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1  Bitcoin / Development & Technical Discussion / coin verification time on: July 20, 2010, 01:14:43 PM
The FAQ talks about how some coin recipents may want to wait long enough for "a few blocks to be verified' before accepting the coins.

Can anyone enlighten me what sort of time frame we are talking about here? millseconds, seconds, minutes? The FAQ didn't quantify this from what I could see.

its seems a rather vital attribute to me, when thinking about the competition with traditional POS technology.

Thanks.
2  Economy / Economics / Ripplepay on: July 20, 2010, 09:09:14 AM

I would love to see an explosion of Bitcoins on the web; I think slowly, more and more people are becoming aware of it. It is already far more successful than alternatives such as Ripplepay (at least the last time I checked).

Hi,

ripplepay is not an alternative to bitcoins, it is complementary. Leaving aside some issues I have with the bitcoin model for the moment, the power of a combination of a cryptocurrency with a peer to peer credit network like ripple is awesome.

bitcoins are cash, ripple does credit. Any cash system will always get credit derivatives of it created, since if a system works as cash then it must be scarce, and demanded, which naturally causes credit derivatives to appear.

bitcoins can be used to clear debts accrued in ripple. in particular, ripple provides for peer to peer credit clearing. Currently the residual debts left at the end of a ripple chain must be cleared outside the system using whatever currency the two parties agree (the debt can even be settled by a favour, like having the debtor wash your car or something). But when these dents are settled for money, the two parties still have to go to a clearing house like a bank to settle the debt.

however with cryptocurrency, it becomes possible to settle debts peer-peer without using the mainstream clearing houses.

This also opens the possibility of having automated settlement - that is, when your ripple connection hits their credit limit with you, the system can be setup to automatically transfer bitcoins to settle the debt, even if both parties are asleep. THis would help to ensure that the ripple network maintains maximum liquidity, and makes ripple more attractive to maerchants, who'd get paid immediately rather than havnig to settle debts outside the system after the fact. 
3  Economy / Economics / competing bitcoins on: July 20, 2010, 09:00:07 AM
Hi all, I'm new here. I was wondering if someone can answer me this question:

What is to stop another consortium of users establishing another bitcoin style cryptocurrency with their own limit of coins (say also 21,000,000) called for example myCoin?

myCoins would presumably be as valuable as bitcoins. And yourCoins, herCoins, hisCoins etc. And no upper limit on the number of such cryptocoins.

apologies if this has been asked and answered before.
 
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