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1381  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple is not a scam - and you may be making yourself vulnerable to actual scams on: January 01, 2014, 05:15:55 PM
What happens if I "receive" something in Ripple and I want to exchange it for the real asset but the person who owes it to me (from the view of Ripple) doesn't want, or isn't able, to pay?  This is what I see as Ripple's achilles heel.

What happens if I "receive" a Casascius coin in RL and I want to exchange it for the real asset but the person who made it already took the money from it - or worse: runs a hidden node that will double-spend with a high fee any coin that I try tro move off a Casascious coin so I have no way other than trust to spend the BTC?

The problem you describe happened already dozens of times in Bitcoinland and it always ended in tears and "hacks": mybitcoin webwallets, pirateat40's BTCS&T, GLBSE, Bitcoin-24, Tradehill, inputs.io...
Ripple is NOT designed to save you from your own stupidity (of trusting someone with your funds who doesn't deserve it), just like with BTC you can build insured systems on top of it, but the basis is still that you need a trusted counterparty to keep your assets, just like any centralized exchange that you use (or physical coin manufacturer...).

The problem Ripple solves is that to actually use Bitcoin in most cases, you need to exchange BTC for something else. Ripple has a use case far closer to BitPay than Bitcoin, on Bitcoin you can ONLY receive BTC while on Ripple you can receive both XRP and anything you trust to be redeemable. Yes, the latter can be exploited (just as it has been in bitcoinland for years) however it can also be put to good use, as you see from the amount of great enthusiasm people have towards Coinbase and BitPay, who are in the end centralized closed source services that need to be trusted by both merchants and users to keep their payment data safe (BitPay would be THE ideal honeypot for CIA/NSA/GCHQ!) and to actually process transactions and pay out as advertised.
Ripple takes this concept one step further by decoupling merchants, asset holders (=gateways) and payers by introducing open markets for different assets and introducing market makers (the "traders" on Bitcoin exchanges BitPay sells their coins to).

I don't get how people don't understand this after 1-2 hours of reading and still claim that Ripple is so complex, impossible to understand or anything like that, on the other hand it might be a large intellectual feat of realizing that any service that you use in bitcoinland that does NOT allow you to privately sign transactions with your own local key offline that you choose yourself is something that is a trusted service and could also work as Ripple gateway with the added benefit that balances would not be locked in on that platform.
1382  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinMarketCap.com - Market Cap Rankings of All Cryptocurrencies! on: January 01, 2014, 04:30:10 PM
How is the 24hr volume calculated? I am seeing more than $50,000 in volume for Ripple https://ripplecharts.com/markets

Bitstamp USD alone is doing almost the figure that coinmarketcap quotes let alone the BTC and Chinese markets...
There are links (the USD prices) to the pages where these volume numbers come from.

It might be useful to create something like "xrpaverage.com" that works similar to bitcoinaverage and combines numbers from more markets. Currently only XRP/BTC.Bitstamp numbers are used, with bitcoincharts as source.
1383  Economy / Service Discussion / Re: Time to boycott coinmarketcap.com on: January 01, 2014, 04:26:47 PM
There should be somewhere a website to show the level of premine (or coins owned by the creator (group)), that would be awesome
So, how many BTC does Satoshi own exactly? Roll Eyes
1384  Economy / Service Announcements / Re: BitcoinWisdom.com - Live Bitcoin/LiteCoin Charts on: December 31, 2013, 02:45:28 PM
It works just fine on Firefox 26.0 here... maybe you have something like NoScript active?
1385  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple: Does it scare you? on: December 31, 2013, 12:36:51 PM
Ripple still exists... Isn't that a HYIP scam... You guys do realize it is a pay-forward leach, right...

What does ripple have to do with BTC? That is like discussing pay-pal or e-gold or CC's or FIAT here...
Ripple != XRP

Ripple itself is a distributed exchange/marketplace and payment system, XRP is the native asset there.

Google did not get involved at all, Google Ventures did invest in OpenCoin (now RippleLabs) though (see http://www.gv.com/about/ - "GV provides seed, venture, and growth-stage funding to the best companies — not strategic investments for Google."). They also invested in Buttercoin (http://www.buttercoin.com/) by the way, who strive to build a kind of "franchise" Bitcoin exchange platform.

Unlike a lot of other cryptocurrencies or distributed marketplace projects, Ripple actually is developed by a staff of more than 2 dozen developers. Their focus is not really purely on Bitcoin though (while a lot of their staff comes from a Bitcoin background), so it is not really marketed towards them. Bitcoin is so easy to use on Ripple anyways, that there is no real need to convice bitcoiners in the first place in my opinion and I am glad that they focus their efforts rather on gaining more partners who build up fiat connections, something also the Bitcoin ecosystem still heavily struggles with (ever tried to withdraw from MtGox lately?).
1386  Local / Anfänger und Hilfe / Re: Wie kommen die Hashraten auf Pool-Seiten zu stande? on: December 31, 2013, 10:20:56 AM
Ein paar Pool backends sind Open Source, sowohl zentrale, als auch dezentrale wie z.B. p2pool
1387  Bitcoin / Development & Technical Discussion / Re: . on: December 31, 2013, 09:52:07 AM
Well, looking at RAM requirements, I guess I'd recommend a live system from a USB stick if you just want to try the parser instead of a VM.
1388  Local / Anfänger und Hilfe / Re: Wie kommen die Hashraten auf Pool-Seiten zu stande? on: December 31, 2013, 12:26:20 AM
Ja... nur findet man nirgends eine gute Seite mit guten Erklärungen wie ich finde...
https://bitcoil.co.il/pool_analysis.pdf könnte weiterhelfen, Meni hat das damals recht gut zusammengeschrieben.
1389  Bitcoin / Development & Technical Discussion / Re: . on: December 31, 2013, 12:23:10 AM
any guide to use in windows? or does someone have it built for windows already?
 also can i have a few tips on how to apply it on a different chain?
znort never intended it to run on Windows, if you post a bounty maybe someone is able to compile it? Otherwise, just get going, theoretically the libraries used should be available on Windows too.

As it parses the transactions, it likely depends on how close your "different chain" implements these compared to Bitcoin.
1390  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinMarketCap.com - Market Cap Rankings of All Cryptocurrencies! on: December 31, 2013, 12:20:40 AM
The only issue is that you are looking at freaking market caps, not issued float or trade volume charts!

If you have issues with trading volume, go sort by trading volume if you so desire - but please stop complaining that a page that is dedicated to displaying market caps actually displays market caps of currencies you might not like. If you have issues with that indicator, please register "coinexchangevolume.com" and do your volume comparisons there. I tried to offer solutions on how to divide inflating and deflating coins with 0 feedback and I am also not too happy that people get worked up about stuff that just looks really bad because it is a bad indicator to use for 2 quite different issuing concepts.

I have explained Ripple and how it works now multiple times here in the past few days, this is not the right thread for it though, just check my post history and open a thread for your actual questions in the altcoin (if it is about XRP) or some other appropriate (if it is about exchange functionality or economics for example) forum.

Also:
Please (as noted multiple times in the thread with the poll): RIPPLE != XRP! XRP are called "ripples" (which is a damn unfortunate name imho., even "ripplecoins" would have been better to distinguish the asset from the payment system!) and they are far less important as an investment (since they suck as store of value in my opinion) than any other coin listed. They are not designed and not intended to be hoarded, unfortunately the relatively high market cap has attracted self-proclaimed "investors" that got a bit of the typical "to the moon!" fever.

At least please change the name listed from "Ripple" to "Ripples (XRP)", "ripples" or something like that - currently it seems like comparing gaming consoles companies and listing Nintendo as "Wii Points Issuer". This stuff is what they make money with, not their main product.
1391  Economy / Exchanges / Re: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading on: December 30, 2013, 10:48:00 PM
I spent the afternoon to hack a crude translator from the json file(s) that the script from wassupia (https://bitcointalk.org/index.php?topic=229438.msg4041643#msg4041643) outputs to the file format of ledger (http://www.ledger-cli.org/).

I am not an accountant, so I might have done some bookings to various accounts wrong, also it needs to be severely cleaned up (and has some limitations that come from Bitfinex - e.g. no year is mentioned in their log or it takes some time to actually even get a date + time, not this "xx minutes ago" bullshit timestamp).

It works though and is enough to get an overview of amounts earned/lost and fees paid etc., so I guess it's fine to just post it, maybe someone wants to use it too.
Pastebin: http://pastebin.com/fepuCfCW

You need to put this in a seperate file (e.g. bitfinex2ledger.py) and save usd.json and btc.json in the same folder next to it.
It will simply print the formatted data to stdout, redirect that to a file if you need to.

I used all the log messages that I found in my ledgers, there are likely more (e.g. Litecoin deposits/withdrawals and whatever OKPAY is...) - it will print "UNKNOWN ENTRY... DATA: ..." in case it cannot find a match - in that case feel free to post the data portion here (just fill in random digits if you are concerned about exposing stuff) then I will add this to the script.
1392  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinMarketCap.com - Market Cap Rankings of All Cryptocurrencies! on: December 30, 2013, 09:45:38 PM
Thanks for the amazing job but please, can you remove Ripple ? It's a joke right ?
Read the link in the OP.

Also volume on Ripple (for XRP as well as other currencies) is much higher than that, it seems coinmarketcap only looks at the single XRP/BitstampBTC market (which is large, but not even the largest, see https://ripplecharts.com/markets which also gives an incomplete but better overview).
1393  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple: Does it scare you? on: December 30, 2013, 03:43:57 PM
no. i visited their official website. very interesting!

http://ripplescam.org/

Proudla presented by the creator of inputs.io and coinlenders, Mr. TradeFortress! Roll Eyes
1394  Local / Suche / Re: Virtuelle Kreditkarte on: December 30, 2013, 02:13:01 PM
Die Karten von Cryptcard gibt's immer noch ohne Probleme zu kaufen, nur eben nicht von der Website.

Flls ihr da echt so großen Bedarf habt, fragt einfach mal, ob euch ein vertrauenswürdiger Österreicher hier ein paar der Dinger ersteht und zusendet.
1395  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinMarketCap.com - Market Cap Rankings of All Cryptocurrencies! on: December 30, 2013, 02:08:43 PM
This is like claiming that the more cars of a certain brand crash and kill their passengers the more successful this manufacturer likely is, since you need to sell more cars to kill more people. I do not like this metric at all, so I guess we have to disagree on that one.
1396  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinMarketCap.com - Market Cap Rankings of All Cryptocurrencies! on: December 30, 2013, 01:51:28 PM
Well the thing is that it would be easy that way to manipulate transaction fee charts in Ripple (since fees there are several orders of magnitude smaller than in PoW coins) and other similar coins and fees there do not necessarily represent the amount of "investedness" into the system. Transaction volume might be another indicator that looks nice at first, still it again can be easily gamed (I can afford to replicate every single transaction ever in all of Bitcoin into Ripple for XRP worth less than 20 USD in fees) in coins that have smaller fees.
1397  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinMarketCap.com - Market Cap Rankings of All Cryptocurrencies! on: December 30, 2013, 01:35:10 PM
If I destroy 1 XRP for fun as transaction cost, this would have been enough to pay for 100k transactions while costing me about 3 US cents and it would leave quite a spike on that chart.
You can only do that for so long before you run out.
For about 2 decades, yes - and I could do it completely for free, as I got my XRP in giveaways.

Edit:
The main point is that users paying high fees is a poor measure of performance - cash transactions have 0 explicit fees but amount to huge sums compared to BTC or Ripple.

I am for example quite sure that VirWoX with their large markups makes more money in fees than some far larger/higher volume BTC exchanges. Would you consider them "larger" because of that? Ideally there are 0 fees and the closer you get to this ideal, the harder it gets to be considered "large" by you.
1398  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinMarketCap.com - Market Cap Rankings of All Cryptocurrencies! on: December 30, 2013, 01:12:02 PM
If I destroy 1 XRP for fun as transaction cost, this would have been enough to pay for 100k transactions while costing me about 3 US cents and it would leave quite a spike on that chart.

You could look at the amounts locked away as reserves (both base and variable) as a measure of being "invested" into XRP, still that would have no real equivalence in other coins.
1399  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple #2 CoinMarketCap.com ! on: December 30, 2013, 12:19:58 PM
Am I carrying on a business in the US?  Am I carrying on a business in China?  What are the tax consequences in each jurisdiction?
Just by denominating something in USD does not mean you do business in the US, I am not so sure what you are trying to do though.

Yes but remember I am issuing IOUs for USD under the Ripple system as an ordinary user when a transaction ripples through me.

No, you are trading USD IOUs from one issuer to IOUs from another issuer - you do not issue your own.

In the end I would anyways not recommend to trust multiple issuers for one currency on Ripple unless you really know what you are doing and want to accomplish. If you are happy with either Bitstamp or RippleChina's USD, why would you need both? Also if you are concerned or unsure about the default implicit 1:1 market making, just disable it.

Look I get that (now) it just seems like there is an entire world of regulatory issues here that have not been explored or closed out. It is obviously impractical for users to consult lawyers before trusting a gateway so these issues need to be sorted out and clearly explained. 
I would recommend to consult a tax specialist + lawyer before dealing with BTC as well, an issue is that for example unlike cash BTC can be traced back indefinitely far. If someone who owned your coins before you claims they are stolen and you should pay them back then they have definite proof that you actually do have a part of their property in your posession. BTC are not fungible.

Regulatory issues in Ripple are probably much less/easier as you can refer for example to the EU directive 2009/110/EC (http://ec.europa.eu/internal_market/payments/emoney/) instead of first having to explain who actually could be an "issuer" of the BTC that you own.
1400  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinMarketCap.com - Market Cap Rankings of All Cryptocurrencies! on: December 30, 2013, 12:06:42 PM
If miners get a high subsidy from coinbase transactions, fee markets might not really develop at these early stages, even in PoW coins.
Also you did not answer to the "not every coin needs to pay miners anyways" argument... Fees on Ripple for example are more fighting spam than helping in any measurable way to deflate the money issued.

Amount of coins moved/transacted or "bitcoin days destroyed" kinda metrics might be more useful, but again not even applicable or even possible in all coins.

You talk about the money people HAVE to pay for fees, the amount people WANT to pay for fees is likely 0. If coinbase subsidies are high, few people HAVE to pay for fees, that's why they are ridiculously low in BTC for example. https://blockchain.info/charts/cost-per-transaction shows to pay for the current hash rate it costs over 60(!) USD per transaction! Only a tiny part of this is paid via fees, the largest part is paid via inflation.
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