conference time to rehashing issues where we already know the work we need to do. this sounds impressive! |
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i sat in on the Regulatory panel consisting of Dan Friedman, Micky Malka, Arlene Chan, Lawrence Lenihan, and Patrick Murck.
i was surprised by the unanimity that eventually a nation state will authorize the use of, if not adopt, Bitcoin.
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charlie always presents himself and Bitcoin well.
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what is wrong with you? can't you get the message when your threads keep getting moved off Discussion?
like i said before:
in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
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except that exchanges are not critical for Bitcoin to work.
whereas in Ripple gateways, aka licensed financial institutions, are.
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Sorry for this off-topic question.
I use Armory offline in Ubuntu 10.04, and I did not update my offline bundle to the latest version - is this a problem? What benefits would I get from upgrading?
Thanks
The subset of features used in offline mode are rarely updated. I change some of the flow (try to remove unnecessary question boxes), and add a couple convenience features, but nothing you need. There won't be a "required" update of the offline computer until the new wallet format is implemented, but that may actually still work fine with old wallets -- only needed for new wallets. I know we all tell you this every day, but thank you very much for the awesome work you are doing. Armory is the absolute best piece of software to manage Bitcoins, and the support you provide is 10000000000 times better than the support provided for 99% of commercial software. I procrastinated a very much deserved donation to Armory too long - I'm doing it ASAP! totally agree. i also met Alan over the weekend for the first time and he's as nice in person as he is here. totally expected. |
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There seems to be an extremely serious technical flaw which goes to the heart of an IOU trading system:
All IOUs for the same real-world instrument (BTC, USD, Gold, Oranges) are regarded as fully fungible 1:1 even though they originate from different people with different circumstances. This means that:
a) there is no accounting for expiry or settlement. IOUs are issued with no agreed redemption date. This means payers are effectively making open-ended gifts.
b) there is no weighting for the creditworthiness of the issuer e.g. an IOU for 100 USD from person X equals an IOU for 100 USD from person Y, even though person X has a million-dollar house and person Y lives in a culvert.
A further problem is social.
1) 1000 years of Contract Law
2) Ripple
3) Bitcoin
Which is the odd one out?
(Hint: two of them attempt to overcome a particular human failing...
Breaches of trust
i think you just gave us the 30 sec elevator speech for Ripple. |
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There seems to be an extremely serious technical flaw which goes to the heart of an IOU trading system:
All IOUs for the same real-world instrument (BTC, USD, Gold, Oranges) are regarded as fully fungible 1:1 even though they originate from different people with different circumstances. This means that:
a) there is no accounting for expiry or settlement. IOUs are issued with no agreed redemption date. This means payers are effectively making open-ended gifts.
b) there is no weighting for the creditworthiness of the issuer e.g. an IOU for 100 USD from person X equals an IOU for 100 USD from person Y, even though person X has a million-dollar house and person Y lives in a culvert. These are real pitfalls that can not be solved from within the Ripple system (which is really just a ledger), but potentially could be addressed by out of band agreements between the participants, assuming those participants fully understand the issues involved and are willing to go to the trouble. Again, I'll repeat myself. You can set up a fee so when IOU-BTC-Bitstamp are converted to IOU-BTC-SOMETHING-ELSE through your account, they are not 1:1 anymore. This is called "transfer rate". So there is no problem. You can set this fee to 90%. That mean that you need 1.9 of IOU-BTC-SOMETHING-ELSE to convert it to 1.0 of IOU-BTC-Bitstamp. listen to what justusranvier just said about how "real" banks do due diligence. anything anyone does with fees within Ripple will just be a guess. especially since it will be a primarily small tx network. this will lead to chaos. |
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The network effect of transfers, and the trust aspects of it are actually pretty clever. It has potential.
But in being clever, they ruined everything that makes Bitcoin brilliant. Bitcoin is brilliant because it is the perfect game theory play. It motivates everyone to use it, intrinsically. Ripple motivates no one except OpenCoin.
I've been thinking for weeks about what was bugging me about ripple. You just said it. Yep |
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I am surely not a Ripple fun and I don't ever had any Ripple but I must state that misterbiggs and joekatzls posts are very civilized and very rational at the first view. Probably they are the best payed Ripple bloggers. On the other side they are a lot of trolls payed with a couple of Ripples which are spreading a lot of erroneous rumors and are spamming and irritating everywhere. They are doing the dirty work for the top Ripplers and their boss in the background and they can remain with clean hands.
I must recognize that is a very clever organized system oiled with 50 millions of $ + some from Google.
Read closer of Mr. Bigg's posts. The guy condones manipulation, he hopes Ripple can establish gateways for people to open up "checking accounts" to use ripple, he claims a lot when most of what is claimed is not even reality. He calls people asshats because we disagree with him and he censors posts in his moderated Ripple shill thread. Also the guy is so immature as to PM me to tell me that based on my posted age on my account on this forum (which is not true) that he is shocked how I act. This shows me that he likes to classify people by their ages which I for one am against. This is the same guy that claimed Litecoin was a scam when it was at 6 cents and look how wrong he was. Litecoin isnt even controlled by a central authority yet he claimed Litecoin was a bullshit copy. He hopes Ripple/OpenCoin turn a profit then he will be profitable with his XRP investment. I certainly hope those thinking about using Ripple actually wait until what OpenCoin says they are going to do...they actually do. So many broken promises and mislabeling of what Ripple is and isn't by the creators. Lastly, I listened to Chris Larsen talk in the alt-chain panel at the conference this past weekend and each time a question was posed his answers didn't really sell Ripple as viable alternative to Bitcoin nor a compliment. For being one of the main ripple talking heads not to be able to CORRECTLY and CLEARLY describe what the Ripple system is and how it works, is quite a big failure. I walked by the Ripple booth probably a dozen times this past weekend. Did anyone see any executives like Larson answering questions? The only ones I saw were devs. |
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Ripple had a seat on the 'alternate crypto-currency roundtable at the 2013 conference. I didn't see anyone holding a gun to their heads. "Ripple" is a system for managing and tracking account balance. It contains "XRP", which is a built in crypto-currency. It's not quite accurate to say that "Ripple is an alt coin" because it is more than that. However, it might be correct to say that "XRP is an alt coin." But calling Ripple an alt-coin is to ignore all of its other functionality, which in my opinion is a mistake. XRP threads go in Alt Currencies. Ripple threads go in Service Discussion. Easy. Now you know where to move your two threads. Thanks. +1 |
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Ah, I see the problem of my example. When I send currency from Bitstamp into the Ripple system, it vanishes from my Bitstamp balance and appears in Ripple. To reappear, I have to send it from Ripple to Bitstamp. Forgot about that. So, if the Ripple account balances work fine, this is not an issue. I'll have to think about the ramifications. once again, licensed money transmitters or banks are the only ones that are going to be allowed to perform these activities. these are critical for the Ripple system to work. Why, how is it different from the licenses required for exchanges like MtGox? Do you mean that the people who do market arbitrage via the Ripple system need such a license? absent that, its inferior to Bitcoin as it won't even be able to function as it depends on trust. You forget that XRPs require no trust. misterbigg has been quoted as stating that gateways will probably need to be banks with the appropriate licensing to provide large enough trust centers to facilitate enough liquidity throughout the system. i think he's right about this need but fear it represents points of centralization. he's also criticized Bitcoin as not having an unlicensed bridge from BTC to fiat. well, neither does Ripple. but the negative consequences for Ripple are much greater. |
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Thanks for that post, I didn't realize exchanging IOUs was possible. Now things get complicated and I have to think.  Say I exchange my USD.Bitstamp for USD.Foobit. Now the appropriate balances on my Ripple account and the Ripple accounts of my counterparties have changed. How do Bitstamp and Foobit reflect this on their account balances? I assume they would be saying I own 1 USD.Foobit and 0 USD.Bitstamp. Then, I go to Bitstamp and send my USD.Bitstamp from my Ripple address to theirs and they update my balance to 1 USD.Bitstamp. For this system to work, the balances at Gateways need to be linked to the balances on Ripple, and the sync time must be smaller than the time it takes to make a withdrawal from the exchange interface, or otherwise they lose money. Is that the case with Bitstamp today? once again, licensed money transmitters or banks are the only ones that are going to be allowed to perform these activities. these are critical for the Ripple system to work. absent that, its inferior to Bitcoin as it won't even be able to function as it depends on trust. |
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Why is it that Blitz can act like a civil human, but smoothie and cypherdoc act like asshats? Is this what happens when teenagers take to the forums?
your behavior as a used car salesman here on the forum is what irks me. |
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Another deleted one. lol. He doesnt like me exposing what he says:
Is price thread XRP manipulation so bad? They could hold a lot of XRP back and make it go up in value. This could make transactions and new accounts more expensive temporarily, but the validators will just vote to reduce the reserves and fees. So OpenCoin hoarding XRP does not affect users of the system very much.
Bolded above says a lot about said user.
Someone who doesn't think manipulation is so bad is because they are not on the losing end of the trade. Hence his comment.
my own color on the situation added. given he has deleted every post I've made in his thread...yup that too. might as well spell them all out. |
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Another deleted one. lol. He doesnt like me exposing what he says:
Is price thread XRP manipulation so bad? They could hold a lot of XRP back and make it go up in value. This could make transactions and new accounts more expensive temporarily, but the validators will just vote to reduce the reserves and fees. So OpenCoin hoarding XRP does not affect users of the system very much.
Bolded above says a lot about said user.
Someone who doesn't think manipulation is so bad is because they are not on the losing end of the trade. Hence his comment.
my own color on the situation added. given he has deleted every post I've made in his thread...yup that too. might as well spell them all out. |
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Another deleted one. lol. He doesnt like me exposing what he says:
Is price thread manipulation so bad? They could hold a lot of XRP back and make it go up in value. This could make transactions and new accounts more expensive temporarily, but the validators will just vote to reduce the reserves and fees. So OpenCoin hoarding XRP does not affect users of the system very much.
Bolded above says a lot about said user.
Someone who doesn't think manipulation is so bad is because they are not on the losing end of the trade. Hence his comment.
my own color on the situation added. |
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