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It doesn't say Ripple Trade is not available to US citizens.

It says the gateway called "BTC2Ripple" will no longer be available to US citizens.

This is most likely necessary to be compliant with FINCEN regulations.  

 

Clearly it is/was a correction.

Watch things heat up again on Monday as the weekend's wire deposits make it to their respective gateways and those funds become available to buy fiats/cryptos/commodities.  

...and then peter out by the end of the week...again.


Look at the runs that have started each Monday for the last month...and at the collapses/plateaus on weekends when wire transfers can't hit their gateways.

It's not rocket science ... The swimming pool is being filled, just less so on the weekends.

The Bitcoin bridge is built into he pathfinding algorithm. There is also a PayPal bridge now. Some gateways like RippleUnion in Canada have a bank account bridge.

Calling this a pump and dump is a kinda silly. Go to Ripple Charts - Value - Value Trends and then look at the fiat deposits that have been happening around the globe. Ripple is being tested to replace ACH/SEPA/SWIFT as the fundamental rails for moving currency. Then the banks sign on....merchants go where the money is and consumers can't complain about being able to send any amount of money to anyone anywhere in any currency for free (ish).

In terms of the Japanese, it depends on the time of you look at that chart. I've seen the Europeans swell, the South Koreans, the Chinese....it varies every day. Here is this morning's chart. You can compare to yours take just a little earlier. There are so many millions of dollars flowing in from dozens of gateways around the world that it's gonna change by the hour.



...and the only real "Jed Effect" is that he quits every project he starts with in a year or so.

I just moved back to America after nearly 10 years in Saudi. Even in liberally minded areas like Egypt, up to 70% of the people feel that apostasy should be punishable by death. The Wahabbis...and more specifically the Salafis....of Saudi (where 17 hijackers came from) ... put the 'fun' in 'fundamentalism'....ok, well, maybe just the mental.

There are two groups in the West who don't like islam....red-neck, hill-billy, knuckle-dragging, uneducated morons....and people who know exactly what they're talking about.

In no way should islam be looked at as "just another religion" until it has gone through it's own Reformation.

-Robert Harpool

First get your facts straight, then you can distort them however you choose.

MIT didn't pick it as one of 2014 Worlds 50 Smartest because it was a scam.

..and the VP of the St. Louis Federal Reserve didn't call it the "big winner" because it was a ponzi scheme.

Perhaps a few of the neanderthals in this thread need to drag their knuckles over to Google (also a backer of Ripple, btw) and do some research.


The Ripple network has gateways in Mexico, New Zealand, England, the US, Malta, Singapore, Canada, China, Turkey, Japan, Israel, Norway, etc. It's not subject to 51% attack or malleability. It does 1,000s of transactions per second (vs. BTCs 7) and takes seconds for validation (vs. BTCs 10 to 60 minutes). It can handle every crypto currency in existence, as well as every fiat currency and commodity. It is a distributed exchange on a decentralized protocol.

Keep putting bandaids on BTC.....'colored coins', 'black wallets', 'master coins', etc......and make it a patchwork of wasteful, vulnerable, complicated crap....just so it can inefficiently do what Ripple was designed to do from the ground up.....

Bitcoin....the MicroSoft Windows of electronic currency.

I find animosity toward Ripple to be perplexing.

The Ripple protocol enables a 1000 Bitcoin transactions per second (and is easily scaleable) ... whereas the bitcoin protocol can only handle what?...7?

The RTXP protocol enables bitcoin transaction to clear instantly ... whereas the BTC protocol takes a minimum of 10 minutes.

The consensus system is not subject to malleability or 51% attack....

The network is distributed, so accounts can't be frozen and it doesn't rely on centralized exchanges (i.e. Mt Gox).

Every aspect of it is open source so you can do whatever you want with it.


I can understand a preference for a particular currency (like gold or LTC)...and a revulsion from others (like fiat). With Ripple you can keep your wealth in any currency you want....and have it easily interchangeable with everyone else. (I wouldn't recommend XRP though as it is primarily for anti spam....)


There is no doubt the Ripple ecosystem is the most inclusive, thoroughly designed payment system, exchange and protocol.... and it's closest competitor is still in a primordial soup....

@Bit Happy…Ripple may seem difficult to understand to some, it depends on your knowledge of finance. For you to get a better grasp about how there can be BTC:Bitstamp, take a quick jog over to wikipedia and read about the Free Banking Era of the 1800s (before the Fed).

@Str4m4n…yes, I can explain what happened. Ripple allows anyone to become a ‘bank’ or 'gateway' and issue anything of value. One man, for example, issued DYM which he backed with real silver dimes that he would redeem upon demand. You apparently issued about a million LOL, and someone trusted you and accepted them from you. (As a general rule for newbies, you probably shouldn’t trust anyone other than the gateway where you deposited cash, crypto or commodity).

Unless you're looking to make a reasonable profit for offering to help him, then I would send him to ripplewise.com or btc2ripple.com. Both accept BTC anonymously and deposit XRP directly into the Ripple account provided (after 3 confirmations). Your acquaintance can do this himself....
Cheers!

@ Hypostatization - good job!

I think he hit on most everything you were asking in the best way. To further add, you are right...a lot of the Ripple terminology seems confusing at first. I had a really tough time with trustlines myself. Initially, only trust the gateway where you've made your deposit.You'll find that Ripple is 'rebranding' concepts/words often used in the financial arenas in order to shed unnecessary baggage. So, for example, you don't wanna talk about 'credit' because it has a connotation of having to pay interest.

There is little doubt Ripple is the real deal of future financial transactions and currency exchange. Phone apps, multi-lingual support, ability to make deposits in cash, venture capital support, a proactive legal team guarding trademark infringement...and the ability to send any amount of any currency to anyone anywhere instantly...for free(ish). After they're out of Beta, the future looks super!!!

Gateways are only needed in the near term. In the big picture...long term...they are merely transition mechanisms.

Expand your vision just a tad ... If all of the financial systems are federated under one umbrella (the eventuality of the Ripple protocol), why would you ever pull your money out of the system? For cash?...OK I use that sometimes, but that's less than 1% of ALL of my annual expenditures. (and it's getting less and less each year) Can you give me one reason why your Chinese farmer would want his money COMPLETE off the financial grid when Ripple wallets are as ubiquitous as email addresses?

I mean, think about it. EVERYONE having a free wallet ... just as everyone has free email. Your employer pays you directly. Your iPhone app pays for meals at McDonald's instantly. Businesses like Western Union and Money Gram will go the way of Blockbuster and Borders Bookstore. Banks will have to shift their revenue stream focus to mortgages and loans and away from inefficient payment systems like checks, money orders and credit cards. 

I don't know how old you are, but do you remember how fast email spread? or the world wide web? or the use of search engines? or instant messaging? or Facebook? Ripple is free, open source, and has massive utilitarian value. It will go like wildfire after Beta testing is finished.

The only thing that site taught me was that YOU have been scammed.

That site is a was set up by famed scammer TradeFortress. Take 5 seconds to research any one of his assertions and you'll find that they are untrue.
Ripple is open source...any moron with Google can find and download the source code...but that site continues to fool people into believing it isn't?
Ripple is a distributed network....any moron who cares to set up a server can run rippleD.....but that site continues to fool people into believing its not?
Don't you think it's odd that there haven't been any new posts for 6 months? or that the author won't allow any that solidly dispute him? Just for fun, try it...try to post ANYTHING on that site.....see if he'll authorize your comments. He won't....and my guess is he won't because TradeFortress is in hot water for having over a million dollars worth of BTC stolen from him.

Due diligence requires more than just believing the first thing you find on the internet.

In terms of the question in this thread...I think the following about XRP's value:

$100.00 is a dream
$10.00 is possible but not probable
$1.00 is probable but not likely
$.10 is very possible, probable and likely

Instantly means in negligible time. The 10 to 30 minutes needed for BTC transactions is not 'negligible'. Put it in a real world application and imagine McDonald's accepted BTC. LOL...I used to get bent at the little old lady writing out checks....now I've got to wait on you and the superior BTC payment network.

As you've clearly changed the meaning of next to no time (instantly) to mean 10 to 30 minutes. By 'Ripple offers zero value in the payment system' do you mean it offers 10 to 30 times the value of the existing system?

As I said...it's impossible for zealots to grasp. When confronted with the shortcomings of BTC, they'll use every logic fallacy known....change definitions of words, set up straw men, ad hominem attacks, etc.

I didn't know that I could send you Litecoin and you get Bitcoin....let alone USD, EUR, etc. ...and no, you don't have to use the banking system to move money within the Ripple network either. For example, you can put cash in via ZipZap.

Learn the facts first, then feel free to distort them however you choose.

In the end, Ripple is a currency agnostic payment and exchange network. It allows people to send any amount in any currency directly to anybody anywhere instantly. No other system, network, exchange or currency can offer a service close to this.

Cypto-coin and fiat zealots who are religiously devoted to their denomination are incapable of rising above their dogma to appreciate the need or value of a secular financial system like Ripple. Even if crypto-coin profit…I mean….prophet….Satoshi Nakamoto, was revealed to be the Ben Bernanke, and he owned up to the million+ BTC that he pre-mined, BTC fundamentalists would remain unfazed. …. They would simply spend the hour or so it would take to get 3 to 6 confirmations to create new denial mechanisms.  

If a currency or payment system cannot be used to transact business instantly, it has no place in the future. BTC cannot be used as a point of sale protocol. It is too slow….plain and simple….end of conversation.

Much to the chagrin of the fundamentalists Bitcoiners, Ripple is the only present way to make BTC viable in the future.

Inside your wallet...on the left is a button that says 'convert'.

After you click on 'Convert', choose the quantity and currency you want to end up with (ie. .10 USD)
The web client will show you what currencies you have available and how much it will cost in order to get what you want.

It can't get much simpler.....

In fact, I've NEVER seen such a simpler way!!!

I don't really follow your intentions, but it's not a good idea to trust anyone you don't know.

Generally speaking, you should leave trust lines to your Gateway....   

Good on ya’!!! You’re coming around the curve :-) Realizing that Ripple is significantly more than a value holder like BTC or LTC is good.

There are a few points that you made which are a little off, a few aspects of the protocol that you missed and a few logical steps that you have yet to make.

First off, the consensus ledger is on a distributed network. It is not centralized. It is not run by the gateways. You can set up a server yourself and run rippleD….I am in the process of doing so myself. Here is an image you help you understand the different types of networks.




Ripple Labs doesn’t ‘control’ the Ripple network. It is much more of a guide-on-the-side. In much the same way ICANN doesn’t ‘control’ the internet. Their future functions are to be funded by the XRP they retained.

In short, it seems that you focused on the banking-like aspect of Ripple. It is also a foreign exchange market. It is also a payment system.

The vision is MUCH larger than what you’re seeing. Just as every business, bank, person, etc. has an email address, all will….should….could…what have you….have a Ripple account. When my bank opens an account, ALL of it’s members will have access to the ripple network. When my employer opens an account, they can pay me directly through the network (instead of through my bank). At this early stage, gateway’s look pretty significant……but ‘gateways’ are only really needed until such a time as all the financial systems are federated.

You can buy XRP anonymously through sites like Ripplewise. Your BTC are bridged directly into the system. Your account will stay as anonymous as you want it to be.

Ripplescam.com is a joke. Have you noticed the dates or the comments? All of the dates were prior to Ripple going open source. Many of his points can be categorically dismissed, as you can download the code yourself from github and check. The author of the post will not update his position with this information nor has he allowed any new posts since July….especially any that undermine his assertions.

I have read your post as thoroughly as I could. I'm sorry to say, but I got lost on a couple of your examples. I'll study them a bit closer later....or perhaps someone else can answer them....

I was in your position just 8 weeks ago....trying to critically deconstruct Ripple. It took me and a group of friends 2 weeks to fully get our heads around 'trust lines' .... once we did, we found it to be an over-blown issue. Other than to one gateway, most users will have no reason to use trust lines.

Now my friends and I all feel 100% certain that Ripple is an inevitable evolution to a higher form of financial networking.

I need some time to appropriately absorb and study all of the points in the original post....BUT....in terms of this quote....your bank statement and checks are IOUs from your bank... people don't actually have the stock of companies that they purchase, just IOUs from their brokers.....most gold/precious metals ownership is in the form of receipts....etc, etc.....

You should think about the ramifications of your statement, because everyone has a need to keep assets in IOU form on a daily basis....they just don't recognize it. If you want your money to work for you, keeping it liquid is the worst advice you can ever follow, as inflation will eat it. The second you put it to work, you're dealing with IOUs.

I have had success Bitstamp and Justcoin for BTC to XRP.

I have used TheRockTrading, Snapswap and Bitstamp for USD to XRP.

(I've just been testing all the gateways I can for the fun of it ;-)

And...with the Ripple/BTC bridge, you can exchange the two of them inside of the Ripple system

Cheers!