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Every time I see news like "Merchant X now accepts bitcoins" I dive into the article and the disappointment is always the same. They are accepting FIAT, not bitcoins. Users can spend their bitcoins to pay for the goods, but merchants do not take bitcoins.
In fact, the bitcoins are being bought by BitPay and Coinbase and sold to other users via exchanges.
If things keep going like this, bitcoin will become a behind the scenes engine for big FIAT transmitters, who will use it as a cross currency for FIAT transfers.
Journalists and even some bitcoiners are delusional about this and keep thinking that overstock accepts bitcoins, but what they accept is FIAT money from Coinbase.
There should be a clearer division between accepting bitcoins or using bitcoin protocol as a payment protocol for FIAT money.
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I appreciate your advice.
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Please, spare me, dont give me answers like "it will never happen"  |
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So, two smart protocols that mix native currenciy and IOUs.
What are their strong and weak points in comparison?
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Hi, Im relatively new in cryptocurrencies matter, Ive been studying mainly Bitcoin and Ripple. Im not attached to none of them, for the moment I am just sniffing around.
Since I started to read articles and forums about them I saw two different systems, nailing different aspects of digital value exchanging.
I realized that bitcoin is designed to be digital money, if there was a digital human being, this would be like gold to him. It has many characteristics of money but its virtual, it has no physical existence, and there is a protocol to send/receive it. Its may be a new asset or a mean to exchange real assets, a convertible cryptocurrency. Because it has no real existence, its durability is uncertain in the real world, making its "money" side fragile. Its convertible currency's side remains very strong because of its code's strength and safety.
Today what I see is Bitcoin being used as a convertible currency, one success case is BitPay, which does the conversion for merchants to receive the currency they want. Bitcoin believers and speculators may accept bitcoin directly, but they are not the majority.
Ripple on the other hand is an agnostic protocol for exchanging unique tokens, that can have any meaning. For example Bitstamp-USD or BTC is a meaning, GDW-Goodwill is a completely different meaning, etc. And its has a native convertible cryptocurrency that serves as a common language between the other tokens, but its not intended to be a store of value. The thing is that they are all already created and significantly held by their creators. So I think ripple main proposition is to serve as a protocol for many assets and profit from XRP valuation as long as it become more useful.
Both protocols work very fine but I see anger from bitcoiners to ripple, but don't see anger from ripplers to bitcoiners.
The argument that ripple is a "get rich scheme" is not valid because bitcoin made Satoshi a millionaire and he mined a lot of bitcoins almost alone. And many people use bitcoin protocol to get rich (speculating or scamming).
Now people can "mine" XRPs trough WCG, donating computing power to a charity purpose, that sound cool.
Are the protocols competitors?
Do bitcoiners think ripple is a threat? Why?
I thought it could be that bitcoin entrepreneurs are very attached to bitcoin valuation, maybe some of them?
Or ripple is a threat to the idealistic side of bitcoin, a crypto anarchy?
Or what?
Thanks
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Does anyone can tell how Mt Gox and other trade sites prevent the ledger to be fed with false data?
I mean: how do we know that an employee, or the owners, or anyone, are not having false credits for themselves just by creating false lines in their internal ledger?
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For this to work, people will have to trust Im not a scammer. In the beginning it will be hard. Things will flow smoother as the service get its feedbacks in this forum. I am verified in Bitstamp and Mt. Gox.
Only Ripples (meanwhile) will be escrowed and taxed ( 1% ) - I got this number considering Mt. Gox and Bistamp fees, who taxes seller and buyer arounf 0,5% - Here I just tax the XRP seller.
Lets set a minimum amount of 5000 XRP per Transaction.
So here is how I would like to proceed:
Goods (BTC, USD, Whatever)/XRP______________________________________________________________________
1 - The dealers get a deal about the exchange rate and quantities, and both send me a msg in this forum confirming the terms of the deal and the ripple address from where the XRPs will be sent.
2 - If there are no conflicts, i tell the XRP seller to send the XRPs plus 1% to my ripple address: r3neRRrtGZzXQhRQ84JCkpqX6kyz8gZgNd
3 - When the XRPs from the informed address reach my wallet I will inform the XRP buyer the the payment was funded.
4 - The XRP buyer delivers the goods to the XRP seller (They decide the better way for that, whatever the goods are)
5 - The XRP seller tells me he have received the goods.
6 - I send the XRP to close the transaction and tell both that its done.
7 - The traders write a feedback here.
_______________________________________________________________________________ ___
There is no need to grant trust.
You can exchange evereything (Mtgox, Bitstamp, BTC-e and other trading sites currencies, real goods, services, etc) for XRPs.
_______________________________________________________________________________ ___
To cancel the transaction - while its not delivered yet! - both parts must send me a message agreeing on the cancelation.
_______________________________________________________________________________ ___
I have good faith, time will tell. Help me writing reviews here.
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Anyone knows what is going on?
US Government?
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