This is a very interesting thread.

The key learning I think I got from reading this is that the term "Trust" when used in ripple might have beena bad choice, instead one should think of it as "Line-of-Credit", anytime you grant trust to somebody it is like handing them a credit card linked to your bank account.

The proper use of Ripple, to avoid being scammed, is to have Trust to only one gateway, one which you actually trust to redeem the IOUs you receive. That way there is no way for debt to be rippled through your account. Only trust more than one gateway after you are confortable with the system and you know how rippling works.

The benefit in the Ripple system over just using bitcoins directly can be seen in trying to receive and send small transactions quickly. The bitcoin protocol requires fees for unaged coins, while ripple allows funds to be sent immediately after they are received.

This seems okay. The transaction fees are supplemented by the block reward, which is essentially the network subsidizing the miners, so each time a block is found everybodies bitcoins become worth a bit less. That is how inflation works, bitcoin is inflating at about 11% per year right now. The price is not going down at that rate because there are other factors, like speculation and rate of adoption which influence the price as well.

So, you are trying to pay people to spam this forum with Ripple threads? I do not think the moderators will look kindly upon this.

Ripple is not trying to destroy Bitcoin. In fact, they are working hard to interface with Bitcoins. This is like claiming MtGox is trying to destroy bitcoins, it is just silly.

Ripple and Bitcoin are trying to solve different problems, and they are useful when used together.

Wait, are you selling the miner or just the photo?

In the ripple system you can only be given IOUs which are from people you trust. The only reason you should trust an IOU issuer is if you know they will be able to pay you when you ask to redeem their IOUs. For example, I trust Bitstamp BTC IOUs because I know they have BTC reserve equalling the amount of IOUs they have issued, so anytime I send BTC thorugh ripple to them I will have BTC credited to my account on Bitstamp. If you are careful with who you grant lines of trust to, then you should have no problem with Ripple.

Then there is the whole other issue of ripples, XRP, the currency within the ripple system. I would not call it a scam, they have been very open about their plans. If you think that the ripple system is useful, then it makes sense for the people who built it to get some money. I personally would not pay anywhere near the going rate to acquire XRP, I think they are currently overpriced.

It just seems like people are not sure whether it is a country or not. If somebody asks what country I live in, I say "the United States", not "Michigan". I asked which country you live in, you said "Euro", is the EU on the same level as the US? In a list of countries by population should we put the EU (500M) above the US (300M), or should we list each state separate (Germany, France, Italy, etc)? Each of the EU countries still has their own seats at the UN, are they going to be combined at some point to just have on UN seat and one team at the olympics?

I am a bit confused lately, is Europe a country now?

Is there something wrong with Slovenia?

To pick an exchange, you really have to chose from the ones which are set up to interface with your local banking system. For us to help you find such, you will have to tell us in which country you are located?

Could you be a bit more wordy, I have no idea what concept or reaction you are trying to convey with "dwolla = really???", is it surprise that such an amazing thing exists or sarcastic dismissal of the whole idea?

Actually, you were not very explicit when you asked if there were any alternatives to MtGox, which features of MtGox did you use?

To see what markets people are using, http://bitcoincharts.com/markets/

You could also trade with localbitcoins or over #bitcoin-otc on IRC

If you previously used [USD--Dwolla--MtGox], you could switch to [USD--CoinBase] or [USD--Dwolla--CampBX].

Could you go into more detail on how bitcoins are pegged to USD? I look at bitcoincharts.com and I see that the exchange rate between the two floats around with great volatility, just about as far from pegged as one can be!

For somebody trying to teach a math lesson, you should really check yours first. A $1000 USD purchase of bitcoins with a fee of 0.5% would yield a total fee of $5, not $50. Your intended point is valid, the fee in USD is the same if the amount traded in USD is the same.

Why is anybody still using MtGox? They are embroiled in all sorts of legal troubles, I would not consider any money left with them safe because they might disappear at any moment.

Yeah, I am curious of how Ripple will turn out and I think it will be useful in some situations, and I think Ripple and Bitcoin are complementary, but I am not a Ripple cheerleader like some people on the forum.

TradeFortress didn't send me any BTC (maybe I was too late?), I have removed my trust from him, and I suggest to anybody else who extended him trust that they remove it as well.

So ... you are admitting to being a scammer?

I like the forum how it is, but I have been using it for a couple years so I am pretty comfortable with its quirks. I try to go to other forums, and I get frustrated because thing are not where I expect them to be.

There has been a gradual improvement of the forum over the years. The board structure is pretty good for keeping things organized, and using the "ignore board" feature cuts out much of the stuff you do not want. Having the auction subforum not allow edits made auctions improved greatly.

The quality of discourse here is directly related to the quality of posters. Idiots come and go, but if you pay attention there are a few forum members who usually have intelligent things to say.

I like to check the "show unread posts" link at the top of the page, interesting, pertinent discussions will stay up there for a while, useless posts die away quickly (usually).

Check out my thread "Ripple Starter Loans", if that interests you: https://bitcointalk.org/index.php?topic=210509.0

XRP loaned to Pzi4nk and returned.


Marbit, if you still want the starter loan, I will send later today.

You can use WeExchange.co for USD and AUD, I believe.

Can't I care about both? I like to make money, and I like cryptocurrencies which help keep that money free (as in freedom).