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He can create his own paper wallet using Bitaddress offline. He's a bright guy and can surely figure it out once he has the notion to use bitcoin. Far safer than trusting someone he doesn't know with a private key.
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A country could require its citizens to report their assets, and mandate that one's bitcoins be included at current market value even though still in bitcoin form and not yet converted to fiat or spent on goods or services. And make it a criminal offence to falsify one's asset report.
Later, if one's visible assets are not commensurate with one's reports, one might have a problem.
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Is there some Ripple address — maybe some throwaway account that trusts that TradeFortress account — we can send these useless RippleBTC to that are otherwise inflating our genuine Ripple balances?
This thread is full of addressed who trust TradeFortress, you can send the BTC to any of them, but why would they give you anything in return? You can also create a trade offer, just change the "issuer" to TradeFortress for BTC and you can offer to sell them for any currency you want. I have no interest in scamming anyone. And why would I want anything in return? Surely this 1 RippleBTC is just like spam clogging up my Wallet? I simply want to do the equivalent of deleting it. |
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1 - Yes, once you get the TradeFortress BTC you can remove the trust line to him, and you will still hold 1 TradeFortressBTC. If you ever send bitcoins to somebody who trusts TradeFortress, the client will use the TradeFortressBTC before using BTC from issuers you still trust.
Is there some Ripple address — maybe some throwaway account that trusts that TradeFortress account — we can send these useless RippleBTC to that are otherwise inflating our genuine Ripple balances? |
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Is it possible to have "Ripple XRP" (not regular XRP) that are as worthless as RippleBTCs? In that case . . . .
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So it's not a bug in Ripple that one's account balance can show 1 trillion BTC?
No. Garbage in, garbage out. Is it a bug in the forums that I can make them say: 2 + 2 = 5 If you tell it to consider something worthless to be worth 1 trillion BTC, then it will tell you that you have something worth 1 trillion BTC. And, worse, it will trade something worth 1 BTC to get it, causing you to lose 1 BTC. It does what you ask it to do. If you tell it do something stupid, it can hurt you. Ripple is a trading and payment platform. You have to tell it what assets are worth because it has no way to know otherwise. There are no central authorities to set exchange rates or tell you what assets are really worth. As I said above, "this really is just a question of whether people are ready for access to powerful financial tools that permit pseudonymous transactions that are irreversible or whether people are just too dumb and careless to be trusted with that kind of power and will only hurt themselves." Fair enough. I understand the principle. But I don't see "the masses" being able to use the system successfully as it stands. It will be interesting to see what scams get developed to exploit this. |
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I think he proves a very big bug in the entire ripple system.
If anyone can make those imaginary BTC or any other currency in the ripple system, and he sends that fake currency to alot of persons..
User 1, Fake bitcoin owner try to buy something paying with bitcoins in ripple, starts a topic or something, and send the fake BTC first.
User 2, receives the fake BTC and send the item who was selling (LTC, ripples, USD,etc) then he realizes that he cant trade his BTC anywhere, because its fake and get scammed.
Does Bitcoin have a bug because if someone convinces you to send your Bitcoin to their account, you lose them? If people aren't able to safely use powerful tools, then the world is not ready for either Ripple or Bitcoin. I'm a pretty sophisticated user, and every time I send Bitcoins, I admit I have this moment of panic where I wonder if I've done everything exactly right because I know that if I cut/pasted the wrong account or made some other similar mistake, my money is gone. While we can do some work to make both systems safer, this really is just a question of whether people are ready for access to powerful financial tools that permit pseudonymous transactions that are irreversible or whether people are just too dumb and careless to be trusted with that kind of power and will only hurt themselves. It's not a simple question. So it's not a bug in Ripple that one's account balance can show 1 trillion BTC? |
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Brainwallets. Make a copy of http://bitaddress.org. Run it offline. I run it on a $35 Raspberry Pi that will never ever be connected to the internet again. |
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G'day.  |
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G'day.  |
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Thank you for the explanation, ervalvola.
But it has been a good demonstration by TradeFortress. Having that useless 1 BTC in my own Ripple wallet balance that I can't spend is far more convincing than a post containing an image of someone else's wallet.
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Heh! Received "1 BTC" but can't send it anywhere, not even back, as "Path not found."
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